Agricultural cooperative Growmark said it has had “another good year” as a result of a “very strong” balance sheet.

For the year ended 31 August, the firm said it expects to report net income of US$81m, while sale have reached $6bn for the 2009/2010 fiscal year.

“Fiscal 2010 was another good year in a series of good years,” said senior vice president of finance Jeff Solberg. “The result of this strong performance is a very strong balance sheet with a sound equity base built on a substantial layer of retained earnings, which minimizes the stock investment required of members, which is supplemented by a prudent level of long-term debt.”

The company said its plant food division staged a strong comeback after a relatively weak prior year.

“The late harvest in 2009 prevented the majority of fall tillage and plant food applications,” Solberg said. “Fortunately, April provided a window of opportunity to complete the extra work.”

The performance of the crop protection division has been “very strong” in the last three years, and the firm said the outlook is positive.

Growmark has also elected Kevin Herink and Jim Anderson to its board of directors at the regional cooperative’s annual meeting in Chicago.