AGRIS Co-operative Ltd.

AGRIS Co-operative Ltd.

January 15, 2013 13:09 ET

AGRIS Co-Operative Returns Record $1,091,000 to Its Farmer-Owners

CHATHAM, ONTARIO--(Marketwire - Jan. 15, 2013) - A record net income before tax of $4.1 million for 2012 was reported by Larry Pajot, AGRIS Co-operative Ltd. board president to the co-operatives shareholders at its annual meeting held at Club Lentinas, in Chatham.

Based on these results, Pajot announced that the board of directors has declared a patronage of $1,091,000 to be returned to owners, one third in cash and the balance in stock.

"Just as important, we added $2.2 million into retained earnings," said Pajot. "This puts our retained earnings to $12.5 million and overall owner entitlement at $10 million. I am pleased to report that your co-operatives balance sheet is solid and positioned well for future growth and opportunity," added Pajot.

In his year-end report Jim Campbell, AGRIS Co-operative general manager told owners that receipts in all areas for AGRIS were very strong in creating record sales for most categories. Overall business for the year ending August 31, 2012 for AGRIS was $217 million, including full joint venture petroleum sales and AGRIS area grain purchases by Great Lakes Grain representing an increase of $36 million over 2011. "This sales increase was due to increased unit sales in fertilizer, seed and higher grain volumes handled along with higher prices in all commodities," said Campbell.

The election of five directors for the co-operative was held and elected to a three-year term were John Sauve from Cottam, Ray Simard from Maidstone, David Sherman from Thamesville, Jim Anderson from Kent Bridge and Scott McGeachy from Chatham. The board of directors met immediately after the meeting and conducted the election of officers. The following were elected; as president - Jim Maw from Mooretown, vice-president - Larry Pajot from Windsor and secretary - Paul Repko from Kingsville.

Eddie Sauve a Cottam area university student, presented owners a review of his recent trip to Ghana this past summer which was sponsored by AGRIS Co-operative. Eddie was one of ten volunteers selected to participate in the creation of an international development plan and help implement it. Owners also heard presentations made by students sponsored by AGRIS Co-operative to the Co-operative Young Leaders camp this past summer. They were Samantha Vink, Emma Anger, Abbey Anger, Sarah MacDonald and Ashley Sauve.

GROWMARK Ontario region manager, Claude Gauthier recognized AGRIS Co-operative's Board of Directors for its commitment to director training and development. Stan Towers was presented his certificate for completion of the Certified Director program. Thirteen of the AGRIS directors have now completed this personal development program. Kym Fysh, regional director for GROWMARK, gave an informative presentation on the history of the GROWMARK System and its continued successful growth throughout Ontario and the United States.

AGRIS Co-operative Ltd. is a one-hundred-per-cent farmer-owned grain marketing and farm-input supply company that serves 1,200 farmer owners in 14 locations in Essex, Kent, Elgin, Middlesex and Lambton Counties. It is a leader in precision farming technology, seed, agronomy and petroleum services. The co-operative is a partner of Great Lakes Grain, a grain merchandising company. AGRIS Co-operative is a member-owner of GROWMARK, Inc. and markets products
and services under the FS banner.

Visit http://www.agris.coop and www.fssystem.com for more information.

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