Willamette Valley Vineyards Posts results for Q3 2023
- Increase in sales revenue and gross profit
- Decrease in net loss for the third quarter of 2023
- Achievement of the Board's long-term strategic goal of 50% of revenues coming directly from wine consumers
- Growth in retail sales and gross margin
- Expansion of wholesale sales despite a challenging wine market
- Return to core values of collaboration, transparency, vulnerability, and authenticity
- Increase in selling, general, and administrative expenses
- Overall net loss for the three months ended September 30, 2023
Sales revenue for the three months ended September 30, 2023 and 2022 were
Gross profit for the three months ended September 30, 2023 and 2022 was
Selling, general and administrative expenses for the three months ended September 30, 2023 and 2022 was
Net loss for the three months ended September 30, 2023 and 2022 was
Jim Bernau, Founder and CEO of the winery said "The 3rd Quarter results show we have achieved our Board's long term strategic goal of
"I believe our new winery and retail locations are helping us reach thousands of new customers, while our successful preferred stock offerings have resulted in a significant number of wine enthusiast stockholders who previously had not made a recorded purchase in any of our tasting rooms or on-line."
"Our wholesales sales in this 3rd Quarter grew
Bernau credited returning to the company's core values of collaboration, transparency, vulnerability and authenticity were the key to the Company's success, "We trimmed management with the remaining staff working in teams, substantially improving results."
For a complete discussion of the Company's financial condition and operating results for the second quarter, see our Form 10-Q for the three months ended September 30, 2023, as filed with the United States Securities and Exchange Commission on EDGAR.
Willamette Valley Vineyards, Inc. is headquartered at its Estate Vineyard near
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, referred to as the "Securities Act", and Section 21E of the Securities Exchange Act of 1934, as amended, referred to as the "Exchange Act". These forward-looking statements involve risks and uncertainties that are based on current expectations, estimates and projections about the Company's business, and beliefs and assumptions made by management. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates", "predicts," "potential," "should," or "will" or the negative thereof and variations of such words and similar expressions are intended to identify such forward-looking statements. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including, but not limited to: availability of financing for growth, availability of adequate supply of high quality grapes, successful performance of internal operations, impact of competition, changes in wine broker or distributor relations or performance, impact of possible adverse weather conditions, impact of reduction in grape quality or supply due to disease or smoke from forest fires, changes in consumer spending, the reduction in consumer demand for premium wines, and the revenues or costs for any of our four new tasting rooms and restaurants exceeding our expectations. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic economic conditions.
Many of these risks as well as other risks that may have a material adverse impact on our operations and business, are identified in Item 1A "Risk Factors" in our Annual Report on Form 10-K.
The following is the Company's Statement of Income for the three months and nine months ended September 30, 2023 compared to the three and nine months ended September 30, 2022:
Three months ended | Nine months ended | ||||||||||
September 30, | September 30, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
SALES, NET | $ 9,348,066 | $ 7,602,878 | $ 28,383,249 | $ 22,546,057 | |||||||
COST OF SALES | 3,663,488 | 3,708,695 | 11,969,630 | 10,104,588 | |||||||
GROSS PROFIT | 5,684,578 | 3,894,183 | 16,413,619 | 12,441,469 | |||||||
OPERATING EXPENSES | |||||||||||
Sales and marketing | 4,351,879 | 3,774,495 | 12,685,502 | 9,271,835 | |||||||
General and administrative | 1,615,467 | 1,345,723 | 4,676,996 | 4,087,458 | |||||||
Total operating expenses | 5,967,346 | 5,120,218 | 17,362,498 | 13,359,293 | |||||||
LOSS FROM OPERATIONS | (282,768) | (1,226,035) | (948,879) | (917,824) | |||||||
OTHER INCOME (EXPENSE) | |||||||||||
Interest income | 14 | 1,286 | 19 | 4,579 | |||||||
Interest expense | (171,272) | (87,220) | (460,309) | (269,037) | |||||||
Other income, net | 3,700 | 3,734 | 82,421 | 92,403 | |||||||
LOSS BEFORE INCOME TAXES | (450,326) | (1,308,235) | (1,326,748) | (1,089,879) | |||||||
INCOME TAX BENEFIT | 123,344 | 358,414 | 363,396 | 298,517 | |||||||
NET LOSS | (326,982) | (949,821) | (963,352) | (791,362) | |||||||
Accrued preferred stock dividends | (511,719) | (466,612) | (1,535,158) | (1,399,837) | |||||||
LOSS APPLICABLE TO COMMON SHAREHOLDERS | $ (838,701) | $ (1,416,433) | $ (2,498,510) | $ (2,191,199) | |||||||
Loss per common share after preferred dividends, | |||||||||||
basic and diluted | $ (0.17) | $ (0.29) | $ (0.50) | $ (0.44) | |||||||
Weighted-average number of | |||||||||||
common shares outstanding, basic and diluted | 4,964,529 | 4,964,529 | 4,964,529 | 4,964,529 |
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SOURCE Willamette Valley Vineyards
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