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CHS Reports Lower Sales, Net Income for Fiscal Year
USAgNet - 11/13/2017

CHS Cooperative reported net income of $127.9 million for the fiscal year ended Aug. 31, 2017, compared to net income of $424.2 million for the fiscal year ended Aug. 31, 2016.

Consolidated revenues totaled $31.9 billion for fiscal 2017, approximately a five percent increase over consolidated revenues of $30.3 billion for fiscal 2016.

"It's been a challenging year, but we're committed to meeting the long-term needs of our cooperative owners and customers. We will continue to take prudent actions to ensure the company is well positioned for future opportunities," said CHS President and Chief Executive Officer Jay Debertin.

For fiscal 2017, CHS experienced a loss before income taxes of $54.8 million, down from income before income taxes of $419.9 million in fiscal 2016, reflecting significant charges that relate to a Brazilian trading partner entering into bankruptcy-like proceedings under Brazilian law, intangible and fixed asset impairments, and bad debt and loan loss reserve charges, of which a significant portion relate to a single large producer borrower.

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