Mondavi Profit Up, Prices Down

California winemaker Robert Mondavi Corp. on Thursday said its fiscal fourth-quarter profit grew as cost-cutting helped make up for lower prices received for its products.

The company, based in Oakville, Calif., said net income in the quarter ended June 30 was $4.3 million, or 26 cents a share, up from $800,000, or 5 cents, in the same period last year.

Results for the latest quarter include $2.4 million, or 9 cents a share, in net charges against earnings, while last year’s fourth quarter included $6.9 million, or 27 cents a share, in net charges.

Excluding those items, the firm earned 35 cents a share in the quarter, matching analysts’ expectations, Reuters Estimates said.

Revenue in the quarter fell 2% to $118.6 million, hurt by a 4% drop in the average price per case of wine sold.

The company left intact its forecast for fiscal 2005 earnings of $1.80 to $2 a share, and sales volume and revenue growth of 2% to 4%.

Analysts, on average, expected full-year earnings of $1.89 a share.