SALEM, Ore., May 14, 2019 /PRNewswire/ -- Willamette
Valley Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir, generated
income applicable to common shareholders of $170,024, or
$0.03 cents per share, for the first
quarter of 2019, up from $75,561, or $0.02 cents per share, for the corresponding
prior year period, representing a $94,463 or 125.0% increase in income applicable
to common shareholders compared to first quarter 2018.
The Company produced revenues of $4,998,786 and $4,532,619 in first quarters of 2019 and 2018,
respectively, an increase of $466,167
or 10.3%. The primary reasons for this increase are an
increase in direct sales of $170,022
and an increase in sales through distributors of $296,145 in the current year three-month period
over the prior year period. Gross profit margin was 65.6% and
63.8% for the first quarters of 2019 and 2018, respectively.
Selling, general and administrative expenses were $2,716,198 and $2,417,900 for the first quarters of 2019 and
2018, respectively, an increase of $298,298 or 12.3%. Increases in selling,
general and administrative expenses were partially the result of
increases in sales staffing, demo activity and incentives.
Income from operations was $564,438 and $472,344 for the first quarters of 2019 and 2018,
respectively, an increase of $92,094
or 19.5%.
Jim Bernau, Founder and President
of the winery, said, "We are very pleased to start strong in
2019. We hope to continue this momentum while we develop
our Bernau Estate winery in Dundee,
Oregon."
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.
|
Three months
ended
|
|
March
31,
|
|
2019
|
|
2018
|
|
|
|
|
SALES,
NET
|
$
4,998,786
|
|
$
4,532,619
|
COST OF
SALES
|
1,718,150
|
|
1,642,375
|
|
|
|
|
GROSS
PROFIT
|
3,280,636
|
|
2,890,244
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
Sales and
marketing
|
1,775,000
|
|
1,527,079
|
General and
administrative
|
941,198
|
|
890,821
|
Total operating
expenses
|
2,716,198
|
|
2,417,900
|
|
|
|
|
INCOME FROM
OPERATIONS
|
564,438
|
|
472,344
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
Interest
income
|
9,446
|
|
6,867
|
Interest
expense
|
(110,414)
|
|
(118,718)
|
Other income,
net
|
113,009
|
|
92,705
|
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
576,479
|
|
453,198
|
|
|
|
|
INCOME TAX
PROVISION
|
(150,003)
|
|
(122,744)
|
|
|
|
|
NET
INCOME
|
426,476
|
|
330,454
|
|
|
|
|
Accrued preferred
stock dividends
|
(256,452)
|
|
(254,893)
|
|
|
|
|
INCOME APPLICABLE
TO COMMON SHAREHOLDERS
|
$
170,024
|
|
$
75,561
|
|
|
|
|
Income per common
share after preferred dividends
|
$
0.03
|
|
$
0.02
|
|
|
|
|
Weighted average
number of common shares outstanding
|
4,964,529
|
|
4,964,529
|
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content:http://www.prnewswire.com/news-releases/willamette-valley-vineyards-posts-a-profit-for-the-first-quarter-2019-300850228.html
SOURCE Willamette Valley Vineyards