Co-op Elevator continues physical, fiscal growth
By GABLE RHOADS
The news was good for Co-op Elevator of McClusky shareholder’s at their annual meeting at the McClusky City Hall.
Mark Englehart of Eide Bailey presented the financial report for fiscal year 2014. He reported assets had increased to $12.7 million. This included $1 million in grain inventory, $1 million in receivables, and $3 million in cash on hand at the end of the year.
Sales were up slightly to $37.5 million. Englehart said the Co-op Elevator was in the minority of grain elevators who saw an increase in sales the past year.
Net income as a percentage of sales were down a bit, but the ratio was still good.
Administration expenses were also up, but were still at a good percentage. "As your business grows, your expenses grow," Englehart remarked.
Grain receipts were also down, from 1,000,000 bushels in 2013 to 2014 in approximately 800,000 bushels in 2014.
Allan Laib asked if dividends or shares were going to be retired. Englehart referred him to the board.