Willamette Valley Vineyards Inc. (WVVI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Willamette Valley Vineyards Inc. has a market cap of $16.87 million; its shares were traded at around $3.45 with a P/E ratio of 49.29 and P/S ratio of 1.02. Willamette Valley Vineyards Inc. had an annual average earning growth of 18.5% over the past 10 years.
Interest income for the second quarter 2010 was $3,310 and for the six months ended June 30, 2010 was $ 6,129. Interest expense for the three months ended June 30, 2010 was $ 56,393 an increase of 20,177 or 55.7% compared to the corresponding prior year period. Interest expense for the six months ended June 30, 2010 was $ 109,697 an increase of $40,819 or 59.3% compared to the corresponding prior year period. The average interest rate paid for the three months ended June 30, 2010 was 4.9%.
The reduction in gross margin combined with higher selling and administrative costs produced a Net Income for the second quarter ended June 30, 2010 of $128,287 compared to net income of $253,784, a 49.5% decrease over the comparable prior year period. As a result, the Company generated a $0.03 basic earnings per share during the three months ended June 30, 2010, a decrease of $0.02 basic earnings per share versus the comparable prior year period.
At June 30, 2010, we had a working capital balance of $11.3 million and a current working capital ratio of 7.45:1. At December 31, 2009, we had a working capital balance of $11.4 million and a current working capital ratio of 4.98:1. We had a cash balance of $0 at June 30, 2010, compared to a cash balance of $0 at December 31, 2009.
The Company has an asset-based loan agreement with Umpqua Bank that allows it to borrow up to $2,000,000. The maturity date on this loan agreement is June 2011. At June 30, 2010, the Company had a credit line balance of $134,474 and $1,865,526 of available credit. The interest rate charged in the quarter was 3.25%. The interest rate on this note is a variable interest rate and is subject ot change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal (the “Index”). The index rate at June 30, 2010 is 3.25%. The loan agreement contains, among other things, certain restrictive financial covenants with respect to total equity, debt-to-equity
Total inventory for Bacchus Distribution was $1,461,997 of purchased wines and $342,522 of non-wine merchandise at June 30, 2010. At June 30, 2009 total inventory for Bacchus Distribution was $2,546,373 of purchased wines and $413,279 of non-wine merchandise, a reduction of $ 1,084,376 of purchased wines and $ 70,757 of non-wine merchandise from 2009 to 2010. Total inventory for produced wine inventory was $6,429,662 and $3,373,092 of non-wine merchandise and work-in-process at June 30, 2010. At June 30, 2009 total produced wine inventory of $4,942,035 and $3,717,976 of non-wine merchandise and work-in-process for the same period, an increase of $ 1,487,627 for produced wine inventory and a reduction of $ 344,884 in work-in-process from 2009 to 2010.
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Willamette Valley Vineyards Inc. has a market cap of $16.87 million; its shares were traded at around $3.45 with a P/E ratio of 49.29 and P/S ratio of 1.02. Willamette Valley Vineyards Inc. had an annual average earning growth of 18.5% over the past 10 years.
Highlight of Business Operations:
The Company has an asset-based loan agreement with Umpqua Bank that allows it to borrow up to $2,000,000. The maturity date on this loan agreement is June 2011. At June 30, 2010, the Company had a credit line balance of $134,474 and $1,865,526 of available credit. The interest rate charged in the quarter was 3.25%. The interest rate on this note is a variable interest rate and is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal (the “Index”). The index rate at June 30, 2010 is 3.25%. The loan agreement contains, among other things, certain restrictive financial covenants with respect to total equity, debt-to-equity and debt coverage that must be maintained by the Company on a quarterly basis. As of June 30, 2010, the Company was in compliance with all of the financial covenants.Interest income for the second quarter 2010 was $3,310 and for the six months ended June 30, 2010 was $ 6,129. Interest expense for the three months ended June 30, 2010 was $ 56,393 an increase of 20,177 or 55.7% compared to the corresponding prior year period. Interest expense for the six months ended June 30, 2010 was $ 109,697 an increase of $40,819 or 59.3% compared to the corresponding prior year period. The average interest rate paid for the three months ended June 30, 2010 was 4.9%.
The reduction in gross margin combined with higher selling and administrative costs produced a Net Income for the second quarter ended June 30, 2010 of $128,287 compared to net income of $253,784, a 49.5% decrease over the comparable prior year period. As a result, the Company generated a $0.03 basic earnings per share during the three months ended June 30, 2010, a decrease of $0.02 basic earnings per share versus the comparable prior year period.
At June 30, 2010, we had a working capital balance of $11.3 million and a current working capital ratio of 7.45:1. At December 31, 2009, we had a working capital balance of $11.4 million and a current working capital ratio of 4.98:1. We had a cash balance of $0 at June 30, 2010, compared to a cash balance of $0 at December 31, 2009.
The Company has an asset-based loan agreement with Umpqua Bank that allows it to borrow up to $2,000,000. The maturity date on this loan agreement is June 2011. At June 30, 2010, the Company had a credit line balance of $134,474 and $1,865,526 of available credit. The interest rate charged in the quarter was 3.25%. The interest rate on this note is a variable interest rate and is subject ot change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal (the “Index”). The index rate at June 30, 2010 is 3.25%. The loan agreement contains, among other things, certain restrictive financial covenants with respect to total equity, debt-to-equity
Total inventory for Bacchus Distribution was $1,461,997 of purchased wines and $342,522 of non-wine merchandise at June 30, 2010. At June 30, 2009 total inventory for Bacchus Distribution was $2,546,373 of purchased wines and $413,279 of non-wine merchandise, a reduction of $ 1,084,376 of purchased wines and $ 70,757 of non-wine merchandise from 2009 to 2010. Total inventory for produced wine inventory was $6,429,662 and $3,373,092 of non-wine merchandise and work-in-process at June 30, 2010. At June 30, 2009 total produced wine inventory of $4,942,035 and $3,717,976 of non-wine merchandise and work-in-process for the same period, an increase of $ 1,487,627 for produced wine inventory and a reduction of $ 344,884 in work-in-process from 2009 to 2010.
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