Willamette Valley Vineyards Inc. (WVVI, Financial) filed Quarterly Report for the period ended 2010-09-30.
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 69 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.
The reduction in gross margin, partially offset by a decrease in administrative costs produced a net income for the third quarter ended September 30, 2010 of $171,345 compared to net earnings of $248,021, a 30.9% decrease over the comparable prior year period. As a result, the Company generated $0.04 basic earnings per share during the three months ended September 30, 2010, a decrease of $0.01 basic earnings per share versus the comparable prior year period.
Interest income for the third quarter 2010 was $3,419 and for the nine months ended September 30, 2010 was $ 9,546. During the corresponding periods in 2009 the Company earned no interest income. Interest expense for the three months ended September 30, 2010 was $ 53,265 an increase of $11,130 or 26.4% compared to the corresponding prior year period. Interest expense for the nine months ended September 30, 2010 was $ 162,962 an increase of $52,079 or 47.0% compared to the corresponding prior year period. The average interest rate paid for the three months ended September 30, 2010 was 6.2%.
The reduction in gross margin although offset somewhat by a decrease in selling and administrative costs produced a net income for the third quarter ended September 30, 2010 of $171,345 compared to net income of $248,021, a 30.9% decrease over the comparable prior year period. As a result, the Company generated a $0.04 basic earnings per share during the three months ended September 30, 2010, a decrease of $0.01 basic earnings per share versus the comparable prior year period.
At September 30, 2010, we had a working capital balance of $11.3 million and a current working capital ratio of 6.84:1. 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 $336,463 at September 30, 2010, compared to a cash balance of $0 at December 31, 2009.
Total inventory for Bacchus Distribution was $1,371,656 of purchased wines and $367,348 of non-wine merchandise at September 30, 2010. At September 30, 2009 total inventory for Bacchus Distribution was $2,118,897 of purchased wines and $347,621 of non-wine merchandise, a reduction of $ 747,241 of purchased wines and an increase of $ 19,727 of non-wine merchandise from 2009 to 2010. Total inventory for produced wine inventory was $6,471,438 and $2,822,743 of non-wine merchandise and work-in-process at September 30, 2010. At September 30, 2009 total produced wine inventory of $6,337,133 and $2,837,086 of non-wine merchandise and work-in-process for the same period, an increase of $ 134,305 for produced wine inventory and a reduction of $ 14,343 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 69 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:
Net revenue for the three months ended September 30, 2010 increased $240,138 or 5.5%, from the comparable prior year period. Sales to out-of-state distributors in the third quarter of 2010 through our National Sales Department increased $213,355 or 12.6% and our Direct Sales Department increased by $96,396 or 14.5% but these gains were partially offset by a reduction of $190,533 in revenues from our in-state wholesale department, Bacchus Fine Wines. Last year, significant Oregon sales through a large national chain were not duplicated this year due to retailer product rotation.The reduction in gross margin, partially offset by a decrease in administrative costs produced a net income for the third quarter ended September 30, 2010 of $171,345 compared to net earnings of $248,021, a 30.9% decrease over the comparable prior year period. As a result, the Company generated $0.04 basic earnings per share during the three months ended September 30, 2010, a decrease of $0.01 basic earnings per share versus the comparable prior year period.
Interest income for the third quarter 2010 was $3,419 and for the nine months ended September 30, 2010 was $ 9,546. During the corresponding periods in 2009 the Company earned no interest income. Interest expense for the three months ended September 30, 2010 was $ 53,265 an increase of $11,130 or 26.4% compared to the corresponding prior year period. Interest expense for the nine months ended September 30, 2010 was $ 162,962 an increase of $52,079 or 47.0% compared to the corresponding prior year period. The average interest rate paid for the three months ended September 30, 2010 was 6.2%.
The reduction in gross margin although offset somewhat by a decrease in selling and administrative costs produced a net income for the third quarter ended September 30, 2010 of $171,345 compared to net income of $248,021, a 30.9% decrease over the comparable prior year period. As a result, the Company generated a $0.04 basic earnings per share during the three months ended September 30, 2010, a decrease of $0.01 basic earnings per share versus the comparable prior year period.
At September 30, 2010, we had a working capital balance of $11.3 million and a current working capital ratio of 6.84:1. 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 $336,463 at September 30, 2010, compared to a cash balance of $0 at December 31, 2009.
Total inventory for Bacchus Distribution was $1,371,656 of purchased wines and $367,348 of non-wine merchandise at September 30, 2010. At September 30, 2009 total inventory for Bacchus Distribution was $2,118,897 of purchased wines and $347,621 of non-wine merchandise, a reduction of $ 747,241 of purchased wines and an increase of $ 19,727 of non-wine merchandise from 2009 to 2010. Total inventory for produced wine inventory was $6,471,438 and $2,822,743 of non-wine merchandise and work-in-process at September 30, 2010. At September 30, 2009 total produced wine inventory of $6,337,133 and $2,837,086 of non-wine merchandise and work-in-process for the same period, an increase of $ 134,305 for produced wine inventory and a reduction of $ 14,343 in work-in-process from 2009 to 2010.
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