Willamette Valley Vineyards Inc (WVVI) has reported a 32.04 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $0.60 million, or $0.09 a share in the quarter, compared with $0.45 million, or $0.09 a share for the same period last year.
Revenue during the quarter grew 11.71 percent to $4.74 million from $4.24 million in the previous year period. Gross margin for the quarter expanded 204 basis points over the previous year period to 64.14 percent. Total expenses were 79.03 percent of quarterly revenues, down from 82.41 percent for the same period last year. This has led to an improvement of 338 basis points in operating margin to 20.97 percent.
Operating income for the quarter was $0.99 million, compared with $0.75 million in the previous year period.
Jim Bernau, founder, President and chief executive officer of the winery, said, "We are very pleased with our growth in sales and operating income. Right now, dividends are holding down net earnings per share because capital generated from the sale of Preferred Stock has yet to be deployed into enterprises that generate earnings."
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