Business
Willamette Valley Vineyards Posts Results for Q2 2024
SALEM, Ore., Aug. 13, 2024 /PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ: WVVI) (the "Company"), a leading Oregon producer of Pinot Noir,
About this update from Willamette Valley Vineyards, Inc.
[{"type":"text","content":"SALEM, Ore., Aug. 13, 2024 /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 $0.07 and $0.08 for the three months ended June 30, 2024 and 2023 respectively, a decrease of $0.01, for the three month period ended June 30, 2024 over the same three month period in the prior year. \n\n \n \n \n \n \n \n\n \nSales revenue for the three months ended June 30, 2024 and 2023 were $10,332,358 and $10,726,243, respectively, a decrease of $393,885, or 3.7%, in the current year period over the prior year period. This decrease was caused by a decrease in sales through distributors of $597,059 partly offset by an increase in direct sales of $203,174 in the current year three-month period over the prior year period. The decrease in revenue from sales through distributors was primarily related to lower case sales in this market. The increase in direct sales to consumers was primarily the result of opening a new tasting room in late 2023.\nGross profit as a percentage of net sales for the three months ended June 30, 2024 and 2023 was 62.6% and 58.3%, respectively, an increase of 4.3 percentage points in the current year period over the prior year period, mostly as a result of higher prices charged for products compared to the same quarter of 2023.\nSelling, general and administrative expenses for the three months ended June 30, 2024 and 2023 was $5,934,784 and $5,941,739 respectively, a decrease of $6,955, or 0.1%, in the current quarter over the same quarter in the prior year. This decrease was primarily the result of a decrease in selling and marketing expenses of $11,872, or 0.3% being partially offset by an increase in general and administrative expenses of $4,917, or 0.3% in the current quarter compared to the same quarter last year.\nNet income for the three months ended June 30, 2024 and 2023 was $195,978 and $108,453, respectively, an increase of $87,525, or 80.7%, in the second quarter of 2024 over the same quarter in the prior year. The increase in net income for the second quarter of 2024, compared to the comparable period in 2023, was primarily the result of higher prices for products sold in 2024.\nJim Bernau, Founder and CEO said, \"The Company is facing a rapidly changing market that we believe is...