AgState Announces Year-End Financial Recap Amidst Seasons of Change
12.11.2024, Cherokee, IA
AgState is proud to reflect on a successful year, despite facing numerous challenges posed by unpredictable weather, lower commodity prices, and personal losses caused by flooding. We persevered together as a cooperative, demonstrating the resilience and strength of our members, employees, and communities.
For the fiscal year, AgState achieved total sales of $950 million with after-tax earnings of $18.1 million. The Board of Directors approved a patronage distribution of $8.3 million, with $2.5 million paid in cash. As part of our commitment to member success, AgState also utilized the Section 199 tax deduction, available to Cooperatives, passing through $7.5 million in tax benefits to members – equating to 9.75 cents per bushel. Additionally, a revolvement of 2012 preferred stock totaling $2.7 million was approved and issued in late October. This brings the total cash returned to members since AgState’s inception to $23,834,415.
The annual Board of Directors election concluded at the Annual Meeting on December 5, welcoming two new directors: Mark Hinkeldey of Alta and Tammy Johnson of the Marcus area. Incumbent directors Steve Recker of Paullina and Jim Wagner of Primghar retained their seats.
“This year tested our resolve, yet it also reminded us of the power of community and shared purpose. As we look forward to the coming year, AgState remains steadfast in its commitment to serving members and supporting their operations with integrity and excellence. We sincerely thank you for your trust and business this past year. Together, we weather all seasons of change.” shared David Dean, Board President.
About AgState
AgState is a locally owned and governed cooperative with 400 full and part-time employees across 35 locations in Northwest Iowa. AgState is committed to providing quality products and services to local producers in agronomy, energy, grain and feed while upholding our core values of Respect, Integrity, Safety, and Excellence (RISE). We strive to help producers prosper by passionately advancing sustainable solutions for the success of our customers, communities and employee team. For more information about AgState, visit agstate.org.
Media Contact:
Kate Rinehart, Marketing Leader
AgState
krinehart@agstate.org