As I mentioned last month, we held our audit in November and I’m very pleased to report that your cooperative had another solid year in 2022. In addition to the expected challenges we face each year, such as unpredictable weather and commodity markets, this past year we managed through strong inflationary pressure, continued labor challenges, and more. Despite growing challenges, and because of your continued support and the dedication of our employee team, we were able to overcome the challenges in fiscal 2022 and post a very solid performance. Premier will report our fiscal 2022 net income of $12.8 million and sales at $300 million will exceed previous records. Based on the strong 2022 results, and those of many prior years, we anticipate returning a record $5 million in cash back to our members in 2023. We look forward to sharing more about our 2022 year-end results at the annual meeting scheduled for January 18, 2023. On behalf of the employee team and board of directors, thank you for the tremendous support that has made this possible.
December will be very busy at your cooperative as propane deliveries ramp up, grain harvest wraps up, feed inbound and outbound loads battle the elements, agronomy finishes fall fertilizer applications and prepares prepay programs and 2023 crop planning, the auto/tire shops change out record numbers of new tires, and the retail stores help last minute shoppers and travelers with their needs. For those of you in the Mt Horeb or Westby communities, you may have already noticed the image upgrades made to our convenience stores. New brightly lit canopies and pumps are a welcome sight to the already inviting and customer friendly stores. When traveling through be sure to stop in to top off your tank and try one of our hot lunch specials, or a quick grab and go snack as you venture out this holiday season. In addition to c-store updates, your company is also in the process of production expansion projects for our feed manufacturing facilities in Mineral Point and Westby, new office and warehouse space at our Lancaster Ag Center, and a new agronomy location in Cuba City.
The investments above, and others in the works, will help Premier continue to grow and deliver industry leading products and solutions to our members in an efficient manner. From animal agriculture, crop production, grain services, energy solutions for the home/farm/business, hardware and lumber, auto and other retail services, the cooperative’s employee team has an incredible passion to serve their members. We will continue to look for improvements to the products and services we currently provide and search out new opportunities for the future.
Thanks to all of you who called in feed, propane, and other deliveries early so that our employee team could also enjoy the Thanksgiving holiday with their families. With Christmas and New Year just around the corner, our staff will once again appreciate your help and support as we work to get the same amount of work done with fewer days. With your cooperation, we can do it. If you are still looking for a gift for the hard to buy for person, our hardware stores (Do it Best in Mt Horeb and ACE in Westby) are stocked with great gift ideas. And if you just can’t decide, there are always gift cards or prepaid Cenex fuel cards from our convenience stores for the last-minute shoppers.
Thank you for the continued support. Have a Merry Christmas and a very Happy New Year!
