WILLAMETTE VALLEY
Willamette Valley Vineyards Posts a Pro t for 2021
By Press Release https://www.prnewswire.com/news-releases/willamette-valley-vineyards-posts-a-pro tfor-2021-301513332.html# nancial-modal
SALEM, Ore., March 29, 2022 / PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ: WVVI) (the "Company"), a leading Oregon producer of Pinot Noir, generated income per common share after preferred dividends of $0.20 and $0.46 for the years ended December 31, 2021 and 2020, respectively, a decrease of $0.26, or 56.6%, for the year ended December 31, 2021 over the prior year period.
an increase in revenue from direct sales of $2,739,589 or 26.0% in 2021 compared to 2020, combined with an increase in revenue from sales to distributors of $1,732,423 or 10.3% in 2021 compared to 2020. Gross pro t was $18,665,673 and $16,729,776 for the years ended December 31, 2021 and 2020, respectively, an increase of $1,935,897, or 11.6%, for the year ended December 31, 2021 over the prior year period. This increase was generally driven by an increase in sales revenues partially offset by a higher cost of sales.
The Company had net sales revenues of $31,786,864 and $27,314,852 for the years December 31, 2021 and 2020, respectively, an increase of $4,472,012 or 16.4%, for the year ended December 31, 2021 over the prior year period primarily as a result of
Selling, general and administrative expenses were $14,975,654 and $11,728,003 for the years
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20 | Southern Oregon Business Journal April 2022
ended December 31, 2021 and 2020, respectively, an increase of $3,247,651, or 27.7%, for the year ended December 31, 2021 over the prior year period. Net income was $2,445,463 and $3,394,996, for the years ended December 31, 2021 and 2020, respectively, a decrease of $949,533, or 28.0%, for the year ended December 31, 2021 over the prior year period. Jim Bernau, Founder and CEO of the winery said "Our largest volume products are continuing to experience high demand such that we are now very tight on inventories and are allocating some key wines. We believe this tight inventory situation will limit our revenue growth until such time as we can rebuild
