The California-based wine group, Golden State Vintners (GSV), posted sales revenues for the second quarter of the 2003 fiscal year of US$31.34m, down from US$35.96m in the second quarter of the previous fiscal year.

Net income in the second quarter reached US$3.29m, US$0.35 per share, but included a US$1.58m exceptional gain on the sale of vineyards.

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Stripping out the exceptional gain, second quarter income fell to US$2.52m, or US$0.27 per share, from US$3.05m, or $0.31 a share, in the second quarter of 2002.

For the six-month period, revenues fell from US$53.36m to US$49.16m. Net income for the first half reached US$4.10m, or US$0.43 per share. Excluding exceptional items, first-half net income in 2003 stood at US$2.01m, or US$0.21 per share, against US$2.70m, or US$0.28 per diluted share, for the first six months of the 2002 fiscal year.

“I am pleased with the results we are achieving considering the extremely challenging conditions in the wine industry,” said Golden State’s CEO, Jeffrey O’Neill. “With production of this year’s harvest completed, both domestic and export bulk wine volumes remain strong, and our core wine outsourcing operations are profitable with volumes above last year. However, there continues to be significant competitive pricing pressure on both the bulk wine and case goods businesses. While current market conditions remain challenging, our long-term outlook remains strong, and we are much better positioned to maximize our opportunities as the leading outsourcing supplier to the industry.”

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