USA: Willamette Valley Vineyards (NASDAQ symbol: WVVI) Reports a Profit for the Second Quarter of 2000
During the quarter ending June 30, 2000, the Company experienced a significant increase in revenues in both in-state and out-state venues. Revenues in the State of Oregon increased 45% in the three months ending June 30, 2000 over the same period in 1999. During those same three months, revenues from its out-state customers increased by 28% over the same three months in 1999. The Company attributes these increases to the overall quality of products produced from the last several vintages and the continued success of its flagship Pinot Noir outside of the state.
Also during the first six months of 2000, the Company has reduced its selling, general and administrative expenses. For the six months ending June 30, 2000, these expenses decreased by 6% or nearly $85,000 over the same period in 1999.
Willamette Valley Vineyards is the owner of Tualatin Estate Vineyards and Griffin Creek wines.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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, successful assimilation of Tualatin Vineyards Inc.'s business with that of the Company and other risks.
WILLAMETTE VALLEY VINEYARDS
2nd QTR 2nd QTR Six Months Six Months
2000 1999 2000 1999
Actual Actual Actual Actual
Winery Operations 1,583 1,230 2,840 2,347
Cost of Goods Sold
depreciation removed 644 404 1,154 788
Gross Margin 939 826 1,686 1,559
SG&A Expense depreciation removed 586 618 1,117 1,205
Income From Operations 353 208 569 354
Depreciation 191 185 376 362
Interest 130 122 249 233
other income (8) (3) (15) (6)
313 304 610 589
Net Income (loss) Before Taxes 40 (96) (41) (235)
Income Taxes -- --
Net Income (loss) After Tax 40 (96) (41) (235)
Outstanding Shares(A) 4,253 4,237 4,253 4,237
Earnings Per Weighted
Average Common Share 0.01 (0.02) (0.01) (0.06)
(A) additional shares resulting from acquisition of Tualatin Vineyards
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