Californian wine producer, Robert Mondavi Corp., reported adjusted earnings of $11m, or 67 cents a share, for the fourth quarter to the end of June 2002, against $11.6m, or 71 cents, in the corresponding quarter a year earlier. Net revenues were down by 7% at $125.1m.

The company attributed the slip in profits to a reduction in business at high-end restaurants. Analysts had been forecasting between 66 cents to 71 cents a share. The September 11 attacks on the US also had a negative impact on the company's wine sales and last October Mondavi reduced its earnings guidance for its fiscal 2002 year to the end of June, blaming the slowdown in travel and entertainment following the attacks. For the full year, wine volumes fell by 5.6%, while volumes in the fourth quarter fell by 5.5%.