MIRA
INFORM REPORT
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Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
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Name : |
VENTURA FOODS LLC |
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Registered Office : |
715 N Railroad Ave Opelousas, LA 70570-4335 |
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Country : |
United States |
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Year of Establishment : |
1894 |
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Legal Form : |
Manufacture of other food products not elsewhere classified |
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Line of Business : |
Private Branch |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
$25,000 (USD) |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Ventura Foods LLC
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Business
Description
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LouAna is one of the retail and food service oil and concession
product brands of Ventura Foods. It is one of the largest cooking oil
refineries and leading processors of peanut oil in the United States. The
refinery s operations include refining canola, cottonseed, sunflower, soybean
and peanut oil. Ventura Foods specializes in a variety of edible oils,
shortenings, dressings, margarine, sauces and flavor bases. The parent
company provides Hidden Valley salad dressings and portion packs and cups. It
offers Smart Balance, which is fat-free oil that helps to improve cholesterol
ratio. Ventura Foods provides Classic Gourmet flavor bases for soups, sauces
and gravies. |
Industry
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Industry |
Food Processing |
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ANZSIC 2006: |
1199 - Other Food Product Manufacturing
Not Elsewhere Classified |
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NACE 2002: |
1589 - Manufacture of other food products
not elsewhere classified |
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NAICS 2002: |
311999 - All Other Miscellaneous Food
Manufacturing |
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UK SIC 2003: |
1589 - Manufacture of other food products
not elsewhere classified |
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US SIC 1987: |
2099 - Food Preparations, Not Elsewhere
Classified |
Key Executives (Emails Available)
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News
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1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
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Corporate Structure News
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Ventura Foods
LLC |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Brea, CA |
United States |
Food Processing |
625.0 |
1,800 |
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Branch |
Chambersburg, PA |
United States |
Food Processing |
182.3 |
450 |
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Subsidiary |
Birmingham, AL |
United States |
Food Processing |
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350 |
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Branch |
Birmingham, AL |
United States |
Food Processing |
101.3 |
250 |
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Branch |
Opelousas, LA |
United States |
Food Processing |
81.0 |
200 |
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Branch |
Saginaw, TX |
United States |
Food Processing |
81.0 |
200 |
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Branch |
Albert Lea, MN |
United States |
Food Processing |
72.9 |
180 |
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Branch |
Waukesha, WI |
United States |
Food Processing |
64.8 |
160 |
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Branch |
St Joseph, MO |
United States |
Food Processing |
52.7 |
130 |
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Branch |
Portland, OR |
United States |
Food Processing |
30.0 |
85 |
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Branch |
Salem, OR |
United States |
Food Processing |
30.8 |
76 |
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Branch |
Pelham, AL |
United States |
Food Processing |
12.2 |
30 |
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Branch |
Ventura, CA |
United States |
Food Processing |
12.2 |
30 |
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Branch |
Kalamazoo, MI |
United States |
Food Processing |
12.2 |
30 |
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Branch |
Saginaw, TX |
United States |
Food Processing |
12.2 |
30 |
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Branch |
Broussard, LA |
United States |
Food Processing |
12.2 |
30 |
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Branch |
Fort Worth, TX |
United States |
Food Processing |
10.1 |
25 |
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Branch |
Shattuck, OK |
United States |
Food Processing |
8.1 |
20 |
CHS Posts Record 2011
Earnings of $961.4 Million
Farm Products Companies
Investment Weekly News: 23 November 2011
[What follows is the full text of the news story.]
CHS Inc. (NASDAQ:
CHSCP), the nation's leading cooperative, reported earnings of $961.4 million
for its 2011 fiscal year, the highest in the farmer-owned energy, grains and
foods company's 80-year history.
Earnings
attributed to CHS operations for fiscal 2011 (Sept. 1, 2010 - Aug. 31, 2011)
increased 91 percent over the $502.2 million for fiscal 2010, representing
profitability and, in some cases, record performance for CHS business
operations. The earnings figure surpasses a previous record of $803.0 million
set in fiscal 2008.
"While we
celebrate record results for fiscal 2011, our greatest achievement this past
year continued to be adding value for our producer and member cooperative
owners who count on CHS as a source of energy and crop production inputs, a
connection to domestic and global grain markets, and access to risk management
tools," said Carl Casale, CHS president and chief executive officer.
Revenues for
fiscal 2011 reached $36.9 billion, compared with $25.3 billion for fiscal 2010,
reflecting continued higher values for the energy, grain and crop nutrients
products that comprise the majority of CHS business. The previous record, also
set in fiscal 2008, was $32.2 billion.
For the fourth quarter
(June 1 - Aug. 31, 2011) CHS posted income of $206.5 million, compared with
$154.1 million for the fourth quarter of fiscal 2010. Revenues for the quarter
were $10.6 billion, up from $6.6 billion a year ago.
Earnings were led
by the Energy segment, consisting of refined fuels, propane, renewable fuels
marketing and lubricants. This was due primarily to improved margins from the
refined fuels manufactured at the CHS Refinery at Laurel, Mont., and the
National Cooperative Refinery Association of McPherson, Kan., in which CHS owns
nearly 75 percent. CHS renewable fuels marketing and distribution business also
generated record earnings. The company's lubricants and propane businesses,
while profitable, were down from fiscal 2010 performance.
CHS Country Operations,
with its locally controlled retail locations, generated record earnings within
the company's Ag Business segment, the result of higher grain volumes and
increased margins. Other Ag Business components - grain marketing, crop
nutrients and oilseed processing - also contributed income ahead of fiscal
2010. Ag Business earnings also reflect a pre-tax gain of $119.7 million on the
CHS sale of its investment in Multigrain AG, a Brazil-based joint venture.
CHS reports
results for its business services operations, as well as two food
processing-related joint ventures, under the Corporate and Other category.
CHS-owned insurance, risk management and financing businesses reported
increased earnings for fiscal 2011, much of which was due to increased market
volatility. The company recorded strong contributions from its 50 percent
ownership of Ventura Foods, LLC, a vegetable oil-based food manufacturing
business. The 24 percent CHS share of Horizon Milling, LLC, the nation's
leading wheat miller, generated record returns primarily due to improved
margins.
During fiscal
2011, CHS again provided a strong financial return to its owners - based on
fiscal 2010 results -- in the form of $227.3 million in cash patronage, equity
redemptions and preferred stock dividends. In fiscal 2012, based on 2011
earnings, the company expects to return a record $421.0 million to its owners.
CHS Inc.
(www.chsinc.com) is the nation's leading cooperative, owned by farmers,
ranchers and co-ops across the United States. A diversified energy, grains and
foods business and a Fortune 100 company, CHS is committed to providing the
essential resources that enrich lives around the world. CHS supplies energy,
crop nutrients, grain, livestock feed, food and food ingredients, along with
business solutions including insurance, financial and risk management services.
The company operates petroleum refineries/pipelines and manufactures, markets
and distributes CenexοΏ½ brand refined fuels, lubricants, propane and renewable
energy products. CHS preferred stock is listed on the NASDAQ at CHSCP.
CHS Posts Record
2011 Earnings of $961.4 Million
PR Newswire US: 14 November 2011
[What follows is the full text of the news story.]
ST. PAUL, Minn.,
Nov. 14, 2011 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP), the nation's leading
cooperative, today reported earnings of $961.4 million for its 2011 fiscal
year, the highest in the farmer-owned energy, grains and foods company's
80-year history.
Earnings
attributed to CHS operations for fiscal 2011 (Sept. 1, 2010 οΏ½ Aug. 31, 2011)
increased 91 percent over the $502.2 million for fiscal 2010, representing
profitability and, in some cases, record performance for CHS business
operations. The earnings figure surpasses a previous record of $803.0 million
set in fiscal 2008.
"While we
celebrate record results for fiscal 2011, our greatest achievement this past
year continued to be adding value for our producer and member cooperative
owners who count on CHS as a source of energy and crop production inputs, a
connection to domestic and global grain markets, and access to risk management
tools," said Carl Casale, CHS president and chief executive officer.
Revenues for
fiscal 2011 reached $36.9 billion, compared with $25.3 billion for fiscal 2010,
reflecting continued higher values for the energy, grain and crop nutrients
products that comprise the majority of CHS business. The previous record, also
set in fiscal 2008, was $32.2 billion.
For the fourth
quarter (June 1 οΏ½ Aug. 31, 2011) CHS posted income of $206.5 million, compared
with $154.1 million for the fourth quarter of fiscal 2010. Revenues for the
quarter were $10.6 billion, up from $6.6 billion a year ago.
Earnings were led
by the Energy segment, consisting of refined fuels, propane, renewable fuels
marketing and lubricants. This was due primarily to improved margins from the
refined fuels manufactured at the CHS Refinery at Laurel, Mont., and the
National Cooperative Refinery Association of McPherson, Kan., in which CHS owns
nearly 75 percent. CHS renewable fuels marketing and distribution business also
generated record earnings. The company's lubricants and propane businesses,
while profitable, were down from fiscal 2010 performance.
CHS Country
Operations, with its locally controlled retail locations, generated record earnings
within the company's Ag Business segment, the result of higher grain volumes
and increased margins. Other Ag Business components οΏ½ grain marketing, crop
nutrients and oilseed processing οΏ½ also contributed income ahead of fiscal
2010. οΏ½Ag Business earnings also reflect a pre-tax gain of $119.7 million on
the CHS sale of its investment in Multigrain AG, a Brazil-based joint venture.
CHS reports
results for its business services operations, as well as two food
processing-related joint ventures, under the Corporate and Other category.
CHS-owned insurance, risk management and financing businesses reported
increased earnings for fiscal 2011, much of which was due to increased market
volatility. The company recorded strong contributions from its 50 percent
ownership of Ventura Foods, LLC, a vegetable oil-based food manufacturing
business. The 24 percent CHS share of Horizon Milling, LLC, the nation's
leading wheat miller, generated record returns primarily due to improved
margins.
During fiscal
2011, CHS again provided a strong financial return to its owners οΏ½ based on
fiscal 2010 results -- in the form of $227.3 million in cash patronage, equity
redemptions and preferred stock dividends. In fiscal 2012, based on 2011
earnings, the company expects to return a record $421.0 million to its owners.
CHS Inc.
(www.chsinc.com) is the nation's leading cooperative, owned by farmers,
ranchers and co-ops across the United States. οΏ½A diversified energy, grains
and foods business and a Fortune 100 company, CHS is committed to providing the
essential resources that enrich lives around the world. CHS supplies energy,
crop nutrients, grain, livestock feed, food and food ingredients, along with
business solutions including insurance, financial and risk management services.
The company operates petroleum refineries/pipelines and manufactures, markets
and distributes CenexοΏ½ brand refined fuels, lubricants, propane and renewable
energy products. CHS preferred stock is listed on the NASDAQ at CHSCP.
This document
contains forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 that are based on management's current
expectations and assumptions. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from the potential results discussed in the forward-looking
statements. The company undertakes no obligations to publicly revise any
forward-looking statements to reflect future events or circumstances. For a
discussion of additional factors that may materially affect management's
estimates and predictions, please view the CHS Inc. annual report filed on Form
10-K for the year ended Aug. 31, 2011, which can be found on the Securities and
Exchange Commission web site (www.sec.gov) or on the CHS web site
www.chsinc.com.
|
CHS Inc.
Earnings |
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By segment |
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(in millions $) |
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For the Three
Months Ended |
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For the Twelve
Months Ended |
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Aug. 31, |
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Aug. 31, |
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2011 |
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2010 |
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2011 |
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2010 |
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Energy |
$234.0 |
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$129.7 |
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$629.9 |
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$234.4 |
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Ag Business |
(16.6) |
|
14.7 |
|
434.8 |
|
267.4 |
|
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Corporate and
Other |
19.0 |
|
26.7 |
|
83.0 |
|
82.0 |
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οΏ½ Income
before income taxes |
236.4 |
|
171.1 |
|
1,147.7 |
|
583.8 |
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οΏ½ Income taxes |
0.5 |
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(3.9) |
|
(86.6) |
|
(48.4) |
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|
οΏ½ Net income |
236.9 |
|
167.2 |
|
1,061.1 |
|
535.4 |
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οΏ½ Net income
attributable to non-controlling interests |
(30.4) |
|
(13.1) |
|
(99.7) |
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(33.2) |
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οΏ½ Net income
attributable to CHS Inc. |
$206.5 |
|
$154.1 |
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$961.4 |
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$502.2 |
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SOURCE CHS Inc.
Global Strategic
Management Institute Presents The Governance Risk Management and Compliance
Summit
PR Web: 27 September 2011
[What follows is the full text of the news story.]
San Diego, CA
(PRWEB) September 27, 2011
GSMI is proud to
present the Governance, Risk Management and Compliance Summit taking place in
Boston on November 1-3rd. In itοΏ½s 5th installment the 2011 GRC Summit has set
out to provide an outlet for educating corporate decision makers on the value
of a comprehensive GRC program and the many tenants that need to be addressed.
Developing and
aligning your Governance Risk Management and Compliance framework involves the
integration of multiple internal and external parts. The people process, and
technology must work hand in hand with your corporate strategy in order to
maintain efficient and effective business processes, and at the heart of this
integration is education. The 2011 Governance, Risk Management and Compliance
Summit will provide you with implementable solutions and best practices that
will develop stability and growth within your GRC program, eventually creating
value and ROI where it may have been lacking before.
The GRC Summit will provide delegates with an opportunity to:
οΏ½Discover a methodology that links operational decision-making and strategic
planning in an integrated control framework.
οΏ½Effectively bridge the gap between process and technology, aligning
enterprise risk management, information technology, compliance, legal risk, and
financial processes.
οΏ½Mitigate systemic risk and regulations to navigate todayοΏ½s challenging
economy.
οΏ½Connect with industry colleagues through our unique speed networking and
interactive topic table presentations.
The conference
will include discussions by industry thought leaders such as Michael Rassmusen
and Ali Samad-Khan and will highlight GRC case studies presented by executives
from corporations such as Constellation Energy, Biogen Idec, Ventura Foods,
Ryder and many more.
The GRC Summit
will be held at the Hilton Back Bay, Boston MA on November 1-3, 2011. Hear from
industry case studies and thought leaders across six workshops and four
informational tracks. For more information please visit the GRC Summit at
http://www.thegrcsummit.com. For sponsorship and registration information
please contact Tim Suski at Tim.Suski(at)gsmiweb(dot)com or 888.409.4418 ext.
10.
About Global Strategic Management Institute:
GSMI is dedicated to creating rich environments for learning, networking and
ensuring their attendees have rewarding and beneficial experiences. GSMI hosts
dozens of conferences around the world annually. GSMI is a leader in the
industry of executive education and strives to always provide the best and most
relevant speakers, learning sessions, and workshops as well as the optimal
environment to both network and learn.
###
Read the full
story at http://www.prweb.com/releases/2011/9/prweb8789178.htm
Congressman Marino
visits International Paper
News-Item, The (Shamokin, PA): 30 August 2011
[What follows is the full text of the news story.]
Aug. 30--MOUNT
CARMEL TOWNSHIP -- U.S. Rep Tom Marino (R-10) toured International Paper Monday
morning as a follow-up to a meeting he had with company management in
Washington, D.C.
"This is my
constituency, my district, and I'm a big proponent of helping the businesses
here," said Marino after a short presentation and 30-minute walk through
the building.
He was guided by
Harvey Hause, manufacturing manager, and joined by Colleen Kemp, Marino's
executive assistant; Joseph Olszewski, plant general manager, and Sandra Hause,
human resource director.
Olszewski said
they are grateful for the congressman's pro-business agenda.
Marino, who has
previously worked in manufacturing, said the workforce in the area is a good
one, and he will do all he can to help businesses expand, generate a profit and
keep good-paying jobs intact.
International
Paper, located at 2164 Locust Gap Highway just outside Mount Carmel,
manufactures corrugated packages and shipping containers. It is one of three
plants in the state and 130 nationwide that make those products. Major
customers include Nestle Waters, Allentown; Wise Foods, Berwick; Uline,
Allentown; Ventura Foods, Chambersburg; Lepine Foods, Waverly, N.Y.; Birdseye,
Fulton, N.Y., and Dan Foods, Walton, N.Y., and Schuylkill Haven.
"I think it's
great. It's clean and efficient and safe," said the congressman.
Working for the
workers
Olszewski noted
that Marino supported tabling the Environmental Protection Agency's Boiler MACT
proposal -- a move the lawmaker and businesses say is a costly and burdensome
regulation that is unrealistic and threatens tens of thousands of jobs. Marino
said he supports the Safe and Efficient Transportation Act, which allows for an
increase to the amount of weight a shipping truck carries.
"It allows
more product on a truck and reduces the amount of trucks on the road,"
said Olszewski, who also noted the reduction in fuel costs. The bill was
introduced in February.
Before the tour, a
slide presentation showed Marino that more than 1,000 trucks per month leave
the facility, taking products to companies all over Pennsylvania, New Jersey
and southern New York. It is the largest employer in the Mount Carmel area with
more than 150 employees.
International
Paper celebrated one million man hours without a lost time accident earlier
this year. Additionally, 52 employees in 2010 had perfect attendance.
In 2003, it took 19.2
hours to make a million square feet of corrugated goods. In 2010, it took 13.4
hours to make the same amount of material, said Olszewski.
Marino was also
visiting PPL Montour in Washingtonville Monday, said Renita Fennick,
communications director.
"It's
important that he talks to managers and owners and the labor force, and (learn)
how he can better serve them," she said.
Fennick said
Marino is using Congress' summer break to make such visits.
___
(c)2011 The
News-Item (Shamokin, Pa.)
Visit The News-Item
(Shamokin, Pa.) at www.newsitem.com
Distributed by MCT
Information Services
CHS Reports
Nine-Month Earnings of $754.8 Million
Farm Products Companies
Investment Weekly News: 20 July 2011
[What follows is the full text of the news story.]
CHS Inc. (Nasdaq:
CHSCP), a leading energy, grains and foods company, reported income of $754.8
million through the third quarter of its 2011 fiscal year.
Earnings
attributed to CHS operations through the third quarter (Sept. 1, 2010 - May 31,
2011) increased nearly 117 percent over $348.1 million for the same period in
fiscal 2010. Revenues through the third quarter of fiscal 2011 reached $26.3
billion, up from $18.6 billion through the third quarter of fiscal 2010,
reflecting continued higher values for the energy, grain and crop nutrients
products CHS handles.
For the third
quarter (March 1 - May 31, 2011) CHS posted income of $358.5 million, compared
with $145.4 million for the third quarter of fiscal 2010. Revenues for the
quarter were $10.5 billion, up from $6.6 billion a year ago.
Year-to-date
earnings for the company's Energy segment reflected strong margins for its
petroleum refining operations driven by global market conditions, along with
strong performance for its renewable fuels marketing business.
The company's Ag
Business segment - consisting of its grain marketing, crop nutrients, local
retail operations and oilseed processing businesses - also recorded strong
results attributed to both increased grain demand and fertilizer activity. Ag
Business earnings also included a gain of $119.7 million on the sale of the
company's share of Multigrain, AG, a Brazilian agribusiness joint venture.
Earnings were also
strong for the CHS financing business, along with the company's Ventura Foods,
LLC, vegetable-oil based food and Horizon Milling, LLC, wheat milling joint
ventures. Those results are reported under Corporate and Other.
CHS Inc.
(www.chsinc.com) is a diversified energy, grains and foods company committed to
providing the essential resources that enrich lives around the world. A Fortune
100 company, CHS is owned by farmers, ranchers and cooperatives, along with
thousands of preferred stockholders across the United States. CHS supplies
energy, crop nutrients, grain, livestock feed, food and food ingredients, along
with business solutions including insurance, financial and risk management
services. The company operates petroleum refineries/pipelines and manufactures,
markets and distributes CenexοΏ½ brand refined fuels, lubricants, propane and
renewable energy products. CHS is listed on the NASDAQ at CHSCP.
ALABAMA BUSINESS
Birmingham News (AL): 19 July 2011
[What follows is the full text of the news story.]
Clean economy'
makes up 1.7% of Birmingham jobs
"Clean
economy" jobs in Birmingham make up 1.7 percent of all jobs in the metro
area, according to a report released by the Brookings Institution, a
Washington, D.C.-based policy think tank. The largest number of clean economy
jobs is in the South, but when looking at the number of those jobs relative to
population, the West wins, the report found.
The report found
the Birmingham metropolitan area has 8,317 clean jobs and ranks 62nd among the
100 largest metro areas. It also profiled Birmingham's clean economy, finding a
median wage for a clean economy job of $37,655, compared with $35,060 for all
other jobs in the metro area.
Waste management
and treatment make up the largest percentage of Birmingham's clean economy, but
green architecture and construction services is the fastest growing segment
with a 25 percent annual average job change between 2003 and 2010, the report
found.
The Brookings
Institution listed several examples of clean energy employers in Birmingham:
Brasfield & Gorrie LLC; KBR, Inc.; Royal Cup Inc.; Valspar Corp.; and
Ventura Foods LLC.
Treasury gives
state bank funds
The U.S. Treasury
Department announced Monday it will award First Tuskegee Bank in
Montgomery$600,000 as part of its Community Development Financial Institutions
Fund. The bank is one of 155 selected out of 393 applicants. Those chosen will
receive a combined award total of about $142 million from the fund in 2011.
According to the
CDFI Fund's website, Community Development Financial Institutions "serve
rural and urban low-income people and communities across the nation that lack
adequate access to affordable financial products and services."
The fund was
created in 1994 and has awarded slightly more than $1 billion through the
program.
First Tuskegee
Bank will use its award for loan loss reserves to increase lending in its target
market, according to the Treasury Department. Amounts for each institution
awarded this year by the fund vary from about $45,000 to $1.5 million.
Southern Co. to
pay dividend
Southern Co.,
parent of Alabama Power Co., on Monday announced a regular quarterly dividend
of 47.25 cents per share on the company's common stock, payable September 6 to
shareholders of record Aug. 1.
The Atlanta-based
company has paid a dividend for 255 consecutive quarters, dating back to 1948,
it said in a prepared statement.
Southern Co. stock
closed Monday at $39.99, down 23 cents or 0.6 percent.
Academy seeks
$840M term loan
Academy Sports
& Outdoors Inc., the Texas-based sporting goods retailer with 10 Alabama
stores, is seeking an $840 million term loan to back its acquisition by buyout
firm KKR & Co.
The first-lien
debt won't contain financial maintenance covenants, Bloomberg News reported
Monday. Morgan Stanley, which is arranging the debt, will meet with lenders
today.
The deal also
includes a $650 million asset-based revolving line of credit that is being
arranged by JPMorgan Chase & Co., Bloomberg reported. The term loan for the
closely held chain was graded B by rating company Standard & Poor's.
CHS Reports
Nine-Month Earnings of $754.8 Million
Daily Pak Banker (Pakistan): 17 July 2011
[What follows is the full text of the news story.]
Karachi, July 17
-- CHS Inc. (Nasdaq: CHSCP), a leading energy, grains and foods company, today
reported income of $754.8 million through the third quarter of its 2011 fiscal
year. Earnings attributed to CHS operations through the third quarter (Sept. 1,
2010 - May 31, 2011) increased nearly 117 percent over $348.1 million for the
same period in fiscal 2010. Revenues through the third quarter of fiscal 2011
reached $26.3 billion, up from $18.6 billion through the third quarter of
fiscal 2010, reflecting continued higher values for the energy, grain and crop
nutrients products CHS handles. For the third quarter (March 1 - May 31, 2011)
CHS posted income of $358.5 million, compared with $145.4 million for the third
quarter of fiscal 2010. Revenues for the quarter were $10.5 billion, up from
$6.6 billion a year ago. Year-to-date earnings for the company's Energy segment
reflected strong margins for its petroleum refining operations driven by global
market conditions, along with strong performance for its renewable fuels
marketing business. The company's Ag Business segment - consisting of its grain
marketing, crop nutrients, local retail operations and oilseed processing
businesses - also recorded strong results attributed to both increased grain
demand and fertilizer activity. Ag Business earnings also included a gain of
$119.7 million on the sale of the company's share of Multigrain, AG, a
Brazilian agribusiness joint venture. Earnings were also strong for the CHS
financing business, along with the company's Ventura Foods, LLC, vegetable-oil
based food and Horizon Milling, LLC, wheat milling joint ventures. Those
results are reported under Corporate and Other Published by HT Syndication with
permission from Daily Pak Banker. For any query with respect to this article or
any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
CHS Reports
Nine-Month Earnings of $754.8 Million
PR Newswire US: 08 July 2011
[What follows is the full text of the news story.]
ST. PAUL, Minn.,
July 8, 2011 /PRNewswire/ -- CHS Inc. (Nasdaq: CHSCP), a leading energy, grains
and foods company, today reported income of $754.8 million through the third
quarter of its 2011 fiscal year.
Earnings
attributed to CHS operations through the third quarter (Sept. 1, 2010 οΏ½ May
31, 2011) increased nearly 117 percent over $348.1 million for the same period
in fiscal 2010. οΏ½Revenues through the third quarter of fiscal 2011 reached
$26.3 billion, up from $18.6 billion through the third quarter of fiscal 2010,
reflecting continued higher values for the energy, grain and crop nutrients
products CHS handles.
For the third
quarter (March 1 οΏ½ May 31, 2011) CHS posted income of $358.5 million, compared
with $145.4 million for the third quarter of fiscal 2010. οΏ½Revenues for the
quarter were $10.5 billion, up from $6.6 billion a year ago.
Year-to-date
earnings for the company's Energy segment reflected strong margins for its
petroleum refining operations driven by global market conditions, along with
strong performance for its renewable fuels marketing business. οΏ½
The company's Ag
Business segment οΏ½ consisting of its grain marketing, crop nutrients, local
retail operations and oilseed processing businesses οΏ½ also recorded strong
results attributed to both increased grain demand and fertilizer activity. Ag
Business earnings also included a gain of $119.7 million on the sale of the
company's share of Multigrain, AG, a Brazilian agribusiness joint venture.
Earnings were also
strong for the CHS financing business, along with the company's Ventura Foods,
LLC, vegetable-oil based food and Horizon Milling, LLC, wheat milling joint
ventures. οΏ½Those results are reported under Corporate and Other.
CHS Inc.
(www.chsinc.com) is a diversified energy, grains and foods company committed to
providing the essential resources that enrich lives around the world. A Fortune
100 company, CHS is owned by farmers, ranchers and cooperatives, along with
thousands of preferred stockholders across the United States. CHS supplies
energy, crop nutrients, grain, livestock feed, food and food ingredients, along
with business solutions including insurance, financial and risk management
services. The company operates petroleum refineries/pipelines and manufactures,
markets and distributes CenexοΏ½ brand refined fuels, lubricants, propane and
renewable energy products. CHS is listed on the NASDAQ at CHSCP.
This document contains
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995 that are based on management's current
expectations and assumptions. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from the potential results discussed in the forward-looking
statements. The company undertakes no obligations to publicly revise any
forward-looking statements to reflect future events or circumstances. For a
discussion of additional factors that may materially affect management's
estimates and predictions, please view the CHS Inc. annual report filed on Form
10-K for the year ended Aug. 31, 2010, which can be found on the Securities and
Exchange Commission web site (www.sec.gov) or on the CHS web site
www.chsinc.com.
|
CHS Inc.
Earnings By segment (in millions $) |
|
|||||||
|
|
For the Three
Months Ended |
|
For the Nine
Months Ended |
|
||||
|
|
May 31, |
|
May 31, |
|
||||
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Energy |
$231.4 |
|
$74.1 |
|
$395.9 |
|
$104.7 |
|
|
Ag Business |
209.8 |
|
81.2 |
|
451.4 |
|
252.7 |
|
|
Corporate and
Other |
24.6 |
|
26.2 |
|
63.9 |
|
55.3 |
|
|
Income before
income taxes |
465.8 |
|
181.5 |
|
911.2 |
|
412.7 |
|
|
Income taxes |
(59.9) |
|
(22.0) |
|
(87.1) |
|
(44.5) |
|
|
Net income |
405.9 |
|
159.5 |
|
824.1 |
|
368.2 |
|
|
Net income
attributable to non-controlling interests |
(47.4) |
|
(14.1) |
|
(69.3) |
|
(20.1) |
|
|
Net income
attributable to CHS Inc. |
$358.5 |
|
$145.4 |
|
$754.8 |
|
$348.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE CHS Inc.
CHS Reports Six-Month
Earnings of $396.3 Million
PR Newswire US: 08 April 2011
[What follows is the full text of the news story.]
ST. PAUL, Minn.,
April 8, 2011 /PRNewswire/ -- CHS Inc. (Nasdaq: CHSCP), a leading energy,
grains and foods company, today reported income for the first half of its 2011
fiscal year of $396.3 million.
Earnings
attributed to CHS operations through the second quarter (Sept. 1, 2010 οΏ½ Feb.
28, 2011) increased nearly 96 percent over $202.6 million for the same period
in fiscal 2010. οΏ½Revenues for the first half of fiscal 2011 reached $15.8
billion, up from $12.1 billion through the second quarter of fiscal 2010,
reflecting increased values for the energy, grain and crop nutrients produce
CHS handles.
For the second
quarter (Dec. 1, 2010 οΏ½ Feb. 28, 2011) CHS posted net income of $194.6
million, compared with $82.7 million for the second quarter of fiscal 2010.
οΏ½Revenues for the quarter were $7.7 billion, up from $5.9 billion a year ago.
Year-to-date
earnings for the company's Energy segment reflected strong margins for its
petroleum refining operations driven by global market conditions, along with
strong performance for its renewable fuels marketing business. οΏ½
The company's Ag Business
segment οΏ½ consisting of its grain marketing, crop nutrients, local retail
operations and oilseed processing businesses οΏ½ also recorded strong results
attributed to both increased grain demand and fertilizer activity. οΏ½Earnings
were also strong for the CHS financing and hedging businesses, along with its
Ventura Foods, LLC, vegetable-oil based food and Horizon Milling, LLC, wheat
milling joint ventures. οΏ½Those results are reported under Corporate and
Other.
CHS Inc.
(www.chsinc.com) is a diversified energy, grains and foods company committed to
providing the essential resources that enrich lives around the world. A Fortune
100 company, CHS is owned by farmers, ranchers and cooperatives, along with
thousands of preferred stockholders across the United States. CHS supplies
energy, crop nutrients, grain, livestock feed, food and food ingredients, along
with business solutions including insurance, financial and risk management
services. The company operates petroleum refineries/pipelines and manufactures,
markets and distributes CenexοΏ½ brand refined fuels, lubricants, propane and
renewable energy products. CHS is listed on the NASDAQ at CHSCP.
This document
contains forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 that are based on management's current
expectations and assumptions. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from the potential results discussed in the forward-looking
statements. The company undertakes no obligations to publicly revise any
forward-looking statements to reflect future events or circumstances. For a
discussion of additional factors that may materially affect management's estimates
and predictions, please view the CHS Inc. annual report filed on Form 10-K for
the year ended Aug. 31, 2010, which can be found on the Securities and Exchange
Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
|
CHS Inc.
Earnings By segment (in millions $) |
|
|||||||
|
|
For the Three
Months Ended |
|
For the Six
Months Ended |
|
||||
|
|
February 28, |
|
February 28, |
|
||||
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Energy |
$107.2 |
|
$16.4 |
|
$164.4 |
|
$30.6 |
|
|
Ag Business |
86.9 |
|
62.4 |
|
241.6 |
|
171.5 |
|
|
Corporate and
Other |
20.0 |
|
14.3 |
|
39.3 |
|
29.1 |
|
|
Income before
income taxes |
214.1 |
|
93.1 |
|
445.3 |
|
231.2 |
|
|
Income taxes |
(2.3) |
|
(6.9) |
|
(27.2) |
|
(22.5) |
|
|
Net income |
211.8 |
|
86.2 |
|
418.1 |
|
208.7 |
|
|
Net income
attributable to non-controlling interests |
(17.2) |
|
(3.5) |
|
(21.8) |
|
(6.1) |
|
|
Net income attributable
to CHS Inc. |
$194.6 |
|
$82.7 |
|
$396.3 |
|
$202.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
SOURCE CHS Inc.
Standard & Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term sovereign
credit rating on the United States of America to 'AA+' from 'AAA' and affirmed
the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in other
entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions,"
June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in
framing a consensus on fiscal policy weakens the government's ability to manage
public finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would mainly
affect outlays for civilian discretionary spending, defense, and Medicare. We
understand that this fall-back mechanism is designed to encourage Congress to
embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is finally
agreed to until the end of 2011, and Congress and the Administration could
modify any agreement in the future. Even assuming that at least $2.1 trillion
of the spending reductions the act envisages are implemented, we maintain our
view that the U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the outlook
on the 'AA+' long-term rating being revised to stable--retains these same
macroeconomic assumptions. In addition, it incorporates $950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday, we
will issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.70.46 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.