Net income more than doubles, but DFA reports loss for the year
CEO Rick Smith says, "We are in a position to manage the short-term impact of these non-recurring items on our overall balance sheet.”
Dairy Farmers of America reported today its net income increased more than 100% in 2012 — $83 million for 2012, compared to $40 million for 2011 — but after non-recurring items, DFA reported a net loss of $133 million for the year. Non-recurring items include a $216 million, net of tax, litigation charge in 2012 and a $77 million, net of tax, impairment/loss on exchange of affiliate interest in 2011.
“We have worked for a number of years to improve DFA’s financial strength,” said Rick Smith, president and chief executive officer of the Kansas City, Mo.-based dairy cooperative. “In 2012, we had a profitable year. This, combined with the support of the financial community, means we are in a position to manage the short-term impact of these non-recurring items on our overall balance sheet.”