• Nine-month net profits down 1% to US$1.28m
  • Net sales up 20% to $12.89m
  • Operating profits slip 6% to $2.09m
  • Q3 net profits fall 21% to $454,256
  • Net sales decline 5% to $4.24m
  • Operating profits drop 23% to $746,745

Willamette Valley Vineyards' nine-month profits dropped slightly after a Q3 write-down hit the bottom line.

Net profits fell 1% to US$1.28m in the nine months to the end of September, the Oregon-based wine maker said yesterday. Net sales were up 20% to $12.89m in the same period while operating profits slipped 6% to $2.09m.

The company blamed a one-time write-down on inventory of $142,972 in the third quarter that pushed net profits for Q3 down 21% to $454,256. Sales were also down in the quarter, by 5%, however the company remained upbeat, saying a stock repurchase and recent NASDAQ listing pointed to a bright future.

Jim Bernau, founder & president of the winery, said: "I am very excited about the growth plans for our company. With the successful sales of our preferred stock, and its new NASDAQ listing, we are able to provide wine enthusiasts with an opportunity to be part this growth and experience future wines that we believe will be of exceptional quality.”

To read the company's full results, click here.