Dairy Farmers of America, the nation’s largest dairy cooperative, had a net income of $61.7 million in 2008.
The profit was generated from record revenues of $11.7 billion.
“Although 2008 was a record year for the Cooperative, our results are delivered with mixed feelings,” said Tom Camerlo, chairman of DFA’s Board of Directors. “We are proud of the Cooperative’s progress and achievements — and the individuals who contributed to these successes. At the same time, we are deeply concerned about our members and the economic influences shaping 2009.”
In 2008, the Cooperative marketed 61.2 billion pounds of milk and directed more than $7 billion in milk payments to members.
The Cooperative is performing better than ever, Camerlo told those attending DFA’s annual meeting in
DFA has stepped up services to members and also improved its image and culture, which includes more openness or transparency, pointed out DFA President and CEO Rick Smith.
“We’re going to make mistakes in the future, but hopefully they won’t be for a lack of discipline and focus — and you will hear about it,” Smith said.