Dear Members,
We recently closed the books on 2019, and I’m pleased to report that we had another strong year, which puts us in a great position for the year ahead. Here is the business notice we’ll be releasing to the local media this week:
The Hanover Consumer Cooperative Society, Inc. released results of its 2019 audit that shows an after-tax loss of $73,622 on sales of $76,977,354. The audit report was accepted by the Hanover Co-op board on February 26. In that report, the cooperative posted Savings before Taxes of -$37,253. The results reflect a one-time charge of $71,472 for asset disposal, in the absence of which, Savings before Taxes would have been $34,219.
What’s the takeaway here? First, sales were terrific—nearly $77 million, up more than $2 million from 2018. We showed positive earnings from continuing operations, more than $34,000. We showed a one-time, non-cash loss associated with the move from Buck Road to the new Resource Center in White River Junction, though the reduced rent and larger space will give us a great facility for years to come that will save us in the long run. As a result, without the move to White River Junction, we would have posted a Savings Before Taxes of $34,219.
Solid finances only tell part of the story, of course. It’s our triple bottom line of financial, environmental, and social responsibility that makes such a tremendous community impact. In 2019 we phased out single-use plastic bags at the registers, expanded our Service Center to a second location, launched Double Up Bucks and Co-op Car Connections, and raised more than $193,000 for local nonprofits through Pennies for Change. We’ll explore all the details at the Annual Meeting on Saturday, April 4, from 10 a.m.-12:30 p.m., at the Listen Center in White River Junction, located at River Point Plaza on Route 4. The Annual Meeting is a great opportunity for members to ask questions and learn more about the business they own. There’s great food and fellowship and plenty of time for discussion. Love to see you there.
My thanks to all of our members for making 2019 such a great year. If you’d like to talk more, reach out to me anytime. My door is always open.
—ed
Ed Fox
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