Willamette Valley Vineyards Posts Results for Q1 2023

About this update from Willamette Valley Vineyards, Inc.

[{"type":"text","content":"SALEM, Ore., May 12, 2023 /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 $0.25 and $0.11 for the three months ended March 31, 2023 and 2022 respectively, an increase of $0.14, for the three month period ended March 31, 2023 over the same three month period in the prior year. \nSales revenue for the three months ended March 31, 2023 and 2022 was $8,308,940 and $6,242,318, respectively, an increase of $2,066,622, or 33.1%, in the current year period over the prior year period. This increase was caused by an increase in revenues from direct sales of $1,114,341 and an increase in revenues from shipments to distributors of $952,281 in the current year three-month period over the same period in the prior year. \nGross profit for the three months ended March 31, 2023 and 2022 was $4,478,463 and $3,720,029, respectively, an increase of $758,434, or 20.4%, in the first quarter of 2023 over the same quarter in the prior year. This increase was primarily the result of an increase in sales in the first three months of the current year compared to the same period in 2022 being partially offset by an increase in product costs.\nSelling, general and administrative expenses for the three months ended March 31, 2023 and 2022 was $5,453,413 and $3,856,261, respectively, an increase of $1,597,152, or 41.4%, in the current quarter over the same quarter in the prior year. This increase was primarily the result of an increase in selling expenses of $1,505,853, or 60.8% and an increase in general and administrative expenses of $91,299, or 6.6% in the current quarter compared to the same quarter last year. Selling expenses increased in 2023 compared to 2022 primarily as a result of the higher selling expenses related to the increase in direct sales and having more tasting room locations.\nNet loss for the three months ended March 31, 2023 and 2022 was $744,823 and $98,942, respectively, an increase of $645,881, or 652.8%, in the first quarter of 2023 over the same quarter in the prior year. The increase in net loss for the first quarter of 2023, compared to the comparable period in 2022, was primarily the result of higher selling expenses and higher product costs.\nJim Bernau, Founder and CEO of the winery said \"...

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