Willamette Valley Vineyards Posts results for Q1 2022

About this update from Willamette Valley Vineyards, Inc.

[{"type":"text","content":"SALEM, Ore., May 12, 2022 /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 $0.11 and $0.05 for the period ended March 31, 2022 and 2021, respectively, an increase of $0.06, for the period ended March 31, 2022 over the prior year period.\n\n \n \n \n \n \n \n\n \nSales revenue for the three months ended March 31, 2022 and 2021 was $6,242,318 and $5,765,338, respectively, an increase of $476,980, or 8.3%, in the current year period over the prior year period. This increase was caused by an increase in revenues from direct sales of $651,124 being partially offset by a decrease in revenues from shipments to distributors of $174,144 in the current year three-month period over the same period in the prior year. The increase in direct sales to consumers was primarily the result of increased retail sales revenues from our tasting rooms, wine club and kitchen. The decrease in revenue from the distributors was primarily attributed to the lack of available inventory to ship.\nGross profit for the three months ended March 31, 2022 and 2021 was $3,720,029 and $3,493,567, respectively, an increase of $226,462, or 6.5%, in the first quarter of 2022 over the same quarter in the prior year. This increase was primarily the result of an increase in direct sales in the first three months of the current year compared to the same period in 2021.\nSelling, general and administrative expenses for the three months ended March 31, 2022 and 2021 was $3,856,261 and $3,317,558, respectively, an increase of $538,703, or 16.2%, in the current quarter over the same quarter in the prior year.\nNet income (loss) for the three months ended March 31, 2022 and 2021 was $(98,942) and $122,685, respectively, a decrease of $221,627, or 180.6%, in the first quarter of 2022 over the same quarter in the prior year.\nJim Bernau, Founder and CEO of the winery said, \"Unforeseen inventory delays have limited our ability to offset expenses related to our new developments. While we expect supply interruptions, higher supply costs and labor shortages to reduce margins and earnings in the near term, our growth initiatives are designed to produce greater profitability in the long term.\"\nFor a complete discussion of the Company's financial co...

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