Willamette Valley Vineyards Inc. said its fourth-quarter normalized net income was 15 cents per share, a gain of 38.1% from 11 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 $726,870, a gain of 39.4% from $521,420 in the prior-year period.

The normalized profit margin increased to 14.4% from 11.7% in the year-earlier period.

Total revenue increased 13.9% on an annual basis to $5.1 million from $4.4 million, and total operating expenses grew 7.3% year over year to $3.9 million from $3.6 million.

Reported net income fell 38.4% year over year to $545,910, or 11 cents per share, from $886,550, or 18 cents per share.

For the year, the company's normalized net income totaled 40 cents per share, a gain of 14.5% from 35 cents per share in the prior year.

Normalized net income was $2.0 million, a gain of 15.2% from $1.7 million in the prior year.

Full-year total revenue grew 18.4% year over year to $17.9 million from $15.2 million, and total operating expenses rose 18.8% year over year to $14.7 million from $12.3 million.

The company said reported net income fell 15.3% on an annual basis to $1.8 million, or 37 cents per share, in the full year, from $2.2 million, or 44 cents per share.