Prairie Lakes Co-op returns $3.8 million in dividendsAbout 1,500 eligible patrons of Prairie Lakes Co-op will share in a distribution of $3,788,955 in cash patronage and equity during 2010 based on business they’ve conducted with the company.
About 1,500 eligible patrons of Prairie Lakes Co-op will share in a distribution of $3,788,955 in cash patronage and equity during 2010 based on business they’ve conducted with the company.
“We’re extremely proud that we can return this sum to our customers and owners,” said Brad Mandershied, Prairie Lakes Co-op general manager. “The ability to provide a return on their investment, as well as reinvest in the future of a business they own, is one of the great advantages of being a member of Prairie Lakes Co-op, in turn the larger CHS Inc. system.”
During 2010, Prairie Lakes Co-op will allocate a total $3,788,955 in patronage dividends to its eligible customers based on business done September 1, 2008 through August 31, 2009, of which $1,480,097 is being paid out in cash. In addition, over the next 12 months, eligible patrons will receive redemptions of equity earned in previous years.
CHS expects to return up to $225 million during 2010 in cash patronage, equity redemptions and preferred stock to more than 1,000 eligible companies and more than 37,000 producers in 48 states. This will mark the fourth largest distribution to CHS owners and maintains a five-year history of solid returns to owners.
CHS net income for its fiscal year ending August 31, 2009 was $341 million. Patronage is based on business done with CHS during fiscal 2009, while equity redemptions represent retirement of ownership in CHS earned in past years.
If they have not already done so, individuals who have reached age 70 and representatives of the estates of deceased members are encouraged to contact Darla at 1-800-808-1626 and request redemption of their equity. CHS makes equity redemptions to eligible individual direct members throughout the year, based on attaining age 70 or estate retirements, but potentially eligible individuals must initiate contact.
Prairie Lakes Co-op (www.prairielakescoop.com), a CHS Service Center, provides products and services in the agronomy, energy and grain markets to meet the needs of its patrons. Prairie Lakes Co-op has locations in the communities of Cyrus, Hoffman, Elrosa, Lowry, Long Prairie, Park Rapids, Glenwood and Starbuck.
CHS Inc. (www.chsinc
.com) is a diversified energy, grains and foods company committed to providing the essential resources that enrich lives around the world. A Fortune 200 company, CHS is owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders across the United States.
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.