Calfornian wine company, Robert Mondavi Corp., has recorded adjusted net income of $8.7m for the third quarter, 13% lower than the $10m in the same period a year earlier. The results were at the lower end of analysts' forecasts. Net revenues were 7% lower at $104.3m.

The company said that while demand for premium wines remained soft following September 11th there were some signs of recovery. While many major hotel chains took immediate steps in September to cut their investment in wine inventories, chairman R. Michael Mondavi said that hotel chains in some parts of the country had started to order from wholesalers again.