GROWMARK reports audited year-end financial results

GROWMARK reports audited year-end financial results

Monday, October 27, 2014 — [Bloomington, Illinois] - GROWMARK reported audited financial results for the year ended August 31, 2014, with FY2014 ranking among the top five income years in company history. Volume records in agronomy and energy products coupled with significant investments in information management technology and infrastructure improvements were highlights in the year’s success.

Marshall Bohbrink, vice president and chief financial officer, reported record sales of $10.4 billion; consolidated pretax income of $194 million; and total patronage in the amount of $112 million will be returned to GROWMARK member-owners.

“GROWMARK is in extremely strong financial condition and we are well positioned in the event the Ag economy is more challenging in the next few years,” said Bohbrink.

 Key highlights of FY2014 operational results include:

  • GROWMARK Energy reported record fuel volume with an increase in gasoline and distillate sales of 11% and an increase of 29 percent in propane gallons.
  • GROWMARK Agronomy reported record plant food volume with an overall increase of 6 percent.  Seed reported record seed corn unit sales, which increased 11 percent, along with a 15 percent increase in soybean units.
  • GROWMARK Grain reported a 32 percent increase in grain volume for FY 2014. 
  • GROWMARK continued to emphasize significant investments in energy and plant food terminals, grain systems, and other assets all designed to improve efficiency and support customers.

“GROWMARK has continued to invest in progressive technologies and infrastructure across our grain, energy, and agronomy businesses,” said CEO Jim Spradlin. “This allows us to accelerate growth in partnership with our customers.” 

 

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Cassie Becker GROWMARK Publications & Media Relations Specialist