ST. PAUL - CHS Inc. owners in North Dakota are sharing in an unprecedented $50.1 million disbursement as a result of the leading energy and grain-based foods company's record fiscal 2008 earnings. It marks a fifth consecutive record return to owners by CHS and is the largest ever made by a U.S. cooperative.
The distribution was made to 8,416 member cooperatives and individuals in North Dakota.
The distribution underway is part of a total $231 million now being distributed in 48 states. This includes cash patronage, equity redemption and CHS preferred stock issued as equity redemption. In total, CHS expects to return an estimated $343 million to its owners in fiscal 2009.
"Once again, CHS has demonstrated one of the most important ways we can deliver on our mission of adding value for all of our stakeholders," said Michael Toelle, CHS board chairman. "The strong performance the company achieved during fiscal 2008 has enabled CHS to continue to grow, to be financially sound and to provide a return on our owners' investment in diverse businesses ranging from energy to grain marketing to food processing."
CHS net income for its fiscal year ending Aug. 31, 2008, was $803 million.
ADVERTISEMENT
During 2009, distributions are being made to 1,200 member companies and 35,000 individuals nationwide. Patronage is based on business done with CHS during fiscal 2008, while equity redemptions and preferred stock distributions represent retirement of ownership in CHS earned in past years.
