AGRIS Co-operative Ltd.

January 16, 2012 12:56 ET

AGRIS Co-operative Returns $786,000 to its Farmer-Owners

CHATHAM, ONTARIO--(Marketwire - Jan. 16, 2012) - An income before tax of $1.7 million for 2011 was reported by AGRIS Co-operative Ltd. board president, Larry Pajot to the co-operative's 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 $375,000 in addition to the $411,000 paid on interest bearing investments.

In his year-end report, Larry Pajot told owners that, "In 2011 AGRIS has been celebrating 90 years of serving its owners. Our owners are technology savvy, aggressive and competitive. With our net income we re-invest a large portion to modernize our operations." It was also reported that with direction from its owners, AGRIS Co-operative sponsored a new sister co-operative, AGRIS Solar Co-operative. "This is now a standalone company and the largest solar co-operative in Ontario," Pajot added.

AGRIS Co-operative general manager Jim Campbell reviewed the operational highlights of 2011 for owners. Campbell highlighted that during its first full five years of operation, sales have increased significantly. "More importantly, profitability has been positive during these past five years allowing us to distribute more than $1.5 million in patronage back to our owners," says Campbell. Retained earnings have nearly doubled to $10.3 million with AGRIS owners investing $8.7 million in the co-operative, an increase of 35 per cent since 2006. "This increased owner investment and retained earnings has allowed the AGRIS board of directors to have aggressive capital spending budgets, increasing our grain storage capacity, custom application capabilities and overall maintain and expand our physical assets," added Campbell.

GROWMARK Ontario region manager, Claude Gauthier was a guest speaker who did a presentation on "2012 The International Year of Co-operatives," being celebrated around the world. "AGRIS owners should be proud of their contributions to agriculture and the community," says Gauthier. "AGRIS is a key member-owner of GROWMARK, the 54^th largest co-operative in the world," added Gauthier.

The owners of AGRIS Co-operative also acknowledged the service and contributions of Pat Vanheule and Ken Barrette who are leaving the board with a commemorative plaque. The election of five directors for the co-operative was held and re-elected to a three-year term was Kim Fysh from the Thamesville area, Jim Maw from Mooretown, Stan Towers from Glencoe and newly elected was Stan Gillier from Chatham and John Nooyen from Kent Bridge. The board of directors met immediately after the meeting and conducted the election of officers. The following were elected; as president- Larry Pajot, vice-president - Jim Maw and secretary - Paul Repko.

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.