GROWMARK reports estimated Year-End financial results

GROWMARK officials reported unaudited, estimated results for the fiscal year that ended August 31, 2010 at its Annual General Meeting in Chicago on Aug 27. Senior Vice President of Finance Jeff Solberg announced sales of $6 billion (US) for the 2009-2010 fiscal year. GROWMARK net income is estimated to be $81 million.

“Fiscal 2010 was another good year in a series of good years,” Solberg said. “The result of this strong performance is a very strong balance sheet with a sound equity base built on a substantial layer of retained earnings, which minimizes the stock investment required of members, which is supplemented by a prudent level of long-term debt.”

An estimated $55 million in patronage refunds will be returned to GROWMARK member co-operatives in the co-operative’s Plant Food, Crop Protection, Seed, Energy, and Facility Planning & Supply business units.

“Change has been the strategic theme for this decade,” Solberg said. “More change has occurred in this decade than in any other in our history, and that change has produced record levels of success and profitability for the GROWMARK System.”

For more detail on the estimated year end results for each of the GROWMARK System’s core businesses, visit: http://www.growmark.com/NewsRoom/2010GROWMARKEstimatedFinancials.pdf