Eldora, Iowa-Citing reductions in the use of insecticides, fungicides, and crop nutrients for the year, United Suppliers Inc. reported sales of $829 million for Fiscal 2006, down 2.7 percent from last year’s record performance. After-tax earnings for the company were $30.5 million for the year, down 13 percent from 2005. While noting the usage cutbacks, United Suppliers President Maurice Hyde said the company’s three wholesale areas – agricultural chemicals, fertilizer, and animal feeds – experienced growth in market share during the year. “We continue to be encouraged by our financial and relationship-building success and are confident that we have a solid foundation for future success,” Hyde said. United Suppliers is owned by retail farm supply dealers, with owner/membership consisting of 956 retail entities located in 17 Midwestern states as of fiscal year-end 2005. Patronage dividends to owner/members exceeded $30 million for the year, a 13 percent increase over the prior year’s record levels. Membership equity exceeded $84.1 million at year-end. After-tax earnings on beginning-of-year equity remained strong at 36.2 percent. “We are confident that our proven business model and down-to-earth, no-nonsense business philosophy of ‘uniting resources and supplying solutions’ will provide an avenue for shared success with our owners/members,” Hyde said. “We remain committed to building long-term profitable relationships with our member/owners.”
Transparency Across the Fertilizer Value-Chain