Crimson Wine Group (OTCQB: CWGL), a Napa-based collection of six wineries including Pine Ridge and Seghesio, reported second-quarter earnings of $1.17 million, up 30.4 percent from a year before, and quarterly net sales of $17.3 million, up 15 percent from a year before.
That includes $600,000 in restructuring charges in the first half of the year, ended June 30, involving $400,000 for terminating an Oregon vineyard lease and $200,000 for reorganizing staff, according to the company regulatory filing.
Wholesale shipments, which make up nearly 58 percent of sales, increased by $2.1 million, or 28 percent, in the second quarter from a year before. The vintner credited "successful sales campaigns and timing of shipments" with 19 percent quarterly growth in domestic sales and a 48 percent jump in exports.
For the first-half, wholesale netted $600,000 more than a year before, up 4 percent. Driving that, Crimson said, was 47 percent higher export volume, chalked up to sales campaigns, and price increases, partially offset by "increased price support."
Direct-to-consumer net sales, over 35 percent of the total, increased just 2 percent in the quarter. That boost was attributed primarily to higher club net revenue.
The net-sales pace at the half-year point was nearly $15.0 million, down 4.8 percent over 12 months, and $326,000 in net income, down 80.2 percent. Earnings per share were 5 cents for the quarter, down by 1 cent, and 1 cent for the half-year, off by six pennies.
Crimson's six wineries are Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards, Seghesio Family Vineyards, Double Canyon and Seven Hills Winery.