Willamette Valley Vineyards Posts A Profit for 2021

By Press Release https://www.prnewswire.com/news-releases/willamette-valley-vineyards-posts-a-profitfor-2021-301513332.html#financial-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.

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 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 profit 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.

Selling, general and administrative expenses were $14,975,654 and $11,728,003 for the years 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

our wine inventories. We are also expecting to experience some margin reductions in 2022, mostly as a result of certain supply logistical delays and much higher packaging prices. We believe that our higher SG&A costs in 2021 are enabling us to build a stronger sales and administrative foundation to support our growth, which we believe will lead to greater profitability in the long term."

For a complete discussion of the Company's financial condition and operating results, see our Form 10-K for the year ended December 31, 2021, 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). The following is the Company's Statement of Income for the year ended December 31, 2021 compared to the year ended December 31, 2020:

By Press Release asantefoundation.org

Reeder joins the Asante executive team, leader of philanthropy for the health system

MEDFORD, Ore. (April 5, 2022) Asante Foundation announced that Andrea Reeder has assumed the role of vice president and executive director of Asante Foundation. Andrea began her new duties on Monday, March 28, succeeding Floyd Harmon who retired on March 25.

“Having a strong Foundation is an important asset to Asante as we expand to meet the needs of our community,” said Scott Kelly, president and CEO of Asante. “Andrea’s continued leadership at this level and wealth of philanthropy experience in Southern Oregon are wellaligned with Asante’s vision.”

Andrea started with Asante in 2014 as a development director for Asante Foundation. In 2018, she was named campaign director, leading the planning and execution of AsanteForward, the $50 million capital campaign to support Asante’s expansion efforts. To date, Andrea has single-handedly raised nearly $20 million to support the health system.

“It’s such an honor to work with the Southern Oregon community and represent the Asante organization,” said Andrea Reeder. “I look forward to continuing the great momentum through AsanteForward and transforming health care for those we serve throughout our nine-county region.”

Learn more about Asante Foundation: asantefoundation.org.

Andrea Reeder named vice president and executive director for Asante Foundation

About Asante Foundation

For more than 60 years, philanthropy has helped Asante provide and enhance health care for communities throughout Southern Oregon and Northern California. Asante Foundation, the philanthropic arm of Asante, a local, community-owned and governed notfor-profit health system, is an integral partner in Asante’s vision to be your trusted health partner for life – every person, every time. Asante Foundation launched AsanteForward, the most significant campaign effort in our history, to transform the quality and scope of health care available in Asante’s ninecounty region, with a goal of at least $50 million. This campaign is the largest philanthropic endeavor ever attempted in this area. At the core of AsanteForward are six specific initiatives including behavioral health, cancer care, expanded emergency services, Age-Friendly Care and a new patient pavilion to house several areas of care including a new women’s and children’s hospital-withina-hospital, cardiac care, critical care and advanced surgical services. To learn more, please visit asantefoundation.org. Asante is a local, community-owned and governed not-for-profit organization with nearly 6,000 employees who provide medical care to nearly 600,000 people in a nine-county area of Southern Oregon and Northern California. It includes Asante Ashland Community Hospital, Asante Physician Partners, Asante Rogue Regional Medical Center in Medford, Asante Three Rivers Medical Center in Grants Pass, and additional health care partnerships throughout the region.