Consolidated Energy shares record distribution to owners
Hudson-based Consolidated Energy Cooperative and its members have received over $452,000 from CHS Inc., part of a record cash return based on the energy and grain-based food company's fiscal 2007 earnings.
In February, CHS returned $298 million in cash patronage, equity redemptions and preferred stock to eligible member cooperatives and producers in 48 states.
It marked the largest distribution to owners ever made by a U.S. cooperative and the fourth consecutive record by CHS. By the end of fiscal 2008, the company expects to pay additional equity redemptions and preferred stock dividends, bringing that total to $345 million.
"Our ability to share in this record cash return underscores the value of being part of a strong cooperative system, especially during this time of market volatility," said David Crosby, general manager of Consolidated Energy Cooperative. "This cash return will provide Consolidated Energy Cooperative with the ability to make decisions that will add value for our own local member-owners."
CHS' net income for its fiscal year ending Aug. 31, 2007, was $756.7 million.
In total, CHS made distributions to 1,300 member cooperatives and 40,000 individuals. Patronage is based on business done with CHS during fiscal 2007, while equity redemptions and preferred stock represent retirement of ownership in CHS earned in past years.
It included a total 20.9 cents-per-gallon patronage return on eligible refined fuels purchases by member cooperatives.
CHS Inc. (www.chsinc.com) is a diversified energy, grains and foods company owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders, from the Great Lakes to the Pacific Northwest and from the Canadian border to Texas. The company operates petroleum refineries and pipelines, and manufactures, markets and distributes Cenex brand products. A Fortune 200 company, CHS is listed on the NASDAQ at CHSCP.