The Californian wine group, Robert Mondavi Corp., reported net income of $8.2m, or 50 cents a share, for the first quarter to the end of September, against a net loss of $2.5m in the corresponding period last year. The previous first quarter had been affected by depressed sales as a result of 9/11 and the company also took an $11.2m charge related to its withdrawal from Disney's California Adventure.

Sales revenues in the quarter under review rose by 22% from $80.9m to $98.6m, with volumes up by 25%. However, average prices were slightly lower. Mondavi said margins were reduced as more wine was sold for the lower-priced jug wine market, while the company boosted advertising for its premium brands.

The net income figure was towards the upper end of analysts' forecasts which had ranged from 46 cents to 51 cents a share, with an average of around 48 cents. The 50 cents a share figure was also in the middle of Mondavi's own range forecast of 48 cents to 52 cents per share.

Mondavi is forecasting earnings of $2.55 to $2.60 per share for the full year, against $2.41 last year, and is targeting revenue of $500m.