CRI reports milestone year
At the Cooperative Resources International (CRI) annual meeting, Jan. 26-27 in Bloomington, MN, chairman John Ruedinger detailed the state of the cooperative to member-elected representatives of CRI subsidiaries AgSource Cooperative Services and Genex Cooperative, Inc.
Ruedinger, a dairy producer from Van Dyne, spoke of the success achieved since the formation of CRI. 'We were a $32 million cooperative in 1993. Through growth, diversification and creating a worldwide presence, CRI has advanced to over $200 million in sales for 2015. The most significant diversification move and explicit commitment to research took place two years ago with the purchase of MOFA Global.'
He went on to explain the importance of delegates to the cooperative's development. 'Strategic growth goes well beyond operational activities. This cooperative is moving forward through delegate and director involvement. As a cooperative business, we have made it a priority to listen to member-elected delegates in a way that enables them to bring recommendations to the board and management.'
During the financial report, chief financial officer Dave Mellinger reaffirmed the success of CRI. He reported total consolidated revenue for the fiscal year ending September 30, 2015, increased to $202,116,722, which marked a new milestone. In addition, debt reduction was significant and EBITDA improved over the prior year. Mellinger also announced a five-year loan agreement with JPMorgan Chase.
In his report, Mellinger noted both challenges and accomplishments during the year. Obstacles like poor weather conditions hampered AgSource fall soil testing and the strong U.S. dollar impacted international marketing, yet Genex achieved record sales volume and the CRI-owned international businesses in Brazil, Mexico, South Africa and Canada performed well. In addition, inventories and accounts receivables were controlled.
'Yet,' as Mellinger indicated, 'even higher performance is needed as CRI meets its mission of being the global leader delivering excellence, innovation and value to members and customers as a strong cooperative.'
In closing, Ruedinger shared, 'Your boards of directors and management teams have set the bar high to bring about positive changes that will continue to allow CRI to be the world leader in production agriculture. The main business structures within CRI are growing and adding tremendous value to the overall needs of today's agriculture producers.'
Cooperative Resources International (CRI), headquartered in Shawano, is the global leader in delivering excellence, innovation and value to members and customers. Built from organizations dating back to the 1920s, CRI and its subsidiaries — AgSource Cooperative Services, Genex Cooperative, Inc. and MOFA Global — encompass more than 1,500 employees dedicated to meeting the needs of individuals linked to the land through plant and animal production. Learn more at www.crinet.com.