SALEM, Ore., March 23, 2017 /PRNewswire/ -- Willamette
Valley Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir, generated
income applicable to common shareholders
of $2,166,446, or $0.43
cents per share, for 2016, up from $1,844,221, or
$0.37 cents per share, for the
prior year, representing a $322,225,
or 17.5%, increase in income applicable to common shareholders when
compared to 2015.
Income from operations was $4,167,401 for 2016, up from $3,272,960 for the prior year, representing an
increase of $894,441, or 27.3%, when
compared to 2015.
The Company produced revenue of $19,425,412 and $17,938,872 in the years of 2016 and 2015,
respectively, an increase of $1,486,540, or 8.3%, in the current year compared
to the prior year. The reasons for this increase include
increased sales in all categories except for bulk wine.
Gross profit margin was 62.9% and 60.5% for 2016 and 2015,
respectively.
Selling, general and administrative expenses were $8,053,127 and $7,578,184 for 2016 and 2015, respectively, an
increase of $479,326 or 6.3%.
Income tax provision was $1,478,310 for 2016, up from $1,275,416 for the prior year, representing an
increase of $202,894 or 15.9% when
compared to 2015.
Jim Bernau, Founder and President
of the winery, said "Our Company continues to develop our
Shareholders as Customers model and grow our brand through loyal
shareholders/wine enthusiasts. We are committed to providing
the best possible wine while serving as stewards of the land and
our community."
Willamette Valley Vineyards, Inc. is headquartered at its Estate
Vineyard near Salem, Oregon.
The Company's common stock is traded on NASDAQ (WVVI).
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, and are identified by such words and phrases as
"expects,", "thinks," "believes," "anticipates" and words of
similar import. Such forward-looking statements are subject
to risks and uncertainties and actual results could differ
materially from those projected. Such risks and uncertainties
include, but are not limited to: availability of financing
for growth, availability of adequate supply of high quality grapes,
successful performance of internal operations, impact of
competition, changes in wine broker or distributor relations or
performance, impact of possible adverse weather conditions, impact
of reduction in grape quality or supply due to disease, impact of
governmental regulatory decisions and other risks.
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Twelve months ended
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December
31,
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2016
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2015
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SALES,
NET
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$
19,425,412
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$
17,938,872
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COST OF
SALES
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7,204,884
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7,092,111
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GROSS
PROFIT
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12,220,528
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10,846,761
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SELLING, GENERAL
& ADMINISTRATIVE EXPENSES
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8,053,127
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7,573,801
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INCOME FROM
OPERATIONS
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4,167,401
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3,272,960
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OTHER INCOME
(EXPENSE)
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Interest
income
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9,851
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2,237
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Interest
expense
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(291,370)
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(311,188)
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Other income,
net
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221,403
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213,239
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INCOME BEFORE
INCOME TAXES
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4,107,285
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3,177,248
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INCOME TAX
PROVISION
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(1,478,310)
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(1,275,416)
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NET
INCOME
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2,628,975
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1,901,832
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Preferred stock
dividends
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(462,529)
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(57,611)
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INCOME APPLICABLE
TO COMMON SHAREHOLDERS
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$
2,166,446
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$
1,844,221
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Basic income per
common share after preferred dividends
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$
0.43
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$
0.37
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Diluted income per
common share after preferred dividends
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$
0.43
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$
0.37
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Weighted average
number of basic common shares outstanding
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4,991,065
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4,928,712
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Weighted average
number of diluted common shares outstanding
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4,995,343
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4,963,999
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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-2016-300428822.html
SOURCE Willamette Valley Vineyards