In a recent 8-K filing, Willamette Valley Vineyards Inc. (NASDAQ:WVVI) reported the outcomes of its 2024 Annual Meeting of Shareholders held on Thursday. Shareholders voted on two key proposals, including the election of directors and the ratification of the company's independent auditors.
For the election of directors, all nominees were voted in to serve until the company's annual meeting in 2027. Craig Smith received 1,415,364 votes in favor (88.37% of votes cast), Stan Turel received 1,381,618 votes (86.26%), and Sarah Rose garnered 1,359,170 votes (84.86%). Votes withheld for the nominees were 186,287 for Smith, 220,033 for Turel, and 242,481 for Rose.
In the second proposal, shareholders ratified the appointment of Moss Adams LLP as the independent auditors for the fiscal year 2024. The decision was nearly unanimous, with 2,546,096 votes in favor (97.89%), 16,887 votes against (0.65%), and 37,886 abstentions (1.46%).
A total of 2,600,869 shares of common stock were represented at the meeting, amounting to approximately 52.4% of the eligible voting shares and constituting a quorum. The meeting was held virtually from Turner, Oregon.
InvestingPro Insights
Willamette Valley Vineyards Inc. (NASDAQ:WVVI) has shown some notable financial metrics in the recent period. With a market capitalization of $19.44 million, the company's revenue growth for the last twelve months as of Q1 2024 stood at an impressive 10.08%. Additionally, the gross profit margin during the same period was particularly strong at 58.92%, underscoring the company's ability to retain a significant portion of sales as gross profit.
On the flip side, the company's P/E ratio is currently negative at -6.32, reflecting that it is not profitable over the last twelve months. This aligns with the InvestingPro Tips that highlight the company's issues with cash burn and a valuation that implies a poor free cash flow yield. Moreover, the stock has experienced a significant downturn over the last six months, with a price total return of -27.36%.
For investors interested in a deeper analysis, InvestingPro offers additional insights, including the fact that the company's liquid assets exceed its short-term obligations, which could be a sign of financial stability. Investors can also note that Willamette Valley Vineyards does not pay a dividend, which may be relevant for those seeking income-generating investments. For access to these and other valuable InvestingPro Tips, you can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. There are 7 additional tips available on InvestingPro for Willamette Valley Vineyards, which could provide further guidance for your investment decisions.
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