Crimson Wine Group, Ltd. Files 2023 Annual Report on Form 10-K

Ticker: CWGL · Form: 10-K · Filed: Mar 19, 2024 · CIK: 1562151

Crimson Wine Group, LTD 10-K Filing Summary
FieldDetail
CompanyCrimson Wine Group, LTD (CWGL)
Form Type10-K
Filed DateMar 19, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $16, $395, $30
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Crimson Wine Group, Financial Report, Wine Industry, Fiscal Year 2023

TL;DR

<b>Crimson Wine Group, Ltd. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Crimson Wine Group, Ltd (CWGL) filed a Annual Report (10-K) with the SEC on March 19, 2024. Crimson Wine Group, Ltd. filed its 2023 Form 10-K on March 19, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data and business operations for the period. Key dates include the fiscal year end of December 31, 2023, and the filing date of March 19, 2024. The company is incorporated in Delaware (DE) and operates within the Beverages sector (SIC 2080). The business and mailing address is located at 5901 Silverado Trail, Napa, CA 94558.

Why It Matters

For investors and stakeholders tracking Crimson Wine Group, Ltd, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Crimson Wine Group's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — Crimson Wine Group, Ltd shows moderate risk based on this filing. The company operates in the highly competitive wine industry, which is subject to various risks including consumer preferences, economic conditions, and regulatory changes, as indicated by the SIC code for Beverages and the general nature of a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Crimson Wine Group's performance and potential challenges in the competitive wine market.

Key Numbers

Key Players & Entities

FAQ

When did Crimson Wine Group, Ltd file this 10-K?

Crimson Wine Group, Ltd filed this Annual Report (10-K) with the SEC on March 19, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Crimson Wine Group, Ltd (CWGL).

Where can I read the original 10-K filing from Crimson Wine Group, Ltd?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Crimson Wine Group, Ltd.

What are the key takeaways from Crimson Wine Group, Ltd's 10-K?

Crimson Wine Group, Ltd filed this 10-K on March 19, 2024. Key takeaways: Crimson Wine Group, Ltd. filed its 2023 Form 10-K on March 19, 2024, reporting on the fiscal year ending December 31, 2023.. The filing covers financial data and business operations for the period.. Key dates include the fiscal year end of December 31, 2023, and the filing date of March 19, 2024..

Is Crimson Wine Group, Ltd a risky investment based on this filing?

Based on this 10-K, Crimson Wine Group, Ltd presents a moderate-risk profile. The company operates in the highly competitive wine industry, which is subject to various risks including consumer preferences, economic conditions, and regulatory changes, as indicated by the SIC code for Beverages and the general nature of a 10-K filing.

What should investors do after reading Crimson Wine Group, Ltd's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Crimson Wine Group's performance and potential challenges in the competitive wine market. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,493 words · 18 min read · ~15 pages · Grade level 13.6 · Accepted 2024-03-19 16:02:26

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 17

Cybersecurity

Item 1C. Cybersecurity 18

Properties

Item 2. Properties 19

Legal Proceedings

Item 3. Legal Proceedings 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 19 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20

Reserved

Item 6. Reserved 21

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosure About Market Risk

Item 7A. Quantitative and Qualitative Disclosure About Market Risk 28

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 28

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28

Controls and Procedures

Item 9A. Controls and Procedures 28

Other Information

Item 9B. Other Information 29

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 29 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 30

Executive Compensation

Item 11. Executive Compensation 33

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 40

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 41 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 42

Form 10-K Summary

Item 16. Form 10-K Summary 45

Signatures

Signatures 46 2 Table of Contents PART I

Business

Item 1. Business. Our Company Unless the context indicates otherwise, the terms the "Company," "Crimson," "we," "our" or "us" as used herein refer to Crimson Wine Group, Ltd. and its subsidiaries. Crimson was incorporated in 1991 under the laws of Delaware and has been conducting business since 1991. Prior to February 25, 2013, Crimson was a wholly-owned subsidiary of Jefferies Financial Group Inc. (formerly known as Leucadia National Corporation) ("Jefferies"). On February 1, 2013, Jefferies declared a pro rata dividend of all of the outstanding shares of Crimson's common stock in a manner that was structured to qualify as a tax-free spin-off for U.S. federal income tax purposes (the "Distribution"). Jefferies' common shareholders received one share of Crimson common stock for every ten common shares of Jefferies, with cash in lieu of fractional shares, on February 25, 2013. Crimson is in the business of producing and selling luxury wines (i.e., wines that retail for over $16 per 750ml bottle). Crimson is headquartered in Napa, California and through its wholly-owned subsidiaries owns seven primary wine estates and brands: Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards, Seghesio Family Vineyards, Double Canyon, Seven Hills Winery and Malene Wines. Crimson produces wine from estate grown grapes as well as from grapes and bulk wine purchased under contract and on the spot market. Crimson's business model is a combination of direct to consumer sales and wholesale distributor sales. References to cases of wine herein refer to nine-liter equivalent cases. Vision, Essence and Strategy Our vision and essence are as follows: To be uncompromising cultivators of the most interesting wine experiences. Using our four strategic pillars outlined below, we seek to be a little different and a lot better. Enhance Capability and Culture . We foster a performance-based culture and fit-for-purpose organizational structure that broadens our capability and incr

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