Willamette Valley Vineyards Published Results for Q1 2021 | news

SALEM, ore., May 13, 2021 / PRNewswire / – Willamette Valley Vineyards, Inc. (NASDAQ: WVVI) (the “Company”), a leading company Oregon The maker of Pinot Noir posted preferred dividends of one loss per common share $ 0.05 and earnings per common share of $ 0.11 for the period ended March 31, 2021 and 2020 a decrease of $ 0.16for the elapsed period March 31, 2021 compared to the same period last year.

Sales for the three months ended March 31, 2021 and 2020 were $ 5,765,338 and $ 6,521,895each a decrease of $ 756,557or 11.6% in the current period compared to the same period last year. This decrease was caused by a decrease in deliveries to dealers $ 1,110,429 partially offset by an increase in direct sales of $ 353,872 three months in the current year compared to the same period of the previous year The drop in sales at distributors was mainly due to the timing of orders, deliveries from the winery, and inventory management by distributors, as distributors ‘exhaustion on their accounts increased 9% year over year in the first quarter and distributors’ orders increased April is before the previous year.

Gross profit for the three months ended March 31, 2021 and 2020 was $ 3,493,567 and $ 3,912,042each a decrease of $ 418,475or 10.7% in the first quarter of 2021 compared to the same quarter of the previous year. This decrease was mainly due to a decrease in case sales to distributors in the first three months of the current year compared to the same period in 2020.

Selling, general, and administrative expenses for the three months ended March 31, 2021 and 2020 was $ 3,317,558 and $ 2,829,504each an increase of $ 488,054or 17.2% in the current quarter compared to the same quarter of the previous year.

Net income for the three months ended March 31, 2021 and 2020 was $ 122,685 and $ 787,082each a decrease of $ 664,397or 84.4% in the first quarter of 2021 compared to the same quarter of the previous year.

Jim BernauThe winery’s founder and CEO said, “To date, the company’s sales performance has never been so high – remarkable as many of our restaurant accounts won’t start ordering until this year.” As a result, we are installing an additional 50,000 cases of wine production capacity this summer and have commissioned more grapes to meet the growing demand from traders. Additionally, we are in the early stages of new winery restaurant development in Willamette Valley Vineyards Lake Oswego, Curve, Happy valley and on the Vancouver Washington Waterfront, with the first expected to open later this year. The new glittering winery south of Dundee It is planned to open in the late spring of next year with the expansion of Highway 99 at the current entrance. “

For a full explanation of the company’s financial position and results of operations for the first quarter, please refer to our Form 10-Q for the past three months March 31, 2021, filed with the United States Securities and Exchange Commission for EDGAR.

Willamette Valley Vineyards, Inc. is headquartered in its nearby Estate Vineyard Salem, Oregon. The company’s common stock is traded on NASDAQ (WVVI).

Forward-looking statements in this press release are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that are based on current expectations, estimates and projections about the company’s business, beliefs and assumptions of management. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “says”, “potential”, “should” or “will” or the negative of these and Variations in such words and similar expressions are intended to identify such forward-looking statements. As a result, actual results and results could differ materially from those expressed or projected in such forward-looking statements due to numerous factors including, but not limited to: availability of growth financing, availability of an adequate supply of high quality grapes, successful internal operations performance, Effects of competition, changes in relationships or services of wine brokers or dealers, effects of possible adverse weather conditions, effects of a reduction in grape quality or supply due to disease or smoke from forest fires, changes in consumer spending, reduction in consumer demand for premium wines, and the effects of COVID -19 pandemic as well as the politics of United States Federal, state and local governments in response to such a pandemic. In addition, such statements could be influenced by general industry and market conditions and growth rates as well as general domestic economic conditions. Many of these risks, as well as other risks that could materially adversely affect our business and our business, are identified in Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for the past fiscal year December 31, 2020as well as in the company’s other filings and reports with the company’s Securities and Exchange Commission.

The following is the company’s income statement for the past three months March 31, 2021 compared to the three months ended March 31, 2020::

					Three months ended
					March 31,
					2021		2020
SALE, NET					$ 5,765,338		$ 6,521,895
SALES COSTS					2,271,771		2,609,853
GROSS INCOME					3,493,567		3,912,042
OPERATING EXPENSES
	Sales and marketing				2,116,665		1,748,040
	General and administrative				1,200,893		1,081,464
		Business expense			3,317,558		2,829,504
FARMS INCOME					176.009		1,082,538
OTHER INCOME (EXPENSES)
	Interest income				3.397		9.517
	Interest expenses				(99,576)		(105,742)
	Other income (expenses), net				89.134		95.002
INCOME BEFORE INCOME TAX					168.964		1,081,315
INCOME TAX DETERMINATION					(46,279)		(294,233)
NET INCOME					122,685		787,082
Accrued Preferred Stock Dividends					(359,636)		(256,452)
INCOME (LOSS) FOR COMMON SHAREHOLDERS					$ (236,951)		530,630 USD
Earnings per common share after preferred dividends,
	basic and diluted				$ (0.05)		$ 0.11
Weighted average number of
	Common stock outstanding				4,964,529		4,964,529

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SOURCE Willamette Valley Vineyards