GROWMARK, Inc.

GROWMARK, Inc.

September 18, 2013 11:57 ET

GROWMARK Reports Year-End Results

KITCHENER, ONTARIO--(Marketwired - Sept. 18, 2013) - Solid volume growth in GROWMARK business units produced record sales for the co-operative for the 2013 fiscal year, ending August 31.

Jeff Solberg, chief executive officer, reported unaudited, estimated sales of $10.3 billion for FY 2013 at the co-operative's Annual General Meeting in Chicago IL. Pretax income is estimated at $220 million, one of the best years in company history. An estimated $135 million in patronage refunds will be returned to GROWMARK member co-operatives and farmer-owners.

"We began this year coming off a severe drought, but the strength of the FS System pulled us through to a very good 2013 fiscal year," Solberg said. "Our business is built around our mission to improve the long-term profitability of our member owners. Our sales will allow us to return significant patronage to our owners."

John Reifsteck, Champaign, Ill., was elected chairman of the GROWMARK Board of Directors. He replaces Dan Kelley, Normal, Ill., who retired. Reifsteck has served on the GROWMARK Board since 1993, and was one of two vice chairmen. He and his wife, Nancy, operate a corn and soybean farm in Champaign County.

Representing Ontario:

Newly elected to the GROWMARK Board of Directors is Warren Jibb. Jibb is also serving as president of Sunderland Co-operative Board and operates a 750 acre dairy and crop farm with his brother and family members near Sunderland, Ontario.

Returning director Kim Fysh was elected to the GROWMARK Board in 2011. He has served on the AGRIS Co-operative Board as president from 1996 to 2006. Kim and his wife Merry, along with Kim's brother, operate an 1100-acre cash crop and vegetable farm outside Thamseville, Ontario.

Denis Bourdeau, who has served as a director on the GROWMARK Board since 2007, retired from the board this year. He and his wife Hélène own a fifth-generation family farm, including dairy and cash crops, as well as operating a bed and breakfast. Denis also serves on the Board of La Co-opérative Agricole d'Embrun.

GROWMARK is a regional co-operative providing agriculture-related products and services, as well as grain marketing in Ontario and more than 40 states in the United States. GROWMARK owns the FS trademark, which is used by affiliated member co-operatives. More information is available at www.growmark.com.

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