G rassroots
2009 Revealed CRI’s Strong Foundation The Cooperative Resources International (CRI) annual meeting was held March 23-24 in Bloomington, Minn. Over 250 delegates represented the CRI subsidiaries: AgSource Cooperative Services, Central Livestock Association (CLA) and Genex Cooperative, Inc. During the annual business meeting, Larry Romuald, CRI Chief Financial Officer, spoke to the cooperative’s delegates about CRI’s financial results. “2009 was a tough year for you and CRI,” commented Romuald. “The financial pain endured at your ‘farm gate’ was felt immediately by CRI and its subsidiaries.” Romuald went on to report the cooperative’s consolidated income of $131,768,141, an 8.6 percent decrease from 2008. Due to tight expense controls, a six percent reduction in expenses did create a positive cash flow. Net loss after the provision for income taxes was 0.9 percent of reported revenue. While the cooperative’s financial report was less than desirable, Romuald indicated there were positive outcomes from the year. For example, $1.75 million in equity were returned to members. “CRI weathered 2009, reporting an increase in cash flow and positive strengthening of the balance sheet. Investments were made that we believe positions CRI well for the future and the continued delivery of goods and services to the membership.” CRI Chairman John Ruedinger, a dairyman from Van Dyne, Wis., noted the cooperative’s continued commitment to its membership. “2009 challenged CRI. We witnessed many changes, were a part of many challenges and created many opportunities. However, our foundation of a strong mission, a detailed strategic plan and a very directional annual plan of work served us well. Because of this foundation, we will move this organization forward. We have vision for the future and passion for agriculture.”
AgSource Cooperative Services
AgSource has a diversified composition of Dairy Herd Improvement (DHI) services, soil and forage labs, and food and environmental operations. The DHI segment flourished in 2009 recording an increase of over 200,000 individual cow tests. The addition of the Agri-Check laboratory in Umatilla, Ore., increased the agronomy services revenue by over $1 million, while a 19 percent increase in water testing greatly impacted the Food and Environmental Service Division’s revenue.
Central Livestock Association
CLA demonstrated growth in its traditional market area of the Upper Midwest as well as nationwide. The West Fargo, N.D., and Rock Creek, Minn., markets increased total volume of livestock sold, and the Albany, Minn., market increased cattle numbers over the previous year. Major renovations took place at the Zumbrota, Minn., market to facilitate growth and efficiencies. CLA also demonstrated an 82 percent volume increase in cattle marketed nationwide through TEAM (The Electronic Auction Market), an online interactive marketplace.
Genex Cooperative, Inc./CRI International Division
With an industry-leading attitude towards genomics and a powerful field service force, Genex and the CRI International Division completed 2009 with market share growth in the dairy industry as reported by the National Association of Animal Breeders. In overall beef genetics sales, Genex gained nearly five percent of domestic market share with a sales growth of over 41,000 semen units.
For a copy of the 2009 CRI Annual Report, contact customer service at 1-888-333-1783 or info@crinet.com.
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