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Today, Willamette Valley Vineyards, Inc. (NASDAQ:WVVI), a $29.54 million market cap winery with impressive gross profit margins of 61.48%, announced a change in its independent registered public accounting firm. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 3.6, indicating solid financial stability. Moss Adams LLP, the company’s previous auditor, has merged with Baker Tilly US, LLP, effective June 3, 2025. Following this merger, Moss Adams resigned as the auditor for Willamette Valley Vineyards. Consequently, the company’s Audit Committee has appointed Baker Tilly as the new independent auditor for the fiscal year ending December 31, 2025.
Moss Adams had been serving as the auditor for Willamette Valley Vineyards since 2004, with a reaffirmation in 2023. The audit reports issued by Moss Adams for the fiscal years ending December 31, 2024, and 2023 did not contain any adverse opinions or disclaimers. While the company generated $38.52 million in revenue over the last twelve months, InvestingPro analysis shows it has not been profitable during this period. There were no disagreements or reportable events between the company and Moss Adams regarding accounting principles, financial statement disclosures, or audit procedures during the mentioned periods.
Before the merger, neither Willamette Valley Vineyards nor its representatives consulted with Baker Tilly about the application of accounting principles or the type of audit opinion that might be rendered. Baker Tilly did not provide any written or oral advice that influenced the company’s accounting or financial reporting decisions.
The company has requested and received a letter from Moss Adams confirming their agreement with the statements made by Willamette Valley Vineyards regarding the change in auditors. This letter is filed as Exhibit 16.1 in the company’s 8-K report.
The information about the change in auditors is based on a press release statement from Willamette Valley Vineyards, Inc. Investors tracking this development should note that the company’s next earnings report is scheduled for August 12, 2025. For deeper insights into WVVI’s financial health and additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools.
In other recent news, Willamette Valley Vineyards has made significant changes to its executive structure. The company announced amendments to its bylaws, allowing for the separation of the roles of President and Chief Executive Officer (CEO), which were previously combined. This change provides the company with more flexibility in its executive structure and enhances its governance framework. Following this amendment, Mike Osborn, founder of Wine.com, has been appointed as the new CEO, effective immediately. Osborn brings over two decades of experience in the wine retail industry and is expected to strengthen the winery’s national and international presence. Jim Bernau, the founder, will continue as President and Chairman, expressing confidence in Osborn’s ability to expand the company’s reach. Osborn’s appointment is seen as an opportunity to build on the winery’s legacy of quality and community engagement. These developments reflect Willamette Valley Vineyards’ commitment to adapting its corporate governance practices and enhancing its brand and market share.
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