Willamette Valley Vineyards reports net income in the first quarter was $75,561, or 2 cents a share, down 58.8% from a year earlier. Revenue inched up 1.8% to $4,532,619 from $4,450,545 a year earlier.
The company attributed the dramatic decline in profit to increased preferred stock accrued dividends.
The company, a leading Oregon producer of Pinot Noir, said both direct sales and sales through wholesalers rose in the three months.
Jim Bernau, Founder and President of the winery, said “Our net results will show the new dividend expense until we are able to deploy the large amount of new invested cash in business development. Our new construction is in the permitting process, so buckle-up, big things are on their way.”