Claude Carles, President of 'The Terminal', recently announced that the Company had after-tax consolidated earnings of $2,083,000 in Fiscal 2012 on sales of $150,400,000, even as the Company recovered from two consecutive years of localized flooding, and adapted to the open grain marketing environment.
While grain volumes were lower in 2012 until the new crop was harvested, a strong spring in the crop inputs business, as farmers looked to maximize production after two consecutive years of reduced seeded acres, was positive for the Company.
"As a local, producer driven company, WIT understood that the environmental challenges of 2010 and 2011 were simply obstacles to overcome. We have built financial stability to allow us to withstand those types of years, and we will continue to move forward with a positive attitude and a continuing focus on building a strong, successful, producer owned Company," said Carles.
WIT also announced that the Board of Directors has approved a semi-annual dividend of $0.15 per common share, and Preferred A shareholders will receive $3.20 per share. The dividend is to be paid on or before April 12, 2013 to shareholders of record on March 28, 2013.
"Most of our shareholders are also our customers, and we depend on their support," said Carles. "This semi-annual dividend payout of approximately $819,000 is a way to pay them back for their continuing support.
"Even with 25% of a normal crop in the fall of 2011, our oilseed program and our commitment to blending our customer's grain to improve the grade resulted in our ability to maintain a significant grain shipping program through 2012," noted CEO Rob Davies. "Our staff has also worked hard to provide strong grain marketing options not only in oilseeds, but in cereal grains as well." Production stability for the ethanol business at NorAmera has improved significantly over the past several months, however high feed stock prices affected profitability in 2012. "Our many diversification efforts have given us the ability to balance good and bad years, with average WIT profitability over the previous 5 years of $3,016,000," said Davies.
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 $84,000 in 2012. WIT believes there is a solid foundation for the business going forward as the world population continues to grow and demand more, better quality food.
WIT is a shareholder-owned, farmer-directed grain company located on CP Rail's Soo Line near Weyburn, Saskatchewan. Since its start in 1976, 'The Terminal' has been at the forefront of change in the industry, leading the way to help improve the overall efficiency of Canada's grain-handling system. The philosophy and goals of the company are summed up in its mission statement - Profitability Through Service, Innovation and Integrity.