Crimson Wine Group, Ltd. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 04:10 pm EDT
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Crimson Wine Group, Ltd. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 17.72 million compared to USD 18.08 million a year ago. Net income was USD 0.546 million compared to USD 0.318 million a year ago. Basic earnings per share from continuing operations was USD 0.03 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.03 compared to USD 0.01 a year ago.
For the six months, sales was USD 32.94 million compared to USD 36.71 million a year ago. Net loss was USD 0.066 million compared to net income of USD 0.161 million a year ago.
Crimson Wine Group, Ltd. owns and operates a collection of luxury wine brands from seven estate-based, boutique wineries located in the finest wine-growing regions of California, Oregon and Washington. It has two segments: Wholesale and Direct to Consumer. Wholesale segment includes sales through a third party where prices are given at a wholesale rate. Direct to Consumer segment includes retail sales in the tasting room, remote sites and on-site events, wine club net sales, direct phone sales, and other sales made directly to the consumer without the use of an intermediary. It, through its wholly owned subsidiaries, owns seven primary wine estates and brands: Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards, Seghesio Family Vineyards, Double Canyon, Seven Hills Winery and Malene Wines. Chamisal Vineyards owns 92 acres of vineyards in the Edna Valley, California, of which 52 acres are planted. Archery Summit owns 92 acres of estate vineyards in the Willamette Valley, Oregon.
CRIMSON WINE GROUP, LTD. 
