All Points sales reach all-time high
Despite a second elevator explosion in December of 2010, sales at All Points Cooperative rose to an all-time high of nearly $218 million.
“We could have never imagined a record-breaking year facing the elevator rebuild and market and supply volatility along with the completion of construction on the Farnam grain facilities,” said All Points general manager Ed Foster.
Foster and others spoke at the annual All Points stockholder meeting Monday at the Holiday Inn Express in Lexington.
He described the fall harvest as perhaps the smoothest and quickest for the cooperative since the start of renovations five years ago.
Unfortunately those upgrades were interrupted by two elevator explosions, the first which happened in November of 2008.
“We’d almost forgotten what it was like to have a great facility to meet the needs of a normal harvest,” Foster said, noting that rail cars were available and ground piles of corn retrieved before Christmas.
During the financial report, Brandon Stevenson of Stevenson & Associates in Lincoln, said assets—at the end of fiscal year 2011—totalled $88,291,278 million compared to $84,739,939 in 2010 and $63,479,076 in 2009.
Stevenson congratulated the board and management team for setting a record for bushels marketed—114,569,044 compared to $67,528,571 in 2010—despite the elevator explosion.
All Points stockholders will have more in their pockets as a record of $3.9 million will be refunded in patronage.
Patronage is end-of-the-year earnings for the cooperative, divided into petroleum, fertilizer and grain, that is returned in patronage—in both cash and equity—to buyers of All Points goods.
That amount compares to $2.7 million in 2010 and $3.8 million in 2009.
Board chairman Don Anthony announced he was stepping down as chair but wanted to continue to serve on the board.
He congratulated stockholders on a great year, describing it as more fun than in 2010 with the elevator explosion, and noted that the more the cooperative does together, they better stockholders do.
Re-elected to the board, as at-large members, were Seth Gruber, Ed Oberg and Bruce Rickertsen.
Other highlights include:
learning that the cooperative will invest $6 million in such things as rolling stock, from spray machines to trucks; upgrade dry fertilizer space (a new one with availability of 6,900 tons should be operating by the end of March); and build more storage for liquid fertilizer.
hearing an announcement that construction of a grain-shuttle loading facility on the Burlington Northern Railroad near Ansley, in partnership with the cooperative CHS, is on hold because another grain company is building a facility in the area. Officials want to see if production in the area can support two facilities.
Before the business meeting, Dave Thorell, of KRVN, entertained the group with “Dave of All Trades.”