Glacial Lakes Corn Processors, Inc. (GLCP) has announced that its board of directors has authorized a dividend payment of $7 million to its shareholder members of record as of Aug. 31.
After a more difficult year in 2012 where profits were scarce, GLCP has delivered unaudited consolidated net income of $16.9 million for the fiscal year ended Aug. 31.
“Our operations teams have increased production to levels never achieved before and our commodities and risk management team has been diligent and patient in securing margin opportunities for us,” said CEO Jim Seurer.
In addition, the company invested in several carefully-scrutinized revenue improvement projects through the year which helped boost the bottom line.
GLCP is committed to strategically managing its operations by promoting a balanced fiscal approach through a consistent payment of performance based dividends, a continued focus on debt repayment, and an aggressive pursuit of revenue enhancement opportunities.
The payment will be distributed at the GLCP Annual Shareholder meeting in January 2014 and consists of $0.03 per share on all outstanding shares as well as an additional $0.01 per share retainage payment on original shares.
For questions or more information, contact Jim Seurer at (605) 882-8480.