BISMARCK, NORTH DAKOTA, U.S. — Net profit at North Dakota Mill and Elevator in the year ended June 30 totaled $10.6 million, down 25% from $14.2 million in fiscal 2018, which was the company’s third-highest profit total in its history.
Net sales in the year fell to $312.3 million, down 8% from $338.9 million in the same period a year ago.
In the fourth quarter, profit fell to $1.4 million from $4.2 million, while sales eased to $73.7 million from $84.3 million.
Gross margin as a percent of gross sales for the year was 15.5%, up from 15% a year ago.
North Dakota Mill and Elevator is the largest and only state-owned flour mill in the United States. It bought nearly 30 million bushels of spring wheat and 1.96 million bushels of durum from regional farmers and elevators in the latest fiscal year, which compared with 30.7 million bushels of spring wheat and 2.6 million bushels of durum in fiscal 2018.
North Dakota Mill and Elevator shipped nearly 14.7 million cwts of flour to customers in fiscal 2019, down 4% from 15.3 million cwts in fiscal 2018.
Family flour shipments in fiscal 2019 totaled 350,522 cwts, up 2.8% from a year ago. Organic flour shipments, meanwhile, totaled 141,901 cwts, down 9% from 156,413 cwts in fiscal 2018.