MCOZ Cosentino Regs

 

TIDMMCOZ 
 
RNS Number : 6359U 
Cosentino Signature Wines plc 
29 June 2009 
 

29 June 2009 
 
 
 
 
Cosentino Signature Wines plc 
 
 
Operational Update 
 
 
Suspension of trading on AIM 
 
 
Cosentino Signature Wines plc ("Cosentino" or the "Company"), the AIM listed, 
ultra-premium brand Napa Valley based wine company, would like to update the 
market on recent developments in the business. 
 
 
Wine Sales 
 
 
Whilst there has been some limited improvement in the Company's core wholesale 
business, the current average monthly sales are at the low end of expectations 
and there are no signs yet that demand for the Company's ultra premium Napa 
Valley-produced wines is returning. The Company believes that demand for wines 
in the $10 - $15 per bottle range (the low end of the Company's product prices) 
is beginning to return but this has not yet developed into increased, 
sustainable demand for the Company's higher priced, ultra premium wines. 
 
 
Retail sales at the Company's tasting rooms continue to hold up well. 
 
 
Corporate developments 
 
 
As previously reported, the Company vacated three non-essential properties at 
the Pope Valley, Lockeford and Clements locations and has consolidated its 
operations into purpose built facilities in Woodbridge and its fully owned 
operations in Yountville, Napa Valley.   Since the move, both the tasting room 
at the new facility and a new bottling line have opened and are operating 
satisfactorily. 
 
 
Although turnover from the custom crush business is running ahead of last year, 
management has concluded that there will not be adequate facilities ready in 
time to efficiently operate crushing and storage for most of its customers. 
Therefore activities in this part of the business in the current year are being 
curtailed. 
 
 
On the costs side, the Board has managed to reduce the run rate of annual 
overheads by approximately $4m. This reduction in costs is intended to put the 
Company in position to return to profitability earlier once the overall demand 
for wine improves. 
 
 
The Company is continuing its discussions with a number of parties regarding the 
refinancing of its current loan facilities and the provision of new working 
capital facilities. 
 
 
Results for the year ended 31 December 2008 
 
 
As a consequence of the ongoing refinancing discussions, the Company will be 
unable to publish its audited report and accounts for the year ended 31 December 
2008 before 30 June 2009 and it has accordingly requested that trading in its 
ordinary shares on AIM should be suspended until such time as it is able to 
publish the report and accounts. 
 
 
The board will update shareholders once it has a firm timetable for publication. 
 
 
- Ends - 
 
 
For further information please contact: 
 
 
Cosentino Signature Wines plc 
Larry Soldinger, Chairman - c/o Financial Dynamics 020 7831 3113 
 
 
Seymour Pierce 
Jonathan Wright - 020 7107 8000 
 
 
Financial Dynamics 
Jonathon Brill / Billy Clegg / Ed Westropp - 020 7831 3113 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCFGGZVMVZGLZZ 
 

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