LUBBOCK, TX – (Sept. 20, 2017) – Lubbock-based Plains Cotton Cooperative Association (PCCA) today announced fiscal year-end further cash distribution to its grower-owners totaling $37.34 million. The distribution, to be completed this month, consists of $21.83 million in cash dividends and stock retirements totaling $15.51 million. The announcement was made during PCCA’s 64th Annual Meeting of grower-owners.
“We had very strong net margins of $45.23 million, and our Warehouse Division received a record 1.74 million bales,” PCCA President and CEO Kevin Brinkley reported. “One thing this past year demonstrated was the power of volume which added value to the cotton we sold to merchandisers and mills and lowered our per-bale cost of operations. All of this contributed to our profit margin.” Brinkley also commented further about PCCA’s warehouse operations.
“Warehousing is a critical market function as we have the ability to make cotton more valuable while providing an important service to the merchandising segment of the industry,” he said. “In addition to the solid performance of our friends at Farmers Cooperative Compress, our Warehouse Division continues to handle large volumes of bales and generates income for our grower-owners.”
In other business during the annual meeting, the following directors were re-elected: Billy Eggemeyer, District 9; Frank DeStefano, District 10; and Steve Bauer, District 11. Steve Moore was elected to represent District 8.
Founded in 1953, PCCA today is owned by approximately 15,000 cotton producers in Texas, Oklahoma, Kansas and New Mexico and is one of the largest originators of U.S. cotton to merchants and textile mills worldwide. The cooperative also owns warehouse facilities in Texas, Oklahoma and Kansas with combined capacity to store more than one million bales and provides software services to its grower-owners and their co-op gins.