October 23, 2018

103rd Annual Meeting Held

MaxYield Cooperative® held its 103rd annual meeting Wednesday, December 13th at the Clay County Regional Events Center in Spencer, IA.

Board chairman Howard Haas called the meeting to order at 10:00 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, 2017 reported local earnings of ($1,258,390) with total pre-tax earnings totaling over $3 million.

In his remarks to the membership, MaxYield CEO Keith Heim commented on the tight ag economic environment and its effect on the cooperative’s financials.  “Local earnings were lower this year due to decreased margins and reduced farmer spending. Corn margins were limited in 2017 due to minimal board carries and basis that remained flat throughout the fiscal year. Our interest expense came in higher than expected, also.”

Heim noted that even though the fiscal year was challenging, the cooperative continues to have a very strong balance sheet. “It seems counter-intuitive to say, coming off a difficult earnings year, however, the balance sheet at MaxYield has never been stronger. Term debt has decreased by over $3.1 million, member’s equity increased and we added $2.4 million to working capital in 2017. MaxYield also increased retained savings, which now totals over $45.0 million. 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,” he added.

MaxYield has focused on a balanced financial approach, Heim added. “MaxYield has invested approximately $41.6 million in facilities and equipment since 2008 including $3 million in fiscal 2017. In that same time period, we have paid out over $12 million in cash to members through a combination of cash patronage on current year’s earnings and retirement of previously issued preferred stock.”

Board member Barry Anderson of Greenville announced the results of the director election. James Black of Algona, David Garrelts from Emmetsburg and Don Hejlik of Britt were reelected 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.

About MaxYield Cooperative

MaxYield Cooperative is a member-owned, diversified agricultural cooperative founded in 1915 and is headquartered in West Bend, IA. The cooperative has 24 locations and three Cenex convenience stores in Iowa. MaxYield also provides grain origination and accounting services for two Iowa feed mills. For more information, visit MaxYield online at www.MaxYieldCoop.com or www.FromtheField.com.

 

 

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