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Crimson Wine Group Ltd (CWGL-1.36%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in producing and selling luxury wines through its seven wine estates and brands, including Pine Ridge Vineyards and Archery Summit. Crimson's business model combines direct-to-consumer and wholesale distributor sales.
For the year ended December 31, 2024, Crimson reported net sales of $72,985,000, a slight increase from $72,402,000 in the previous year. Wholesale net sales increased by 1% to $41,079,000, while direct-to-consumer net sales rose by 2% to $27,968,000.
The cost of sales for the year was $37,932,000, leading to a gross profit of $35,053,000, which is a 4% increase from the previous year. Operating expenses totaled $34,180,000, up 8% from the prior year, primarily due to increased sales and marketing expenses.
Crimson recorded a net income of $851,000 for the year, compared to $3,123,000 in the previous year. The decrease in net income is attributed to higher operating expenses and a decrease in other income.
The company had a working capital of $97,969,000 as of December 31, 2024, with cash and cash equivalents amounting to $21,030,000. Crimson's total assets were valued at $218,159,000, with liabilities totaling $31,595,000.
Crimson's capital expenditures for the year amounted to $5,369,000, and it repurchased 389,299 shares of its common stock under its 2023 Repurchase Program.
The company continues to focus on enhancing its direct-to-consumer sales channels and optimizing its operational model to drive growth and profitability.
Crimson's management has identified risks related to economic conditions, climate change, and competition in the luxury wine market, which could impact future performance.
The filing also discusses the company's efforts to improve climate resilience and manage agricultural risks associated with winemaking and grape growing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Crimson Wine Group Ltd annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.