Expansion, transportation costs cut profits at N.D. Mill
August 06, 2007
by Josh Sosland
GRAND FORKS, N.D. — Profits of the North Dakota Mill and Elevator in the year ended June 30 were $5,114,465, down 18% from $6,225,560 in fiscal 2006. Net sales were $164,915,600, up 21% from $136,320,038 the year before.
"Profits were negatively affected by expenses associated with our expansion projects and wheat transportation costs," the company said. "We are well positioned to grow the business in fiscal year 2008 and expect improved results in the first quarter."
During fiscal 2007, the North Dakota Mill shipped 9,974,144 cwts of flour, up 7% from fiscal 2006. Flour milled from spring wheat accounted for 90.6% of fiscal 2007 shipments, up from 89.3% in fiscal 2006. Semolina and durum flour accounted for the balance.
In the fourth quarter ended June 30, North Dakota Mill profits were $1,982,611, down 13% from $2,268,035 in the same period a year earlier. Sales were $42,335,813, up 18%.
The company shipped 2,459,972 cwts of flour in the fourth quarter, up 5%. Flour milled from spring wheat accounted for 91.3% of shipments, up from 89.9% in the fourth quarter of fiscal 2006.