Several hundred members and guests attended United Cooperative’s 80th annual meeting April 18 at the Community Center in Juneau.
David Cramer, United Cooperative president and chief executive officer, reported revenues for 2015 were $582 million. United Cooperative’s core cooperative businesses of feed, grain, agronomy and energy generated $27 million in profits, up $2.1 million from 2014.
Patronage from regional cooperatives was virtually unchanged year over year, at $7 million.
The investment United Cooperative made in ethanol contributed $11 million to its net income in 2015, down from the $33.5 million returned the year before.
United Cooperative had a total net income before income taxes in 2015 of $45.5 million. While total net income was down $20 million from 2014, the decline was entirely due to the reduction in earnings of the ethanol investment, which not only had record returns in 2014 but also mirrored the reductions that were experienced across the petroleum industry.
United Cooperative is returning $28 million in total patronage to members. Forty percent of the patronage, or $11.3 million, was distributed in cash to United Cooperative’s patron member owners, while 60 percent, or $16.9 million, was retained in equity credits.
In addition, the cooperative plans to continue to revolve equity in October, retire equity at age 77 and pay all estates as requested.
“While our businesses performed very well in 2015, we also know that to be a valued partner for our members, we need to provide up-to-date facilities in strategic locations,” Cramer said.
United Cooperative acquired AgVentures LLC and Grain Ventures LLC in Coleman, Shawano and Oconto Falls in 2015 and acquired four locations from Archer Daniels Midland in Auroraville (Berlin), Oshkosh, Ripon and Westfield.
Construction began on two state-of-the-art feed mills at Shawano and Wilton. The co-op built a completely new agronomy location in Hillsboro and reorganized and remodeled the hardware store into a larger space at Hillsboro. United Cooperative also finalized plans to build a new grain facility at Westfield and a new fertilizer plant in Auroraville. The facilities are under construction.
“Our 80-year journey does not come without generations of members who value, use and take pride in doing business with their cooperative,” Cramer said.
Incumbent directors winning re-election at the meeting included north district representative Brad Krueger, of Shawano.
Twenty-five employees were recognized by Cramer for their years of outstanding service with United Cooperative. They represented 10, 15, 20, 25, 30 and 40 years of service.
The honorees included area 10-year employees Cori Cornell, United Cooperative Pulaski; Kris Gudgeon, United Cooperative Shawano feed; and Robert Brown, United Cooperative Pulaski agronomy.
In addition, six retirees were honored for their dedication to United Cooperative, including Kevin Sampo, United Cooperative Pulaski shop.
Formed in 1936, United Cooperative is a full-service cooperative offering feed, grain, agronomy and energy products and services to Wisconsin farmers and consumers. Based in Beaver Dam, United Cooperative has locations throughout Wisconsin, including Gresham, Pulaski and Shawano.