Willamette Valley Vineyards Posts a Profit for Q1 2020

About this update from Willamette Valley Vineyards, Inc.

[{"type":"text","content":"SALEM, Ore., May 13, 2020 /PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ:WVVI) (the \"Company\"), a leading Oregon producer of Pinot Noir, generated earnings applicable to common shareholders of $530,630, or $0.11 cents per share, for the first quarter of 2020, up from $170,024 or $0.03 cents per share, for the first quarter in the prior year, representing a $360,606, or 212.1%, increase in income applicable to common shareholders in the first three months of 2020 when compared to the first three months of 2019. This increase was the result of increased net income. \nNet income for the three months ended March 31, 2020 and 2019 was $787,082 and $426,476, respectively, an increase of $360,606, or 84.6%, in the current year period over the prior year period. This increase is primarily the result of an increase in income from operations being partially offset by an increase in the income tax provision in the first quarter of 2020 compared to the same quarter in 2019.\nSales for the three months ended March 31, 2020 and 2019 were $6,521,895 and $4,998,786, respectively, an increase of $1,523,109, or 30.5%, in the current year period over the prior year period. This increase was mainly caused by an increase in sales through distributors of $1,290,974 combined with an increase in direct sales to customers of $232,135 in the current year three month period over the prior year period. The increase in sales through distributors is primarily the result of new product placements and growth in the Company's brand in the first quarter of 2020 when compared to same quarter of 2019. The increase in sales through direct sales was mostly attributable to an increase in telephone and internet sales and the opening of the Wineworks facility in Folsom, California, during the first quarter of 2020.\nGross profit for the three months ended March 31, 2020 and 2019 was $3,912,042 and $3,280,636, respectively, an increase of $631,406, or 19.2%, in the current year period over the prior year period. This increase is primarily the result of increased sales revenues being partially offset by increased cost of sales in the first quarter of 2020 compared to the same period in 2019.\nSelling, general and administrative expenses for the three months ended March 31, 2020 and 2019 was $2,829,504 and $2,716,198, respectively, an increase of $113,306, or...

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