Welcome to our dedicated page for Willamette Valley Vineyards news (Ticker: WVVI), a resource for investors and traders seeking the latest updates and insights on Willamette Valley Vineyards stock.
Willamette Valley Vineyards, Inc. (NASDAQ: WVVI), headquartered near Salem, Oregon, is a premier producer of fine wines in the United States and internationally. Established with a vision to create world-class wines, the company focuses on producing premium, super-premium, and ultra-premium wines that reflect the unique terroir of Oregon's Willamette Valley.
The company's portfolio features a diverse range of wines under several labels, including:
- Willamette Valley Vineyards: Pinot Noir, Chardonnay, Pinot Gris, Pinot Blanc, Methode Champenoise Brut, Rose, and Riesling.
- Tualatin Estate Vineyards: Semi-sparkling Muscat.
- Griffin Creek: Syrah, Merlot, Cabernet Sauvignon, Grenache, Cabernet Franc, Tempranillo, Malbec, The Griffin, and Viognier.
- Oregon Cellars: Oregon Blossom.
- Elton: Pinot Noir and Chardonnay.
- Pambrun: Chrysologue, Merlot, and Cabernet Sauvignon.
- Maison Bleue: Frontiere Syrah, Gravière Syrah, Voyageur Syrah, Bourgeois Grenache, and Voltigeur Viognier.
- Natoma and Metis: Various wines.
Operating under two business segments, direct sales and distributor sales, Willamette Valley Vineyards has been able to effectively reach diverse consumer bases. Direct sales occur via retail locations, tasting rooms, wine clubs, online sales, on-site events, and kitchen and catering services. Distributor sales are conducted through third-party channels, offering wines at wholesale rates.
In recent financial performance, the company achieved significant growth despite market challenges. For the quarter ended June 30, 2023, Willamette Valley Vineyards reported a 23.3% increase in sales revenue, attributed to enhanced distributor availability and expanded direct retail operations. However, higher selling, general, and administrative expenses impacted net income, which saw a decrease compared to the prior year. Notably, the company continues to invest in new tasting rooms, which have shown promising retail sales growth.
Founder and CEO Jim Bernau stated, “The company’s sales growth of over 23% this quarter is a strong signal our expansion strategy is working.
Willamette Valley Vineyards (NASDAQ: WVVI) reported a net loss of $949,821 for Q3 2022, a significant decline from a profit of $456,191 in Q3 2021. The loss per common share after preferred dividends was $0.29, down $0.31 year-over-year. Sales revenue fell 0.5% to $7,602,878, attributed to decreased distributor sales due to inventory delays. Gross profit also declined by 12.7% to $3,894,183, while SG&A expenses surged by 35.9% to $5,120,218. The CEO noted ongoing challenges due to inventory delays and rising operational costs.
Willamette Valley Vineyards (NASDAQ:WVVI) declared a cash dividend of $.22 per share on its Series A Redeemable Preferred stock (NASDAQ:WVVIP), payable on December 30, 2022. Shareholders must be on record by the close of business on December 7, 2022. The company, a prominent Oregon producer of Pinot Noir, continues to support its shareholders through consistent dividends.
Willamette Valley Vineyards (NASDAQ: WVVI & WVVIP) announced its partnership with TiiCKER to enhance its 2022 Preferred Stock Offering aimed at funding growth. Investors can purchase shares at $5.25 with a 4.19% annual dividend or wine credit. The share price will rise to $5.35 after October 31, 2022. The offering includes unique shareholder perks like discounts and exclusive access to events. This initiative continues Willamette's community-funded business model established in 1989, promoting investment by wine enthusiasts.
Willamette Valley Vineyards (NASDAQ: WVVI) reported a loss per share of $0.04 for Q2 2022, compared to a profit of $0.14 in Q2 2021, marking a $0.18 decline. Sales revenue decreased by 2.8% to $8.7 million, primarily due to a $929,661 drop in distributor sales, partially offset by a $680,571 increase in direct sales. Gross profit fell by 6.1% to $4.8 million. Administrative expenses surged 21.7% to $4.4 million, leading to a net income drop of 76.1% to $257,401.
Willamette Valley Vineyards (NASDAQ: WVVI) reported a loss per common share of $0.11 for Q1 2022, compared to a loss of $0.05 in Q1 2021. Sales revenue increased by 8.3% to $6,242,318, driven by direct consumer sales. However, net income declined 180.6% year-over-year to a loss of $(98,942). SG&A expenses rose 16.2% to $3,856,261, impacting overall profitability. CEO Jim Bernau highlighted supply chain issues affecting margins and earnings. For detailed financials, consult the Form 10-Q filed with the SEC.
Willamette Valley Vineyards (NASDAQ: WVVI) reported a net income of $2.45 million for 2021, down 28% from 2020. Income per share fell to $0.20, a decrease of 56.6%. The winery's net sales revenues increased by 16.4% to $31.79 million, driven mainly by direct sales and distributor revenue growth. Although gross profit rose 11.6% to $18.67 million, SG&A expenses surged 27.7% to $14.98 million.
CEO Jim Bernau noted tight wine inventories may constrain future revenue growth.
Willamette Valley Vineyards (NASDAQ:WVVI) reported a significant decline in income applicable to common shareholders for Q3 2021, totaling $95,120, down 85.1% from $640,347 in Q3 2020. Despite a revenue increase to $7,641,228, representing a 10.5% rise, gross profit margin fell to 58.4%. Operating expenses surged 29.2% to $3,768,765, primarily due to increased labor costs at tasting rooms. Net income also dropped 49.1% year-over-year, highlighting ongoing challenges from elevated production costs and supply chain disruptions.
Willamette Valley Vineyards (NASDAQ: WVVI & WVVIP) partners with TiiCKER to enhance its 2021 Preferred Stock Offering aimed at funding growth. The offering, priced at $5.15 per share, includes investor perks like discounts and exclusive access to wine events. TiiCKER's platform will promote shareholder engagement and verify ownership for perks. The winery plans to expand with four new tasting rooms and restaurants over the next two years. This initiative supports community funding, emphasizing the role of shareholders in company growth.
Willamette Valley Vineyards (NASDAQ: WVVI) declared a cash dividend of $.22 per share on its Series A Redeemable Preferred stock (NASDAQ: WVVIP). This dividend will be payable on December 31, 2021, to shareholders of record by the close of business on December 7, 2021. Shares issued after January 1, 2020 will receive a prorated dividend based on their issue date. The company is known for producing high-quality Pinot Noir in Oregon.
Willamette Valley Vineyards (NASDAQ: WVVI & WVVIP) has appointed Greg Urmini as Director of Winemaking & Vineyards, tasked with overseeing the winery and 500 acres in production across Oregon. Urmini, previously with Paul Hobbs Winery, brings extensive experience that includes managing a winery that achieved 100-point scores. His leadership comes amid the construction of a new state-of-the-art winery in the Dundee Hills, signifying the company's commitment to growth. The winery is also supported by over 20,000 enthusiastic owner-investors and recently launched a $10.7 million offering for expansion.
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