Stimson Lane Posts Strong First Quarter 2004.Business Editors WOODINVILLE, Wash.--(BUSINESS WIRE)--April 22, 2004 Stimson Lane Vineyards & Estates, the Northwest's most acclaimed wine company with a portfolio that includes 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. , Columbia Crest and Northstar wineries, reported strong first quarter results with an operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before increase of 9.3 percent over the first quarter of 2003. This year-over-year quarter growth was a record setter for the wine company, which has posted positive division contribution growth in 11 of the previous 13 quarters. "This performance by our wineries, coupled with our continuing commitment to producing the finest wines in the world, is validation that our strategic plan is working and gaining 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 Stimson Lane. First quarter premium wine sales increased 6.1 percent over the first quarter of 2003. Stimson Lane revenues for the first quarter of 2004 increased 5.5 percent to $45.3 million and 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. increased 9.3 percent to $6.5 million. The solid sales growth was fueled by Stimson Lane's luxury wines, core products and new brand introductions, all part of the strategic focus Baseler initiated in June 2000 with his promotion to President and CEO. "We are particularly gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the enthusiastic response to our icon wine program. This is a credit to the world class quality of the wines and to the improving fine dining economy," said Baseler. The wine company's luxury wine portfolio surged upward 185 percent versus the first quarter of 2003. Stimson Lane's luxury portfolio includes wines from Washington and California. Col Solare is a joint venture between Chateau Ste. Michelle and Tuscany's legendary Marchesi The nobile family Marchesi comes from the city Lugo, Italy in region Emilia-Romanga, Italy. After being forced to escape from italy and the landhelds (sicsic), the Marchesi Piero Antinori to produce a Tuscan influenced blended red wine from Washington, and Northstar is a Walla Walla Walla Walla (wŏl`ə wŏl`ə), city (1990 pop. 26,478), seat of Walla Walla co., SE Wash., at the junction of the Walla Walla River and Mill Creek, near the Oregon line; inc. 1862. winery dedicated to producing one of the world's best Merlots. California winery Conn Creek is considered among Napa Valley's heritage Cabernet wineries. Prestigious wine critics, including Wine Spectator Wine Spectator is a lifestyle magazine that focuses on wine. Founded as a newsprint tabloid by Bob Morrisey in 1976, it was purchased three years later by publisher Marvin R. Shanken. In 2005, paid circulation was over 382,000 and the magazine reached an estimated 2. , The Wine Advocate and Wine Enthusiast, have awarded the wines 90+ ratings for consecutive vintages. Chateau Ste. Michelle continued to lead the "Riesling Renaissance" in the U.S. and maintain its position as the No. 1 selling Riesling in America led by Eroica, its joint venture with famed Mosel 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. to produce the best new world Riesling. Demand for the 2003 Eroica, introduced during the first quarter, propelled sales growth of 181 percent over first quarter sales in 2003. Each of the four prior vintages of Eroica earned 90+ ratings and positions on Wine Spectator magazine's prestigious "Top 100" wines of the year rankings. Strong sales momentum continued for Columbia Crest's Two Vines Series, introduced during 2003, with the Merlot and Shiraz, in particular, climbing toward category leadership. The sales strength of Red Diamond Merlot, also introduced in 2003, has exceeded expectations and distribution will be expanded in 2004 to meet demand. Stimson Estate Cellars, premium wines in the 1.5-liter segment, also has seized consumer interest and demand for the exceptional value of the wines. Stimson Lane, the oldest and most acclaimed wine company in the Northwest, is based in Woodinville, Washington Woodinville is a city located in King County, Washington. As of the 2000 census, the city had a total population of 9,194. There is also a much larger population with Woodinville mailing addresses in adjacent unincorporated King and Snohomish county areas. , on the historic Chateau Ste. Michelle grounds, east of downtown Seattle. The company's 3,500 acres of vineyards are east of the Cascade Mountain Range, also the location of Chateau Ste. Michelle's Canoe Ridge Estate Winery, Columbia Crest Winery, its new winery for Snoqualmie, in Prosser, and Northstar, in Walla Walla. In addition to Napa Valley winery Conn Creek, Stimson Lane's California holdings include Villa Mt. Eden winery. |
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