ST. PAUL, Minn., Feb. 4, 2013 /PRNewswire/ -- Farmers, ranchers and cooperatives across the United States will share in a record estimated $600 million disbursement from CHS Inc. (NASDAQ: CHSCP), an energy, grains and foods company and the nation's leading agricultural co-op. The payments mark the largest cash return ever made by a U.S. cooperative.
"One of the most important ways we help our producer and co-op owners grow is by delivering an economic return on the business they do with us," said David Bielenberg, CHS board chairman and a Silverton, Ore., farmer. "This – along with the quality energy and crop inputs, crop marketing and services we provide year-around – underscores the added value of being a cooperative system owner and customer."
The cash return to owners is based on record CHS net income of $1.26 billion for the fiscal year ending Aug. 31, 2012.
The distribution beginning this month to nearly 1,200 member cooperatives and nearly 50,000 individual members and others includes cash patronage paid based on their fiscal 2012 business with CHS. CHS is also distributing cash to member cooperatives to redeem equity in the company they earned in prior years. In addition, CHS will redeem equities of eligible individual members throughout 2013 and will also pay quarterly dividends to owners of CHS preferred stock.
Since its creation in 1998, CHS has returned more than $3.1 billion in cash to its agricultural producer and member cooperative owners, $1 billion of that in the 2012 and 2013 fiscal years.
Patronage is based on business done with CHS by member-owner cooperatives and individual farmers and ranchers during fiscal 2012, 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 |
11 |
$306,000 |
Alaska |
26 |
$15,000 |
Arizona |
226 |
$74,700 |
Arkansas |
63 |
$5.6 million |
California |
457 |
$251,600 |
Colorado |
4,236 |
$14 million |
Connecticut |
7 |
$3,200 |
Delaware |
1 |
$160 |
Florida |
98 |
$54,900 |
Georgia |
25 |
$14,600 |
Hawaii |
6 |
$2,700 |
Idaho |
2,612 |
$9.2 million |
Illinois |
1,254 |
$4.2 million |
Indiana |
157 |
$3.8 million |
Iowa |
2,255 |
$49.3 million |
Kansas |
2,091 |
$38.6 million |
Kentucky |
47 |
$533,000 |
Louisiana |
23 |
$121,000 |
Maine |
5 |
$687 |
Maryland |
48 |
$9,140 |
Massachusetts |
8 |
$3,572 |
Michigan |
2,950 |
$1.6 million |
Minnesota |
24,559 |
$116.3 million |
Mississippi |
46 |
$755,000 |
Missouri |
144 |
$5.3 million |
Montana |
10,213 |
$26.2 million |
Nebraska |
5,333 |
$42.4 million |
Nevada |
65 |
$21,000 |
New Hampshire |
12 |
$2,500 |
New Jersey |
5 |
$1,000 |
New Mexico |
55 |
$23,500 |
New York |
12 |
$9,000 |
North Carolina |
45 |
$7,100 |
North Dakota |
17,594 |
$103.3 million |
Ohio |
57 |
$2.4 million |
Oklahoma |
730 |
$7.6 million |
Oregon |
431 |
$8.8 million |
Pennsylvania |
30 |
$7,000 |
Rhode Island |
2 |
$250 |
South Carolina |
16 |
$4,800 |
South Dakota |
14,622 |
$48.1 million |
Tennessee |
47 |
$901,000 |
Texas |
1,113 |
$5.1 million |
Utah |
26 |
$267,000 |
Virginia |
39 |
$40,600 |
Washington |
3,442 |
$14.7 million |
West Virginia |
1 |
$700 |
Wisconsin |
786 |
$59.1 million |
Wyoming |
224 |
$3.5 million |
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, 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.
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, 2012, 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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