Lender profits up
Farm Credit Services of America reported that its net income for the first nine months of 2002 increased 18% compared with the same period in 2001. The company posted an 8% increase in loan volume. Its loans as of September 30, 2002, totaled $6.5 billion.
Farmland saga drags on
Debt-beleaguered Farmland Industries, which filed for Chapter 11 bankruptcy protection in May 2002, recently reported its financial results for its fiscal year. Net loss was $182.6 million before taxes, one-time restructuring and reorganization expenses, and losses from discontinued operations. Including all charges and taxes, the company says its total loss for 2002 was $346.7 million.
Farmland recently received its second extension from the U.S. bankruptcy court to submit a final reorganization plan. Expect the company to sell its fertilizer and petroleum segments and then shift its focus to its profitable refrigerated foods and meat business.
Trimble/Spraying Systems integrate
Global positioning system company Trimble has teamed up with Spraying Systems Company to add systems that will automatically guide and assist steering for sprayers, spreaders and combines. The alliance also will produce self-regulating application systems for TeeJet and MidTech products.
Crop insurer takes hit
Accepted Insurance Companies, the parent of American Agrisurance, announced quarterly losses of $62 million from its crop insurance operations due to the drought. The company has signed a nonbinding letter of intent to sell its crop insurance business to Rain and Hail, LLC.
— Doane's Agricultural Report