California wineries feel more optimistic about their industry this year, according to data recently collected by the Graduate School of Management at UC Davis. "Virtually everyone expects their earnings to increase even though wine executives expect lower prices," according to Bob Smiley, dean of the business school and a wine economist. "The wineries that are the most profitable are making wines at the lower end of the price scale," says Smiley. "However, most of the wineries in California still expect to sell premium wines." Smiley says the wine industry is dividing a relatively small number of consumers who drink premium wines among hundreds of in-state wineries competing with higher-priced wine. In addition, he says, Europe, Latin and South America, Australia, and New Zealand are exporting wine to the United States, which further increases the competition. Smiley will be the keynote speaker at this year's annual Wine Industry Symposium on Friday, Oct. 21, beginning at 8:40 a.m. The two-day meeting of wine executives will begin on Thursday, Oct. 20, at the Luther Burbank Center in Santa Rosa.