August 25, 2011
US' North Dakota Mill gains 22% fiscal 2011 profits
North Dakota Mill and Elevator's net income in the fiscal year ended June 30 amounted to US$16.1 million, 22% more than the previous record of US$13.2 million in fiscal 2010.
Vance Taylor, president and general manager, attributed the profit increase to a 6% gain in shipments during the year.
"Once again the state mill set a record in product shipments," Governor Jack Dalrymple said. "More than 24.8 million bushels of grain were milled here in North Dakota into quality products sold throughout the nation and around the world."
The wheat grind figure equates to about 11.1 million cwts of production.
According to the company, 52.5% of profits, equating to US$7.64 million, were transferred to the state's general fund and US$804,401 to the agriculture fuel tax fund. The balance of profits was reinvested in the company.
Established in 1922 and the only US mill that is state-owned, the North Dakota Mill is overseen by the Industrial Commission of North Dakota, consisting of Dalrymple, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring.