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Our eight board members are service-oriented.
As you know, our fiscal year ended on August 31, 2018. Fiscal year 2018, on many fronts, was a very positive year. Our year end financials have been audited by the Gardiner Thomsen CPA firm. We had total sales of $291,175,815. Our local savings will land at +$38,017 and total net savings will be +$3,162,205 (includes patronage, gain on involuntary conversion, investment income, and tax implications). We continue to improve our financial position in a very challenged Ag environment. Working capital has increased $2.8 million this year and we have also reduced long term debt by almost $1 million. Our total members’ equity will increase 4.7% this year and has increased 7.2% over 2016 fiscal year close. We will also pass back $3.5 million in Section 199.
I believe our success depends on our core strategies of Customer Experience, Employee Experience, and Operational Excellence. By keeping these ideals are at the forefront of our business model, we will all succeed.
We are here to serve. We want our members and customers to have a positive and predictable experience across business units and locations. We want to deeply understand our customer needs, and make sure we are placing assets, people, and services around those needs. We must execute our mission statement.
Our team is our most important asset. Nothing is more important than our team going home safely. August 31st was the worst day of my professional career. We will continue to stay focused, be aware of surroundings, execute our training, and look out for one another. We will continue to develop and grow our team.
How we execute will be a critical aspect of our long-term success. Striving to be more efficient and effective can’t stop. Standardizing processes that produce superior results will have meaningful impact to our members. Areas that we are putting emphasis on include Area Management, Centralized Logistics, Preventative Maintenance and Grow Out Plans.
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