Business
Willamette Valley Vineyards Posts results for Q1 2021
SALEM, Ore., May 13, 2021 /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., May 13, 2021 /PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ: WVVI) (the \"Company\"), a leading Oregon producer of Pinot Noir, generated a loss per common share after preferred dividends of $0.05 and profit per common share of $0.11 for the period ended March 31, 2021 and 2020, respectively, a decrease of $0.16, for the period ended March 31, 2021 over the prior year period. \nSales revenue for the three months ended March 31, 2021 and 2020 were $5,765,338 and $6,521,895, respectively, a decrease of $756,557, or 11.6%, in the current year period over the prior year period. This decrease was caused by a decrease in shipments to distributors of $1,110,429 being partially offset by an increase in direct sales of $353,872 in the current year three-month period over the same period in the prior year. The decrease in revenue from the distributors was primarily attributed to the timing of orders, shipments from the winery and inventory management from distributors as first quarter depletions from distributors to their accounts rose 9% from the same period of the prior year and orders from distributors through April are ahead of the previous year. \nGross profit for the three months ended March 31, 2021 and 2020 was $3,493,567 and $3,912,042, respectively, a decrease of $418,475, or 10.7%, in the first quarter of 2021 over the same quarter in the prior year. This decrease was primarily the result of a decrease in case sales to distributors in the first three months of the current year compared to the same period in 2020.\nSelling, general and administrative expenses for the three months ended March 31, 2021 and 2020 was $3,317,558 and $2,829,504, respectively, an increase of $488,054, or 17.2%, in the current quarter over the same quarter in the prior year. \nNet income for the three months ended March 31, 2021 and 2020 was $122,685 and $787,082, respectively, a decrease of $664,397, or 84.4%, in the first quarter of 2021 over the same quarter in the prior year. \nJim Bernau, Founder and CEO of the winery said \"\"Through to today, the Company's sales performance has never been higher - remarkable given many of our restaurant accounts are just starting to order this year. As a result, we are installing an additional 50,000 cases of winemaking capacity this summer and have contracted for more wine-grapes in hopes ...