LAC announces 2013 earnings, payouts
Lakes Area Cooperative reported $74.3 million in sales and earnings of $4.15 million in 2013.
These figures were shared during the co-op’s 101st annual stockholder meeting.
The cooperative announced that it will be paying out $1.3 million in cash and issuing $2.7 million in equity to its patrons this year, based on 2013 purchases.
At the meeting, Milk Quality Awards were presented to 20 local dairy farms. Two incumbent directors were elected for three-year terms, including Dave Schwantes and Jack Werner. Lee Ingvalson retired from the board and Paul Seedorf was elected to a three-year term.
The meeting was called to order at 11 a.m. by President Lee Ingvalson. Secretary Marlin Flatau gave the board of directors’ report and thanked the patrons and the employees for their support in 2013.
General Manager Dale Tellinghuisen reported on 2013 and looked forward to 2014.
Financials from Professional Agronomy Services, LLC’s fertilizer and supply joint venture with Crop Production Services, were also discussed, after its third successful year of operation was completed.
LAC is a diversified energy, farm supply and milk purchasing cooperative with locations in Perham, Ottertail, Battle Lake, Vergas, Dent, Menahga, Wolf Lake, Park Rapids and Akeley.