PRESS RELEASE 2/13/17
HR SUPPLY HOLDS 67TH ANNUAL MEETING
Hood River Supply held their 67th annual meeting on Thursday, February 9th at the Pine Grove Grange. The meeting was called to order by Board Chairman John Wells. There were approximately 65 members, guests and employees in attendance. President/CEO Pat McAllister presented the 2016 fiscal year end financial results to the members.
Fiscal year 2016 was another successful year for the local cooperative. The company recorded the largest local and net profit in the cooperatives 67-year history. Sales revenues were flat doing to the continued decrease in petroleum prices. HR Supply continued to show improved growth and strength on the cooperative’s balance sheet, this was aided by the acceleration in long term debt repayment. A summary of the financial results for fiscal year 2016 can be picked up at the main office or the information will be posted to the company’s website (www.hrsupply.com).
Chairman Wells provided a brief report on the accomplishments of the cooperative for the past year, stating that HR Supply met or exceeded 9 of the 10 financial goals they had for the fiscal 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 $70k in equity issued in 1996 and distributing $245k in patronage with $86k in cash for the 2016 fiscal year, thus returning $156k in cash their members on their purchases for fiscal year 2016. This brings total cash returned to members in the last five year to over $520K.
The cooperative had three directors position up for election at this year’s meeting. Directors from District #3 held by Brian Nakamura of Odell, and District #4 held by John Wells of Pine Grove were re-elected to another three-year term on the board. Rod Laurance of Parkdale, who held the At-Large position, choose not to run for re-election after serving six years on the board. Randy Franz of Hood River’s Westside was elected to a three-year term on the board.
Door prizes where drawn and all members in attendance were given $10 discount coupons for attending the annual meeting on such a weather challenged evening. Members, guests and employees enjoyed hors d’oeuvres and cake prior to and following the meeting.