Willamette Valley Vineyards Posts Results for Q2 2021

About this update from Willamette Valley Vineyards, Inc.

[{"type":"text","content":"SALEM, Ore., Aug. 12, 2021 /PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ:WVVI) (the \"Company\"), a leading Oregon producer of Pinot Noir, generated income applicable to common shareholders for the three months ended June 30, 2021 and 2020 of $715,045 and $363,969, respectively, an increase of $351,076, or 96.5%, in the second quarter of 2021 over the same quarter in the prior year. \n\n \n \n \n \n \n \n\n \nSales revenue for the three months ended June 30, 2021 and 2020 were $8,949,951 and $5,568,654, respectively, an increase of $3,381,297, or 60.7%, in the current year period over the prior year period. This increase was caused by an increase in sales through distributors of $2,434,315 and an increase in direct sales of $946,982 in the current year three-month period over the prior year period. The increase in direct sales to consumers was primarily the result of retail sales increases in tasting room revenue, phone sales and wine club sales. The increase in revenue from sales through distributors was primarily attributed to higher chain sales and the timing of orders between the first and second quarters. \nGross profit for the three months ended June 31, 2021 and 2020 was $5,139,723 and $3,501,532, respectively, an increase of $1,638,191, or 46.8%, in the second quarter of 2021 over the same quarter in the prior year. \nSelling, general and administrative expense for the three months ended June 30, 2021 and 2020 was $3,602,129 and $2,555,958 respectively, an increase of $1,046,171, or 40.9%, in the current quarter over the same quarter in the prior year. \nNet income for the three months ended June 30, 2021 and 2020 was $1,077,551 and $620,421, respectively, an increase of $457,130, or 73.7%, in the second quarter of 2021 over the same quarter in the prior year. \nJim Bernau, Founder and CEO of the winery said, \"The Company's performance continues to build on the sales growth of 2020. Our wine sales directly to wine enthusiasts and to our wholesalers' accounts has never been higher during this first six months of 2021. While labor shortages and supply chain disruptions have been challenging, we remain on course to open our new sparkling winery near Dundee and winery restaurants as planned. The construction of an additional 50,000 cases of fermentation capacity is on schedule and expected to be ready before wha...

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