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[STK] NASDAQ-SMALL:WVVI
[IN] FIN AGR FOD ALC
[SU] ERN
TO BUSINESS, AND FOOD EDITORS:
Willamette Valley Vineyards Posts a Profit for 2013
SALEM, Ore., March 27, 2014 /PRNewswire/ -- Willamette Valley
Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir,
generated net profits from continuing operations of $1,423,492, or
$0.30 cents per share, for 2013, up from $1,360,234, or $0.28 cents
per share, for the prior year, representing a $63,258, or 4.7%,
increase in net profits from continuing operations compared to 2012.
The Company also generated $0 and $157,385 loss from discontinued
operations for the twelve months ended December 31, 2013 and 2012,
respectively. The Company's total net income, inclusive of continuing
and discontinued operations, was $1,423,492, or $0.30 per share, and
$1,202,849, or $0.25 per share, for the years 2013 and 2012,
respectively.
The Company produced revenue of $13,271,914 and $12,527,268 in the
years of 2013 and 2012, respectively, an increase of $744,646, or
5.9%, in the current year compared to the prior year. The primary
reasons for this increase are increased out-of-state and retail sales,
partially offset by decreased in-state sales. Gross profit margin was
57.9% and 58.1% for 2013 and 2012, respectively.
Selling, general and administrative expenses were $5,308,931 and
$5,075,052 for 2013 and 2012, respectively, an increase of $233,879 or
4.6%.
Jim Bernau, Founder and President of the winery, said "We are nearing
the completion of our cellar and tasting room expansion with the Grand
Opening scheduled for Saturday, May 3rd of what promises to be one of
the West Coast's winery destinations." 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.
Twelve months ended
December 31,
2013 2012
SALES, NET $ 13,271,914 $ 12,527,268
COST OF SALES 5,588,439 5,253,336
GROSS PROFIT 7,683,475 7,273,932
SELLING, GENERAL & ADMIN EXPENSES 5,308,931 5,075,052
INCOME FROM OPERATIONS 2,374,544 2,198,880
OTHER INCOME (EXPENSE)
Interest income 6,963 8,548
Interest expense (245,431) (232,291)
Other income, net 192,125 124,531
INCOME BEFORE INCOME TAXES 2,328,201 2,099,668
INCOME TAX PROVISION (904,709) (739,434)
INCOME FROM CONTINUING OPERATIONS 1,423,492 1,360,234
DISCONTINUED OPERATIONS
Loss from operations - (242,878)
Income tax benefit - 85,493
LOSS FROM DISCONTINUED OPERATIONS - (157,385)
NET INCOME $ 1,423,492 $ 1,202,849
BASIC NET INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE $ 0.30 $ 0.28
BASIC NET LOSS FROM DISCONTINUED OPERATIONS PER COMMON SHARE 0.00 (0.03)
BASIC NET INCOME PER COMMON SHARE $ 0.30 $ 0.25
DILUTED NET INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE $ 0.29 $ 0.28
DILUTED NET LOSS FROM DISCONTINUED OPERATIONS PER COMMON SHARE 0.00 (0.03)
DILUTED NET INCOME PER COMMON SHARE $ 0.29 $ 0.25
Weighted average number of basic common shares outstanding 4,804,801 4,849,163
Weighted average number of diluted common shares outstanding 4,856,321 4,855,756
SOURCE Willamette Valley Vineyards
-0- 03/27/2014
/CONTACT: Jim Bernau, (800) 344-9463
/Web Site: http://www.wvv.com
(NASDAQ-SMALL:WVVI) /
CO: Willamette Valley Vineyards
ST: Oregon
IN: FIN AGR FOD ALC
SU: ERN
PRN
-- AQ92756 --
0000 03/27/2014 20:57:00 EDT http://www.prnewswire.com
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