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For the year ended December 31, 2008, revenues decreased 4% to $16.05 million, compared to $16.71 million for 2007. Gross margin was $7.82 million, compared to $8.28 million for 2007.
The company said that the results are a combination of several key factors affecting reductions in gross profit and increased expenses.
Gross profit reductions were equally affected by three key factors: inventory shrinkage of purchased wines and glassware for resale through Bacchus Fine Wines, outages of three Pinot Noir products due to high demand in 2007 and reduced sales of Willamette Valley Vineyards wines, the company noted.
Management has made staffing and process changes to minimize shrinkage, increase the production of Pinot Noir products and improve the sales of winery produced wines, according to the company.
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