Farmers Cooperative Elevator Association made money in the 2012 crop year, co-op members learned Thursday during the organization’s 57th annual meeting.
Greg Methvin, board president, announced that the co-op was issuing $441,103 in cash dividends and retiring $258,897 in stock.
The co-op distributed $106,974 in cash dividends a year ago.
Accountant Rita Moseley told 240 people at the meeting that the cooperative had total assets of $11,765,505 for the 2012-13 budget year, up from $7,609,141 the previous year.
The business generated total sales of $36.43 million, up from $19.45 million the year before.
Net income before taxes totaled $732,834, compared to a a negative $37,971 the year before.
Mrs. Moseley said the business also had $2.4 million in working capital.
‘That’s a really good thing to have,’ she said. ‘Your co-op had an excellent year.’