About 200 eligible patrons of Cenex Harvest States, McVille, N.D., will share in the distribution of $433,000 in cash patronage and equity redemptions during 2011 based on business they've conducted with the company.
"We're extremely proud that we can provide this tremendous return to our customers and owners," says Steve Danielson, general manager. "This ability to provide a return on their investment, as well as reinvest in the future of a business they own, is one of real advantages of being associated with a cooperative like CHS McVille on the local level, as well as with the larger CHS Inc. system."
During 2011, CHS McVille will allocate a total $1.1 million in patronage dividends to its eligible customers based on business done Sept. 1, 2009 – Aug. 31, 2010, of which $433,000 million is being paid out in cash.
CHS expects to return up to $231 million during its fiscal 2011 in cash patronage, equity redemptions and dividends paid on preferred stock to more than 1,100 eligible cooperatives and nearly 44,000 individuals in 50 states.
This marks the fifth consecutive year of significant returns to CHS owners. CHS net income for its fiscal year ending Aug. 31 was $502.2 million. Patronage is based on business done with CHS during fiscal 2010, while equity redemptions represent retirement of ownership in CHS earned in past years.
Since it was established in 1998, CHS has returned more than $2 billion in cash to its owners.