This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Willamette Valley Vineyards Posts Profit for the First Quarter of 2009 2009-05-14 13:08 ET - News Release SALEM, Ore., May 14 /PRNewswire-FirstCall/ -- Willamette Valley Vineyards produced a profit for 2009 which was higher than the prior year. Sales revenue for the three months ended March 31, 2009 increased $226,573 or 6.7% from the comparable prior year period. Sales revenue growth for the first three months of 2009 versus 2008 is being principally driven by new product placements and order activity from our chain store customers. The main channel of this growth is through our National Sales business unit which deals with out-of-state customers where product is sold through distributors in each state. Additionally in-state sales were slightly down versus prior year. The mix of sales in-state has shifted from purchased brands to produced brands mainly due to the availability of three produced Pinot Noir products that became available for sale in the 4th Quarter of 2008. The decrease in purchased brands sales in Oregon from 2007 to 2008 is largely the result of reduced order activity by on-premise customers experiencing significant reductions in consumer demand in a struggling economy. Taken as a whole, the three sales departments: National Sales, Oregon Wholesale (Bacchus Fine Wines) and Retail showed increased performance on their net contribution for the three months ended March 31, 2009 versus the comparable prior year period. As a result, the Company generated $0.03 basic earnings per share during the three months ended March 31, 2009, an increase of $0.02 basic earnings per share versus the comparable prior year period. Willamette Valley Vineyards, Inc. is a leading producer of Pinot Noir in Oregon and 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
March 31,
2009 2008
---------- ----------
Net revenues
Case revenue $ 3,629,247 $ 3,402,674
---------- ----------
Total net revenues 3,629,247 3,402,674
Cost of sales
Case 1,763,144 1,753,834
---------- ----------
Total cost of sales 1,763,144 1,753,834
Gross profit 1,866,103 1,648,840
Selling, general and administrative
expenses 1,561,734 1,528,509
---------- ----------
Net operating
income 304,369 120,331
Other income (expense)
Interest income - 971
Interest expense (32,663) (22,328)
Other income 10,992 1,196
---------- ----------
Net income before
income taxes 282,698 100,170
Income tax 117,542 40,068
---------- ----------
Net income 165,156 60,102
Retained earnings beginning of
period 5,799,901 5,091,307
---------- ----------
Retained earnings
end of period $ 5,965,057 $ 5,151,409
========== ==========
Basic earnings per
common share $ .03 $ .01
Diluted earnings per
common share $ .03 $ .01
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