ST. PAUL, Minn., Jan. 11 /PRNewswire-FirstCall/ -- CHS Inc., a leading energy and grain-based foods company, today reported record net income of $154.2 million for the first quarter of its 2006 fiscal year.
The earnings for the period Sept. 1 - Nov. 30, 2005, compared with $18 million for the first quarter of fiscal 2005. Revenues for the quarter were $3.5 billion, an increase of 17 percent over $3.0 billion for the first three months of fiscal 2005.
First quarter results reflected record earnings for the company's energy operations, led by refined fuels, as well as strong performance from its Ag Business unit which includes grain marketing, CHS retail locations and 50 percent ownership of Agriliance, LLC.
Performance for the quarter by the CHS Processing segment also was ahead of fiscal 2005, led by rebounding oilseed processing earnings and the CHS share of earnings from Ventura Foods, LLC, a vegetable oil-based food packaging and manufacturing business.
CHS Inc. ( http://www.chsinc.com/ ) is a diversified energy, grains and foods company committed to providing the essential resources that enrich lives. A Fortune 500 company, CHS is owned by farmers, ranchers and cooperatives from the Great Lakes to the Pacific Northwest and from the Canadian border to Texas, along with thousands of preferred stockholders. CHS provides products and services ranging from grain marketing to food processing to meet the needs of customers around the world. It also operates petroleum refineries/pipelines and, through a broad range of working partnerships, markets and distributes Cenex(R) brand energy products, along with agronomic inputs and feed to rural America. 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, 2005, which can be found on the Securities and Exchange Commission web site ( http://www.sec.gov/ ) or on the CHS web site http://www.chsinc.com/ .
CHS Inc. Earnings
By segment
(in millions $)
Sept. 1 - Nov. 30
1stQ 2006 1stQ 2005
Energy 146.0 39.1
Ag Business 16.7 14.2
Processing 9.9 7.6
Corporate and Other 1.9 0.9
Investment Impairment 0 (35.0)
Taxes (20.5) (6.5)
Discontinued operations 0.2 (2.3)
Net Income $154.2 $18.0
© 2006 PR Newswire
