April 9, 2009 (Reston, Va.) – Maryland & Virginia Milk Producers Cooperative announced $7.9 million profits for 2008 at its 89th annual meeting on April 1, 2009 at Turf Valley Resort and Conference Center in Ellicott City, Md.  CEO Jay Bryant also reported the cooperative paid out $31 million or approximately $1.125 per hundredweight to members through over-order and various other marketing premiums during the year.

“Maryland & Virginia had a healthy year,” said Bryant. “Given the economic conditions out there, we are very pleased with our performance and ability to return more money back to the membership than we have in the last few years.”

He attributed the cooperative’s financial success to a continued focus on efficiencies at its fluid processing plants, strong market prices and increased volume at its manufacturing operations.  Bryant also shared that the cooperative had decreased debt by $11 million and increased member equity by $2.9 million in 2008.

President Steve Graybeal reported that the cooperative’s board had agreed to a special 50 percent estimated advance payout of the organization’s cash patronage in early May.

“It doesn’t matter how many cows you milk or what your debt load looks like, $9 milk makes it hard for any dairy farmer to make ends meet,” said Graybeal.  “The board of directors is acutely aware of how difficult times are for the membership.  Considering how well Maryland & Virginia performed in 2008, the board felt it appropriate and timely to authorize this special advance patronage payout to help our members through a very difficult time.”

Typically the cooperative allocates cash equity payments in early September; this special advance payout is a rarity for the cooperative.  Members can expect to receive their advance patronage payments in early May.

During the executive session of the business meeting, the membership elected the following member-owners to the board of directors for three-year terms:

• David Hunsberger, Mifflintown, Pa.
• R. Steven Graybeal, Peach Bottom, Pa.
• Sam Tressler, Mount Airy, Md.
• Ralph Shank, Hagerstown, Md.
• Laird Bowman, Boones Mill, Va.
• Henry Cabaniss, Maxeys, Ga.

The cooperative also recognized the following four retiring directors for their combined 75 years of service:

• Glenn Eaves, Woodsboro, Md. (14 Years)
• Janet Stiles Fulton, Boonsboro, Md. (9 Years)
• David Weitzer, Poolesville, Md. (43 Years)
• De Willard, Frederick, Md. (9 Years)

Maryland & Virginia President (left) presents Janet Stiles Fulton (right) of Boonsboro, Md., with a plaque commemorating her 9 years of service on the board of directors for the cooperative.

Maryland & Virginia President (left) presents David Weitzer (right) of Poolesville, Md., with a plaque commemorating Weitzers 43 years of dedicated service on the cooperative’s board of diretors.

Maryland & Virginia President Steve Graybeal (left) presents De Willard for his 9 years of service as the cooperative’s public director.

Owned and operated by 1,500 dairy farm families from Pennsylvania to Georgia, Maryland & Virginia is a milk marketing and processing cooperative providing consumers throughout the Mid-Atlantic and Southeastern U.S. with fresh milk and dairy products.  Maryland & Virginia owns and operates three fluid processing plants; Marva Maid of Newport News, Va., Marva Maid of Landover, Md., and Maola Milk and Ice Cream Company in New Bern, N.C.; a manufacturing plant in Laurel, Md.; and an equipment warehouse business in Frederick, Md.  The cooperative is also majority owner of a second manufacturing plant, Valley Milk LLC located in Strasburg, Va.