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Wed, May 16, 2012
Tue, May 15, 2012
Willamette Valley Vineyards Posts a Profit for the First Quarter 2012
Willamette Valley Vineyards Posts a Profit for the First Quarter 2012 -- SALEM, Ore., May 15, 2012 /PRNewswire/ --
Willamette Valley Vineyards Posts a Profit for the First Quarter 2012
SALEM, Ore., May 15, 2012 /PRNewswire/ -- Willamette Valley Vineyards (NASDAQ: [ WVVI ]), a leading Oregon producer of Pinot Noir, generated a net profit of $186,365, or $0.04 cents per share for the first three months of 2012 - an increase from the prior year. Results for the corresponding prior year period was a net profit of $28,362 or $0.01 cent per share. First Quarter 2012 net income increased $158,003 or 557%, revenue declined 11.6% and gross profit declined 7.8% compared to the First Quarter of 2011.
These positive financial results are primarily a result of the Company winding down its Oregon wholesale operation, Bacchus Fine Wines, and reducing related gross income, gross profit and expenses - resulting in higher net profit.
Willamette Valley Vineyards, Inc. is a leading producer of Pinot Noir in Oregon and is headquartered as its Estate Vineyard near Salem, Oregon. The Company's common stock is traded on NASDAQ. (Symbol: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 "experts," "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.
Three months ended | |||||
March 31, | |||||
2012 | 2011 | ||||
(unaudited) | (unaudited) | ||||
SALES | $ 3,204,711 | $ 3,625,693 | |||
COST OF SALES | 1,601,783 | 1,886,408 | |||
GROSS PROFIT | 1,602,928 | 1,739,285 | |||
SELLING GENERAL & ADMINISTRATIVE EXPENSES | 1,303,872 | 1,646,551 | |||
INCOME FROM OPERATIONS | 299,056 | 92,734 | |||
OTHER INCOME (EXPENSE) | |||||
Interest income | 2,991 | 2,600 | |||
Interest expense | (39,120) | (49,177) | |||
Other income, net | 37,474 | 1,113 | |||
INCOME BEFORE INCOME TAXES | 300,401 | 47,270 | |||
INCOME TAX PROVISION | 114,036 | 18,908 | |||
NET INCOME | $ 186,365 | $ 28,362 | |||
BASIC NET INCOME PER COMMON SHARE | $ 0.04 | $ 0.01 | |||
DILUTED NET INCOME PER COMMON SHARE | $ 0.04 | $ 0.01 | |||
SOURCE Willamette Valley Vineyards
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