PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Beers, Wines and Spirits  | Retail  | Earnings

Willamette Valley Vineyards Posts a Profit for the Second Quarter 2012

Share with Twitter Share with LinkedIn

SALEM, Ore., Aug. 10, 2012 /PRNewswire/ -- Willamette Valley Vineyards (NASDAQ: WVVI), a leading Oregon producer of Pinot Noir, generated a net profit of $219,912, or $0.05 cents per share for the second quarter of 2012, an increase of 27.6% from the comparable prior year period.  Results for the corresponding prior year period was a net profit of $172,369, or $0.04 cents per share. 

Second quarter 2012 sales revenue decreased 0.4% and gross profit increased 1.3% compared to the second quarter of 2011. Sales, general and administrative expenses increased by 11.7% over the prior year second quarter due to increases in the company's sales effort to compensate for changes from its Oregon self-distribution to restaurants and stores to selling through a wine wholesaler.

Jim Bernau, Founder and President of the winery said "This quarter shows our better net profit is resulting from focusing on our core mission. While we operated a successful wine distributorship through Bacchus Fine Wines, increasing government regulation made it a heavy administrative burden."

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.

WILLAMETTE VALLEY VINEYARDS, INC.

STATEMENTS OF OPERATIONS


















Three months ended


Six months ended






June 30,


June 30,






2012


2011


2012


2011






(unaudited)


(unaudited)


(unaudited)


(unaudited)













SALES




$  2,851,146


$  2,861,609


$  5,573,750


$  5,597,621

COST OF SALES

1,151,833


1,183,807


2,261,075


2,449,068













GROSS PROFIT

1,699,313


1,677,802


3,312,675


3,148,553













SELLING, GENERAL & ADMIN EXPENSES

1,213,979


1,087,274


2,374,512


2,303,288













INCOME FROM OPERATIONS

485,334


590,528


938,163


845,265













OTHER INCOME (EXPENSE)









Interest income

1,246


2,247


4,237


4,847


Interest expense

(42,668)


(49,369)


(81,788)


(98,546)


Other income, net

35,630


2,778


73,054


3,891













INCOME BEFORE INCOME TAXES

479,542


546,184


933,666


755,457













INCOME TAX PROVISION 

(203,081)


(236,077)


(382,567)


(323,026)













INCOME FROM CONTINUING OPERATIONS

$  276,461


$  310,107


$  551,099


$  432,431













DISCONTINUED OPERATIONS









Loss from operations

(97,499)


(237,480)


(253,330)


(399,482)


Income tax benefit

40,950


99,742


106,399


167,782













LOSS FROM DISCONTINUED OPERATIONS

(56,549)


(137,738)


(146,931)


(231,700)













NET INCOME


$  219,912


$  172,369


$  404,168


$  200,731













BASIC NET INCOME  FROM CONTINUING









OPERATIONS PER COMMON SHARE

$  0.06


$  0.06


$  0.11


$  0.09

BASIC NET LOSS  FROM DISCONTINUED 









OPERATIONS PER COMMON SHARE

$  (0.01)


$  (0.03)


$  (0.03)


$  (0.05)













BASIC NET INCOME  PER COMMON SHARE

$  0.05


$  0.04


$  0.08


$  0.04













DILUTED NET INCOME FROM CONTINUING 









OPERATIONS  PER COMMON SHARE

$  0.06


$  0.06


$  0.11


$  0.09

DILUTED NET LOSS  FROM DISCONTINUED 









OPERATIONS PER COMMON SHARE

$  (0.01)


$  (0.03)


$  (0.03)


$  (0.05)













DILUTED NET INCOME  PER COMMON SHARE

$  0.05


$  0.04


$  0.08


$  0.04













Weighted average number of 









basic common shares outstanding

4,871,303


4,892,977


4,879,494


4,892,977

Weighted average number of 









diluted common shares outstanding

4,877,145


4,897,150


4,885,336


4,897,700

 

SOURCE Willamette Valley Vineyards



RELATED LINKS
http://www.wvv.com

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release