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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000838875-04-000025.txt : 20041013
<SEC-HEADER>0000838875-04-000025.hdr.sgml : 20041013
<ACCEPTANCE-DATETIME>20041013170328
ACCESSION NUMBER:		0000838875-04-000025
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031231
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20041013
DATE AS OF CHANGE:		20041013

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WILLAMETTE VALLEY VINEYARDS INC
		CENTRAL INDEX KEY:			0000838875
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				930981021
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21522
		FILM NUMBER:		041077445

	BUSINESS ADDRESS:	
		STREET 1:		8800 ENCHANTED WAY S E
		CITY:			TURNER
		STATE:			OR
		ZIP:			97392
		BUSINESS PHONE:		5035889463

	MAIL ADDRESS:	
		STREET 1:		8800 ENCHANTED WAY SE
		CITY:			TURNER
		STATE:			OR
		ZIP:			97392
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>wvv04restate8k.txt
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

___________________________________________________________

FORM 8-K
___________________________________________________________


CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 13, 2004

WILLAMETTE VALLEY VINEYARDS, INC.

 (Exact name of registrant as specified in charter)

Oregon                   0-21522             93-0981021
  (State or other juris-    (Commission           (IRS Employer
diction of incorporation)      Number)      Identification Number)


___________________________________________________________

8800 Enchanted Way, S.E.,
Turner, Oregon 97392
(503)-588-9463

 (Address, including Zip code, and telephone number,
including area code, of registrant's principal executive offices)

___________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


___________________________________________________________


                  WILLAMETTE VALLEY VINEYARDS, INC.
                         INDEX TO FORM 8-K


Section 4 - Matters Related to Accountants and Financial Statements

Signatures

Exhibit 99 Press Release


Section 4 - Matters Related to Accountants and Financial Statements
Item 4.02 - Non-Reliance on Previously Issued Financial Statements or a Related

Audit Report or Interim Review

On October 7, 2004, The Audit Committee for Willamette Valley Vineyards, Inc.
concluded that the Company's previous filings with the Securities and Exchange
Commission ("SEC") of financial statements for the years ended December 31,
2003, 2002, and 2001 had misstated revenues and earnings.

As indicated in prior SEC filings, in February and March 2004, the Alcohol and
Tobacco Tax and Trade Bureau of the US Treasury Department ("TTB") audited
the Company's excise tax liability for 2003, 2002 and 2001.  This audit resulted
in an additional amount of excise tax owing for those periods due principally
to the Company's incorrect application of the federal small winery tax credit.

The Company previously recorded an estimated liability and a related expense of
$80,000 for the year ended December 31, 2003.  The Company believes it is more
appropriate to recognize the estimated liability in each of the respective years
rather than to recognize it all in 2003.  Therefore, the Company has restated
its financial statements for the years ended December 31, 2003, 2002, and 2001
to reflect the correct excise tax for each of the periods and to record the
estimated interest and penalties with respect to the related estimated excise
tax liability.

The Company's Audit Committee discussed the matter with the Company's
independent registered public accounting firm, PricewaterhouseCoopers LLP,
on October 7, 2004.


(c) EXHIBITS

Exhibit 99 Press Release


SIGNATURES


Pursuant to the requirements of the Security Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                 WILLAMETTE VALLEY VINEYARDS, INC.




Date: October 13, 2004         By /s/ James W. Bernau
                                      James W. Bernau
                                      President


Date: October 13, 2004         By /s/ Sean M. Cary
                                      Sean M. Cary
                                      Controller

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>restatementpr.txt
<TEXT>
For immediate release: October 13, 2004
Contact: Jim Bernau (800) 344-9463
NASDAQ: WVVI

Willamette Valley Vineyards, Inc. to Restate Financial Statements.

SALEM, Ore., October 13 -- Willamette Valley Vineyards, Inc. (NASDAQ symbol:
WVVI),  today announced it will restate certain financial statements contained
in previous filings with the Securities and Exchange Commission ("SEC") to
reflect a positive adjustment to the Company's revenues and earnings per share
for the fiscal year ended December 31, 2003 and negative adjustments to the
Company's revenues for the fiscal years ended December 31, 2002 and 2001 and to
the Company's earnings per share for the fiscal year ended December 31, 2002
due to results from an excise tax audit conducted by the Alcohol and Tobacco
Tax and Trade Bureau of the US Treasury Department ("TTB") earlier this year.

As indicated in prior SEC filings, in February and March 2004, the TTB audited
the Company's excise tax liability for 2003, 2002 and 2001.  This audit resulted
in an additional amount of excise tax owing for those periods due principally
to the Company's incorrect application of the federal small winery tax credit.

The Company previously recorded an estimated liability and a related expense of
$80,000 for the year ended December 31, 2003.  The Company believes it is more
appropriate to recognize the estimated liability in each of the respective years
rather than to recognize it all in 2003.  Therefore, the Company has restated
its financial statements for the years ended December 31, 2003, 2002, and 2001
to reflect the correct excise tax for each of the periods and to record the
estimated interest and penalties with respect to the related estimated excise
tax liability.

The effect of this restatement is to increase net income for the year ended
December 31, 2003 by $26,868, $.01 per share, and to decrease net income for the
years ended December 31, 2002 and 2001 by $26,369 ($.01 per share) and $10,480
($- per share), respectively.

In addition the Company is in the process of resolving the accounting for
certain capitalized costs.  The total unamortized balance of such costs recorded
as of December 31, 2003 totaled $13,928 and the related amortization expense was
$14,400 in each of 2003, 2002 and 2001.

Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.  Such
forward-looking statements are identified by such words as "expect," "estimate,"
"intend," "believe," and words of similar import and are subject to risks and
uncertainties.  Such risks and uncertainties include, but are not limited to:
availability of financing for growth, availability of adequate supply of high
quality grapes, successful performance of internal operations, impact of
competition, changes in wine broker or distributor relations or performance,
impact of possible adverse weather conditions, impact of reduction in grape
quality or supply due to disease, impact of governmental regulatory decisions
and other risks.  Actual results could differ materially from those projected.

Willamette Valley Vineyards, Inc. is headquartered in Turner, Oregon.  The
company is one of Oregon's leading wineries and the state's only publicly held
winery.  Willamette Valley Vineyards is the owner of Tualatin Estate Vineyards
and Griffin Creek wines.  Willamette Valley Vineyards common stock is traded on
NASDAQ (Symbol: WVVI).

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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