ST. PAUL, Minn., Feb. 2, 2012 /PRNewswire/ -- Farmers, ranchers and cooperatives across the United States will share in a record $421 million disbursement from CHS Inc. (NASDAQ: CHSCP), the nation's leading agricultural co-op, marking the largest cash return ever by a U.S. cooperative.
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"This cash distribution represents the value of being a cooperative owner and customer," said Jerry Hasnedl, CHS board chairman and a St. Hilaire, Minn., farmer. "Not only do member cooperatives and producers have access to competitive CHS products, crop marketing and business services throughout the year, they also share in our profits. This allows them to invest in the future of their local businesses, farms and ranches, and rural communities."
The cash return to owners is based on record CHS net income of $961.4 million for the fiscal year ending Aug. 31, 2011.
The distribution beginning this month to 1,060 member cooperatives and 45,500 individual members and others includes cash patronage paid on their fiscal 2011 business with CHS. CHS is also distributing to member cooperatives cash as redemption of equity in the company they earned in prior years. In addition, CHS will redeem equities of eligible individual members throughout 2012 and will also pay quarterly dividends to owners of CHS preferred stock.
Since its creation in 1998, CHS has returned more than $2.5 billion in cash to its agricultural producer and member cooperative owners.
Patronage is based on business done with CHS by member-owner cooperatives and individual farmers and ranchers during fiscal 2011, while equity redemptions and preferred stock distributions represent retirement of ownership in CHS earned in past years. Distributions by state were:
State |
# Checks to member co-ops and individuals |
Total cash patronage and equity redemptions |
Alabama |
9 |
$224,400 |
Alaska |
9 |
$23,800 |
Arizona |
69 |
$53,000 |
Arkansas |
29 |
$2.8 million |
California |
214 |
$202,600 |
Colorado |
2,041 |
$8.2 million |
Connecticut |
7 |
$2,455 |
Delaware |
2 |
$209 |
Florida |
37 |
$22,900 |
Georgia |
13 |
$8,400 |
Hawaii |
4 |
$1,800 |
Idaho |
1,483 |
$5.9 million |
Illinois |
389 |
$3.2 million |
Indiana |
142 |
$3.5 million |
Iowa |
1,112 |
$29.5 million |
Kansas |
1,568 |
$23.4 million |
Kentucky |
3 |
$338,313 |
Louisiana |
12 |
$24,400 |
Maine |
1 |
$1,265 |
Maryland |
12 |
$5,700 |
Massachusetts |
7 |
$3,430 |
Michigan |
27 |
$436,000 |
Minnesota |
12,369 |
$93.3 million |
Mississippi |
30 |
$404,500 |
Missouri |
103 |
$2.9 million |
Montana |
5,392 |
$18.7 million |
Nebraska |
2,963 |
$21.3 million |
Nevada |
13 |
$22,300 |
New Hampshire |
1 |
$950 |
New Jersey |
1 |
$953 |
New Mexico |
26 |
$13,600 |
New York |
6 |
$8,000 |
North Carolina |
18 |
$7,400 |
North Dakota |
8,697 |
$72.3 million |
Ohio |
36 |
$2.7 million |
Oklahoma |
629 |
$3.9 million |
Oregon |
205 |
$5.6 million |
Pennsylvania |
2 |
$190 |
South Carolina |
5 |
$1,535 |
South Dakota |
7,010 |
$32.4 million |
Tennessee |
16 |
$633,000 |
Texas |
738 |
$3.0 million |
Utah |
21 |
$240,400 |
Virginia |
24 |
$26,500 |
Washington |
2,055 |
$9.8 million |
West Virginia |
1 |
$751 |
Wisconsin |
468 |
$36.2 million |
Wyoming |
55 |
$1.6 million |
CHS Inc. (www.chsinc.com) is the nation's leading cooperative, owned by farmers, ranchers and co-ops across the United States. A diversified energy, grains and foods business and a Fortune 100 company, CHS is committed to providing the essential resources that enrich lives around the world. CHS supplies energy, crop nutrients, grain, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products. CHS preferred stock is listed on the NASDAQ at CHSCP.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2011, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
SOURCE CHS Inc.
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