We have completed our annual financial audit and I’m very pleased to report that your cooperative had another solid year in 2023. With highlights including consistent year over year growth from our feed division to lead our company in total sales to our energy team rebounding with the largest improvement to net income over the prior year, each division completed the year with strong sales and positive earnings. Premier will report our fiscal 2023 local net savings of $15 million and total revenues of just over $308 million will exceed previous records. Based on the strong 2023 results, and those of many prior years, we anticipate returning approximately $6 million in cash back to our members in the spring of 2024.
As a cooperative, our profits are returned to our members (customers). This includes all the remaining profits promised to be returned to the former Heartland Country Co-Op who joined Premier in 2013. Thanks to the tremendous support of our members, employee team, and board members, Premier will now have returned 100% of the profits promised to be returned by all the former cooperatives that make up Premier today. These cooperatives include Mt Horeb Farmer’s Co-op, Patrons’ Mercantile, Quad County Co-op, Lancaster Farmer’s Union, Consumer’s Co-op of Richland County, and Heartland Country Co-op. We look forward to sharing more information about our 2023 year-end results at the annual meeting scheduled for January 24, 2024. If you have a graduating senior this year, please be sure to check out our website for more information on scholarships exclusive to Premier members. Scholarships will be announced at the annual meeting.
From animal agriculture, crop production, grain services, energy solutions for the home/farm/business, hardware and lumber, auto and other retail services, the cooperative’s employee team has an incredible passion to serve their members. We will continue to look for improvements to the products and services we currently provide and search out new opportunities for the future.
Thanks to all of you who called in feed, propane, and other deliveries early so that our employee team could also enjoy the Thanksgiving holiday with their families. With Christmas and New Year just around the corner, our staff will once again appreciate your help and support as we work to get the same amount of work done with fewer days. With your cooperation, we can do it. If you are still looking for a gift for the hard to buy for person, our hardware stores (Do it Best in Mt Horeb and ACE in Westby) are stocked with great gift ideas. And if you just can’t decide, there are always gift cards or prepaid Cenex fuel cards from our convenience stores for the last-minute shoppers. Thank you for the continued support. Have a Merry Christmas and a very Happy New Year!
