GROWMARK reports fiscal year-end results

Bloomington, Illinois
September 5, 2003

At the GROWMARK Annual Meeting in Chicago today, Vice President of Finance Jeff Solberg reported unaudited, estimated after-tax results on a consolidated basis for the agricultural cooperative. GROWMARK posted sales of $1.7 billion, up more than $400 million from last year. GROWMARK had estimated pre-tax earnings of $26 million, compared to $19.4 million last year. Patronage of $18.3 million will be paid to member cooperatives.

About 1,200 member cooperative directors and staff, GROWMARK employees, and guests gathered for the meeting at the Hilton Chicago. The theme for this year’s meeting was “Innovation in Action.”

“Innovation takes place daily when GROWMARK System employees work with farmers to create solutions to their unique challenges, and as cooperative directors thoughtfully and skillfully guide their organizations on behalf of the membership,” says Ann Mosby, GROWMARK corporate communications manager.

Local cooperatives were honored for performance achievements. GROWMARK also thanked retiring member cooperative general managers and GROWMARK employees. Young people representing FFA and Ontario youth organizations addressed the assembly concerning the future of the agriculture industry.

GROWMARK Vice Chairman Dick Walters introduced the Young Cooperator Award Program co-winners: Brian and Nicole Rix of Innisfil, Ont., and Jeff and Donna Guilander of Jerseyville, Ill. Young Cooperator Award winners are young farmers and members of FS cooperatives who show exemplary leadership in their communities, cooperatives, and agriculture.

Bill Davisson, chief executive officer, delivered the CEO Address. Davisson said, “The GROWMARK System is determined to “be the best.” Our System professionals are never content, but always striving for innovations, for a better quality of life through improved agriculture.”

Chairman of the Board and President Dan Kelley presented his address at the end of the meeting. He said, “The portrait of our System has been developed by defining its boundaries, focusing on the right things, and using our firm foundation to give us permission to look at things from an innovative angle. The image that captures the essence of the GROWMARK System reflects our past, concentrates on the present, and shows us the promise of the future, releasing our dreams for future generations.”

GROWMARK shareholder representatives decided 12 of 24 positions on the GROWMARK Board of Directors. This included the election of eight representatives from Illinois, one from Iowa, one from Wisconsin, and one from Ontario, Canada. Plus, one director-at-large was elected from the Iowa Farm Bureau Federation (IFBF).


GROWMARK, Inc. Board of Director Elections

GROWMARK shareholder representatives decided 12 of 24 positions on the GROWMARK Board of Directors. This included the election of eight representatives from Illinois, one from Iowa, one from Wisconsin, and one from Ontario, Canada. Plus, one director-at-large was elected from the Iowa Farm Bureau Federation (IFBF).

Current officers on the GROWMARK Board are:

Chairman of the board and president – Dan Kelley, Normal, Ill.

Vice chairman – John Reifsteck, Champaign, Ill.

Vice chairman – Dick Walters, Woodstock, Ill.

Secretary – Rick Nelson, Paxton, Ill.

ILLINOIS

The GROWMARK directors re-elected are:

(Grain District 1 - northern) Steve Riskedal, Leland, was elected to the GROWMARK Board of Directors in 1999. He is currently president of the board of directors of LaSalle County Farm Supply Co., Ottawa, and has been a board member since 1991. He is a member of the LaSalle County Farm Bureau. Riskedal and his wife Sandy operate a crop and livestock operation.

(Grain District 3 - central) Bill Sahs, Lincoln, was elected to the GROWMARK Board of Directors in 1998. He was a director of East Lincoln Farmers Grain Company, Lincoln, from 1983 until 2001, and served as president from 1990-2000. He is a member of Logan County Farm Bureau. Sahs and his wife Barbara operate a cash grain farming operation.

(Grain District 5 - southern) Randy Newcomb, Ashley, has served on the GROWMARK Board since 1987. He has been a member of the board of AgriPride FS, Inc., Nashville, since 1983 and currently serves as president. Newcomb is a past-president of Washington County Farm Bureau. He and his wife Chris operate a 3,000-acre grain and livestock farm.

(Zone A - District 1 - northwestern) Larry Dynes, Kewanee, was elected to the GROWMARK Board in 1999. Dynes is a former board member of Gold Star FS, Inc., Cambridge. He has served as treasurer, secretary, and president of FS FUEL 24 of Geneseo L.L.C. Dynes is a member of Henry County Farm Bureau. He and his wife Nancy operate a grain and hog operation.

(Zone A - District 3 - east central) Dan Kelley, Normal, was elected to the GROWMARK board in 1995 and has served as chairman of the board and president since 2000. He has been a director of Evergreen FS, Inc., Bloomington, since 1977 and has served as president since 1985. Kelley is chairman of the ADM/GROWMARK Board of Directors. He served on the board of Farm Credit Services, West-Central Illinois, from 1984-1999. Kelley served as chairman of Agribank FCB, St. Paul, Minn., from 1992-95. He and his wife Pam operate a grain farm in partnership with his brothers.

(Zone B - District 5 - western) Mike Hennenfent, Gilson, was elected to the GROWMARK board in 1997. Since 1982, he has been a director of Spoon River FS, Inc. (now RIVERLAND FS, Inc.), Knoxville, serving as secretary, treasurer, vice president, and president. He and his wife Judy, along with sons Bill and Matt, operate an 1,800-acre grain and livestock farm.

(Zone C - District 7 – eastern) John Reifsteck, Champaign, has served on the GROWMARK Board since 1993. He has been a director of Illini FS, Inc. in Urbana since 1978. He served as vice president of the Illini FS board for six years and was elected president in 1991. He and his wife Nancy operate a cash grain farm.

(Zone C - District 9 - southwestern) Gary Leber, Valmeyer, has served on the GROWMARK Board since 1993. He is vice president of Gateway FS, Inc., Red Bud. He is a past president of Gateway FS and the Monroe County Farm Bureau. He and his wife Karen operate a cash grain farm.

IOWA

(Zone D - District 11 - central) Ray Steffens, West Union, was elected to the GROWMARK Board of Directors in 1999. He has been a board member of AgVantage FS, Inc., New Hampton, since 1995. He is a member of the Fayette County Farm Bureau. Steffens and his wife Pamela operate a 1,000-acre crop and livestock farm. They also milk 60 registered Holsteins.

(Director-at-Large Iowa Farm Bureau Federation) Craig Hill, Milo, was appointed to the GROWMARK Board in 2001. Hill has served on the Iowa Farm Bureau Board of Directors since 1989. Hill also served as the first chairman of the Iowa Ag State Group and is a member of the Governor’s Strategic Planning Council to help Iowa prepare for the future. Hill and his wife Patti farm 1,100 acres and operate a 260-sow farrow-to-finish hog operation.

WISCONSIN

(Zone E - District 13 - Wisconsin) Bill Hanson, Dodgeville, represented the Wisconsin Farm Bureau Federation (WFBF) on the GROWMARK Board from 1991-1998. He was elected to the Supply District 13 seat in 1998. He served on the WFBF Board from 1976 to 1998 and was elected its vice president in 1991. He is currently chairman of the Wisconsin State FSA Committee. Hanson is a former president of Agri-Tech FS, Inc., Darlington (now Frontier FS Cooperative). He and his wife Nancy operate a 700-acre cash crop farm.

ONTARIO

(Zone F - District 15 - southwest) Len Mortson, Oro Station, Ontario, was elected to the GROWMARK Board in March 1995. For the last 10 years, Mortson has been a director of Simcoe District Co-operative Services, Barrie. Mortson has served as president of the Canadian Jersey Cattle Association. He served as a delegate to Co-operator’s Insurance for four years and is currently a director of Co-operator’s Insurance Group of Canada. Mortson and his wife Marg, along with their son Greg, operate a dairy farm.

GROWMARK, Inc. is a federated regional cooperative that provides agriculture-related products and services primarily in the Midwest and Ontario, Canada. FS-brand farm supplies and related services are marketed to farmers in these areas by nearly 100 GROWMARK member cooperatives.

News release
6524

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