SALEM, Ore., March 27, 2014 /PRNewswire/ -- Willamette
Valley Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir, generated net
profits from continuing operations of $1,423,492, or
$0.30 cents per share, for 2013, up
from $1,360,234, or $0.28 cents per share, for the prior year,
representing a $63,258, or 4.7%,
increase in net profits from continuing operations compared to
2012. The Company also generated $0 and $157,385
loss from discontinued operations for the twelve months ended
December 31, 2013 and 2012,
respectively. The Company's total net income, inclusive of
continuing and discontinued operations, was $1,423,492, or $0.30 per share, and $1,202,849, or $0.25 per share, for the years 2013 and 2012,
respectively.
The Company produced revenue of $13,271,914 and $12,527,268 in the years of 2013 and 2012,
respectively, an increase of $744,646, or 5.9%, in the current year compared
to the prior year. The primary reasons for this increase are
increased out-of-state and retail sales, partially offset by
decreased in-state sales. Gross profit margin was 57.9% and
58.1% for 2013 and 2012, respectively.
Selling, general and administrative expenses were $5,308,931 and $5,075,052 for 2013 and 2012, respectively, an
increase of $233,879 or 4.6%.
Jim Bernau, Founder and President
of the winery, said "We are nearing the completion of our cellar
and tasting room expansion with the Grand Opening scheduled
for Saturday, May 3rd of what promises to be one of the
West Coast's winery destinations."
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.
|
Twelve months
ended
|
|
December
31,
|
|
2013
|
|
2012
|
|
SALES,
NET
|
$
13,271,914
|
|
$
12,527,268
|
COST OF
SALES
|
5,588,439
|
|
5,253,336
|
|
GROSS
PROFIT
|
7,683,475
|
|
7,273,932
|
|
SELLING, GENERAL
& ADMIN EXPENSES
|
5,308,931
|
|
5,075,052
|
|
INCOME FROM
OPERATIONS
|
2,374,544
|
|
2,198,880
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
Interest
income
|
6,963
|
|
8,548
|
Interest
expense
|
(245,431)
|
|
(232,291)
|
Other income,
net
|
192,125
|
|
124,531
|
|
INCOME BEFORE
INCOME TAXES
|
2,328,201
|
|
2,099,668
|
|
INCOME TAX
PROVISION
|
(904,709)
|
|
(739,434)
|
|
INCOME FROM
CONTINUING OPERATIONS
|
1,423,492
|
|
1,360,234
|
|
DISCONTINUED
OPERATIONS
|
|
|
|
Loss from
operations
|
-
|
|
(242,878)
|
Income tax
benefit
|
-
|
|
85,493
|
|
LOSS FROM
DISCONTINUED OPERATIONS
|
-
|
|
(157,385)
|
|
NET
INCOME
|
$
1,423,492
|
|
$
1,202,849
|
|
BASIC NET
INCOME FROM CONTINUING OPERATIONS PER COMMON
SHARE
|
$
0.30
|
|
$
0.28
|
BASIC NET
LOSS FROM DISCONTINUED OPERATIONS PER COMMON
SHARE
|
0.00
|
|
(0.03)
|
|
BASIC NET
INCOME PER COMMON SHARE
|
$
0.30
|
|
$
0.25
|
|
DILUTED NET INCOME
FROM CONTINUING OPERATIONS PER COMMON SHARE
|
$
0.29
|
|
$
0.28
|
DILUTED NET
LOSS FROM DISCONTINUED OPERATIONS PER COMMON
SHARE
|
0.00
|
|
(0.03)
|
|
DILUTED NET
INCOME PER COMMON SHARE
|
$
0.29
|
|
$
0.25
|
|
Weighted average
number of basic common shares outstanding
|
4,804,801
|
|
4,849,163
|
|
Weighted average
number of diluted common shares outstanding
|
4,856,321
|
|
4,855,756
|
SOURCE Willamette Valley Vineyards