Basin Coop reported $28.1 million in sales for its fiscal year ending Feb. 28, an increase of about 2 percent from the previous year. Diesel, gasoline and propane sales made up half the cooperative’s revenues, while a mild winter led to a 9 percent decrease in propane sold.
Fertilizer sales increased almost a million dollars to $3.8 million, while seed sales went from $1.6 million to $1.9 million.
The member-owned cooperative sold about $225,000 in baling wire and twine, $860,000 in fencing materials and $270,000 in animal-health products, among other categories.
As a result of the cooperative’s annual profits – referred to as savings by a cooperative – members received a cash distribution of $281,000. About $435,000 in previous years’ savings is owed to members and will be distributed as funds permit.
The cooperative also reduced its long-term debt from about $800,000 to about $525,000.
Payroll and benefits for the year were $2.8 million, and income tax was $219,000.
The cooperative’s board, led by Chairman Bentley Colbert and General Manager Lynn Forssberg, reported to its members at its annual meeting held last week at the La Plata County Fairgrounds.
Board members Colbert and John Beaty were re-elected without opposition.
Forssberg said that, this year, the 14-year-old gas-and-diesel dispensers at the cooperative’s Cenex Ampride gas station will be replaced at an estimated cost of $250,000.
Anyone can shop at Basin Coop without being a member. Membership costs $25, and this year returned either 1 percent or 2.94 percent in savings, depending on what was purchased.
Members are also treated to a beef, baked potato and green bean dinner at the annual meeting, served by the Marvel Grange.
Basin Coop has about 3,200 members. It was incorporated in 1952.
