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SALEM, Ore., March 25, 2025 /PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ: WVVI) (the "Company"), a leading Oregon producer of Pinot Noir, generated a loss per common share after preferred dividends of $0.48 and $0.65 for the years ended December 31, 2024 and 2023, respectively, a decrease of $0.17, or 26.0%, for the year ended December 31, 2024 over the prior year period. The primary reason for this decrease was a lower net loss partially offset by higher preferred stock dividends in 2024 compared to 2023.
The Company had net sales revenues of $39,782,442 and $39,136,114 for the years December 31, 2024 and 2023, respectively, an increase of $646,328, or 1.7%, for the year ended December 31, 2024 over the prior year period primarily as a result of an increase in revenue from direct sales, net of excise taxes, of $736,057, or 3.6% in 2024 compared to 2023, being partially offset by a decrease in revenue from sales to distributors of $89,729 or 0.5% in 2024 compared to 2023.
Gross profit was $24,195,456 and $22,557,128 for the years ended December 31, 2024 and 2023, respectively, an increase of $1,638,328 or 7.3%, for the year ended December 31, 2024 over the prior year period. This increase was primarily the result of higher prices being charged for products and a higher percentage of total sales coming from direct sales in 2024 compared to the prior year.
Selling, general and administrative expenses were $23,623,598 and $23,764,330 for the years ended December 31, 2024 and 2023, respectively, a decrease of $140,732, or 0.6%, for the year ended December 31, 2024 over the prior year period. This decrease was primarily as a result of lower labor selling costs in 2024.
Income(loss) from operations was $571,858 and $(1,207,202) for the years ended December 31, 2024 and 2023, respectively, an increase of $1,779,060, or 147.4%, for the year ended December 31, 2024 compared to the prior year period. This increase was primarily the result of a higher gross profit and lower labor operating expenses in 2024.
Jim Bernau, Founder and CEO of the Company said "Given current declining sales trends in our industry, the Company believes it will benefit from the increase in the number of retail locations recently established as their operations mature. The wine market, both in sales directly to consumers and through wholesalers to their restaurant and retail accounts, is changing and I believe that our unique wine enthusiast ownership strategy gives us the opportunity to produce long term shareholder value."
For a complete discussion of the Company's financial condition and operating results, see our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the United States Securities and Exchange Commission on EDGAR.
Willamette Valley Vineyards, Inc. is headquartered at its Estate Vineyard near Salem, Oregon. The Company's common stock is traded on NASDAQ (WVVI).
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, referred to as the "Securities Act", and Section 21E of the Securities Exchange Act of 1934, as amended, referred to as the "Exchange Act". These forward-looking statements involve risks and uncertainties that are based on current expectations, estimates and projections about the Company's business, and beliefs and assumptions made by management. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates", "predicts," "potential," "should," or "will" or the negative thereof and variations of such words and similar expressions are intended to identify such forward-looking statements. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including, but not limited to: availability of financing for growth, availability of adequate supply of high quality grapes, successful performance of internal operations, impact of competition, changes in wine broker or distributor relations or performance, impact of possible adverse weather conditions, impact of reduction in grape quality or supply due to disease or smoke from forest fires, changes in consumer spending, the reduction in consumer demand for premium wines, and the revenues or costs for any of our four new tasting rooms and restaurants exceeding our expectations. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic economic conditions.
Many of these risks as well as other risks that may have a material adverse impact on our operations and business, are identified in Item 1A "Risk Factors" in our Annual Report on Form 10-K.
The following is the Company's Statement of Operations for the year ended December 31, 2024 compared to the year ended December 31, 2023:
