Record sales, member payments for LO'L by ProQuest


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									  farmers and others.                       company’s corporate debt rating was         said in late March. “But the good news
   The session was the first in a series    upgraded to “BB+” by Standard and           is that CWT will continue to be
of topical meetings that NCFC plans to      Poor’s, following an upgrade to “Ba1”       engaged in efforts to improve the
hold; future sessions will look at          by Moody’s Investors Service.               difficult economic situation that dairy
commodity-specific impacts of climate          Performance by business unit shows:      producers are facing.”
legislation, opportunities provided in a    • Dairy foods sales of $4.1 billion and
cap-and-trade system, and how                 pretax earnings of $16.3 million in       Hog co-op files for bankruptcy
legislation might affect the                  2008 compared to sales of $4.2 billion       Meadowbrook Farms, an Illinois hog
transportation infrastructure and             and pretax earnings of $28.5 million      cooperative that opened in 2002,
agricultural trade.                           in 2007.                                  announced plans in March to file for
                                            • Feed sales climbed to $3.9 billion, but   Chapter 7 Bankruptcy. It said its assets
Record sales, member                          it proved to be a break-even year for     will be liquidated, including a
payments for LO’L                             the unit, compared to sales of $3.1       processing plant in Rantoul, Ill.
   Land O’Lakes, a Minneapolis,               billion and pretax earnings of $30.9         The co-op once had 200 members,
Minn.-based dairy foods and farm              million in 2007.                          but was down to less than half that
supply co-op, had record net sales of       • Layers/Eggs sales, conducted through      number, according to press reports. Its
$12 billion in 2008, up 35 percent from       MoArk LLC, were $606 million with         600 employees were laid off in
$8.9 billion in 2007. The co-op also          pretax earnings of $29.9 million, up      December. It had for many months
returned a record $98 million to its          from $514 million and $19.9 million       been paying below-market rates for hog
members. Net earnings of $159.6               the previous year.                        deliveries, leading to steady erosion in
million were just slightly off from         • Seed sales notched a new record at        member business.
2007’s record $160.9 million. About           $1.2 billion, with pretax earnings of        Co-op members are unsecured
two-thirds of the sales increase was the      $33.4 million, compared to sales of       creditors who will only collect the $5
result of the company’s acquisition in        $917 million and pretax earnings of       million the co-op owes them if funds
late 2007 of a crop protection products       $43.9 million in 2007.                    remain after payments are made to
business.                                   • Agronomy sales, primarily crop            secured creditors (typically lenders and
   President and CEO Chris Policinski         protection products, hit $2.3 billion     suppliers).
said that these results — coupled with        with pretax earnings of $112.5               According to press reports,
strategic progress 
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