<SEC-DOCUMENT>0001199835-12-000831.txt : 20130110
<SEC-HEADER>0001199835-12-000831.hdr.sgml : 20130110
<ACCEPTANCE-DATETIME>20121128172215
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001199835-12-000831
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20121128

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">United States Securities and Exchange Commission</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Willamette Valley Vineyards, Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form 10-K for the Fiscal Year Ended December 31, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed March 27, 2012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Tia L. Jenkins,</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This letter has been prepared in response to the comments you made in your letter to us dated November 5, 2012. Based on and in response to your comments, our future filings will be revised to include the requested disclosures as follows:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations, page 17</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2011 Compared to 2010, page 22</font></font></div>

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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note you do not provide a detailed discussion of why cost of sales decreased 18%. Please provide draft disclosure, to be included in future filings, that addresses and quantifies each factor that contributed to the decrease in cost of sales from 2011 to 2010.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Management Response</font>: Cost of Sales was $7,944,935 and $9,679,414 for the years ended December 31, 2011 and 2010, respectively.&#160;&#160;This represents a decrease of $1,734,779 or 17.9%.&#160;&#160;Approximately 45% of this reduction can be attributed to the reduction in wine sales, 22% can be attributed to improvements in the margins on wine sales due to efficiencies in growing and processing the grapes, 20% is attributable to reductions in low margin bulk wine sales, and 13% is attributable to other causes.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">With regards to your new distribution agreement with Young&#8217;s Market Company, please provide draft disclosure, to be included in future filings, that address the following:</font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Disclose the terms of this arrangement. At December 31, 2011, you have recorded on your balance sheet a distribution agreement receivable and deferred revenue &#8211; distribution agreement. Please discuss the nature of this agreement and include a policy note regarding how these account balances were generated and your method for recognizing costs and recording revenues related to this agreement; and</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Management Response</font>: Effective September 1, 2011, the Company entered into an agreement with Young&#8217;s Market Company for distribution of Company-produced wines in Oregon and Washington.&#160;&#160;&#160;The terms of this contract include exclusive rights to distribute Willamette Valley Vineyard&#8217;s wines in Oregon and Washington for seven&#160;&#160;years.&#160;&#160;In an effort to facilitate the transition with as little disruption as possible, Young&#8217;s Market Company has agreed to compensate Willamette Valley Vineyards for ongoing Oregon sales and branding efforts.&#160;&#160;As a result, the Company is due to receive $250,000 per year starting on September 2011 for each of the next four years for a total of $1,000,000. As of December 31, 2011 the Company has recorded a distribution agreement receivable in the amount of $750,000, with $250,000 being current&#160;&#160;and $500,000 being long-term in nature based on the payment due dates.&#160;&#160;The total amount of $1,000,000 to be received by the Company related to this agreement is being recognized as revenue on a straight line basis over the seven year life of the agreement. For the year ended December 31, 2011, the Company has recognized revenue related to this agreement in the amount of $47,619, recorded to other income.</font></div>

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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">On page 45 you disclose the change from distributing wine internally with Bacchus Distribution to an outside third party will increase the Company&#8217;s gross margin as you will no longer sell low margin purchased wine products and will also reduce operating expenses. Please explain specifically, in Management&#8217;s Discussion and Analysis, how this new arrangement will increase margins and reduce operating expenses as well as disclose any other impact (i.e. liquidity, revenue and deferred revenue, taxes) you anticipate having from this new arrangement.</font></font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Management Response</font>: Management believes cessation of self-distribution activity, and utilization of Young&#8217;s Market Company to distribute Company-produced wines in Oregon, will result in increased gross margins by eliminating the sale of low-margin, purchased wines.&#160;&#160;In 2011, purchased wine sales account for approximately 20% of total sales.&#160;&#160;These sales generated a gross margin of approximately 19%.&#160;&#160;The remaining 80% of sales were generated primarily through the sale of Company-produced wine, and generated a gross margin of approximately 56%.&#160;&#160;In 2011, the overall Company gross margin was 49%.&#160;&#160;By eliminating the sale of purchased wines from Company operations, Management expects Company gross margins to approach 56%.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management believes cessation of self-distribution activity, and utilization of Young&#8217;s Market Company to distribute Company-produced wines in Oregon, will reduce operating expenses.&#160;&#160;In 2011, total selling, general and administrative expenses were $6,216,833.&#160;&#160;Of this, $1,148,825 is attributable to self-distribution activities.&#160;&#160;Management expects that with the elimination of self-distribution activities, most of these operating expenses will be eliminated.&#160;&#160;Management expects to incur selling, general and administrative expenses of approximately $5,200,000 during 2012.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At December 31, 2011, purchased wine inventory balance was $612,989.&#160;&#160;Management expects to liquidate this inventory at or above cost during 2012.&#160;&#160;There are no other balance sheet amounts related to the cessation of self-distribution activities that are expected to have a material impact on future financial performance.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Revenue Recognition, page 34</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note your disclosure of promotions and rebates given to customers. Please provide draft disclosure to be included in future filings, that expands your accounting policy regarding these incentive programs, the amounts recognized in the income statement and the line item(s) in which amounts are recognized. Cite the authoritative guidance that supports your accounting treatment.</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Management Response</font>: The Company has price incentive programs with our distributors to encourage product placement and depletions.&#160;&#160;In accordance with FASB ASC 605-50, <font style="FONT-STYLE: italic; DISPLAY: inline">Revenue Recognition - Customer Payments and Incentives</font>, when recording a sale to the customer, an incentive program liability is recorded to accrued liabilities and sales are reported net of incentive program expenses.&#160;&#160;Incentive program payments are made when completed incentive program payment requests are received from customers.&#160;&#160;Incentive payment to a customer reduces the incentive program accrued liability. For the years ended December 31, 2011 and 2010, the Company recorded incentive program expenses of $599,004 and $577,547, respectively, as a reduction in sales on the income statement. As of December 31, 2011 and 2010, the Company has recorded an incentive program liability in the amount of $91,449 and $78,828, respectively, which is included in accrued expenses on the balance sheet.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company paid $244,703 and $597,522 for grapes purchased through long-term contracts during the years ended December 31, 2011 and 2010, respectively.&#160;&#160;The Company received $262,411 and $264,072 worth of grapes from long-term contracts during the years ended December 31, 2011 and 2010, respectively.&#160;&#160;Grapes payable includes $134,296 and $147,796 of grapes payable from long-term contracts as of December 31, 2011 and 2010, respectively.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Acknowledgements:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Willamette Valley Vineyards, Inc. acknowledges the following:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are responsible for the adequacy and accuracy of the disclosure in the filing.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing.</font></div>
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</div>

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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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</td>
<td style="TEXT-ALIGN: justify">
<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We understand that you may have additional comments after reviewing our responses. Please feel free to contact the undersigned with any questions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sincerely,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Jim Voss</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Jim Voss</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Controller</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Willamette Valley Vineyards, Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

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<div>&#160;</div>

<div>&#160;</div>

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