Riceland Foods Reports $1.3 Billion in Revenue at Annual Membership Meeting

STUTTGART, Ark. (November 15, 2023)– Riceland Foods reported $1.3 billion in revenue to its members, staff, and guests attending the cooperative’s Annual Membership Meeting on Thursday, November 9, at the Embassy Suites in Jonesboro, AR.

Riceland’s Chairman of the Board of Directors, Roger Pohlner, welcomed those in attendance and shared the latest news from the Board of Directors.

Chairman Pohlner said, "To make our cooperative better serve the needs of its farmers, the board of directors has directed management to concentrate their efforts for improvement in five primary areas: pool settlements, member and customer relations, employee relations, grain procurement, and working capital." He also welcomed member input. "We are all One Riceland, working together to accomplish the goals and objectives necessary for us to succeed."  

Riceland President and CEO Jason Brancel shared his experience after spending one full fiscal year at Riceland. He described Riceland as the connective tissue between the farmers who own the cooperative and customers in diverse domestic and export market channels. He described Riceland's three-horizon strategic view and concluded his report with an in-depth look at Riceland’s strategic pillars, which focus on strengthening the entire operation's foundation.  

“We owe it to our members to challenge the status quo and to create a culture of continuous improvement at Riceland…being better today than we were yesterday, and better tomorrow than we are today.”

Chief Financial Officer Craig Parr gave the financial results from fiscal year ending July 31, 2023, reporting revenue of $1.3 billion and distribution to members of $788 million. Parr reported the long grain seasonal pool paid $7.33 per bushel. The soybean seasonal pool paid $15.93 per bushel, a $1.73 premium to the United States Department of Agriculture’s season average price. Parr reported that Riceland's working capital improved 22% compared to the prior year, and income before taxes was $11.1 million compared to $9 million the prior year.  

Speaking on a New Age of Agriculture, the meeting’s keynote address came from Ryan Raguse, Bushel’s president and co-founder. Bushel is an independently owned software company and leading software technology provider for farmers and grain buyers. Raguse discussed three trends he anticipates impacting the agriculture industry in the future.

The meeting concluded with celebration and recognition for its supporters and employees. Kevin McGilton, chief of staff and vice president of government affairs, presented Riceland’s Friend of the Farmer award to Congressman Bruce Westerman.

“When considering individuals for the award, directors look for persons who hold agriculture, and the men and women who work the land, in high regard. Their efforts to support and defend farm families, ag-based businesses, and our rural way of life are at the forefront of their life’s work.

Their core values align with that of our cooperative: honesty and integrity, working hard and working smart for results, leading courageously, being kind and courteous, and being committed to the greater good.”

Kylie Dewberry, communications manager, recognized 22 employees whom their peers nominated for Riceland’s Grow Good Employee of the Year and Manager of the Year awards.

“These team members go above and beyond, have outstanding work ethic, are willing to help others, and maintain a positive attitude,” Dewberry said. “They represent Riceland well inside and outside the workplace, and today, Riceland recognizes them for their outstanding work.”

The 2023 Grow Good Employee of the Year was Twyla Robert, representing IT, and the 2023 Grow Good Manager of the Year was Sarah Murry, Chief Accounting Officer. Roberts has been on the Riceland team for 43 years, and Murry has been with Riceland for over 20 years.

For more information regarding Riceland Foods, please contact Kevin McGilton at kmcgilton@riceland.com.

About Riceland Foods, Inc

Riceland Foods and its family farmers have provided the world with wholesome, nutritious rice since 1921. Grown in the United States, our rice is known for its high quality and versatility, and that's why Riceland has become a trusted brand around the globe. Riceland is a cooperative, which means we are owned by our 5,500 family farmer members, who are also our stockholders and growers. For more information, visit www.riceland.com.