The first half of Fiscal 2013 was profitable for Weyburn Inland Terminal Ltd., driven by improvements across all business sectors after two years of flood affected operations, as shown in the Company's second-quarter report.
WIT reported after-tax earnings of $1,474,000 ($0.27/share) on sales of over $120,000,000 for the January-to-June period - up from $1,345,000 ($0.25/share) in the same period in Fiscal 2012. The grain, special crops and feed pelleting businesses all improved after a return to more normal crop production in 2012, and continued strong sales from the crop inputs business was also very positive. Results from NorAmera BioEnergy showed significant improvement, and diversification investments in Alliance Grain Terminal and Alliance Seed have also been positive for WIT.
"The efficiencies that have been built into the terminal's operations over the years have provided a strong competitive presence and benefitted our shareholders and customers" said Company President Claude Carles. "The Board of Directors are all local farmers, and are focused on ensuring WIT is a strong participant in the local farm economy in the future. We believe that the competitive presence and focus on farmers' needs that comes from being farmer owned and controlled will continue to pay off for both customers and shareholders in the long term, and we look forward to continuing to grow for the benefit of both."
Retained earnings increased to $31,346,000 from $30,657,000 a year ago. After an August semi-annual dividend declaration of $0.10 per common share, dividends of over $1,365,000 will have been paid to shareholders this year.
"The transition to an open grain market has required changes in our operations, including adding staff and systems" said CEO Rob Davies. "This evolution has provided opportunities to work with our customers in different ways, while still focusing on providing the value that comes from being locally owned and directed. WIT's market leading agronomic services and our customers' investments in best production practices are demonstrated by what is one of the best crops in the field in many years." Looking at this fall, Davies added that although harvest is later than normal, WIT's history of working with customers to improve their returns through drying and blending grain is well established. "Our experienced grain buying and marketing staff looks forward to working with customers and creating plans to maximize their returns from this crop."