SALEM, Ore., Nov. 10, 2016 /PRNewswire/ -- Willamette
Valley Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir, generated
income applicable to common shareholders of $467,979, or
$0.09 cents per share, for the third
quarter of 2016, up from $454,256, or $0.9 cents per share, for the corresponding
prior year period, representing a $13,723 or 3.0% increase in income applicable to
common shareholders compared to third quarter 2015.
The Company produced revenues of $4,741,711 and $4,244,519 in third quarters of 2016 and 2015,
respectively, an increase of $497,192
or 11.7%. An increase in both direct sales and distributor
sales, when comparing the third quarter 2016 to third quarter 2015,
accounted for the increase in total sales.
Selling, general and administrative expenses were $2,046,948 and $1,889,206 for the third quarters of 2016 and
2015, respectively, an increase of $157,742 or 8.3%.
Income from operations was $994.303 and $746.745 for the third quarters of 2016 and 2015,
respectively, an increase of $247,558
or 33.2%. This increase was the result of both increased
sales and a higher gross profit margin for third quarter 2016 when
compared to third quarter 2015.
Jim Bernau, Founder and President
of the winery, said, "We are very pleased with our growth in sales
and operating income. Right now, dividends are holding down
net earnings per share because capital generated from the sale of
Preferred Stock has yet to be deployed into enterprises that
generate earnings."
Willamette Valley Vineyards, Inc. is headquartered at its Estate
Vineyard near Salem, Oregon.
The Company's common stock is traded on NASDAQ (WVVI) and preferred
stock on NASDAQ (WVVIP).
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.
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|
Three months
ended
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|
Nine months
ended
|
|
|
September
30,
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|
September
30,
|
|
|
2016
|
|
2015
|
|
2016
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|
2015
|
|
|
|
|
|
|
|
|
|
SALES,
NET
|
$
4,741,711
|
|
$
4,244,519
|
|
$
13,564,508
|
|
$
12,878,174
|
COST OF
SALES
|
1,700,460
|
|
1,608,568
|
|
4,999,908
|
|
5,178,536
|
|
|
|
|
|
|
|
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GROSS
PROFIT
|
3,041,251
|
|
2,635,951
|
|
8,564,600
|
|
7,699,638
|
|
|
|
|
|
|
|
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SELLING, GENERAL
& ADMINISTRATIVE EXPENSES
|
2,046,948
|
|
1,889,206
|
|
6,000,017
|
|
5,609,342
|
|
|
|
|
|
|
|
|
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INCOME FROM
OPERATIONS
|
994,303
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|
746,745
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2,564,583
|
|
2,090,296
|
|
|
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|
|
|
|
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OTHER INCOME
(EXPENSE)
|
|
|
|
|
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|
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Interest
income
|
2,688
|
|
74
|
|
7,489
|
|
78
|
|
Interest
expense
|
(71,264)
|
|
(76,535)
|
|
(216,429)
|
|
(231,544)
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Other income,
net
|
35,626
|
|
37,502
|
|
162,126
|
|
155,427
|
|
|
|
|
|
|
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INCOME BEFORE
INCOME TAXES
|
961,353
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|
707,786
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|
2,517,769
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|
2,014,257
|
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|
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|
|
|
|
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INCOME TAX
PROVISION
|
(361,542)
|
|
(253,530)
|
|
(952,896)
|
|
(735,532)
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|
|
|
|
|
|
|
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|
NET
INCOME
|
599,811
|
|
454,256
|
|
1,564,873
|
|
1,278,725
|
|
|
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|
|
|
|
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Accrued preferred
stock dividends
|
(131,832)
|
|
-
|
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(325,418)
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|
-
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INCOME APPLICABLE
TO COMMON SHAREHOLDERS
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$
467,979
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|
$
454,256
|
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$
1,239,455
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$
1,278,725
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|
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|
Basic income per
common share after preferred dividends
|
$
0.09
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|
$
0.09
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$
0.25
|
|
$
0.26
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Diluted income per
common share after preferred dividends
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$
0.09
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$
0.09
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$
0.25
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$
0.26
|
|
|
|
|
|
|
|
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Weighted average
number of basic common
shares outstanding
|
4,994,061
|
|
4,956,163
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4,993,571
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|
4,916,467
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Weighted average
number of diluted
common shares outstanding
|
4,998,444
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|
5,007,883
|
|
4,997,737
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|
4,964,520
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/willamette-valley-vineyards-posts-a-profit-for-the-third-quarter-2016-300361053.html
SOURCE Willamette Valley Vineyards