Finance & Business World

Earnings at the state's only public winery fell in the first quarter of 2008, due partly to rising fuel prices.

Turner-based Willamette Valley Vineyards (NASDAQ: WVVI) reported first quarter earnings of $60,000, or 1 cent per share, on sales of $3.4 million, compared with earnings of $234,000, or 5 cents per share, on sales of $3.6 million in the same quarter last year.

Sales slowed as a result of shortages of three pinot noir products, distributors ordering smaller quantities to reduce inventory, and higher fuel costs payday loan. The company's restaurant clients also reported less revenue than the prior year, reducing demand for wine.

The winery bottled approximately 40,000 cases in the quarter.

Shares were down less than 1 percent in after hours trading to $7.02. In the past 52 weeks, shares have traded between $5.08 and $7.50.

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