PCCA Announces Year-End Cash Distributions of More Than $21 Million to Grower-OwnersFri, 17 Sep 2021 15:40:33 CDT
At its 68th Annual Meeting, Lubbock-based Plains Cotton Cooperative Association announced further fiscal year-end cash distributions to its grower-owners totaling $21.32 million. The distributions, to be completed this month, consists of $8.99 million in cash dividends and $12.33 million in stock retirements. PCCA President and CEO Kevin Brinkley reported on PCCA’s results and work for its grower-owners throughout the fiscal year.
“PCCA understands that it is necessary to accept an appropriate level of risk to make money for our farmers,” Brinkley said. “The board challenged staff to develop recommendations that would create new marketing opportunities and establish risk tolerances. The risk tolerances provide freedom to identify and act on opportunities.” Brinkley also detailed the innovative work PCCA has done throughout the year to add value to its grower-owners’ cotton. It was also a pivotal year for PCCA’s Warehouse Division as it completed infrastructure investments to add value to grower-owners’ cotton.
“The development of PCCA’s private intermodal rail facility at Altus, Oklahoma, was another innovative solution that liberated high-quality cotton from the challenges of trucking it to customers. We’re also innovating the delivery of information to our growers and their gins,” Brinkley said. “Going forward, we will deliver personalized data to our growers and timely information about markets, trends, and ag policy through our soon-to-launch myPCCA app. This app will have all the features of the old Member Access app plus many more new benefits.”
In other business, during the annual meeting, PCCA grower-owners re-elected directors Lexie Fennell, District 3; Randy Smith, District 5; and Marvin Beyer, District 11. Dane Sanders was elected director from District 4 to replace retiring director Eddie Smith.
Founded in 1953, PCCA is a Lubbock-based 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, 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.
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