LUCKNOW, ONTARIO--(Marketwire - March 16, 2010) - Although Lucknow District Co-operative reported good financial results for 2009 at its recent 65th Annual General Meeting, the theme of the evening was more focused on the co-operative's future strategies for success.
Lucknow District Co-operative President Lloyd Morrison reported fiscal 2009 sales of $14.2 million, saying it was slightly lower than last year but that the co-operative showed a slightly higher gross income of $2.1 million. "In spite of the market challenges, we showed great progress this year in combined financial stability and increased capital strength," says Morrison.
The co-operative's board of directors and management announced the strategic decision to not declare a cash patronage refund to members this year, but intend to increase capital spending for the 2010 fiscal year.
"Strategies for Success, was our theme at our annual meeting and we plan to act on it," says Allan Scott, general manager of the co-operative. "Putting money back into the business will help increase efficiencies for our farmer-owners making them more profitable within their own operations."
In 2009, Lucknow Co-operative purchased a new propane truck, office renovations, tank and equipment for its growing propane and liquid fuels division, a new fertilizer tender unit and upgrades to its petroleum truck chassis.
"We want to continue on the same path as last year," says Scott. "It makes good sense especially in these uncertain times to build a strong base in which to grow and sustain our success." Lucknow Co-operative has budgeted approximately $900,000 in 2010 on capital spending to maintain its competitive edge and market strength.
In the past ten years, Lucknow District Co-operative has doubled its sales and income, showing steady growth year after year. Its membership base has grown steadily and today has 1,516 members which represent 71.4 per cent of its sales.
Making up the Lucknow District Co-operative Board of Directors for fiscal 2010 are: President Lloyd Morrison and Vice President Fred deBoer of Lucknow, Secretary Burton Hodgins of Kincardine and Directors David Gibson of Ripley, Greg Hackett, Grant Gilchrist, Ken Phillips, Larry Henderson and Donna Moffat all from Lucknow.
Established in 1944, Lucknow District Co-operative Inc., provides customers of Huron and Bruce Counties with livestock feed, agronomy and petroleum products and services, consumer goods, including hardware and clothing and offers customers AIR MILES® reward miles on qualifying purchases. Lucknow District Co-operative Inc. is a shareholder-owner of GROWMARK, Inc. and markets products and services under the FS banner.
® Trademark of AIR MILES International Trading B.V. Used under licence by Loyalty Management Group Canada, Inc. and the LUCKNOW DISTRICT CO-OP INC.