SALEM, Ore., Nov. 13, 2018 /PRNewswire/ -- Willamette Valley
Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir, generated
income applicable to common shareholders of $385,199, or
$0.08 cents per share, for the third
quarter of 2018, down from $427,996, or $0.09 cents per share, for the corresponding
prior year period, representing a $42,797 or 10.0% decrease in income applicable to
common shareholders compared to third quarter 2017.
The Company produced revenues of $5,461,039 and $5,143,588 in third quarters of 2018 and 2017,
respectively, an increase of $317,451
or 6.2%. This increase was caused by an increase in direct
sales of $70,268 and an increase in
sales through distributors of $247,183.
Selling, general and administrative expenses were $2,569,229 and $2,283,143 for the third quarters of 2018 and
2017, respectively, an increase of $286,086 or 12.5%. This increase was
primarily the result of increases in staffing, marketing, long-term
planning and development activities and costs associated with
operating a new retail outlet in Walla
Walla in 2018.
Income from operations was $972,942 and $1,098,231 for the third quarters of 2018 and
2017, respectively, a decrease of $125,289 or 11.4%. This decrease was the
result of growth in gross profit more than offset by growth in
selling, general and administrative expenses.
Jim Bernau, Founder and President
of the winery, said "We will continue to promote and protect the
integrity of our wines, AVAs and the Oregon wine industry from competitive
forces. Oregon's standards
and values have been key to building our Oregon wine industry's success and will
continue to be paramount for years to come."
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
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September
30,
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September
30,
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2018
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2017
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2018
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2017
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SALES,
NET
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$
5,461,039
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$
5,143,588
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$
15,814,950
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$
14,907,917
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COST OF
SALES
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1,918,868
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1,762,214
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5,660,429
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5,594,744
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GROSS
PROFIT
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3,542,171
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3,381,374
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10,154,521
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9,313,173
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SELLING, GENERAL
& ADMINISTRATIVE EXPENSES
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2,569,229
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2,283,143
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7,530,330
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6,652,674
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INCOME FROM
OPERATIONS
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972,942
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1,098,231
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2,624,191
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2,660,499
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OTHER INCOME
(EXPENSE)
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Interest
income
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1,964
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6,535
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10,968
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17,596
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Interest
expense
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(119,270)
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(127,431)
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(354,272)
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(346,997)
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Other income,
net
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25,967
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45,886
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164,009
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180,462
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INCOME BEFORE
INCOME TAXES
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881,603
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1,023,221
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2,444,896
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2,511,560
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INCOME TAX
PROVISION
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(239,966)
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(398,638)
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(669,549)
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(978,346)
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NET
INCOME
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641,637
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624,583
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1,775,347
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1,533,214
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Accrued preferred
stock dividends
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(256,438)
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(196,587)
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(767,770)
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(460,253)
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INCOME APPLICABLE
TO COMMON SHAREHOLDERS
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$
385,199
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$
427,996
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$
1,007,577
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$
1,072,961
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Income per common
share after preferred dividends
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$
0.08
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$
0.09
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$
0.20
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$
0.21
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Weighted average
number of common shares outstanding
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4,964,529
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4,976,732
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4,964,529
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4,992,189
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View original
content:http://www.prnewswire.com/news-releases/willamette-valley-vineyards-posts-a-profit-for-the-third-quarter-2018-300749702.html
SOURCE Willamette Valley Vineyards