Weyburn Inland Terminal Ltd. has reported a sharp drop in grain volumes and earnings in the first quarter of 1998.
The company had after-tax net income of $371,000 for the three months ending March 31, down from $611,000 in the same period a year ago. That works out to $3.53 per fully diluted share and $5.89 per basic share.
Chief executive officer Norm Flaten said the results are satisfactory, given the drought-reduced crop produced in the Weyburn area last year.
The company handled 72,100 tonnes during the three-month period, down from a record 108,000 tonnes in the previous year’s first quarter.
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NISA withdrawals quicker
Saskatoon newsroom
A modification of the Net Income Stabilization Account program allows farmers to withdraw money in the year they have an income shortfall.
Until this year, producers could only get money in the year after encountering problems.
Farmers must still meet NISA withdrawal standards. Their current year gross margins must fall below their average five-year gross margin, or income from all sources must fall below a threshold, plus the current year maximum matchable deposit. The threshold is $10,000 for an individual and $20,000 for a family.
For a 1998 interim withdrawal, farmers must have submitted a NISA application for the1997 stabilization year and have received a deposit/withdrawal options notice.
If a withdrawal is available from 1997 but hasn’t been used, the farmer must use all of it before requesting an interim withdrawal for 1998.
About 55,000 farmers are enrolled in NISA and have about $1 billion on deposit.
For more information, call the NISA office at 800-665-6472.
The penalty-free deadline for NISA applications for the 1997 stabilization year is fast approaching. June 15 is the deadline for individuals and June 30 is the date for corporations and co-operatives.
