Profits fall in 3Q for Willamette Vineyards

SALEM, Ore. (AP) - Willamette Valley Vineyards, the only publicly held winery in Oregon, said third-quarter profits fell sharply despite only a slight decline in sales.

Earnings for the period were $243,629, or a nickel a share, compared to $522,738, or 10 cents a share, for the third quarter of 2007.

Sales were off only 4.6% by comparison, with revenue of just over $4 million during the quarter compared to about $4.25 million last year.

Vineyard managers said profits were also affected by a "substantial" 1-time write down of its Bacchus wine inventory, and an increase in accounting, legal, banking and other administrative expenses.

The winery, based in Turner, also acquired three new vineyard sites during the third quarter.