Willamette Valley Vineyards Inc. said its normalized net income for the third quarter was 9 cents per share, a decline of 25.2% from 12 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $442,370, a decrease of 24.0% from $582,330 in the year-earlier period.
The normalized profit margin fell to 10.4% from 14.4% in the year-earlier period.
Total revenue rose 4.9% on an annual basis to $4.2 million from $4.0 million, and total operating expenses grew 13.8% year over year to $3.5 million from $3.1 million.
Reported net income fell 23.8% year over year to $450,710, or 9 cents per share, from $591,700, or 12 cents per share.