{"id":458178,"date":"2021-03-15T18:39:18","date_gmt":"2021-03-15T22:39:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=458178"},"modified":"2021-03-15T18:39:18","modified_gmt":"2021-03-15T22:39:18","slug":"willamette-valley-vineyards-posts-a-profit-for-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/willamette-valley-vineyards-posts-a-profit-for-2020\/","title":{"rendered":"Willamette Valley Vineyards Posts a Profit for 2020"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SALEM, Ore.<\/span>, March 15, 2021<\/span> \/PRNewswire\/ —\u00a0Willamette Valley Vineyards, Inc. (NASDAQ:WVVI) (the “Company”), a leading Oregon<\/span> producer of Pinot Noir, generated income per common share after preferred dividends of $0.46<\/span> and $0.30<\/span> for the years ended December 31, 2020<\/span> and 2019, respectively, an increase of $0.16<\/span>, or 53.5%, for the year ended December 31, 2020<\/span> over the prior year period. <\/p>\n

The Company had net sales revenues of $27,314,852<\/span> and $24,749,263<\/span> for the years December 31, 2020<\/span> and 2019, respectively, an increase of $2,565,589<\/span> or 10.4%, for the year ended December 31, 2020<\/span> over the prior year period, primarily as a result of an increase in revenue from direct sales of $1,069,589<\/span> or 11.3% in 2020 compared to 2019, combined with an increase in revenue from sales to distributors\u00a0 of $1,496,000<\/span> or 9.8,% in 2020 compared to 2019. <\/p>\n

Gross profit was $16,729,776<\/span> and $15,294,582<\/span> for the years ended December 31, 2020<\/span> and 2019, respectively, an increase of $1,435,194<\/span>, or 9.4%, for the year ended December 31, 2020<\/span> over the prior year period. This increase was generally driven by an increase in sales revenues partially offset by a higher cost of sales. <\/p>\n

Selling, general and administrative expenses were $11,728,003<\/span> and $11,567,058<\/span> for the years ended December 31, 2020<\/span> and 2019, respectively, an increase of $160,945<\/span>, or 1.4%, for the year ended December 31, 2020<\/span> over the prior year period. <\/p>\n

Net income was $3,394,996<\/span> and $2,510,901<\/span>, for the years ended December 31, 2020<\/span> and 2019, respectively, an increase of $884,095<\/span>, or 35.2%, for the year ended December 31, 2020<\/span> over the prior year period.\u00a0 <\/p>\n

\n Jim Bernau<\/span>, Founder and CEO of the winery\u00a0said\u00a0“Our team’s sales success this year resulted from finding opportunities in the channels remaining open, selling directly to wine enthusiasts at home and to retail stores where consumers were allowed to shop. \u00a0The employees were so effective at these strategies, we added employees in 2020 so no PPP funds were needed. \u00a0Our team also implemented safety measures and new technology which resulted in no known cases of COVID being contracted in the workplace or tasting rooms. \u00a0Our vineyard and winemaking staff produced one of our best vintages, in spite of these challenges and the forest fires. \u00a0In our 38 years, I have never seen such remarkable performance by our managers, employees and organization as a whole.”<\/p>\n

For a complete discussion of the Company’s financial condition and operating results, see our Form 10-K for the year ended December 31, 2020<\/span>, as filed with the United States Securities and Exchange Commission on EDGAR.\u00a0<\/p>\n

Willamette Valley Vineyards, Inc. is headquartered at its Estate Vineyard near Salem<\/span>, Oregon.\u00a0 The Company’s common stock is traded on NASDAQ (WVVI).\u00a0<\/p>\n

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that are based on current expectations, estimates and projections about the Company’s business, and beliefs and assumptions made by management.\u00a0 Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” “intends,” “plans,” “predicts,” “potential,” “should,” or “will” or the negative thereof and variations of such words and similar expressions are intended to identify such forward-looking statements.\u00a0 Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including, but not limited to:\u00a0 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 or smoke from forest fires, changes in consumer spending, the reduction in consumer demand for premium wines and the impact of the COVID-19 pandemic and the policies of United States<\/span> federal, state and local governments in response to such pandemic. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic economic conditions.\u00a0 Many of these risks as well as other risks that may have a material adverse impact on our operations and business, are identified in Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020<\/span>, as well as in the Company’s other Securities and Exchange Commission filings and reports.\u00a0<\/p>\n

The following is the Company’s Statement of Income for the year ended December 31, 2020<\/span> compared to the year ended December 31, 2019<\/span>:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n

\n
\n Twelve months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n SALES, NET<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 27,314,852<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 24,749,263<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n COST OF SALES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 10,585,076<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,454,681<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n GROSS PROFIT<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 16,729,776<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,294,582<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n OPERATING EXPENSES:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Sales and marketing<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,458,139<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,449,088<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n General and administrative<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,269,864<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,117,970<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n Total operating expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,728,003<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,567,058<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n INCOME FROM OPERATIONS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 5,001,773<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,727,524<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n OTHER INCOME (EXPENSE)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n 21,022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48,066<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n (414,061)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (440,999)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Other income, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 165,916<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 128,433<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n INCOME BEFORE INCOME TAXES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 4,774,650<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,463,024<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n INCOME TAX PROVISION\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1,379,654)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (952,123)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n NET INCOME<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,394,996<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,510,901<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Preferred stock dividends<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (1,116,378)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,026,063)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n INCOME APPLICABLE TO COMMON SHAREHOLDERS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2,278,618<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,484,838<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Earnings per common share after preferred dividends,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n basic and diluted<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.46<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.30<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Weighted-average number of\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n common shares outstanding<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 4,964,529<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,964,529<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/willamette-valley-vineyards-posts-a-profit-for-2020-301247724.html<\/a><\/p>\n

SOURCE Willamette Valley Vineyards<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire SALEM, Ore., March 15, 2021 \/PRNewswire\/ —\u00a0Willamette Valley Vineyards, Inc. (NASDAQ:WVVI) (the “Company”), a leading Oregon producer of Pinot Noir, generated income per common share after preferred dividends of $0.46 and $0.30 for the years ended December 31, 2020 and 2019, respectively, an increase of $0.16, or 53.5%, for the year ended December 31, 2020 over the prior year period. The Company had net sales revenues of $27,314,852 and $24,749,263 for the years December 31, 2020 and 2019, respectively, an increase of $2,565,589 or 10.4%, for the year ended December 31, 2020 over the prior year period, primarily as a result of an increase in revenue from direct sales of $1,069,589 or 11.3% in 2020 compared to 2019, … <\/p>\n

Continue reading “Willamette Valley Vineyards Posts a Profit for 2020”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-458178","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nWillamette Valley Vineyards Posts a Profit for 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/willamette-valley-vineyards-posts-a-profit-for-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Willamette Valley Vineyards Posts a Profit for 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SALEM, Ore., March 15, 2021 \/PRNewswire\/ —\u00a0Willamette Valley Vineyards, Inc. (NASDAQ:WVVI) (the “Company”), a leading Oregon producer of Pinot Noir, generated income per common share after preferred dividends of $0.46 and $0.30 for the years ended December 31, 2020 and 2019, respectively, an increase of $0.16, or 53.5%, for the year ended December 31, 2020 over the prior year period. The Company had net sales revenues of $27,314,852 and $24,749,263 for the years December 31, 2020 and 2019, respectively, an increase of $2,565,589 or 10.4%, for the year ended December 31, 2020 over the prior year period, primarily as a result of an increase in revenue from direct sales of $1,069,589 or 11.3% in 2020 compared to 2019, … Continue reading "Willamette Valley Vineyards Posts a Profit for 2020"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/willamette-valley-vineyards-posts-a-profit-for-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-15T22:39:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=AQ10631&sd=2021-03-15\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/willamette-valley-vineyards-posts-a-profit-for-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/willamette-valley-vineyards-posts-a-profit-for-2020\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Willamette Valley Vineyards Posts a Profit for 2020\",\"datePublished\":\"2021-03-15T22:39:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/willamette-valley-vineyards-posts-a-profit-for-2020\\\/\"},\"wordCount\":771,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/willamette-valley-vineyards-posts-a-profit-for-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=AQ10631&sd=2021-03-15\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/willamette-valley-vineyards-posts-a-profit-for-2020\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/willamette-valley-vineyards-posts-a-profit-for-2020\\\/\",\"name\":\"Willamette Valley Vineyards Posts a Profit for 2020 - 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(NASDAQ:WVVI) (the “Company”), a leading Oregon producer of Pinot Noir, generated income per common share after preferred dividends of $0.46 and $0.30 for the years ended December 31, 2020 and 2019, respectively, an increase of $0.16, or 53.5%, for the year ended December 31, 2020 over the prior year period. 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