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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000838875-04-000031.txt : 20041126
<SEC-HEADER>0000838875-04-000031.hdr.sgml : 20041125
<ACCEPTANCE-DATETIME>20041124175121
ACCESSION NUMBER:		0000838875-04-000031
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040930
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20041126
DATE AS OF CHANGE:		20041124

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:		041168288

	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>wvv04q3earnings.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): November 24, 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 2 - Financial Information
Item 2.02 - Results of Operations and Financial Condition

On November 19, 2004, Willamette Valley Vineyards, Inc. (the "Registrant")
issued a press release announcing is financial results for the three and nine
months ended September 30, 2004.  The full text of the press release issued in
connection with the announcment is attached to this currect report on Form 8-K
as exhibit 99.  The November 19, 2004 press release contains forward-looking
statements regarding the Registrant, and include cautionary statements
identifying important factors that could cause actual results to differ
materially from those anticipated.


(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: November 24, 2004        By /s/ James W. Bernau
                                      James W. Bernau
                                      President


Date: November 24, 2004        By /s/ Sean M. Cary
                                      Sean M. Cary
                                      Controller

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>wvv04q3release.txt
<TEXT>
For immediate release: November 19, 2004
Contact: Jim Bernau (800) 344-9463
NASDAQ: WVVI

Willamette Valley Vineyards, Inc. Reports a Profit for the Quarter Ended
September 30, 2004.

SALEM, Ore., November 19 -- Willamette Valley Vineyards, Inc. (NASDAQ symbol:
WVVI), announced its results for the third quarter ended September 30, 2004.
Willamette Valley reported a net profit of $114,532, or $0.03 per basic share
on revenue of $2,312,607 in the three months ended September 30, 2004 as
compared to a net profit of $143,867, or $0.03 per share on revenues of
$1,917,039 for the same period in 2003.  For the nine months ended September
30, 2004, Willamette Valley reported a net profit of $310,698, or $0.07 per
basic share on revenues of $6,259,471 compared to a net profit of $200,765, or
$0.04 per basic share on revenues of $4,952,178 for the same period in 2003.

Operating performance in the three and nine months ended September 30, 2004
increased primarily due to strong sales to out-of-state distributors and Oregon
restaurant and retail outlets.  Total net sales revenue grew by 21% in the
three months ended September 30, 2004 and 26% for the nine months ended
September 30, 2004.  Operating income increased 19% to $270,945 for the three
months ended September 30, 2004 and 56% to $732,625 for the nine months ended
September 30, 2004.  Reductions in tasting room expenses in the three months
ended September 30, 2004 and rent income from the Tualatin winery also
contributed to these positive results.  The decrease in net income for the
three months ended September 30, 2004 as compared to the same prior year
period is due primarily to the receipt of a $95,369 non-recurring insurance
settlement in the comparable prior year period.

During the three months ended September 30, 2004, management initiated the sale
and lease back of the approximate 75.3 acre Meadowview parcel at the Tualatin
Estate Vineyard for $726,675, which closed in the October of 2004.  Pursuant to
the sale leaseback agreement, the Company will continue to farm and develop the
vineyard acres of this parcel.  This parcel includes 15.7 acres of established
vineyard which the Company has agreed to lease back for up to 14 years.  The
land in question includes 7 acres of vineyard planted in 2004 and trellised
with French Dijon clone 777 Pinot noir on disease resistant rootstock, and 23
additional acres of vineyard land.  The purchaser has agreed to fund the
vineyard development of the 23 acres of vineyard land.  The Company will begin
paying rent on 7 acres and any plantings on the 23 acres when the vines are
commercially productive in 2008 for up to 24 years.  The net cash proceeds of
the sale were principally applied to reduce amounts owing under the Company's
credit line.

Harvest began at the end of the three months ended September 30, 2004 with
variable results based upon vineyard location.  Rain during bloom and the warm
summer reduced yield.  Rains in mid-September, just prior to harvest, caused
some small berries to split, reducing yields.  This variable vintage breaks a
string of six remarkable vintages beginning in 1998.  Early fermentations
indicate Pinot noir will be lighter in color, less concentrated yet fragrant.
The white wines like Pinot gris and Riesling are showing bright, powerful fruit
flavor.

As indicated in the Form 8K dated October 13, 2004, filed with the SEC the
Company has restated its financial statements for the years ended December 31,
2003, 2002, and 2001 to reflect the estimated Alcohol and Tobacco Tax and Trade
Bureau of the US Treasury Department audit findings of additional excise tax
liability for each of the periods and to record the estimated interest and
penalties with respect to the related estimated excise tax liability.  The
Company originally recorded a liability as of December 31, 2003 and a related
expense in the year then ended of the estimated excise taxes owing of $80,000.
The Company has restated its financial statements to reflect the correct
application of the $80,000 estimated excise tax and to record the estimated
interest and penalties with respect to the estimated excise tax owing for the
years ended December 31, 2003, 2002, and 2001.

In addition the Company is in the process of resolving the accounting for
certain capitalized costs.  In 1999 the Company incurred significant cost
redesigning the Willamette Valley Vineyards brand, label and packaging to
coincide with the purchase of the Tualatin Estate Winery in 1997 and the
development of the new Tualatin Estate brand identity, label and packaging for
higher quality and higher value wines.  The Company capitalized these costs and
is amortizing them over a 5 year life.  The SEC has inquired whether the costs
should have been expensed in the period they were incurred. 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.  When this matter is resolved, the Company will file with the SEC its
amended 2003 Form 10 KSB, Amended Form 10QSBs for the periods ending March 31,
2004, and June 30 2004, and the Form 10QSB for the period ending September 30,
2004.

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 subject to risks and uncertainties and actual
results could differ materially from those projected.  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.

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).


                 WILLAMETTE VALLEY VINEYARDS, INC.
                      Statement of Operations

                      Three months ended         Nine months ended
                         September 30,              September 30,
                      2004          2003         2004          2003
                   __________    __________   __________    __________

Net Revenues      $ 2,312,607   $ 1,917,039  $ 6,259,471   $ 4,952,178
Cost of goods sold  1,166,551       942,723    3,112,378     2,439,673
                   __________    __________   __________    __________

Gross Margin        1,146,056       974,316    3,147,093     2,512,505

Selling, general and administrative
  expense             875,111       745,967    2,414,468     2,042,330
                   __________    __________   __________    __________
Net operating
  income              270,945       228,349      732,625       470,175

Other income (expense)
  Interest income       1,216         1,160        3,764         3,787
  Interest expense    (81,285)      (84,500)    (233,107)     (259,718)
  Other income             10        95,444       14,548       122,443
                   __________    __________   __________    __________

                      (80,059)       12,104     (214,795)     (133,488)
                   __________    __________   __________    __________

Net income before
  income taxes        190,886       240,453      517,830       336,687

Income tax provision   76,354        96,586      207,132       135,922
                   __________    __________   __________    __________

Net income        $   114,532   $   143,867  $   310,698   $   200,765
                   __________    __________   __________    __________

Basic earnings per
  common share    $      0.03   $      0.03  $      0.07   $      0.04

Diluted earnings per
  common share    $      0.03   $      0.03  $      0.07   $      0.04

Weighted average number of
basic common shares
outstanding         4,486,180     4,474,854    4,484,752     4,474,064

Weighted average number of
diluted common shares
outstanding         4,560,959     4,483,157    4,563,863     4,474,171

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