Crimson Wine reports sales rise, profits drop

Crimson Wine Group, which owns Seghesio Family Vineyards in Healdsburg, reported annual profits dropped to ?$5 million last year, down from $7.1 million in 2013, according to a filing with the U.S. Securities and Exchange Commission.

Revenues grew 3 percent last year to $58.1 million. Growth in sales, along with event and non-wine income, was slightly offset by a drop in bulk wine and grape sales.

The filing revealed the Napa company paid former president and CEO Erle Martin $750,000 in severance when he resigned his post in November. Martin, who was paid total compensation of $1.4 million last year, was replaced by Patrick DeLong, the company’s chief operating officer and chief financial officer.

DeLong has an annual base salary of $340,000 and performance bonuses based on 50 percent of his annual base salary. The stock price closed at $9 a share Tuesday, down 18 cents on the over-the-counter market.

Bill Swindell