Pro-Fac Cooperative Inc. reported improved results for the fourth quarter and fiscal 1998 year.
The Rochester-based agricultural marketing co-op, which owns Agrilink Foods Inc., reported net income of $1.23 million in the fourth quarter, against a year-earlier loss of $426,000.
Operating income rose to $9.59 million from $8.43 million in the fourth quarter of 1997, and sales from continuing operations rose to $177.4 million from $166 million.
For the year, the co-op had net income of $17.13 million, against $12.7 million in fiscal 1997. Operating income rose to $55.7 million from $50.1 million in fiscal 1997, and sales from continuing operations rose $719.7 million from $689.9 million. The results are consolidated with Agrilink's.
Pro-Fac was founded in 1961 by Western New York farmers and today is owned by more than 600 farmers in several states.
Community Bank hikes payout
Directors of Community Bank System Inc., which has operations on the Southern Tier, approved a 3-cent increase in the bank holding company's quarterly cash dividend to 23 cents per common share. It will be payable Oct. 9 to shareholders of record Sept. 15.