Willamette Valley Vineyards Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Willamette Valley Vineyards Inc. filed its 2023 10-K report detailing financial performance and operational aspects.</b>

AI Summary

WILLAMETTE VALLEY VINEYARDS INC (WVVIP) filed a Annual Report (10-K) with the SEC on March 26, 2024. Willamette Valley Vineyards Inc. reported its fiscal year 2023 results on March 26, 2024. The company's fiscal year ended on December 31, 2023. The filing is a 10-K annual report. The company is incorporated in Oregon (OR). The filing includes financial data for the fiscal years ending December 31, 2023, and December 31, 2022.

Why It Matters

For investors and stakeholders tracking WILLAMETTE VALLEY VINEYARDS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial stability, revenue trends, and potential risks moving forward.

Risk Assessment

Risk Level: medium — WILLAMETTE VALLEY VINEYARDS INC shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various risks, including market conditions, operational challenges, and financial leverage, as detailed in the risk factors section of the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-26 — Filing Date (Date of submission)
• 2023-01-01 — Fiscal Year Start (Reported period)
• 2022-12-31 — Prior Fiscal Year End (Comparative period)

Key Players & Entities

• WILLAMETTE VALLEY VINEYARDS INC (company) — Filer name
• 0000838875 (company) — Central Index Key
• 2023-12-31 (date) — Fiscal year end
• 2024-03-26 (date) — Filing date
• OR (location) — State of incorporation
• TURNER (location) — Business address city
• 5035889463 (phone) — Business phone
• 001-37610 (company) — SEC file number

FAQ

Industry Context

Willamette Valley Vineyards Inc. operates within the alcoholic beverage industry, specifically focusing on wine production and distribution.

Regulatory Implications

The company is subject to various federal, state, and local regulations governing the production, sale, and distribution of alcoholic beverages.

What Investors Should Do

1. Analyze the company's revenue streams and cost structure for fiscal year 2023.
2. Evaluate the company's debt levels and liquidity position.
3. Identify any significant risk factors disclosed in the 10-K that could impact future performance.

Key Dates

• 2024-03-26: Filing of 10-K — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End of the reporting period
• 2022-12-31: Prior Fiscal Year End — End of the comparative reporting period

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $30 — gship and its largest selling varietal, $30 to $120 per bottle; Chardonnay, $28 to
• $120 — nd its largest selling varietal, $30 to $120 per bottle; Chardonnay, $28 to $60 per
• $28 — al, $30 to $120 per bottle; Chardonnay, $28 to $60 per bottle; Pinot Gris, $24 per
• $60 — to $120 per bottle; Chardonnay, $28 to $60 per bottle; Pinot Gris, $24 per bottle;
• $24 — nay, $28 to $60 per bottle; Pinot Gris, $24 per bottle; Pinot Blanc, $30 per bottle
• $35 — Blanc, $30 per bottle; Sauvignon Blanc, $35 per bottle; Gruner Veltliner, $39 per b
• $39 — lanc, $35 per bottle; Gruner Veltliner, $39 per bottle; Rose, $27 to $32 per bottle
• $27 — Gruner Veltliner, $39 per bottle; Rose, $27 to $32 per bottle ; Brut, $75 per bottl
• $32 — Veltliner, $39 per bottle; Rose, $27 to $32 per bottle ; Brut, $75 per bottle; Brut
• $75 — le; Rose, $27 to $32 per bottle ; Brut, $75 per bottle; Brut Rose, $75 per bottle;
• $19 — rut Rose, $75 per bottle; and Riesling, $19 per bottle (all bottle prices included
• $115 — e, $75 per bottle; and Blanc de Blancs, $115 per bottle. This brands mission is to b
• $59 — ml bottles: Syrah, the brands flagship, $59 per bottle; Merlot, $55 per bottle; Cab
• $55 — rands flagship, $59 per bottle; Merlot, $55 per bottle; Cabernet Sauvignon, $59 per
• $69 — ; The Griffin (a Bordeaux style blend), $69 per bottle; and Viognier, $39 per bottl

Filing Documents

• wvvi-10k.htm (10-K) — 1047KB
• wvvi-ex23_1.htm (EX-23.1) — 2KB
• wvvi-ex31_1.htm (EX-31.1) — 14KB
• wvvi-ex31_2.htm (EX-31.2) — 14KB
• wvvi-ex32_1.htm (EX-32.1) — 6KB
• wvvi-ex32_2.htm (EX-32.2) — 6KB
• wvvi-ex97_1.htm (EX-97.1) — 66KB
• 0001199835-24-000132.txt (&nbsp;) — 4782KB
• wvvi-20231231.xsd (EX-101.SCH) — 33KB
• wvvi-20231231_cal.xml (EX-101.CAL) — 59KB
• wvvi-20231231_def.xml (EX-101.DEF) — 108KB
• wvvi-20231231_lab.xml (EX-101.LAB) — 270KB
• wvvi-20231231_pre.xml (EX-101.PRE) — 217KB
• wvvi-10k_htm.xml (XML) — 575KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 14 Item 1B Unresolved Staff Comments 19 Item 2

Properties

Properties 19 Item 3

Legal Proceedings

Legal Proceedings 20 Item 4 Mine Safety Disclosures 20 PART II Item 5 Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6

Selected Financial Data

Selected Financial Data 21 Item 7

Managements Discussion and Analysis of Financial Condition and Results of Operations

Managements Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 Item 9A

Controls and Procedures

Controls and Procedures 49 Item 9B Other Information 49 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 49 PART III Item 10 Directors, Executive Officers and Corporate Governance 50 Item 11

Executive Compensation

Executive Compensation 52 Item 12

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 Item 13 Certain Relationships and Related Transactions, and Director Independence 55 Item 14 Principal Accounting Fees and Services 56 Item 15 Exhibits, Financial Statement Schedules 57 3 WILLAMETTE VALLEY VINEYARDS, INC. FORM 10-K As used in this Annual Report on Form 10-K, we, us, our WVVI and the Company refer to Willamette Valley Vineyards, Inc. Cautionary Note on Forward Looking Statements This Annual Report on Form 10-K, including any information incorporated by reference, 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 Companys 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 and changes in consumer spending. In addition, such statements could be affected by general industry and market conditions and growth

Business

Business Introduction – The Company was incorporated in May 1988 to produce and sell premium, super premium and ultra-premium varietals. The Company was originally established as a sole proprietorship by Oregon winegrower Jim Bernau in 1983. The Company is headquartered in Turner, Oregon, which is just south of the state capitol of Salem, Oregon. The Companys wines are made from grapes grown in vineyards owned, leased or contracted by the Company, and from grapes purchased from other vineyards. The grapes are harvested, fermented and made into wine primarily at the Companys winery in Turner, Oregon (the Estate Winery or Winery) and the wines are sold principally under the Companys Willamette Valley Vineyards label, but also under the Domaine Willamette, Griffin Creek, Tualatin Estate, Pambrun, Maison Bleue, Natoma, Metis, Pere Ami and Elton labels. The Company also owns the Tualatin Estate Vineyards and Winery, located near Forest Grove, Oregon (the Tualatin Winery). Segments – The Company has identified two operating segments: direct sales and distributor sales, based upon their different distribution channels, margins and selling strategies. Direct sales include retail sales in the tasting rooms, wine club sales, online sales, on-site events, kitchen and catering sales and other sales made directly to the consumer without the use of an intermediary. Distributor sales include all sales through a third party where prices are given at a wholesale rate. Products – Under its Willamette Valley Vineyards label, the Company produces and sells the following types of wine in 750 ml bottles: Pinot Noir, the brands flagship and its largest selling varietal, $30 to $120 per bottle; Chardonnay, $28 to $60 per bottle; Pinot Gris, $24 per bottle; Pinot Blanc, $30 per bottle; Sauvignon Blanc, $35 per bottle; Gruner Veltliner, $39 per bottle; Rose, $27 to $32 per bottle ; Brut, $75 per bottle; Brut Rose, $75 per bottle; and Riesling, $19 per bottle (all bottle prices included

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View this 10-K filing on SEC EDGAR