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 $158,003 or 557%, revenue
declined 11.6% and gross profit declined 7.8% compared to the First
Quarter of 2011.
These positive financial results are primarily a result of the
Company winding down its Oregon
wholesale operation, Bacchus Fine Wines, and reducing related gross
income, gross profit and expenses - resulting in higher net
profit.
Willamette Valley Vineyards, Inc. is a leading producer of Pinot
Noir in Oregon and is
headquartered as its Estate Vineyard near Salem, Oregon. The Company's common
stock is traded on NASDAQ. (Symbol:WVVI).
Forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, and are identified by such words and phrases as
"experts," "thinks," "believes," "anticipates" and words of similar
import. Such forward-looking statements are subject to risks and
uncertainties and actual results could differ materially from those
projected. Such risks and uncertainties include, but are not
limited to: availability of financing for growth, availability of
adequate supply of high quality grapes, successful performance of
internal operations, impact of competition, changes in wine broker
or distributor relations or performance, impact of possible adverse
weather conditions, impact of reduction in grape quality or supply
due to disease, impact of governmental regulatory decisions and
other risks.
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Three
months ended
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March
31,
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2012
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2011
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(unaudited)
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(unaudited)
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SALES
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$
3,204,711
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$
3,625,693
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COST OF
SALES
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1,601,783
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1,886,408
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GROSS
PROFIT
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1,602,928
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1,739,285
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SELLING
GENERAL & ADMINISTRATIVE EXPENSES
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1,303,872
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1,646,551
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INCOME
FROM OPERATIONS
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299,056
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92,734
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OTHER
INCOME (EXPENSE)
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Interest
income
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2,991
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2,600
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Interest
expense
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(39,120)
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(49,177)
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Other
income, net
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37,474
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1,113
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INCOME
BEFORE INCOME TAXES
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300,401
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47,270
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INCOME
TAX PROVISION
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114,036
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18,908
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NET
INCOME
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$
186,365
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$
28,362
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BASIC
NET INCOME PER COMMON SHARE
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$
0.04
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$
0.01
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DILUTED
NET INCOME PER COMMON SHARE
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$
0.04
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$
0.01
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SOURCE Willamette Valley Vineyards