N.D. Mill profits up 22% in fiscal 2011
Aug. 23, 2011
by Josh Sosland
GRAND FORKS, N.D. — Profits of the North Dakota Mill and Elevator in the fiscal year ended June 30 totaled $16.1 million, up 22% from the previous record of $13.2 million in fiscal 2010.
Vance Taylor, president and general manager, attributed the profit increase to a 6% gain in shipments during the year.
“Once again the state mill set a record in product shipments,” Governor Jack Dalrymple said. “More than 24.8 million bus of grain were milled here in North Dakota into quality products sold throughout the nation and around the world.”
The wheat grind figure equates to about 11.1 million cwts of production.
According to the company, 52.5% of profits, equating to $7,641,811, were transferred to the state’s general fund and $804,401 to the agriculture fuel tax fund. The balance of profits was reinvested in the company.
Established in 1922 and the only U.S. mill that is state-owned, the North Dakota Mill is overseen by the Industrial Commission of North Dakota, consisting of Governor Dalrymple, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring.