Ste. Michelle Wine Estates Has Strong First Half.WOODINVILLE, Wash. -- Ste. Michelle Wine Estates of Washington State, one of the most acclaimed wine companies in the world, posted strong financial results for the first half of 2004, led by a particularly good second quarter. Second quarter revenues increased 12.6% to $48.2 million versus the corresponding period in 2003, led by a 6.9% increase in sales of Chateau Ste. Michelle The Chateau Ste. Michelle is a Washington winery in Woodinville, Washington. They are noted for their bestselling Riesling (as the largest single producer of Riesling in the world), but produce wines of many classic varietals and some experimental wines on a per-year basis. Ste. and ultra-premium wines such as Northstar Merlot of Washington and Conn Creek red wines of Napa Valley Napa Valley, Calif.: see under Napa. Napa Valley greatest wine-producing region of the United States. [Am. Hist.: NCE, 2990] See : Wine , California. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the second quarter increased by 84% to $5.6 million versus the corresponding period a year ago. In the first half of 2004, ending June 30, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for Ste. Michelle Wine Estates increased by 9% to $93.5 million and operating profit increased 34.7% to $12.1 million, versus the corresponding period of 2003. The company changed its name from Stimson Lane to Ste. Michelle Wine Estates on June 1, 2004, to better reflect its rich tradition and vision. The company owns Chateau Ste. Michelle, Columbia Crest, Snoqualmie, Domaine Ste. Michelle in Washington State and Conn Creek and Villa Mt. Eden in Napa Valley, California. Also driving the strong first half results for Ste. Michelle Wine Estates were new products, higher quality and a significant increase in the company's sales force. Distribution was expanded for Red Diamond, a new, fruit-forward, super-premium wine product line. "This demonstrates that our strategic plan is working and it is picking up momentum," said Ted Baseler, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ste. Michelle Wine Estates. "Our focus on exceptional quality across the portfolio, emphasis on our super-premium wines and expansion of our sales force nationwide are the heart of that plan. We are extremely pleased with our results in the first half of this year, especially when you consider that the premium wine business is only now beginning to come out of a very challenging sales climate in 2003, caused by an excess of juice, particularly in California, as well as aggressive sales of Australian wines in our markets." Chateau Ste. Michelle's Eroica Riesling has led a "Riesling Renaissance" in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Sales of all Rieslings, especially Chateau Ste. Michelle's benchmark Johannisberg Riesling, have soared in the past year. Eroica is made with Chateau Ste. Michelle grapes in collaboration with famed German winemaker Ernst Loosen Ernst Loosen is a German winemaker and owner of Weingut Dr. Loosen, located in the Mosel-Saar-Ruwer region of Germany. With over 70,000 annual bottle production, he is one of the larger producers in the Mosel region. . Col Solare, an ultra-premium red table wine, is another joint venture for Chateau Ste. Michelle. It is made with the winery's finest Cabernet Sauvignon Cab·er·net Sauvignon n. 1. A variety of black grape used to make red wine, notably in Bordeaux and the Napa Valley. 2. A dry red wine made from this grape. [French. and Merlot grapes in collaboration with Italy's Antinori family, which has been making wines since 1385 and is the oldest premium wine company in Tuscany. Northstar Merlot is made in Walla Walla, Washington Walla Walla is both the county seat of Walla Walla County, Washington, and the county's largest city. As of the 2000 census, the city population was 29,686GR6. , home to some of the state's finest limited-production wines. Conn Creek red wines are consistently among the highest rated in California. Along with the Columbia Crest Reserve red wines, all of these wines consistently garner 90-plus scores from leading wine critics. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion