HARVEST STATES REPORTS FISCAL RESULTS
HARVEST STATES REPORTS FISCAL RESULTS ST. PAUL, Minn., Nov. 19 /PRNewswire/ -- Results from Harvest States
Cooperatives' fiscal year 1991 underscore the continuing financial health of the organization, according to President and CEO Allen D. Hanson. Reporting to the annual meeting in St. Paul, Hanson told the approximately 1,500 delegates and visitors that "the year-end performance of your regional cooperative reflects the strengths of the entire cooperative grain network.
"The 1991 figures also reflect a difficult year in the bulk commodities industry," according to Hanson. Results include a record grain handle of 740 million bushels and total revenues of $3.0 billion. Despite that strong showing however, pre-tax earnings were $21 million, down from the previous year's $30 million. Other results reported by Hanson included $14.3 million in patronage for member-owners, year-end working capital at $67 million, up $4 million from the previous year and a debt to equity ratio that improved to 24 percent. While the entire industry continued to undergo restructuring, Harvest States worked to develop new relationships in additional markets and to keep lines of communication open to customers who were unable to buy due to the Gulf War or credit problems. At the same time, Harvest States reduced its long-term debt to $49 million and the capital reserve was increased to $28 million. Total equity rose to $200 million. Capital spending during the year for property, plant and equipment went for additions, predominantly health and safety improvements. Hanson also listed some of the challenges the cooperative faces in the long and short term, including: -- A worldwide surplus of grain; -- Highly subsidized export programs of other countries; -- Finding a long-term replacement for USDA's Export Enhancement Programs. In closing, Hanson emphasized to Harvest States member-owners the importance of their continued commitment and support to the cooperative way of doing business. "If Harvest States is to continue the kind of strength I've reported to you this morning, it needs the continued support and patronage of all its members," Hanson said. Referring to the annual meeting theme, Hanson concluded, "Working together we can keep Harvest States Cooperatives strong and growing into the future. We are truly Partners in Excellence." -0- 11/19/91 /CONTACT: Mark S. Johnson of Harvest States Cooperatives, 612-641-6360/ CO: Harvest States Cooperatives ST: Minnesota IN: SU: ERN JS -- MN001 -- 4890 11/19/91 11:03 EST
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|Date:||Nov 19, 1991|
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