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HARVEST STATES REPORTS '92 RESULTS

 ST. PAUL, Minn., Nov. 17 ~PRNewswire~ -- Harvest States Coopera tives has reported gains in both grain volume and total revenues in fiscal 1992.
 Addressing more than 1,400 annual meeting delegates and guests at the organization's annual meeting in the Convention Center in Portland, Ore., Harvest States President and Chief Executive Officer Allen D. Hanson reported the cooperative's grain volume increased to a record 783 million bushels while total revenues also hit a new high of $3.5 billion. Pre-tax earnings were $36 million, compared with $21 million last year, Hanson said.
 Harvest States is a St. Paul-based grain marketing and food processing cooperative with a membership area extending from the upper Midwest to the Pacific Northwest.
 Other key results included patronage distribution to members totaling $20.7 million, a reduction in long-term debt, an increase in capital reserves and a boost in shareholder equity to $222 million.
 Commenting on the cooperative's strong financial posture, he told cooperative leaders attending the meeting that, "One of the primary reasons we are in this enviable position is because you as members have given Harvest States such strong support."
 The up-and-down cycles of the agricultural commodity business have prompted Harvest States to diversify its operations by expanding its value-added food processing activities and plans are to continue that strategy, Hanson continued.
 In addition, "Harvest States has taken a number of steps internally over the years to improve both service and efficiency," he said. One of the most recent has been the combination of its GTA Feeds Division and Line Division to form the Farm Marketing and Supply Group.
 Other steps the cooperative has taken have included joint ventures with both cooperative and private organizations, Hanson said. Examples include a pet food venture with Farmland Industries and TEMCO, a joint venture in feed grain exports with Continental Grain Company.
 The restructuring taking place in the agricultural industry calls for Harvest States to continue to look at change "from a broad, positive perspective," Hanson noted.
 "I believe the record shows our cooperative system can and does operate successfully when there is a commitment to work closely together. The results of Fiscal 1992 provide the latest example," he said.
 -0- 11~17~92
 ~NOTE: Harvest States will operate a news room at the Portland Convention Center Tuesday and Wednesday, Nov. 17-18, from 9 a.m.- 5 p.m. local time. For further information or radio actualities, please call 503-731-7986 or 7987~
 ~CONTACT: Jim Erickson of Harvest States, 503-731-7986 or 7987 (page him)~


CO: Harvest States Cooperatives ST: Minnesota IN: SU:

KH -- MN021 -- 2101 11~17~92 18:06 EST
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Date:Nov 17, 1992
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