Truett-Hurst revises financial forecasts

Healdsburg wine company Truett-Hurst on Thursday revised financial forecasts for the current quarter and next nine months, following a supplier's bankruptcy.

The company, which posted its first profit in February since going public last year, reported that a supplier of paper bottles for its PaperBoy brand has been placed into administration, the United Kingdom's equivalent of bankruptcy.

As a result, the company is taking a one-time charge of $400,000 as it begins to work with a new supplier for the bottles in the United States.

The company is now forecasting operating expenses of between $8 million and $8.7 million, but no changes to net sales or gross margins for the current fiscal year.

Company officials warned in a statement that the change in bottlemakers could lead to temporary shortages of PaperBoy early in the next fiscal year.

CEO Phil Hurst said a new supply relationship "will provide the stability the company requires to meet its PaperBoy sales goals."

Truett-Hurst last month reported that sales grew 76 percent in the quarter to reach $6.1 million, and that wholesale net sales grew 95 percent.

The company also reported $40,000 in profits for the quarter.

Shares of Truett-Hurst on NASDAQ closed the day at $5.90. No after-hours trades had been reported, according to NASDAQ.

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