Financial Profile of the 100 Largest Agricultural Cooperatives, 2002

摘要

Cooperative board rooms were again very busy places in 2002. Much of the Nations business sector struggled during 2002, and cooperatives were no exception. Symbolic of this economic downturn were Chapter 11 bankruptcy filings by many large U.S. businesses, including several by major cooperatives. The findings -- analyzed as part of USDAs annual financial survey of the top 100 farmer-owned cooperatives -- show that more than half of the co-ops ended 2002 with lower total revenue and net margins than in 2001. For the top 100 farmer cooperatives as a whole, revenue dipped 7.5 percent from 2001 while net margins dropped 71.7 percent. However, most cooperatives should come out of these trying times stronger. To compete, cooperatives will need to rely less on debt and more on member equity. A stronger equity position provides a cushion when the economy dictates a prolonged down cycle, as we currently are experiencing. On the other hand, losses generated from operations hit equity heavily in 2002.