(HURON COUNTY) -- Cooperative Elevator Company held its 98th annual stockholders meeting last week at the Franklin Inn in Bad Axe, where three people were elected to the board of directors, financial information for the year ended January 31 was reported and future goals were discussed. Incumbents Kurt Ewald of Unionville, James Licht of Pigeon and Les Roth of Bad Axe were re-elected as directors for 3-year terms.
The company realized net margins of $12,889,601 on sales of $293,280,945. The profits will be returned to patrons in the form of a patronage dividend based on the volume of business done during the fiscal year. 40-percent of the dividend in the amount $4,175,000 will be paid in cash on September 30. The balance of the dividend will be in the form of an allocation. The board of directors also authorized a back year allocated patronage revolvement of $3,101,070 which was paid March 15. The back year revolvement combined with the patronage dividend, represents $7.28 million dollars which will be returned in cash to members in 2013.
Cooperative Elevator Company was incorporated November 15, 1915. It was organized by farmers and it has remained farmer owned for over 97-years.