Last week GROWMARK held their Annual Meeting to discuss the year-end financial results and carry out other business for the cooperative. Business units produced record sales for the 2013 fiscal year, which ended August 31.

I spoke with CEO of GROWMARK, Jeff Solberg, and he reported estimated sales of $10.3 billion for fiscal year 2013. Pretax income is estimated at $220 million, which signifies one of the best years in company history. An estimated $135 million in patronage refunds will be returned to GROWMARK member cooperatives 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. 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. We remain committed to their success and to the unity of our cooperative system.”

Dr. Michael Cook, executive director of the Graduate Institute of Cooperative Leadership at the University of Missouri, was awarded the “Friend of GROWMARK” award. The award recognizes outstanding leadership and commitment to agriculture and the GROWMARK System.

New leadership among the GROWMARK community was also announced. John Reifsteck was elected chairman of the GROWMARK Board of Directors. He replaced retiring Dan Kelley. John has served on the board since 1993 and was one of two vice chairmen. Rick Nelson and Chet Esther were elected the new vice chairmen and Bob Phelps was elected Secretary.

Listen to my interview with Jeff here: Interview with Jeff Solberg