US: Willamette Valley Vineyards sees H1 profits double after distribution change

By | 13 August 2012

  • H1 net profits jump by 101% to US$404,168 
  • Net sales slip by 0.4% to $5.57m
  • Operating profits climb by 11% to $938,163
  • Q2 net profits climb 26%
Willamette Valley Vineyards has wound up its self-distribution network

Willamette Valley Vineyards has wound up its self-distribution network

Oregon winery Willamette Valley Vineyards saw its first-half profits double thanks to lighter losses from a discontinued distributor.

For the six months to the end of June, net profits jumped 101% to US$404,168 compared to a year earlier, the company announced on Friday (10 Aug). Operating profits increased by 11%, but net sales remained flat at $5.57m in the same period.

Losses from discontinued operations dropped by 37% to $146,931. Since September, Willamette Valley's products have been distributed by Young's Market in its home state of Oregon and not self-distributor Bacchus Fine Wines.

Second-quarter net sales also remained flat at $2.85. But Willamette Valley Vineyards founder and president Jim Bernau said he was happy with a 26% rise in net profits gained mainly from changing its distribution system.

"This quarter shows our better net profit is resulting from focusing on our core mission,” Bernau said.

“While we operated a successful wine distributorship through Bacchus Fine Wines, increasing government regulation made it a heavy administrative burden.”

Shares for Willamette Valley Vineyards ended flat at the end of trading on Friday.

To view the company's Q2 and H1 results, click here.

To view Willamette Valley's Q1 results, click here.

Sectors: Company results, Wine

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US: Willamette Valley Vineyards sees H1 profits double after distribution change

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