Strong Financial Results Confirmed for DFA
US - Dairy Farmers of America (DFA) ended 2012 with strong operating results from both commercial investments and increased earnings from affiliates.
22 March 2013
1 minute read
The Cooperative’s net income increased more than 100 percent in 2012 — $83 million for 2012, compared to $40 million for 2011 — but after non-recurring items, DFA reported a net loss of $133 million for the year. Non-recurring items include a $216 million, net of tax, litigation charge in 2012 and a $77 million, net of tax, impairment/loss on exchange of affiliate interest in 2011.
Growth also included expansion of DFA's commercial investments. The Cooperative’s Fluid Milk and Ice Cream Division acquired Guida’s Dairy®, based in New Britain, Conn., and Cass-Clay® Creamery in Fargo, N.D.
In addition, more than 20 new products were launched in the Consumer Brands division under the Borden®, Cache Valley®, Plugrá® and La Vaquita® brands.
“We have worked for a number of years to improve DFA’s financial strength,” said Rick Smith, president and chief executive officer. “In 2012, we had a profitable year. This, combined with the support of the financial community, means we are in a position to manage the short-term impact of these non-recurring items on our overall balance sheet.”
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