November 12, 2019

We’re Off to a Good Start

The famous painter Vincent Van Gogh noted that “great things are not done on impulse, but by a series of small things brought together.”

That’s true every day at MaxYield Cooperative, and it’s reflected in our fiscal results for the year ending July 31, 2013. It’s rewarding to be able to report a successful year in which:

• Local savings from operations exceeded our business plan projections, with savings totaling more than $4.2 million.

• Patronage from other cooperatives totaled more than $4.9 million. This combination of earnings resulted in a level of pre-tax total savings for MaxYield of more than $9.1 million.

• More than $5.7 million will be returned to members in the form of patronage allocations and Section 199 Domestic Production Activities Deductions.

• MaxYield’s retained savings continue to grow, and our balance sheet continues to strengthen.

In fact, MaxYield’s balance sheet is as strong as it has been at any time in the company’s history. This offers great peace of mind, especially with the tremendous volatility in agriculture today. Strong financials also allow us to capitalize on opportunities while upgrading equipment, facilities, and rolling stock, which remains a priority. Your support makes this success possible.

Thanks a million

I’d also like to thank you for your support of MaxYield’s first preferred stock offering in fiscal year 2013. We raised nearly $1 million ($972,000, to be exact). This is on our balance sheet, which has also strengthened our financial position.

In August of 2013, the MaxYield board declared paying the 5% dividend on the Class A preferred stock shares. The dividend paid was for the period from the time of each individual investor’s subscription date through Aug. 31, 2013.

Going forward, the board will consider a dividend payment on an annual basis. This stock will help MaxYield continue to invest in our facilities, equipment, and rolling stock.

Paying your deferred equity

MaxYield is also pleased to retire nearly $60,000 of Farmers Cooperative of Britt preferred stock from regional cooperatives and more than $205,000 of Fostoria Cooperative Elevator Company preferred stock, per previous merger agreements with those organizations. These payments pay off the remaining applicable Fostoria equity and Britt regional equity due their members. You can read more about this on page 6.

See you at the annual meeting

It’s hard to believe, but MaxYield’s annual meeting is quickly approaching on Dec. 3. Board members seeking re-election include Todd Meyer from Everly (West Region), Jim Wirtz from West Bend (Central Region), and Eric Marchand from Britt (East Region). I look forward to seeing you at the meeting.

In the meantime, MaxYield is off to another strong start in the current fiscal year, thanks to your support. We appreciate your business and look forward to providing you with superior solutions in the months ahead. ■

 

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