Willamette Valley Vineyards Inc. said its first-quarter normalized net income was 10 cents per share, an increase of 49.8% from 6 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $476,150, an increase of 51.2% from $314,900 in the year-earlier period.
The normalized profit margin increased to 11.4% from 8.0% in the year-earlier period.
Total revenue grew 6.9% on an annual basis to $4.2 million from $3.9 million, and total operating expenses came to $3.4 million, compared with $3.4 million in the prior-year period.
Reported net income increased 34.6% year over year to $400,300, or 8 cents per share, from $297,420, or 6 cents per share.