The Californian-based wine company, Chalone Wine Group, posted net income for 2002 of US$2.3m, up 11% from 2001. Net income for the final quarter of the year rose from US$0.65m to US$0.69m.
Net revenues rose from US$54.66m to US$67.01m for the full year and from US$16.74m to US$20.16m for the final quarter.
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“Because of the sluggish economy and excess wine in the market, the fine wine industry in general had a very challenging year in 2002,” said Chalone’s CEO and president, Tom Selfridge. “Looking ahead, we anticipate 2003 to be even more challenging. The economy does not appear to be improving soon and there is a growing supply of wines domestically and from overseas. The wine industry is very cyclical and we are positioning ourselves for continued growth when the economy and the industry eventually rebound.”
Chalone specialises in premium red and white varietal wines. Its portfolio includes Acacia Vineyard, Provenance Vineyards, Hewitt Vineyard and Chalone Vineyard.
