LaVergne, Tenn.-Tennessee Farmers Cooperative (TFC) reported margins before income taxes of $31.4 million on record sales of $712.8 million for its fiscal year ending July 31, 2008, versus the prior year’s $15.8 million and $584.1 million, respectively. Net margin (after tax) was $26.7 million versus $14.6 million. TFC, excluding subsidiaries, had net income before taxes and member programs of $20 million versus the year-ago $11 million, TFC CEO Bart Krisle told co-op members late last year. He said all TFC businesses were profitable during the year except fuel. Excluding its subsidiaries, TFC had fiscal 2008 sales of $612 million. Subsidiaries include ADI, ADI Agronomy, Fort Loudoun Terminal, Co-op Vet Health, Risk Management, and Stockdale’s. Krisle said TFC returned $8.5 million to member co-ops during October and November, a combination of 40 percent cash patronage and a $580,000 feed performance payment. Krisle warned members that significant declines in the value of inventory, especially fertilizer, could have a negative impact on profitability in 2009. In its financial statement, TFC put July 31, 2008, fertilizer inventories at $43.1 million, compared to the year-ago $7.2 million. Crop protection inventories were $24 million and seed at $5.7 million, versus the year-ago $9.9 million and $4.5 million, respectively. Total inventories were $100.3 million versus the prior year’s $54.4 million.
Transparency Across the Fertilizer Value-Chain