Fiscal year 2016 was another successful year for the local cooperative Hood River Supply, announced President/CEO Pat McAllister at the 67th annual meeting on Feb. 9 at the Pine Grove Grange.
The company recorded the largest local and net profit in the cooperative’s 67-year history. Sales revenues were flat due to the continued decrease in petroleum prices. Hood River Supply continued to show improved growth and strength on the cooperative’s balancer sheet, aided by the acceleration in long-term debt repayment. A summary of the financial results for the fiscal year can be picked up at the main office, or viewed online at www.hrsupply.com.
The meeting was called to order by Board Chairman John Wells. There were approximately 65 members, guests and employees in attendance.
Wells provided a brief report on the accomplishments of the cooperative for the past year, stating that Hood River Supply met or exceeded nine of the 10 financial goals they had for the year.
Next, McAllister gave his management report consisting of further detail of the finances of the operation. McAllister discussed this year’s patronage and stock retirement distributions in detail to the members. Hood River Supply will be retiring $70,000 in equity issued in 1996 and distributing $245,000 in patronage with $86,000 in cash, thus returning $156,000 in cash to their members on their purchases for fiscal year 2016. This brings total cash returned to members in the last five years to over $520,000.
The cooperative had three directors’ positions up for election at this year’s meeting. Directors from District 3 held by Brian Nakamura of Odell, and District 4 held by Wells of Pine Grove, were reelected to another three-year term on the board. Rod Laurance of Parkdale, who held the at-large positon, chose not to run for reelection after serving six years on the board. Randy Franz of Hood River’s West Side was elected to a three-year term on the board.
Door prizes were drawn and all members in attendance were given $10 discount coupons for attending the meeting on such a weather-challenged evening. Members, guests and employees enjoyed hors d’oeuvres and cake prior to and following the meeting.
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