January 26, 2020

Annual Meeting Held for MaxYield Cooperative

In addition to detailing MaxYield’s positive local and total returns in 2019, CEO Keith Heim reviewed the cooperative’s commitment to further investments, including this grain storage expansion project in Britt, IA at their annual meeting held December 12.

WEST BEND, IA – MaxYield Cooperative® held its 105th annual meeting Monday, December 12 at the Kossuth County Ag & Motorsports Museum in Algona, 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, 2019 reported local earnings of $1,790,071 with total pre-tax earnings totaling $7.4 million. Both earnings levels were greater than the prior fiscal year.

In his remarks to the membership, MaxYield CEO Keith Heim stated he was pleased with the cooperative’s fiscal results. “I’m also pleased to report that each department at MaxYield contributed positively to these earnings,” he said.

Heim noted that the cooperative continues to have a very strong balance sheet. “Term debt has decreased by over $4.8 million, member’s equity increased by more than $3.6 million and we added over $2.5 million to working capital in 2019. MaxYield also increased retained savings, which now totals nearly $59 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.”

Both Heim and board chairman Haas emphasized that MaxYield continues to invest in the company. “In January 2019 we purchased property near Britt that included three warehouse buildings totaling 17,000 square feet of space, real estate and seed treating and bulk seed storage tanks. Among other capital expenditures, we’ve also committed to building additional grain storage space in Britt and Belmond in 2020,” Heim noted.

Heim went on to say that MaxYield expanded its footprint in 2019. “On August 1st MaxYield and Standard Nutrition Services entered into a joint venture where we will be handling the grain purchasing, grain accounting and risk management at their newly acquired feed mill east of Waverly, IA. Since 1995, MaxYield has provided grain procurement and risk management services to feed mills and end-users, including Kerber Milling in Emmetsburg which is now owned by Standard Nutrition.”

Nominating committee member Rich Harves of Dickens announced the results of the director election. Eric Marchand of Britt was reelected and Greg Guenther from Algona and Don Salton of Dickens were elected to serve three year terms on the board of directors.

Following the annual meeting, Howard Haas was nominated by the board to continue serving as chairman. David Garrelts and Eric Marchand will continue to serve as vice chairman and secretary/treasurer, respectively.

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 25 locations and three Cenex convenience stores in Iowa. MaxYield also provides grain origination and accounting services for three Iowa feed mills. For more information, visit MaxYield online at www.MaxYieldCoop.com or www.FromtheField.com.

 

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