SALEM, Ore., Aug. 10, 2017 /PRNewswire/ -- Willamette
Valley Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir, generated
income applicable to common shareholders of $461,668, or
$0.09 cents per share, for the second
quarter of 2017, up from $362,481, or $0.07 cents per share, for the corresponding
prior year period, representing a $99,187 or 27.4% increase in income applicable to
common shareholders compared to first quarter 2016.
The Company produced revenues of $5,313,784 and $4,639,028 in second quarters of 2017 and 2016,
respectively, an increase of $674,756
or 14.5%. This increase was caused by an increase in direct
sales, including bulk wine, of $429,653 and an increase in sales through
distributors of $245,103.
Selling, general and administrative expenses were $2,129,794 and $2,096,097 for the first quarters of 2017 and
2016, respectively, an increase of $33,697 or 1.6%.
Income from operations was $1,059,140 and $828,204 for the second quarters of 2017 and
2016, respectively, an increase of $230,936 or 27.9%. This increase was the
result of growth in revenue that outpaced growth in selling,
general and administrative expenses.
Jim Bernau, Founder and President
of the winery, said "More and more wine lovers are discovering the
quality of Willamette Valley Pinot Noir - even California wineries who are buying their way
into Oregon!"
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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Six months
ended
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June
30,
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June
30,
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2017
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2016
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2017
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2016
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SALES,
NET
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$
5,313,784
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$
4,639,028
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$
9,764,329
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$
8,822,797
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COST OF
SALES
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2,124,850
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1,714,727
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3,832,530
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3,299,448
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GROSS
PROFIT
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3,188,934
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2,924,301
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5,931,799
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5,523,349
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SELLING, GENERAL
& ADMINISTRATIVE EXPENSES
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2,129,794
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2,096,097
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4,369,532
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3,953,069
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INCOME FROM
OPERATIONS
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1,059,140
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828,204
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1,562,267
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1,570,280
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OTHER INCOME
(EXPENSE)
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Interest
income
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3,747
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2,761
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11,061
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4,801
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Interest
expense
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(122,866)
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(72,154)
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(219,566)
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(145,165)
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Other income,
net
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51,433
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35,758
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134,576
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126,500
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INCOME BEFORE
INCOME TAXES
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991,454
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794,569
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1,488,338
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1,556,416
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INCOME TAX
PROVISION
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(397,953)
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(317,397)
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(579,708)
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(591,354)
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NET
INCOME
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593,501
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477,172
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908,630
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965,062
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Accrued preferred
stock dividends
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(131,833)
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(114,691)
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(263,665)
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(193,586)
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INCOME APPLICABLE
TO COMMON SHAREHOLDERS
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$
461,668
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$
362,481
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$
644,965
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$
771,476
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Basic income per
common share after preferred dividends
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$
0.09
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$
0.07
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$
0.13
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$
0.15
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Diluted income per
common share after preferred dividends
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$
0.09
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$
0.07
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$
0.13
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$
0.15
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Weighted average
number of basic common
shares outstanding
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4,994,407
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4,999,514
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5,000,046
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4,993,324
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Weighted average
number of diluted
common shares outstanding
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4,994,407
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5,003,583
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5,000,046
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4,997,304
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View original
content:http://www.prnewswire.com/news-releases/willamette-valley-vineyards-posts-a-profit-for-the-second-quarter-2017-300503084.html
SOURCE Willamette Valley Vineyards