360 Global Wines, which owns Viansa Winery & Italian Marketplace in Sonoma County, recently reported a loss of $24.2 million for the first six months of the calendar year, and at the same time announced it had divested its half-interest in Kirkland Ranch Winery on Jamieson Canyon Road.

Jake Shapiro, the company’s CEO, called the Register to explain how a company could lose that much money when the revenues totaled only about $8 million.

He said the losses reported were almost all non-cash and are the result of accounting treatments related to a public company. These included stock transactions relating to compensation of employees, directors and consultants, and marketing sponsorships.

“The numbers are more confusing than illuminating,” he said. He added that Viansa, which is currently the company’s only holding, now is more profitable than under the previous management.

For the six months ended June 30, 2006, records show gross profit was approximately $3.1 million as compared to the gross profit of $204,000 for the six months ended June 30, 2005. He said second quarter revenues were $4.3 million, compared to $84,000 for the same period last year, and six month revenues were $8 million, vs. $244,000 in 2005. The increase in revenue was attributed to the Viansa acquisition.

The company is planning an aggressive marketing program. “We’re launching the wine in the top 20 markets in the United States,” he said. Previously the wine was sold only at the winery.

Shapiro brought in Jay Essa, formerly vice president of sales and marketing for Golden State Vintners, as executive vice president of sales and marketing and general manager of Viansa, and Ron Goss, who was premium winemaker at Foster’s Wine Estates and an associate winemaker at Beringer, as director of winemaking.

He said the company is looking at other potential acquisitions in Napa and Sonoma counties, searching for wineries that can benefit from Viansa’s expanded distribution and its experience in wine clubs. “We ship 15,000 to 20,000 packages every month,” he said, referring to the seven different wine and food clubs operated by Viansa. 360 Global purchased Viansa in 2005 and, as a result of a $20 million loan guarantee in 2004, held a half-interest in Kirkland Ranch.

In discussing the Kirkland Ranch situation, Shapiro stressed that 360 Global was not the guarantor of the loan, not the borrower. The loan was held by Metropolitan Life, and Kirkland Ranch defaulted. 360 Global then divested itself of its interest in Kirkland Ranch.