Claude Carles, president of Weyburn Inland Terminal (WIT), announced on March 21 that the company had after-tax consolidated earnings of $4.93 million in fiscal 2010, generated by handling 485,000 tonnes of grain and crop input sales of $22.8 million.
"The very wet conditions in our area last year impacted both seeded acres in the spring and crop quality in the fall. Our staff worked hard throughout the year to help our customers manage these conditions. The continuing strong support of our customers has allowed Weyburn Inland Terminal to be a profitable, farmer owned and directed company," said Carles.
"WIT also has the lowest filed tariffs in the industry. We have not increased cleaning and handling fees to farmers for the seventh year in a row, providing customers with a strong competitive force in our market area."
WIT also announced that the board of directors has approved a semi-annual dividend of $0.20 per common share, and Preferred "A" shareholders will receive $1.60 per share. The dividend is to be paid on or before April 8 to shareholders of record on March 25. "Most of our shareholders are also our customers, and we depend on their support," said Carles. "This semi-annual dividend payout of approximately $1.082 million is a way to pay them back for their continuing support. The company paid dividends of $1.608 million to shareholders in 2010, and shareholder equity increased $3.726 million to $38.892 million on Gross Revenues of $130.373 million."
"Our oilseed program and our commitment to cleaning and blending our customer's grain to improve the grade on their behalf, combined with our ability to execute our sales plans resulted in a consistent grain shipping program, even with a smaller crop in our area last year," noted CEO Rob Davies. "Our ethanol business at NorAmera has improved significantly over last year; however there was still a net negative impact of just over $1.739 million on WIT last year. That said, ethanol production has improved by over 50 percent last year, and improving oil prices are a positive sign for 2011. There are still improvements to be made, but it appears we have turned the corner at NorAmera."
The company received solid contributions from the Crop Inputs, Pro-Pellet and Vigro Seed & Supply businesses as well.
"Our diversification efforts, including investments in Alliance Grain Terminal and Alliance Seed Corp., have given us the ability to balance good and bad years from various parts of the operation," said Davies. "We believe there is a solid foundation for our business going forward as the world population continues to grow and demand more, better quality food."
WIT continues to work towards a positive future in agriculture, and supports students, customers, and local communities and organizations in southeast Saskatchewan. Donations to these various items exceeded $120,000 in 2010.
