PCCA Announces Year-End Cash Distributions of $24.73 Million to its Grower-OwnersThu, 17 Sep 2020 07:45:33 CDT
Today at its 67th Annual Meeting, Lubbock-based Plains Cotton Cooperative Association announced fiscal year-end further cash distribution to its grower-owners totaling $24.73 million. The distribution, to be completed this month, consists of $9.59 million in cash dividends and $15.14 million in stock retirements. As of June 30, 2020, PCCA's Warehouse Division had received 1,428,923 bales, the sixth largest crop in PCCA history. PCCA President and CEO Kevin Brinkley reported on PCCA's results and activity in the cotton market throughout this fiscal year.
"It was a bruising year in the cotton market," Brinkley said. "On January 15, 2020, the U.S. and China agreed to end the two-year trade war. It appeared to be the beginning of a much-needed recovery for our industry. However, February brought news of a previously unknown human pathogen from, of all places, China. Since then, every part of our lives has been affected by the novel coronavirus and COVID-19. Cotton prices fell 45 percent by April from their January highs. Fortunately, prior planning by our sales and marketing team had our pools well-positioned by actively managing our sales pace before the worst of the storm. Despite tremendous headwinds, we generated strong pool results for the year." Brinkley also reported PCCA and its employees remained focused on fulfilling its mission for the cooperative's grower-owners
"Most of all, we are grateful for our grower-owners," Brinkley said. "Everything we do is ultimately for their benefit. PCCA was started out of necessity in 1953, and it remains vital today. We exist to ensure that our producers receive a fair market price for their cotton. PCCA takes inspiration from our growers - we will always strive to add more value."
In other business during the annual meeting, PCCA grower-owners re-elected directors Steve Moore, District 8; Billy Eggemeyer, District 9; Frank DeStefano, District 10; and Steve Bauer, District 11.
Founded in 1953, PCCA is a marketing cooperative owned by farmers in Texas, Oklahoma, Kansas and New Mexico dedicated to supplying sustainably-grown, high-quality cotton fiber around the world. In addition to cotton marketing based in Lubbock, Texas, PCCA also owns cotton warehouse facilities in Texas, Oklahoma and Kansas and develops and offers software programs and networks to local co-op gins that help add value to their grower-owners' cotton.
WebReadyTM Powered by WireReady® NSI
Top Agricultural News