Co-op gives yearly report

Special to the Daily Times

December 08, 2007 12:30 pm

— Board and management leaders from local farm supply operations heard reports on Southern States Coopera-tive’s fiscal year financial results at a conference on Nov. 27 in Bardstown.
Among those attending were Billy Beckham, management representative, and Wade Barton, board representative from the Glasgow Southern States.
According to reports presented by Thomas R. Scribner, Southern States’ president and CEO, and Leslie Newton, executive vice president and CFO, the cooperative:
‰ Had the best year against plan in a decade and one of the best operating performances in its history.
‰ Had sales in the fiscal year ended June 30 of $1.7 billion, a $100 million in-crease over last year.
Had an increase in earnings from operations of $7.9 million over last year and $4.4 million for the year.
‰ Has continued to remodel and relocate selected stores to better serve changing local markets. Urban growth and the movement of families to areas where they can enjoy a rural lifestyle have changed the customer base of many Southern States stores in recent years, Scribner noted.
‰ Has continued to lower its funded debt despite business challenges posed by weather and increased prices of petroleum and fertilizer products and supporting inventories.