Foremost Farms reports $10 million in earnings
BARABOO, Wis. -- Foremost Farms USA earned $10 million in net income from $1.3 billion in total sales, according to the cooperative's audited financial financial statements.
"Net income was virtually the same as in 2000 and sales were up from $1.1 billion in 2000,'' said Duaine Kamenick, the cooperative's vice president-finance. "Commodity markets remained volatile with strong prices for the first three quarters followed by steep drops during the final quarter of 2001.''
In 2001, the average milk price received by Foremost Farms' members was $14.97 per hundredweight.
Members will receive patronage refunds totaling $10.1 million, or an average of 21 cents per hundredweight, for milk they marketed through the cooperative during 2001, said Dave Fuhrman, president of the farmer-owned cooperative.
Foremost farms will pay 25 percent in cash to member-owners and the remainder will be added to their equity accounts.