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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000838875-05-000006.txt : 20050407
<SEC-HEADER>0000838875-05-000006.hdr.sgml : 20050407
<ACCEPTANCE-DATETIME>20050406202600
ACCESSION NUMBER:		0000838875-05-000006
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041231
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20050407
DATE AS OF CHANGE:		20050406

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:		05738031

	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>wvv04earnings8k.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): March 31, 2005

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 2 - Financial Information
Item 2.02 - Results of Operations and Financial Condition

On March 31, 2005, Willamette Valley Vineyards, Inc. (the "Registrant")
issued a press release announcing is financial results for the year
ended December 31, 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 March 31, 2005 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: April 5, 2005            By /s/ James W. Bernau
                                      James W. Bernau
                                      President


Date: April 5, 2005            By /s/ Sean M. Cary
                                      Sean M. Cary
                                      Controller
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>wvv04yepr.txt
<TEXT>
For immediate release: March 31, 2005
Contact: Jim Bernau (800) 344-9463
NASDAQ: WVVI

Willamette Valley Vineyards, Inc. Reports a Profit for the Year Ended
December 31, 2004.

SALEM, Ore., March 31 -- Willamette Valley Vineyards, Inc. (NASDAQ symbol:
WVVI), announced its results for the year ended December 31, 2004.  Willamette
Valley reported a net profit of $413 thousand or $0.09 per basic share on
revenue of $9.4 million for the year ended December 31, 2004 as compared to a
net profit of $174 thousand, or $0.04 per share on revenues of $7.4 million for
the year ended December 31, 2003.

The quality of the Company's wines continued to attract national attention
including recommendations from chef and author Andrea Immer, Food Network's
Chef Rachael Ray and chefs Caprial and John Pence of Oregon Public
Broadcasting's Caprial and John's Kitchen.

Management is continuing to focus on the Company's core product offerings,
Vintage Pinot noir, Whole Cluster Pinot noir, Pinot gris and Riesling, and the
continued building of the instate wholesale department called Bacchus Fine
Wines, to increase revenues.  Total net revenues grew by 28 percent for the
year ended December 31, 2004, compared to the prior year.  Operating income
increased 94 percent for the year ended December 31, 2004, compared to the
prior year.  The Company's record net income in 2004 increased primarily due to
strong sales of the core product offerings to out-of-state distributors and
Bacchus Fine Wines sales to Oregon restaurant and retail outlets.

Out-of-state sales increased primarily due to the growth in depletions (sales
from distributors to their customers) of the Company's core product offerings.
As a group, the depletions of these products from distributors to their
customers increased 21% for the year ended December 31, 2004, compared to the
prior year period, driving the 30% growth in sales from the winery to out-of-
state distributors during the year ended December 31, 2004, compared to the
prior year period.  The Company increased sales expenses and distributor
support, primarily in the form of increased market visits by the winery staff,
depletion allowances and sales incentives, to spur the increase in distributor
depletions.

Sales in the state of Oregon through the Company's wholesale sales force and
through direct sales from the winery to retail licensees increased 45% for the
year ended December 31, 2004, compared to the prior year period, primarily due
to the growth of distributed wine brands.  Expenses increased significantly in
the year ended December 31, 2004, compared to the prior year period as delivery
support was built up to support the additional brands rolled out in 2004.
Management considers Bacchus Fine Wines to be in a building stage where an
intense focus is being applied to the placement of purchased wine in restaurant
and retail accounts.  The Company has purchased a significant inventory of
wines for resale totaling approximately $950 thousand, placing an additional
demand on cash and the Company's credit line.  Management has taken these steps
as it believes they will improve the sales opportunities for the Company's own
wines with retail and restaurant customers and increase net income in the
future.

Retail revenues were relatively flat during the year ended December 31, 2004,
compared to the prior year period but retail cost of sales expenses were
reduced over the same period.  Although Tasting Room sales increased during the
year ended December 31, 2004, compared to the comparable prior year period, the
winery experienced reductions in Key Customer sales due to staffing turnover
during 2004.  In the third and fourth quarter of 2004, Management added a
Customer Service Coordinator and Key Customer Service personnel to increase
direct sales to wine consumers.

During the year ended December 31, 2004, Management initiated the sale and
lease back of the 75.3 acre Meadowview parcel at the Tualatin Estate Vineyard
for $727 thousand.  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 that the Company has agreed to
lease for up to 14 years.  The parcel also includes 7 acres of vineyard planted
in 2004 and trellised with French Dijon clone 777 Pinot noir on disease
resistant rootstock at the purchaser's expense, and 23 additional acres of
vineyard land.  The purchaser has agreed to fund the vineyard development of
the 23 acres of undeveloped vineyard land.  The Company will begin paying rent
on the 7 acres and any plantings on the 23 acres starting when the vines become
commercially productive in 2008 for up to 26 years.  The Company applied the
net cash proceeds of the sale principally to reduce amounts owed under the
Company's credit line.  The additional income tax on the deferred gain on the
sale had a negative impact on the Company's earnings in 2004.

The Company disposed of approximately 6 acres of vines that were determined to
be of a variety not in sufficient demand to support the cost of farming these
vines due to an infestation of phylloxera, an aphid-like insect.  As a result
of this disposal, the Company recorded a loss on vineyard development costs in
the amount of $31 thousand in selling, general and administrative expenses. The
Company intends to replant this land with selected vinifera varieties on
phylloxera resistant rootstock in order to continue to improve the quality of
grapes grown and the resulting wine produced.

The Company filed a Form 12b-25, Notification of late filing, with the
Securities and Exchange Commission for its Form 10-KSB for the year ending
December 31, 2004 pending the completion of the Company's audited financial
statements for the year.

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
           For the Years Ended December 31, 2004 and 2003
                         ($ in thousands)

                                          2004         2003

Net revenues                            $ 9,387      $ 7,357
Cost of goods sold                        4,806        3,828
                                        --------     --------
    Gross margin                          4,581        3,529

Selling, general and
  administrative expenses                 3,569        3,008
                                        --------     --------
    Income from operations                1,012          521
                                        --------     --------
Other income (expenses):
  Interest income                             5            5
  Interest expense                         (305)        (344)
  Other income                               98          123
                                        --------     --------
                                           (202)        (216)
                                        --------     --------

    Income before income taxes              810          305

Income tax provision                        397          131
                                        --------     --------

Net income                              $   413      $   174
                                        ________     ________

Basic net income
  per common share                      $  0.09      $  0.04
                                        ________     ________
Diluted net income
  per common share                      $  0.09      $  0.04
                                        ________     ________


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