BRITT | MaxYield Cooperative held its 104th annual meeting Monday, Dec. 10 at the Britt Community Center.
Board chairman Howard Haas called the meeting to order at 10 a.m.
During the meeting, MaxYield CFO Susan Post discussed the financial results of the cooperative. The audited financial report for the fiscal year ending July 31, 2018 reported local earnings of $1,681,812 with total pre-tax earnings totaling over $4.9 million.
In his remarks to the membership, MaxYield CEO Keith Heim said he was pleased with the cooperative’s fiscal results. “Our year started out with a strong 2017 fall season. A good crop was harvested, we had a good grain drying and propane season and a very respectable fall fertilizer season. This good fall was followed by a more challenging spring and summer in 2018. In spite of those challenges, we have a respectable and positive fiscal year to report to stockholders.”
Heim noted the cooperative continues to have a very strong balance sheet. “MaxYield’s balance sheet has never been stronger. Term debt has decreased by over $4.5 million, member’s equity increased by $5.8 million and we added $3 million to working capital in 2018. MaxYield also increased retained savings, which now totals over $51 million.
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In 1997, retained savings were ($122,242), so you can see we continue to make significant progress in strengthening the financial position of MaxYield. We have been and will continue to focus on enhancing revenue and decreasing expenses in this tight economic environment.”
MaxYield has focused on a balanced financial approach, Heim added. “MaxYield has invested approximately $56 million in facilities and equipment the last seven fiscal years.”
Nominating committee member Allen Kramer of Algona announced the results of the director election. Howard Haas of Algona, Ron Rouse from Curlew and Barry Anderson of Greenville were re-elected to serve three-year terms.
Following the annual meeting, Howard Haas was elected by the board to continue serving as chairman. David Garrelts was elected vice chairman and Eric Marchand will continue to serve as secretary/treasurer.