UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 13, 2004
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)
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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)
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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))
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WILLAMETTE VALLEY VINEYARDS, INC.
INDEX TO FORM 8-K
Section 4 - Matters Related to Accountants and Financial Statements
Signatures
Exhibit 99 Press Release
Section 4 - Matters Related to Accountants and Financial Statements
Item 4.02 - Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Interim Review
On October 7, 2004, The Audit Committee for Willamette Valley Vineyards, Inc.
concluded that the Company's previous filings with the Securities and Exchange
Commission ("SEC") of financial statements for the years ended December 31,
2003, 2002, and 2001 had misstated revenues and earnings.
As indicated in prior SEC filings, in February and March 2004, the Alcohol and
Tobacco Tax and Trade Bureau of the US Treasury Department ("TTB") audited
the Company's excise tax liability for 2003, 2002 and 2001. This audit resulted
in an additional amount of excise tax owing for those periods due principally
to the Company's incorrect application of the federal small winery tax credit.
The Company previously recorded an estimated liability and a related expense of
$80,000 for the year ended December 31, 2003. The Company believes it is more
appropriate to recognize the estimated liability in each of the respective years
rather than to recognize it all in 2003. Therefore, the Company has restated
its financial statements for the years ended December 31, 2003, 2002, and 2001
to reflect the correct excise tax for each of the periods and to record the
estimated interest and penalties with respect to the related estimated excise
tax liability.
The Company's Audit Committee discussed the matter with the Company's
independent registered public accounting firm, PricewaterhouseCoopers LLP,
on October 7, 2004.
(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: October 13, 2004 By /s/ James W. Bernau
James W. Bernau
President
Date: October 13, 2004 By /s/ Sean M. Cary
Sean M. Cary
Controller