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As a result, the Company generated 5 cents and 9 cents per share during the three months and six months ending June 30, as compared with 3 cents and 4 cents of the prior year periods.
Jim Bernau, Founder and CEO of the winery said higher sales nationally, better inventory control and lower independent auditor costs are the primary reasons for the dramatic improvement.
"Even in a down economy, consumers are willing to pay for Oregon quality," explained Bernau, "We are lucky to be winemakers in such a remarkable valley with ideal growing conditions."
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.
Statement of Operations
(unaudited)
Three months ended June 30, Six months ended June 30,
2009 2008 2009 2008
-------- -------- -------- --------
Net revenues
Case revenue $4,052,383 $3,884,983 $7,692,621 $7,287,656
Facility Lease - - - -
--------- --------- --------- ---------
Total net revenues 4,052,383 3,884,983 7,692,621 7,287,656
Cost of sales
Case 2,056,684 1,973,844 3,819,828 3,727,678
Bulk - - - -
--------- --------- --------- ---------
Total cost of sales 2,056,684 1,973,844 3,819,828 3,727,678
Gross profit 1,995,699 1,911,139 3,872,793 3,559,978
Selling, general and
administrative
expenses 1,537,775 1,645,963 3,099,509 3,174,471
--------- --------- --------- ---------
Net operating
income 457,924 265,176 773,284 385,507
Other income (expense)
Interest income - 16,222 - 17,193
Interest expense (36,216) (17,715) (68,878) (40,043)
Other income(expense) 1,922 (1,139) 1,922 53
------- ------- ------- ------
Net income before
income taxes 423,630 262,544 706,328 362,710
Income tax 169,846 105,017 287,388 145,085
------- ------- ------- -------
Net income 253,784 157,527 418,940 217,625
Retained earnings
beginning of
period 5,965,057 5,151,405 5,799,901 5,091,307
--------- --------- --------- ---------
Retained earnings
end of period $6,218,841 $5,308,932 $6,218,841 $5,308,932
========== ========== ========== ==========
Basic earnings per
common share $.05 $.03 $.09 $.04
Diluted earnings per
common share $.05 $.03 $.09 $.04
SOURCE Willamette Valley Vineyards
http://www.wvv.com
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