2021 Q4 Form 10-K Financial Statement

#000156215122000007 Filed on March 10, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $19.81M $68.92M $20.19M
YoY Change -1.87% 7.5% -3.61%
Cost Of Revenue $11.32M $38.87M $15.26M
YoY Change -25.82% -12.5% 5.01%
Gross Profit $8.492M $30.05M $4.929M
YoY Change 72.29% 52.62% -34.23%
Gross Profit Margin 42.87% 43.61% 24.42%
Selling, General & Admin $7.939M $28.78M $6.176M
YoY Change 28.55% 12.34% -6.71%
% of Gross Profit 93.49% 95.76% 125.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.775M $7.550M $1.926M
YoY Change -7.84% -8.67% -9.24%
% of Gross Profit 20.9% 25.12% 39.07%
Operating Expenses $8.315M $28.78M $6.575M
YoY Change 26.46% 12.34% -6.79%
Operating Profit $177.0K $244.0K -$1.646M
YoY Change -110.75% -102.75% -2237.66%
Interest Expense -$292.0K $1.015M -$329.0K
YoY Change -11.25% -7.22% -0.6%
% of Operating Profit -164.97% 415.98%
Other Income/Expense, Net $54.00K $3.207M $77.00K
YoY Change -29.87% -615.59% -955.56%
Pretax Income -$1.106M $3.451M -$3.283M
YoY Change -66.31% -136.35% 144.45%
Income Tax -$116.0K $286.0K -$1.256M
% Of Pretax Income 8.29%
Net Earnings -$990.0K $3.165M -$2.027M
YoY Change -51.16% -149.39% 1078.49%
Net Earnings / Revenue -5.0% 4.59% -10.04%
Basic Earnings Per Share $0.14
Diluted Earnings Per Share -$43.96K $0.14 -$87.21K
COMMON SHARES
Basic Shares Outstanding 22.52M shares 22.81M shares 23.24M shares
Diluted Shares Outstanding 22.81M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.23M $45.23M $37.82M
YoY Change 19.58% 19.58% 64.5%
Cash & Equivalents $32.73M $32.73M $29.31M
Short-Term Investments $12.49M $12.49M $8.507M
Other Short-Term Assets $1.456M $1.420M $2.349M
YoY Change -38.02% -51.1% 23.37%
Inventory $52.55M $52.55M $57.55M
Prepaid Expenses
Receivables $6.572M $6.572M $7.906M
Other Receivables $36.00K $36.00K $0.00
Total Short-Term Assets $105.8M $105.8M $106.2M
YoY Change -0.36% -0.36% -0.64%
LONG-TERM ASSETS
Property, Plant & Equipment $111.4M $111.4M $113.7M
YoY Change -1.97% -1.97% -4.56%
Goodwill $1.262M $1.262M
YoY Change 0.0% 0.0%
Intangibles $8.322M $9.238M
YoY Change -9.92% -15.63%
Long-Term Investments
YoY Change
Other Assets $611.0K $206.0K $241.0K
YoY Change 153.53% -14.52% -63.87%
Total Long-Term Assets $121.0M $121.0M $124.2M
YoY Change -2.54% -2.54% -5.44%
TOTAL ASSETS
Total Short-Term Assets $105.8M $105.8M $106.2M
Total Long-Term Assets $121.0M $121.0M $124.2M
Total Assets $226.8M $226.8M $230.4M
YoY Change -1.54% -1.54% -3.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.689M $5.689M $4.100M
YoY Change 38.76% 39.99% -25.03%
Accrued Expenses $7.482M $7.482M $5.355M
YoY Change 39.72% 39.72% -48.35%
Deferred Revenue $400.0K $300.0K
YoY Change 33.33% -25.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.128M $1.128M $3.388M
YoY Change -66.71% -66.71% 200.62%
Total Short-Term Liabilities $14.67M $14.67M $13.08M
YoY Change 12.14% 12.14% 9.89%
LONG-TERM LIABILITIES
Long-Term Debt $18.80M $18.80M $21.20M
YoY Change -11.33% -11.33% 0.7%
Other Long-Term Liabilities $9.000K $9.000K $93.00K
YoY Change -90.32% -90.32% -63.53%
Total Long-Term Liabilities $19.56M $18.81M $21.77M
YoY Change -10.17% -11.67% -10.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.67M $14.67M $13.08M
Total Long-Term Liabilities $19.56M $18.81M $21.77M
Total Liabilities $34.22M $34.22M $34.85M
YoY Change -1.8% -1.8% -4.0%
SHAREHOLDERS EQUITY
Retained Earnings -$85.34M -$82.28M
YoY Change 3.73% 8.45%
Common Stock $225.0K $232.0K
YoY Change -3.02% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.6M $192.6M $195.5M
YoY Change
Total Liabilities & Shareholders Equity $226.8M $226.8M $230.4M
YoY Change -1.54% -1.54% -3.29%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$990.0K $3.165M -$2.027M
YoY Change -51.16% -149.39% 1078.49%
Depreciation, Depletion And Amortization $1.775M $7.550M $1.926M
YoY Change -7.84% -8.67% -9.24%
Cash From Operating Activities $5.571M $18.81M $4.391M
YoY Change 26.87% 38.42% 1621.96%
INVESTING ACTIVITIES
Capital Expenditures -$2.196M $4.506M -$521.0K
YoY Change 321.5% 45.21% -58.98%
Acquisitions
YoY Change
Other Investing Activities -$1.739M -$3.794M $255.0K
YoY Change -781.96% -210.13% -40.14%
Cash From Investing Activities -$3.935M -$8.300M -$266.0K
YoY Change 1379.32% -2526.9% -68.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.240M
YoY Change
Debt Paid & Issued, Net $855.0K
YoY Change -40.0%
Cash From Financing Activities -285.0K -$7.095M -285.0K
YoY Change 0.0% -396.24% -86.12%
NET CHANGE
Cash From Operating Activities 5.571M $18.81M 4.391M
Cash From Investing Activities -3.935M -$8.300M -266.0K
Cash From Financing Activities -285.0K -$7.095M -285.0K
Net Change In Cash 1.351M $3.418M 3.840M
YoY Change -64.82% -79.07% -245.34%
FREE CASH FLOW
Cash From Operating Activities $5.571M $18.81M $4.391M
Capital Expenditures -$2.196M $4.506M -$521.0K
Free Cash Flow $7.767M $14.31M $4.912M
YoY Change 58.12% 36.41% 222.1%

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32732000 USD
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Nature of Operations<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Crimson is in the business of producing and selling luxury wines (i.e., wines that retail for over $16 per 750ml bottle). Crimson is headquartered in Napa, California and through its wholly-owned subsidiaries owns seven primary wine estates and brands: Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards, Seghesio Family Vineyards, Double Canyon, Seven Hills Winery, and Malene Wines. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pine Ridge Vineyards was acquired in 1991 and has been conducting operations since 1978. Pine Ridge Vineyards owns 154 acres, and controls through leasing arrangements an additional two acres, of estate vineyards in five Napa Valley, California appellations – Stags Leap District, Rutherford, Oakville, Carneros and Howell Mountain. Approximately 124 acres are currently planted. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Archery Summit was created by Crimson in 1993. Archery Summit owns 92 acres of estate vineyards in the Willamette Valley, Oregon. Approximately 68 acres are currently planted. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Double Canyon vineyard land was acquired in 2005 and is located in the Horse Heaven Hills of Washington’s Columbia Valley. In September 2017, Double Canyon completed construction of a 47,000 square-foot wine production facility in West Richland, Washington.</span><span style="color:#ee2724;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of the Company's strategic initiatives targeted at supply chain management, Crimson completed its exit of the Double Canyon farming operations in January 2020.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Chamisal Vineyards was acquired in 2008 and has been conducting operations since 1973. Chamisal Vineyards owns 92 acres of vineyards in the Edna Valley, California, of which 66 acres are currently planted.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Seghesio Family Vineyards was acquired in 2011 and has been conducting operations since 1895. Seghesio Family Vineyards owns 311 acres of vineyards in two Sonoma County, California appellations, the Alexander Valley and Russian River Valley, of which approximately 276 acres are currently planted. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Seven Hills Winery, which has been conducting operations since 1988, was acquired in January 2016 and is located in Walla Walla, Washington. Seven Hills Winery owns 74 acres of estate vineyards in the Walla Walla Valley, Washington. Approximately 60 acres are currently planted.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Malene Wines was created by Crimson in 2016 and owns two Airstream travel trailers, one of which serves as its home and wine experience in the Edna Valley, California. Malene wines has certain estate acres within the Chamisal Vineyards property and its wines are produced at the Chamisal winemaking facility. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Crimson’s revenue model is a combination of direct to consumer and wholesale distributor sales. The Company’s wines are available through many principal retail channels for premium table wines, including fine wine restaurants, hotels, specialty shops, supermarkets and club stores, in all states domestically and in nearly 30 countries throughout the world. References to cases of wine herein refer to nine-liter equivalent cases. In addition, Crimson’s wines are available, where legal, via Ecommerce sites and social media platforms from the wine estates and third party websites and social media platforms.</span></div>
CY2021 cwgl Price Per Bottle Low Range
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16 USD
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7 winery
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2 acre
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1140000 USD
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P7Y
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233000 shares
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4 increment
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P1Y6M
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