MaxYield Cooperative Announces Fiscal Year Results
WEST BEND MaxYield Cooperative recently announced their fiscal results, for the year ending July 31, 2016.
“We began discussing a tighter business climate in early 2014 and cooperatives, our members and the ag industry as a whole have been challenged financially during the last fiscal year,” stated MaxYield CEO Keith Heim.
“Revenues were down this year due to decreased grain margins, and reduced farmer spending. The effects of the Avian Flu outbreak on revenue for our subsidiary GE-Max Nutrients LLC and the conclusion of our grain origination agreement with Green Plains Renewable Energy also contributed to less local earnings in 2016,” Heim said.
MaxYield Cooperative achieved Local Savings from Operations for the 2015-2016 fiscal year of $240,105. Patronage from other cooperatives totaled over $4.6 million. This combination of earnings resulted in a level of pre-tax Total Savings for MaxYield of $4.9 million.
Heim also noted that even though the fiscal year was challenging, the cooperative continues to have a strong balance sheet. “Though we added term debt to complete the purchase of seven new locations, we have added over $4.0 million to working capital in 2016. MaxYield also increased our retained savings, which now totals over $42.0 million. In 1997, retained savings were $-122,242, so you can see we continue to make progress in strengthening the financial position of MaxYield,” he said.
The cooperative’s annual meeting is slated for December 14, 2016 at the Kossuth County Ag & Motorsports Museum in Algona.
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.