Willamette Valley Vineyards, a producer of Pinot Noir, generated net income of $573,946, or $0.12 cents per share, for the third quarter of 2014, up from $232,066, or $0.05 cents per share, for the corresponding prior year period, representing a $341,880 or 147.3% increase in net income compared to third quarter 2013.
The Company produced revenues of $4,046,201 and $3,043,546 in third quarters of 2014 and 2013, respectively, an increase of $1,002,655 or 32.9%. The primary reasons for this increase are an increase in direct sales of $375,988 and an increase in sales through distributors of $626,667, in the current year three month period over the prior year period. Gross profit margin was 61.8% and 57.8% for the third quarters of 2014 and 2013, respectively.
Selling, general and administrative expenses were $1,526,956 and $1,339,735 for the third quarters of 2014 and 2013, respectively, an increase of $187,221 or 14.0%. This increase is primarily the result of increased selling expenses, including staffing, associated with an increased focus on retail sales and operating the newly remodeled Hospitality Center.
Jim Bernau, Founder and President of the winery, said, "We are very pleased with this year's harvest, both in yield and quality."
Willamette Valley Vineyards, Inc. is headquartered at its Estate Vineyard near Salem, Oregon. The Company's common stock is traded on NASDAQ (WVVI).
