Shares of Vintage Wine Estates rose Wednesday after the company said it was amending multiple quarterly financial statements.
The stock was up 5%, to 70 cents, in after-hours trading. Shares have fallen 80% this year.
The Incline Village, Nev.-based wine producer said Wednesday it had revised results for its first, second and third quarters of fiscal 2023. The company’s changes included recognizing a $10.7 million deferred gain in the fiscal first quarter and reversing $4.7 million in revenue for an uncollectable sale of bulk whiskey.
Vintage Wine Estates said it expects preliminary revenue of $280 million for the fiscal year, down from a previous forecast of $290 million. The company expects its gross margin to be 30%, compared to a prior estimated range of 30% to 32%.
The company said its preliminary estimates for fiscal 2024 remained unchanged.