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Mon, November 21, 2011Sun, November 20, 2011Fri, November 18, 2011Thu, November 17, 2011Wed, November 16, 2011Tue, November 15, 2011Mon, November 14, 2011Sun, November 13, 2011Fri, November 11, 2011Thu, November 10, 2011Wed, November 9, 2011Tue, November 8, 2011Mon, November 7, 2011Sun, November 6, 2011Sat, November 5, 2011Fri, November 4, 2011Thu, November 3, 2011Wed, November 2, 2011Tue, November 1, 2011Mon, October 31, 2011Fri, October 28, 2011Thu, October 27, 2011Willamette Valley Vineyards Posts a Profit for the Third Quarter 2011
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Published in House and Home on Thursday, November 10th 2011 at 11:10 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Willamette Valley Vineyards Posts a Profit for the Third Quarter 2011 -- SALEM, Ore., Nov. 10, 2011 /PRNewswire/ --
Willamette Valley Vineyards Posts a Profit for the Third Quarter 2011
SALEM, Ore., Nov. 10, 2011 /PRNewswire/ -- Willamette Valley Vineyards (NASDAQ: [ WVVI ]), a leading Oregon producer of Pinot Noir, generated a net profit of $373,407, or $0.08 cents per share for the third quarter of 2011. Results for the corresponding prior year period was a net profit of $171,345 or $0.04 cents per share.
Overall gross margins increased $118,972 or 6% and sales, general and administrative expenses decreased $166,085 or 10% for the three months ended September 30, 2011 from the corresponding prior year period.
"Distributed sales of wine purchased from other wineries are declining and are expected to continue to decline as the winery is discontinuing its wholesale operations called Bacchus Fine Wines by year end," stated founder Jim Bernau. He explained that the winery, as a small public company, could no longer afford the public reporting compliance costs of distributing wines. The winery's own wines are now distributed by Young's Northwest as they have been in California, Washington, Hawaii and Alaska.
This Third Quarter, the prominent magazine, Wine & Spirits, recognized the winery as one of the "Top 100 Wineries in the World for 2011." Editor, Joshua Greene stated, "Willamette Valley Vineyards' performance makes it a great ambassador for the wines of Oregon." Their recent reviews factored into their decision including the 93pt assessment of the 2008 South Block Pinot Noir from grapes planted by founder Bernau in 1983.
Willamette Valley Vineyards, Inc. is headquartered at its Estate Vineyard near Salem, Oregon. The Company's common stock is traded on NASDAQ (WVVI).
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are identified by such words and phrases as "expects,", "thinks," "believes," "anticipates" and words of similar import. Such forward-looking statements are subject to risks and uncertainties and actual results could differ materially from those projected. Such risks and uncertainties include, but are not limited to: availability of financing for growth, availability of adequate supply of high quality grapes, successful performance of internal operations, impact of competition, changes in wine broker or distributor relations or performance, impact of possible adverse weather conditions, impact of reduction in grape quality or supply due to disease, impact of governmental regulatory decisions and other risks.
WILLAMETTE VALLEY VINEYARDS, INC. STATEMENTS OF OPERATIONS | |||||||||
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
2011 | 2010 | 2011 | 2010 | ||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
SALES | $ 4,344,920 | $ 4,600,344 | $ 11,760,257 | $ 12,249,349 | |||||
COST OF SALES | 2,255,390 | 2,629,786 | 6,021,268 | 6,952,178 | |||||
GROSS PROFIT | 2,089,530 | 1,970,558 | 5,738,989 | 5,297,171 | |||||
SELLING GENERAL & ADMINISTRATIVE EXPENSES | 1,472,235 | 1,638,320 | 4,675,864 | 4,974,422 | |||||
INCOME FROM OPERATIONS | 617,295 | 332,238 | 1,063,125 | 322,749 | |||||
OTHER INCOME (EXPENSE) | |||||||||
Interest income | 4,502 | 3,419 | 9,348 | 9,546 | |||||
Interest expense | (51,480) | (53,265) | (150,026) | (162,962) | |||||
Other income, net | 30,606 | 3,182 | 34,449 | 16,146 | |||||
INCOME BEFORE INCOME TAXES | 600,923 | 285,574 | 956,896 | 185,479 | |||||
INCOME TAX PROVISION | 227,516 | 114,229 | 382,758 | 74,191 | |||||
NET INCOME | $ 373,407 | $ 171,345 | $ 574,138 | $ 111,288 | |||||
Retained earnings beginning of period | 7,143,910 | 6,471,314 | 6,943,179 | 6,531,371 | |||||
Retained earnings end of period | 7,517,317 | 6,642,659 | 7,517,317 | 6,642,659 | |||||
BASIC NET INCOME PER COMMON SHARE | $ 0.08 | $ 0.04 | $ 0.12 | $ 0.02 | |||||
DILUTED NET INCOME PER COMMON SHARE | $ 0.08 | $ 0.03 | $ 0.12 | $ 0.02 | |||||
Weighted average number of | 4,892,977 | 4,891,760 | 4,892,977 | 4,889,915 | |||||
basic common shares outstanding | |||||||||
Weighted average number of | 4,896,865 | 4,898,203 | 4,897,423 | 4,896,530 | |||||
diluted common shares outstanding | |||||||||
SOURCE Willamette Valley Vineyards
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