Agland reports earnings at annual meeting
October 25, 2011
More than 200 Agland, Inc. members attended the company’s annual meeting Thursday evening at the University of Northern Colorado Ballrooms, at which time the farmer-owned cooperative’s annual earnings were announced.
As stated at the meeting, Agland ended the 2010-11 fiscal year in June with gross sales of $184.6 million with net earnings of $3.6 million. The company returned to its members $612,993 in cash, $753,596 in preferred stock and $2.2 million was in retained earnings.
Member equity and retained earnings continued to grow and finished the year at $36.4 million and $27.7 million, respectively.
“With the support of the Agland membership, we feel very confident that Agland will continue forward as an essential business in the agricultural economy of northern Colorado,” said Lanny Cook, chairman of Agland’s board of directors. “While this has been a time of great challenges, we look forward to riding the wave that is agriculture and look to the future to seize all opportunities.”
Mitch Anderson, Agland’s CEO, reported that the recent fiscal year for Agland was a source of pride and that Agland remained a viable and strong business in northern Colorado while many other business sectors have struggled during a tough economy.