Crimson Wine (CWGL) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 05, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015
Entity Registrant Name	Crimson Wine Group, Ltd
Entity Central Index Key	1,562,151
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		24,378,820

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 11,629	$ 13,274
Investments available for sale	16,007	15,711
Accounts receivable, net	5,999	5,784
Inventory	58,518	49,593
Other current assets	1,545	894
Deferred tax asset, current	2,011	3,184
Total current assets	95,709	88,440
Property and equipment, net	112,372	108,707
Goodwill	1,053	1,053
Intangible assets and other non-current assets	16,147	17,300
Total non-current assets	129,572	127,060
Total assets	225,281	215,500
Current liabilities:
Accounts payable	8,931	4,342
Accrued compensation related expenses	2,230	1,979
Other accrued expenses	1,918	1,266
Customer deposits	1,420	403
Total current liabilities	14,499	7,990
Deferred rent, non-current	125	123
Deferred tax liability, non-current	4,775	4,267
Total non-current liabilities	4,900	4,390
Total liabilities	19,399	12,380
EQUITY
Common shares, par value $0.01 per share, authorized 150,000,000 shares; 24,418,135 and 24,485,368 shares issued and outstanding at September 30,2015 and December 31,2014, respectively	244	245
Additional paid-in capital	277,520	277,520
Accumulated other comprehensive income (loss)	4	(39)
Accumulated deficit	(71,886)	(74,606)
Total equity	205,882	203,120
Total liabilities and equity	$ 225,281	$ 215,500

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	150,000,000	150,000,000
Common shares, shares issued	24,418,135	24,458,368
Common shares, shares outstanding	24,418,135	24,458,368

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Condensed Consolidated Statements Of Operations [Abstract]
Net sales	$ 14,023,000	$ 12,844,000	$ 42,531,000		$ 40,412,000
Cost of sales	7,063,000	5,904,000	19,801,000		18,273,000
Gross profit	6,960,000	6,940,000	22,730,000		22,139,000
Operating expenses:
Sales and marketing	3,570,000	3,188,000	10,143,000		9,780,000
General and administrative	2,553,000	2,336,000	7,744,000	[1]	7,253,000
Administrative services fees to Leucadia National Corporation					9,000
Total operating expenses	6,123,000	5,524,000	17,887,000		17,042,000
Net (gain)/loss on disposal of property and equipment	7,000	(44,000)	(93,000)		(1,864,000)
Income from operations	830,000	1,460,000	4,936,000		6,961,000
Other income (expense):
Interest expense	(38,000)	(38,000)	(114,000)		(114,000)
Other income (expense), net	43,000	(114,000)	237,000		(143,000)
Total other income (expense), net	5,000	(152,000)	123,000		(257,000)
Income before income taxes	835,000	1,308,000	5,059,000		6,704,000
Income tax provision	359,000	609,000	1,967,000		2,771,000
Net income	$ 476,000	$ 699,000	$ 3,092,000		$ 3,933,000
Basic and fully diluted weighted-average shares	24,452	24,458	24,456		24,458
Basic and fully diluted earnings per share	$ 0.02	$ 0.03	$ 0.13		$ 0.16
[1]	The nine months ended September 30, 2014 includes $9,000 paid to Leucadia for administrative services.

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 476	$ 699	$ 3,092	$ 3,933
Other comprehensive income:
Net unrealized holding (losses) gains on investments arising during the period, net of tax	(10)	(23)	43	9
Comprehensive income	$ 466	$ 676	$ 3,135	$ 3,942

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net cash flows from operating activities:
Net income	$ 3,092	$ 3,933
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization of property and equipment	4,379	4,072
Amortization of intangible assets	1,136	1,136
Loss on write-down of inventory	192	169
Provision for doubtful accounts	17
Net gain on disposals of property and equipment	(93)	(1,864)
Deferred rent	2	80
Provision for deferred income taxes	1,678	2,500
Net change in:
Accounts receivable	(232)	179
Inventory	(9,117)	(7,947)
Other current assets	(651)	(19)
Other non-current assets	17
Accounts payable and expense accruals	5,388	4,543
Customer deposits	1,017	1,235
Net cash provided by operating activities	6,825	8,017
Net cash flows from investing activities:
Purchase of investments available for sale	(3,750)	(7,000)
Redemptions of investments available for sale	3,500	3,000
Acquisition of property and equipment	(7,975)	(3,744)
Proceeds from disposals of property and equipment	128	3,988
Net cash used in investing activities	(8,097)	(3,756)
Net cash flows from financing activities:
Repurchase of common stock	(373)
Net cash used in financing activities	(373)
Net (decrease) increase in cash and cash equivalents	(1,645)	4,261
Cash and cash equivalents at beginning of period	13,274	13,269
Cash and cash equivalents at end of period	11,629	17,530
Supplemental disclosure of cash flow information:
Interest	114	114
Income taxes	569	328
Non-cash investing activity:
Unrealized holding gains on investments	43	$ 9
Capital Investments accrued but not yet paid	$ 104

Background And Basis Of Present

Background And Basis Of Presentation	9 Months Ended
	Sep. 30, 2015
Background And Basis Of Presentation [Abstract]
Background And Basis Of Presentation	1. Background and Basis of Presentation Background Crimson Wine Group, Ltd. ( “Crimson”) is a Delaware corporation that has been operating since 1991. As used herein, the term “Company” refers to Crimson and its wholly-owned subsidiaries, except as the context may otherwise require. Prior to February 25, 2013, Crimson was a wholly-owned subsidiary of Leucadia National Corporation (“Leucadia”). On February 1, 2013, Leucadia declared a pro rata dividend to Leucadia’s common shareholders of all of the outstanding shares of Crimson’s common stock in a manner that was structured to qualify as a tax-free spin-off for U.S. federal income tax purposes (the “Distribution”) . Leucadia’s common shareholders received one share of Crimson common stock for every ten common shares of Leucadia ( 24,458,368 Crimson common shares in the aggregate) , with cash in lieu of fractional shares, on February 25, 2013. The Company qualifies as an “emerging growth company” as defined in the JOBS Act. Crimson has elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. This election is irrevocable. Financial Statement Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. The unaudited interim condensed consolidated financial statements, which reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes necessary to fairly state results of interim operations, should be read in conjunction with the Notes to Consolidated Financial Statements (including the Significant Accounting Policies) included in the Company’s audited consolidated financial statements for the year ended December 31, 2014, as filed with the SEC on Form 10-K (the “ 2014 Report ”). Results of operations for interim periods are not necessarily indicative of annual results of operations. The condensed consolidated balance sheet at December 31, 2014 was extracted from the audited annual financial statements and does not include all disclosures required by GAAP for annual financial statements. Reclassifications Certain reclassifications have been made to the prior period unaudited condensed consolidated financial statements to conform to the current period presentation. The reclassifications have no impact on previously reported net income, cash flow, or equity. Significant Accounting Policies Except as described below, there have been no material changes to the Company’s significant accounting policies previously disclosed in the 2014 Report. (a) Share repurchases: Share repurchases are accounted for under the cost method. Any repurchased shares are constructively retired and are deducted from common stock at par value and from accumulated deficit for the excess of cash paid over par value. Direct costs incurred to acquire the shares are included in the total cost of the repurchased shares . Recent Accounting Pronouncements In April 2014, the FASB issued guidance that changes the criteria for reporting discontinued operations. To qualify as a discontinued operation under the amended guidance, a component or group of components of an entity that has been disposed of or is classified as held for sale must represent a strategic shift that has or will have a major effect on the entity's operations and financial results. These changes became effective for the Company on January 1, 2015. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements . In May 2014, the FASB issued guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. This guidance requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. This guidance become s effective for the Company on January 1, 2018 , and early adoption is permitted for the Company beginning on January 1, 2017 . Management is currently evaluating the potential impact of this guidance on the Company’s consolidated financial statements. In August 2014, the Financial Accounting Standards Board ("FASB") issued guidance which requires management of a company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This guidance become s effective for the Company on January 1, 2017, and early adoption is permitted . Management is currently evaluating the potential impact of this guidance on the Company’s consolidated financial statements. In April 2015, the FASB issued guidance on the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than an asset. This guidance become s effective for the Company on January 1, 2016, and early adoption is permitted . Management is currently evaluating the potential impact of this guidance on the Company’s consolidated financial statements. In July 2015, the FASB issued guidance on the simplification for the measurement of inventory. This guidance requires that an entity should measure in scope inventory at the lower of cost and net realizable value. This guidance become s effective for the Company on January 1, 2017, and early adoption is permitted . Management is currently evaluating the potential impact of this guidance on the Company’s consolidated financial statements.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2015
Inventory [Abstract]
Inventory	2. Inventory: A summary of inventory at September 30, 2015 and December 31, 2014 is as follows (in thousands): September 30, 2015 December 31, 2014 Case wine $ $ In-process wine Packaging and bottling supplies Total inventory $ $

Property And Equipment

Property And Equipment	9 Months Ended
	Sep. 30, 2015
Property And Equipment [Abstract]
Property And Equipment	3. Property and Equipment: A summary of property and equipment at September 30, 2015 and December 31, 2014 is as follows (in thousands): Depreciable Lives (in years) September 30, 2015 December 31, 2014 Land and improvements N/A $ $ Buildings and improvements 20 -40 Vineyards and improvements 7 -25 Winery and vineyard equipment 3 -25 Caves 20 -40 Vineyards under development N/A Construction in progress N/A Total Accumulated depreciation and amortization Property and equipment, net $ $ Nine Months Ended September 30, 2015 2014 Depreciation expense (in thousands): Capitalized into inventory Expensed to general and administrative Total depreciation $ $

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2015
Financial Instruments [Abstract]
Financial Instruments	4. Financial Instruments: The Company’s material financial instruments include cash and cash equivalents and investments classified as available for sale; investments classified as available for sale include certificates of deposit that are the only assets or liabilities that are measured at f air value on a recurring basis. All of the Company’s investments mature within three years or less. The par value, amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale as of September 30, 2015 and December 31, 2014 are as follows (in thousands): Par Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Significant Other Observable Inputs (Level 2) Total Fair Value Measurements September 30, 2015 Certificates of Deposit $ $ $ $ $ $ December 31, 2014 Certificates of Deposit $ $ $ $ $ $ As of September 30, 2015 and December 31, 2014, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis. For cash and cash equivalents, the carrying amounts of such financial instruments approximate their fair values.

Intangible Assets And Other Non

Intangible Assets And Other Non-Current Assets	9 Months Ended
	Sep. 30, 2015
Intangible Assets And Other Non-Current Assets [Abstract]
Intangible Assets And Other Non-Current Assets	5. Intangible and Other Non-Current Assets: A summary of intangible and other non-current assets at September 30, 2015 and December 31, 2014 is as follows (in thousands): Amortizable Lives (in years) September 30, 2015 December 31, 2014 Brand, net of accumulated amortization of $4,461 and $3,688 17 $ $ Distributor relations, net of accumulated amortization of $805 and $666 14 Customer relations, net of accumulated amortization of $1,175 and $971 7 Legacy permits, net of accumulated amortization of $77 and $64 14 Trademark, net of accumulated amortization of $71 and $64 20 Total intangible assets, net $ $ Other non-current assets Total intangible and other non-current assets $ $ Nine Months Ended September 30, Amortization expense (in thousands): 2015 2014 Total amortization expense $ $ The estimated aggregate future amortization is identified below (in thousands): Years Remaining: Amortization 2015 $ 2016 2017 2018 2019 Thereafter Total $

Due To Leucadia And Its Affilia

Due To Leucadia And Its Affiliates	9 Months Ended
	Sep. 30, 2015
Due To Leucadia And Its Affiliates [Abstract]
Due To Leucadia And Its Affiliates	6. Due to Leucadia and its Affiliates: Effective March 1, 2013, the Company entered into an administrative service agreement with Leucadia. Pursuant to this agreement, Leucadia provided certain administrative, SEC, tax filing and accounting services, including providing the services of the Company’s Corporate Secretary. Effective August 1, 2013, Leucadia and the Company agreed to amend the administrative service agreement to reduce the administrative services provided to the Company by Leucadia and to terminate the agreement effective February 2014 . Administrative services expense was $9,000 for the first quarter of 2014 and there have been no charges since then .

Credit Facilities

Credit Facilities	9 Months Ended
	Sep. 30, 2015
Credit Facilities [Abstract]
Credit Facilities	7. Credit Facilities: T here have been no material changes with respect to the Company’s credit facilities as disclosed in the 2014 Report. The Company has a revolving credit facility for up to $10.0 million of availability maturing in March 2018 and a term revolving credit facility for up to $50.0 million maturing in March 2028. As of September 30, 2015, the amounts were fully available and no amounts ha ve been borrowed on the facilities to date. All obligations of the Company und er the revolving credit facilities are collateralized by certain real property, including vineyards and certain winery facilities, accounts receivable, inventory and intangible assets of the Company . Covenants include the maintenance of specified debt and equity ratios, limitations on the incurrence of additional indebtedness, limitations on dividends and other distributions to shareholders and restrictions on certain mergers, consolidations and sales of assets.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2015
Stockholders’ Equity [Abstract]
Stockholder’s Equity	8. Stockholders’ Equity: In March 2014, the Board of Directors of the Company authorized a share repurchase program that provides for the repurchase of up to $2.0 million of outstanding common stock. Under the share repurchase program, any repurchased shares are constructively retired. As of September 30, 2015, the Company had repurchased 40,233 shares which were constructively retired at an original repurchase cost of $0.4 million. Through November 6 , 2015, the Company had repurchased 81,148 shares which were constructively retired at an original repurchase cost of $0.7 million.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	9. Income Taxes: The Company’s effective tax rates for the three and nine months ended September 30, 2015 were 43.0% and 38.9% , respectively . The Company’s effective tax rates for the three and nine months ended September 30, 2014 were 46.6% and 41.3% , respectively. The effective tax rates primarily reflect the impact of federal and state income taxes. The Company does not have any amounts in its consolidated balance sheet for unrecognized tax benefits related to uncertain tax positions at September 30, 2015 and December 31, 2014. As discussed in the 2014 Report, the Company will not be required to reimburse Leucadia for any payments made by Leucadia for adjustments to taxable periods prior to the Distribution, nor will the Company be entitled to any refunds for adjustments to taxable periods prior to the Distribution. The Company is responsible for any adjustments or liabilities related to its California state income tax return for all periods and its Federal income tax return for all periods subsequent to the Distribution. The statute of limitations with respect to California state income tax returns has expired for all years through 2009.

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2015
Business Segment Information [Abstract]
Business Segment Information	10. Business Segment Information: The Company has identified two operating segments which are reportable segments for financial statement reporting purposes, Wholesale Sales and Direct to Consumer Sales, based upon their different distribution channels, margins and selling strategies. Wholesale Sales includes all sales through a third party where prices are given at a wholesale rate whereas Direct to Consumer Sales includes retail sales in the tasting room, remote sites and at on-site events, Wine Club sales and other sales made directly to the consumer without the use of an intermediary. The two segments reflect how the Company's operations are evaluated by senior management and the structure of its internal financial reporting. The Company evaluates performance based on the gross profit of the respective business segments. Selling expenses that can be directly attributable to the segment are allocated accordingly. However, centralized selling expenses and general and administrative expenses are not allocated between operating segments. Therefore, net income information for the respective segments is not available. Based on the nature of the Company’s business, revenue generating assets are utilized across segments. Therefore, discrete financial information related to segment assets and other balance sheet data is not available and that information continues to be aggregated. The following table outlines the net sales, cost of sales, gross profit, directly attributable selling expenses, and operating income for the Company’s reportable segments for the three and nine months ended September 30, 2015 and 2014, and also includes a reconciliation of consolidated income (loss) from operations. Other/Non-allocable net sales and gross profit include bulk wine and grape sales, event fees and retail sales. Other/Non-allocable expenses include centralized corporate expenses not specific to an identified reporting segment. Sales figures are net of related excise taxes. Three Months Ended September 30, Wholesale Direct to Consumer Other/Non-Allocable Total (in thousands) 2015 2014 2015 2014 2015 2014 2015 2014 Net sales $ $ $ $ $ $ $ $ Cost of sales Gross profit (loss) Operating expenses: Sales and marketing General and administrative - - - - Total operating expenses Net (gain) loss on disposal of property and equipment - - - - Income (loss) from operations $ $ $ $ $ $ $ Nine Months Ended September 30, Wholesale Direct to Consumer Other/Non-Allocable Total (in thousands) 2015 2014 2015 2014 2015 2014 2015 2014 Net sales $ $ $ $ $ $ $ $ Cost of sales Gross profit (loss) Operating expenses: Sales and marketing General and administrative* - - - - Total operating expenses Net (gain) loss on disposal of property and equipment - - - - Income (loss) from operations $ $ $ $ $ $ $ $ Footnote to table: Sales are net of excise taxes of $0.3 million and $0.2 million for the three months ended September 30, 2015 and 2014, respectively, and $0.9 million and $0.7 million for the nine months ended September 30, 2015 and 2014, respectively. * The nine months ended September 30, 2014 includes $9,000 paid to Leucadia for administrative services.

Background And Basis Of Prese17

Background And Basis Of Presentation (Policy)	9 Months Ended
	Sep. 30, 2015
Background And Basis Of Presentation [Abstract]
Financial Statement Preparation	Financial Statement Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. The unaudited interim condensed consolidated financial statements, which reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes necessary to fairly state results of interim operations, should be read in conjunction with the Notes to Consolidated Financial Statements (including the Significant Accounting Policies) included in the Company’s audited consolidated financial statements for the year ended December 31, 2014, as filed with the SEC on Form 10-K (the “ 2014 Report ”). Results of operations for interim periods are not necessarily indicative of annual results of operations. The condensed consolidated balance sheet at December 31, 2014 was extracted from the audited annual financial statements and does not include all disclosures required by GAAP for annual financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period unaudited condensed consolidated financial statements to conform to the current period presentation. The reclassifications have no impact on previously reported net income, cash flow, or equity.
Significant Accounting Policies	Significant Accounting Policies Except as described below, there have been no material changes to the Company’s significant accounting policies previously disclosed in the 2014 Report. (a) Share repurchases: Share repurchases are accounted for under the cost method. Any repurchased shares are constructively retired and are deducted from common stock at par value and from accumulated deficit for the excess of cash paid over par value. Direct costs incurred to acquire the shares are included in the total cost of the repurchased shares
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2014, the FASB issued guidance that changes the criteria for reporting discontinued operations. To qualify as a discontinued operation under the amended guidance, a component or group of components of an entity that has been disposed of or is classified as held for sale must represent a strategic shift that has or will have a major effect on the entity's operations and financial results. These changes became effective for the Company on January 1, 2015. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements . In May 2014, the FASB issued guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. This guidance requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. This guidance become s effective for the Company on January 1, 2018 , and early adoption is permitted for the Company beginning on January 1, 2017 . Management is currently evaluating the potential impact of this guidance on the Company’s consolidated financial statements. In August 2014, the Financial Accounting Standards Board ("FASB") issued guidance which requires management of a company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This guidance become s effective for the Company on January 1, 2017, and early adoption is permitted . Management is currently evaluating the potential impact of this guidance on the Company’s consolidated financial statements. In April 2015, the FASB issued guidance on the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than an asset. This guidance become s effective for the Company on January 1, 2016, and early adoption is permitted . Management is currently evaluating the potential impact of this guidance on the Company’s consolidated financial statements. In July 2015, the FASB issued guidance on the simplification for the measurement of inventory. This guidance requires that an entity should measure in scope inventory at the lower of cost and net realizable value. This guidance become s effective for the Company on January 1, 2017, and early adoption is permitted . Management is currently evaluating the potential impact of this guidance on the Company’s consolidated financial statements.

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory [Abstract]
Summary Of Inventory	September 30, 2015 December 31, 2014 Case wine $ $ In-process wine Packaging and bottling supplies Total inventory $ $

Property And Equipment (Tables)

Property And Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Property And Equipment [Abstract]
Summary Of Property And Equipment	Depreciable Lives (in years) September 30, 2015 December 31, 2014 Land and improvements N/A $ $ Buildings and improvements 20 -40 Vineyards and improvements 7 -25 Winery and vineyard equipment 3 -25 Caves 20 -40 Vineyards under development N/A Construction in progress N/A Total Accumulated depreciation and amortization Property and equipment, net $ $ Nine Months Ended September 30, 2015 2014 Depreciation expense (in thousands): Capitalized into inventory Expensed to general and administrative Total depreciation $ $

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Financial Instruments [Abstract]
Schedule Of Available For Sale Securities	Par Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Significant Other Observable Inputs (Level 2) Total Fair Value Measurements September 30, 2015 Certificates of Deposit $ $ $ $ $ $ December 31, 2014 Certificates of Deposit $ $ $ $ $ $

Intangible Assets and Other N21

Intangible Assets and Other Non-Current Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Intangible Assets And Other Non-Current Assets [Abstract]
Summary Of Intangible Assets	Amortizable Lives (in years) September 30, 2015 December 31, 2014 Brand, net of accumulated amortization of $4,461 and $3,688 17 $ $ Distributor relations, net of accumulated amortization of $805 and $666 14 Customer relations, net of accumulated amortization of $1,175 and $971 7 Legacy permits, net of accumulated amortization of $77 and $64 14 Trademark, net of accumulated amortization of $71 and $64 20 Total intangible assets, net $ $ Other non-current assets Total intangible and other non-current assets $ $ Nine Months Ended September 30, Amortization expense (in thousands): 2015 2014 Total amortization expense $ $
Amortization expense for Intangible Assets	Years Remaining: Amortization 2015 $ 2016 2017 2018 2019 Thereafter Total $

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Business Segment Information [Abstract]
Schedule Of Segment Reporting	Three Months Ended September 30, Wholesale Direct to Consumer Other/Non-Allocable Total (in thousands) 2015 2014 2015 2014 2015 2014 2015 2014 Net sales $ $ $ $ $ $ $ $ Cost of sales Gross profit (loss) Operating expenses: Sales and marketing General and administrative - - - - Total operating expenses Net (gain) loss on disposal of property and equipment - - - - Income (loss) from operations $ $ $ $ $ $ $ Nine Months Ended September 30, Wholesale Direct to Consumer Other/Non-Allocable Total (in thousands) 2015 2014 2015 2014 2015 2014 2015 2014 Net sales $ $ $ $ $ $ $ $ Cost of sales Gross profit (loss) Operating expenses: Sales and marketing General and administrative* - - - - Total operating expenses Net (gain) loss on disposal of property and equipment - - - - Income (loss) from operations $ $ $ $ $ $ $ $ Footnote to table: Sales are net of excise taxes of $0.3 million and $0.2 million for the three months ended September 30, 2015 and 2014, respectively, and $0.9 million and $0.7 million for the nine months ended September 30, 2015 and 2014, respectively. * The nine months ended September 30, 2014 includes $9,000 paid to Leucadia

Background And Basis Of Prese23

Background And Basis Of Presentation (Details) - shares	Sep. 30, 2015	Dec. 31, 2014
Background And Basis Of Presentation [Abstract]
Shares outstanding	24,418,135	24,458,368

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Inventory [Line Items]
Inventory	$ 58,518	$ 49,593
Case Wine [Member]
Inventory [Line Items]
Inventory	31,915	25,613
In-process Wine [Member]
Inventory [Line Items]
Inventory	26,598	23,630
Packaging And Bottling Supplies [Member]
Inventory [Line Items]
Inventory	$ 5	$ 350

Property And Equipment (Summary

Property And Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 163,633		$ 156,332
Accumulated depreciation and amortization	(51,261)		(47,625)
Property and equipment, net	112,372		108,707
Depreciation capitalized into inventory	3,538	$ 3,418
Depreciation expensed to General and Administrative	841	654
Total Depreciation	4,379	$ 4,072
Land And Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	41,573		41,573
Buildings And Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	48,075		45,259
Vineyards And Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	36,505		35,898
Winery And Vineyard Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,261		25,437
Caves [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,638		5,638
Vineyards Under Development [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,887		1,894
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,694		$ 633
Minimum [Member] | Buildings And Improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	20 years		20 years
Minimum [Member] | Vineyards And Improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	7 years		7 years
Minimum [Member] | Winery And Vineyard Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	3 years		3 years
Minimum [Member] | Caves [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	20 years		20 years
Maximum [Member] | Buildings And Improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	40 years		40 years
Maximum [Member] | Vineyards And Improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	25 years		25 years
Maximum [Member] | Winery And Vineyard Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	25 years		25 years
Maximum [Member] | Caves [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	40 years		40 years

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Nonrecurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity period	3 years

Financial Instruments (Schedule

Financial Instruments (Schedule Of Available For Sale Securities) (Details) - Certificates Of Deposit [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Par Value	$ 16,000	$ 15,750
Amortized Cost	16,000	15,750
Gross Unrealized Gains	20	7
Gross Unrealized Losses	(13)	(46)
Fair Value Measurements	16,007	15,711
Significant Other Observable Inputs (Level 2) [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Measurements	$ 16,007	$ 15,711

Intangible Assets and Other N28

Intangible Assets and Other Non-Current Assets (Summary Of Intangible Assets) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 16,147		$ 17,300
Other non-current assets	286		303
Total amoritzation expense	$ 1,136	$ 1,136	1,136
Brand [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable Lives	17 years
Intangible assets	$ 13,039		13,812
Accumulated amortization	$ 4,461		3,688
Distribution Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable Lives	14 years
Intangible assets	$ 1,795		1,934
Accumulated amortization	$ 805		666
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable Lives	7 years
Intangible assets	$ 725		929
Accumulated amortization	$ 1,175		971
Legacy Permits [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable Lives	14 years
Intangible assets	$ 173		186
Accumulated amortization	77		64
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets	129		136
Accumulated amortization	$ 71		64
Other [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Amortizable Lives	20 years
Intangibles, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 15,861		$ 16,997

Intangible Assets and Other N29

Intangible Assets and Other Non-Current Assets (Amortization expense for Intangible Assets) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Intangible Assets And Other Non-Current Assets [Abstract]
2,015	$ 378
2,016	1,514
2,017	1,514
2,018	1,359
2,019	1,243
Thereafter	9,853
Total	$ 15,861

Due To Leucadia And Its Affil30

Due To Leucadia And Its Affiliates (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014
Due To Leucadia And Its Affiliates [Abstract]
Administrative services fees to Leucadia National Corporation	$ 9,000	$ 9,000

Credit Facilities (Details)

Credit Facilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2015
Line of Credit Facility [Line Items]
Amounts borrowed under revolving credit facility		$ 0
Material charges	$ 0
Revolving Credit Facility A [Member]
Line of Credit Facility [Line Items]
Credit facility borrowing capacity		10,000,000
Revolving Credit Facility B [Member]
Line of Credit Facility [Line Items]
Credit facility borrowing capacity		$ 50,000,000

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($) $ in Millions	9 Months Ended	10 Months Ended
	Sep. 30, 2015	Nov. 06, 2015	Mar. 31, 2014
Equity, Class of Treasury Stock [Line Items]
Share repurchase program amount authorized			$ 2
repurchases shares retired	40,233
Shares retired repurchase cost	$ 0.4
Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased		81,148
Shares repurchased cost		$ 0.7

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes [Abstract]
Effective tax rate	43.00%	46.60%	38.90%	41.30%

Business Segment Information (N

Business Segment Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015segment
Business Segment Information [Abstract]
Number of Operating Segments	2

Business Segment Information (S

Business Segment Information (Schedule Of Segment Reporting) (Details) - USD ($)		3 Months Ended		9 Months Ended				12 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014
Segment Reporting Information [Line Items]
Net sales		$ 14,023,000	$ 12,844,000	$ 42,531,000		$ 40,412,000
Cost of Revenue		7,063,000	5,904,000	19,801,000		18,273,000
Gross profit (loss)		6,960,000	6,940,000	22,730,000		22,139,000
Sales and marketing		3,570,000	3,188,000	10,143,000		9,780,000
General and Administrative Expense		2,553,000	2,336,000	7,744,000	[1]	7,253,000
General and administration expense including fee	[1]					7,262,000
Operating Expenses		6,123,000	5,524,000	17,887,000		17,042,000
Net (gain)/loss on disposal of property and equipment		7,000	(44,000)	(93,000)		(1,864,000)
Income (loss) from operations		830,000	1,460,000	4,936,000		6,961,000
Excise taxes		300,000	200,000	900,000		700,000
National Corporation						9,000		$ 9,000
Wholesale [Member]
Segment Reporting Information [Line Items]
Net sales		8,464,000	7,450,000	25,411,000		24,228,000
Cost of Revenue		4,340,000	3,725,000	12,946,000		12,212,000
Gross profit (loss)		4,124,000	3,725,000	12,465,000		12,016,000
Sales and marketing		1,442,000	1,426,000	4,229,000		4,254,000
Operating Expenses		1,442,000	1,426,000	4,229,000		4,254,000
Income (loss) from operations		2,682,000	2,299,000	8,236,000		7,762,000
Direct to Consumer [Member]
Segment Reporting Information [Line Items]
Net sales		4,301,000	4,280,000	14,617,000		13,728,000
Cost of Revenue		1,111,000	1,193,000	3,989,000		4,143,000
Gross profit (loss)		3,190,000	3,087,000	10,628,000		9,585,000
Sales and marketing		1,583,000	1,280,000	4,425,000		4,129,000
Operating Expenses		1,583,000	1,280,000	4,425,000		4,129,000
Income (loss) from operations		1,607,000	1,807,000	6,203,000		5,456,000
Other/Non-allocable [Member]
Segment Reporting Information [Line Items]
Net sales		1,258,000	1,114,000	2,503,000		2,456,000
Cost of Revenue		1,612,000	986,000	2,866,000		1,918,000
Gross profit (loss)		(354,000)	128,000	(363,000)		538,000
Sales and marketing		545,000	482,000	1,489,000		1,397,000
General and Administrative Expense		2,553,000	2,336,000	7,744,000	[1]	7,262,000	[1]
Operating Expenses		3,098,000	2,818,000	9,233,000		8,659,000
Net (gain)/loss on disposal of property and equipment		7,000	(44,000)	(93,000)		(1,864,000)
Income (loss) from operations		$ (3,459,000)	$ (2,646,000)	$ (9,503,000)		$ (6,257,000)
[1]	The nine months ended September 30, 2014 includes $9,000 paid to Leucadia for administrative services.