Business
Willamette Valley Vineyards Posts a Profit for Q2 2020
SALEM, Ore., Aug. 12, 2020 /PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ:WVVI) (the "Company"), a leading Oregon producer of Pinot Noir, generated
About this update from Willamette Valley Vineyards, Inc.
[{"type":"text","content":"SALEM, Ore., Aug. 12, 2020 /PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ:WVVI) (the \"Company\"), a leading Oregon producer of Pinot Noir, generated income applicable to common shareholders of $363,969, or $0.07 cents per share, for the second quarter of 2020, up from $103,459 or $0.02 cents per share, for the second quarter in the prior year, representing a $260,510, or 251.8%, increase in income applicable to common shareholders compared to the second quarter of 2019. \nSales revenue for the second quarters of 2020 and 2019 were $5,568,654 and $5,790,837, respectively, a decrease of $222,183, or 3.8%, in the current year period over the prior year period. This decrease was mainly caused by a decrease in direct sales of $156,802 and a decrease in sales through distributors of $65,381 in the current year quarter over the prior year period. The decrease in direct sales to consumers was primarily the result of retail sales decreases in tasting room revenue, hospitality and kitchen sales mostly due to the temporary closure and restrictions on the operation of our tasting rooms resulting from the COVID-19 pandemic. The decrease in revenue from sales through distributors was primarily attributed to lower sales to the on-premise market as many of these establishments have been closed or had other restrictions placed on them due to the COVID-19 pandemic. \nGross profit for the second quarters of 2020 and 2019 was $3,501,532 and $3,498,358, respectively, an increase of $3,174, or 0.1%, in the second quarter of 2020 over the same quarter in the prior year. \nSelling, general and administrative expense for the second quarters of 2020 and 2019 was $2,555,958 and $2,901,927 respectively, a decrease of $345,969, or 11.9%, in the current quarter over the same quarter in the prior year. This decrease was primarily the result of a decrease in selling expenses of $292,588, or 15.3% and a decrease in general and administrative expenses of $53,381, or 5.4% in the current quarter compared to the same quarter last year. \nNet income for the second quarters of 2020 and 2019 was $620,421 and $359,911, respectively, an increase of $260,510, or 72.4%, in the second quarter of 2020 over the same quarter in the prior year.\nJim Bernau, Founder and CEO of the winery, said \"The winery has shown remarkable resilience during the Pandemic due to t...