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Cosentino Loses $14.2Million on Revenues of $10.2Million

Cosentino Signature Wineries (AIM: MCOZ) — the parent company of Cosentino Winery – suffered a pre-tax loss of US$14.2 million on gross revenues of $US10.2 million. This amounted to a per-share loss of  US$0.92 according to its just-filed 2008 annual report.

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The filing was a prerequisite to allow the company’s stock to resume trading. That was suspended at the company’s request in June when it could not file the statement on time.

The London Stock Exchange site indicated that the stock trades were still suspended on Dec. 24.

Insiders said that the filing and resumption of trading was required by all of the potential lenders with whom the company was talking. The company announced in April that it was in default on an $18 million credit line which the lenders would not renew.

“GOING CONCERN” DOUBTS IF NEW FINANCING FAILS

According to the 2008 report, the company is in discussions with several potential lenders, but said that its” ability to continue as a going concern could be in doubt” if it cannot refinance.

More news, analysis and stock process can be found at Cosentino’s area on the London Stock Exchange web site.