Tue, May 14, 3:16 PM (245 days ago)
Golden Growers Cooperative's Q1 2024 Form 10-Q report reveals a slight decrease in total assets, from $26,824,000 in December 2023 to $25,094,000 by March 2024. The quarter saw a reduction in cash and equivalents, primarily due to increased investments and member distributions. Corn revenue decreased significantly to $18,143,000 from $31,283,000 in the same quarter the previous year, attributed to lower corn prices. Correspondingly, corn expenses mirrored this decrease. Net income remained stable at $1,476,000, with earnings per share holding at $0.10. The cooperative's investment in ProGold LLC contributed $1,593,000 to the income, slightly down from $1,605,000 the previous year. The balance sheet shows a strong equity position despite a slight decrease in members' equity, primarily due to distributions and unrealized losses on investments. Cash flow activities indicate more cash used in operations and financing, primarily due to higher member distributions compared to the previous year. The cooperative maintains a solid financial structure with no long-term debt and a substantial line of credit untouched, suggesting a stable financial outlook.