Willamette Valley Vineyards Posts a Profit for the Third Quarter 2017

SALEM, Ore., Nov. 9, 2017 /PRNewswire/ -- Willamette Valley Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir, generated income applicable to common shareholders of $427,996, or $0.09 cents per share, for the third quarter of 2017, down from $467,979, or $0.09 cents per share, for the corresponding prior year period, representing a $39,983 or 8.5% decrease in income applicable to common shareholders compared to third quarter 2016.  This decrease is primarily the result of accrued preferred stock dividends increasing more than the increase in net income.

The Company produced revenues of $5,143,588 and $4,741,711 in third quarters of 2017 and 2016, respectively, an increase of $401,877 or 8.5%.  This increase was caused by an increase in direct sales of $211,063 and an increase in sales through distributors of $190,814. 

Selling, general and administrative expenses were $2,283,143 and $2,046,948 for the third quarters of 2017 and 2016, respectively, an increase of $236,195 or 11.5%.

Income from operations was $1,098,231 and $994,303 for the third quarters of 2017 and 2016, respectively, an increase of $103,928 or 10.5%.  This increase was the result of growth in revenue that outpaced growth in selling, general and administrative expenses.

Jim Bernau, Founder and President of the winery, said "The growth in Income from operations is healthy.  As expected, the dividend expense will negatively impact Net Income until such time as the capital raised is fully put to work to generate additional earnings."

Willamette Valley Vineyards, Inc. is headquartered at its Estate Vineyard near Salem, Oregon.  The Company's common stock is traded on NASDAQ (WVVI) and preferred stock on NASDAQ (WVVIP). 

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are identified by such words and phrases as "expects," "thinks," "believes," "anticipates" and words of similar import.  Such forward-looking statements are subject to risks and uncertainties and actual results could differ materially from those projected.  Such risks and uncertainties include, but are not limited to:  availability of financing for growth, availability of adequate supply of high quality grapes, successful performance of internal operations, impact of competition, changes in wine broker or distributor relations or performance, impact of possible adverse weather conditions, impact of reduction in grape quality or supply due to disease, impact of governmental regulatory decisions and other risks.

SOURCE Willamette Valley Vineyards