Agri-Mark has announced a $11.3 million profit after taxes for 2010 that will be distributed among their 1,275 dairy family farms in the Northeast.
The profit follows $17.9 million in payments member farmers received in monthly milk checks through the year for milk quality and other premiums. The cooperative sold $781 million in milk and manufactured dairy products in 2010.
“Our Cabot and McCadam brands grew again this past year, despite the flat economy, and contributed heavily to our success. Butter and whey product sales were also very good,” said Agri-Mark CEO Paul Johnston in a press release. “We look to continue this positive trend in 2011.”
He said Agri-Mark’s business has generated a total of more than $56 million in year-end profits to its members in the last four years. That was critically important during a time of volatile farm prices and high milk production costs, Johnston said.
The cooperative will distribute 3 cents per gallon of milk marketed by a farmer through Agri-Mark during 2010. That equates to earnings of about $6,600 to the average farmer who milks 100 cows. The checks were mailed Feb. 25.
Agri-Mark Chairman of the Board Neal Rea, a dairy farmer from Cambridge, said the commitment by the board and Agri-Mark management four years ago to build the cooperative’s financial strength is paying real dividends.
“We are going to continue our effort to expand our branded sales and generate profits for our members, but will also work to establish farm milk prices at levels above the cost of production for our region’s dairy farm families,” he said. “A great deal of time and effort have been devoted to this goal in 2010 and it remains a top priority for 2011.”
The cooperative owns the award-winning Cabot and McCadam brands. It has also invested in operations to manufacture and market whey proteins globally.
Source: Plattsburgh Press Republican; Dan Heath