Growmark officials reported a record $4.2 billion in sales for the past fiscal year, ending Aug 31. The regional cooperative's net income is estimated to be $134 million, also an all-time record.
"Our wholesale businesses that provide seed, plant food, crop protection products, grain systems, and energy products and services, all produced strong results," Vice President of Finance Jeff Solberg said. Growmark's retail business units now comprise over $1 billion, or 25%, of sales."
More than $92 million in patronage refunds will be returned to Growmark member cooperatives it was announced at the co-operative's annual meeting in Chicago. "This is the first time in nearly three decades that we have distributed patronage refunds from all of our major product divisions," said Solberg. "It will be the largest amount of cash returned to members in the history of the Growmark System," he said.
The Energy Division posted its fourth consecutive record gross income, estimated at $130 million, up $30 million over 2006.
Despite a 10% drop in soybean sales, Growmark's overall seed sales in 2007 were a record $160 million - 25% higher than a year ago. Total seed corn sales of 750,000 units were 50% higher due to an increase in corn acres and more market share.