Agland’s sales are down by earnings remain strong
October 24, 2010
EATON – Agland Inc., despite struggles with the economy, ended its latest fiscal year in excellent shape.
Agland’s corporate headquarters are in Eaton and it is one of the largest farmer-owned cooperatives. With five divisions, it has customers in northern Colorado and parts of Wyoming and Nebraska in the agricultural, commercial and retail markets.
CEO Mitch Anderson told the annual meeting of the member-owned cooperative this week that the cooperative ended its fiscal year with gross sales of about $159.7 million, and even though sales were off the previous year’s pace by about 26 percent, net earnings were almost identical to the previous year’s $3.2 million. That meeting drew about 300 people to the Exhibition Building in Greeley’s Island Grove Regional Park.
Member equity and retained earnings, he said in a news release, continued to grow and finished the year at $33.9 million and $25.4 million, respectively.
“The agricultural sector remains strong providing growth opportunities for Agland in spite of growing and stricter government regulations. Looking back at the last decade, Agland has more than doubled in growth and continues to raise the bar throughout the cooperative community,” Anderson said.
Bill McKay of Eaton is chairman of Agland’s board of directors.
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“Agland must remain fiscally viable so that it can react to change, and it must also be proactive to growth when it is in the best interests of its members,” he said. As an example, he said the addition of a McDonald’s restaurant at its Eaton Convenience Store and the addition of a 600,000-bushel, member-owned condo corn storage in Eaton reflects that focus.
“By looking at what we have endured these last couple of years with the economy and markets, I feel encouraged by the fact that our members continue to help one and another in the cooperative spirit,” McKay said.