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AGP is experiencing a solid year in fiscal 2016 as reported by CEO Keith Spackler at this year’s Area Information Meetings. Spackler and members of the management team provided AGP cooperative members with an update on the state of the Company’s operating groups, preliminary projections on financial results, and an overview of the industry. Area Information Meetings were held in Dike, IA, Arnolds Park, IA, and Hastings, NE.
“Thank you for your support and your business, which is a key part of what makes AGP successful,” Spackler told members. “That support continues to assist us in bringing about some very solid results for this year.”
Spackler said that AGP’s earnings for fiscal 2016 are projected to be among the top five or six years in Company history. “AGP’s patronage and cash returns will continue to be at very solid levels and the financial strength of your cooperative continues to be extremely strong. I give credit to all the AGP employees that work so hard to make our successes happen.”
AGP’s financial results for 2016 will be significantly reduced from the record year achieved in fiscal 2015 with respect to earnings, volume, and cash returned to members, but still very solid based on historical averages. “In the midst of a cyclical downturn for agriculture, our successes continue and are defined on many fronts,” said Spackler. “This includes our ability to optimize returns within the market confines while prudently pursuing our growth objectives.”
Spackler reiterated the importance of reinvesting capital in core businesses to ensure long-term prospects for the business. “Accordingly, we are continuing to invest in all core operations and we remain very excited about pursuing a new soybean processing plant in Aberdeen, SD.”
AGP’s fiscal year ends August 31. Complete financial information on fiscal 2016 will be presented to cooperative members in the 2016 AGP Annual Report along with management reports at the upcoming Annual Meeting in January.