United Cooperative reports on 2016 results
BEAVER DAM - United Cooperative held its 81st annual meeting at the Watermark Community Center, Beaver Dam, on April 10.
At the meeting, David Cramer, United Cooperative president and chief executive officer, reported revenues for 2016 were $633 million. United Cooperative’s core cooperative businesses of feed, grain, agronomy and energy generated $25 million in profits, down $2 million from 2015. The investment United Cooperative made in ethanol contributed $14 million to its net income in 2016, up from the $11 million this investment returned the year before. Patronage from regional cooperatives was down one million from 2016, at $6 million dollars.
All combined, United Cooperative had a total net income before income taxes in 2016 of $45.5 million dollars, virtually unchanged from 2015.
With those profitable numbers, United Cooperative is returning $28.7 million in total patronage to members. Forty percent of this patronage, or $11.5 million, will be distributed in cash to United Cooperative’s patron member owners in April, while 60 percent, or $17.2 million, will be retained in equity credits. In addition, the cooperative plans to continue to revolve stock in October, retire stock at age 77 and pay all estates as requested.
“United Cooperative invested millions in cooperative building projects in 2016 to benefit member access and profitability,” Cramer said.
Construction was completed on two feed manufacturing facilities at Wilton and Shawano; on a complete grain receiving and drying system at Westfield; a 1.2-million-bushel storage bin at Rock Springs; a 4,650-ton dry fertilizer plant and a new liquid facility at Auroraville; a 24-hour fuel pumping station at Hillsboro; and a maintenance shop at Hillsboro.
For more information, visit www.unitedcooperative.com.