Willamette Valley Vineyards (Nasdaq:WVVI), a leading producer of Pinot Noir, generated a profit of $171,345 or $0.04 cents per share for the three months ending September 30, 2010. Comparable results for the comparable prior year period include a net profit of $248,021 and $0.05 cents per share. Third quarter 2010 sales revenue increased 5.5% and gross profit decreased 7.4% compared to the third quarter of 2009. The decrease in gross profit is due to higher cost of goods relative to prices received and is the reason for the decrease in net profit over comparable periods.
Jim Bernau, Founder and President of the winery said "The economy is showing signs of life evidenced by our higher revenues. Now, we just need to work through some high cost of goods to get back to historical gross margins." Bernau noted Company cash flow has improved due to his Bacchus Fine Wines sales staff dramatically reducing purchased wine inventory while growing customer service and wine sales.
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