Minn-Dak celebrates its 40th annual meeting [UPDATED]Published 9:16am Wednesday, December 5, 2012 Updated 11:20am Wednesday, December 5, 2012
Minn-Dak Farmers Cooperative representatives and shareholders convened December 4 at the Holiday Inn in Fargo for the co-op’s 40th annual meeting.
Minn-Dak President and Chief Executive Officer Dave Roche addressed the media at the morning press conference to give an update on the state of the co-op, located in Wahpeton, North Dakota.
“Our fiscal year ended August 31, 2012 resulted in the cooperative delivering about $155 million in payments to our shareholders and growers,” Roche said, adding, “This payment is not ‘profit’ to shareholders, but rather gross revenue, from which the cost of growing, harvesting, and delivering the crop must be deducted before determining profit.”
Roche continued by stating that the payment was a disappointing one for the co-op, and down approximately 14 percent from the prior year. This was due to difficult growing conditions and disappointing yields per acre.