CMancaater Farming, Saturday, November 30, 1006
Seedway Holds Meeting
HALL, N.Y. The 33rd annual seedway dealer meeting
was held recently In Hall and Syracuse, N.Y. with local
sales and service representatives Rick and Pat Stevens,
pictured with Seedway Rep Russell Hall, right, of Mehoop
any, N.Y. Field plot tours of corn variety plots and new
technology demonstrations In high oil com, narrow row
corn production, and Liberty herbicide resistant corn were
featured the first day.
The second day focused on Information in alfalfa, grass
es, small grains, and soybeans, Including Asgrow Round
up herbicide resistant varieties.
Key topics of Importance to Northeast farm producers
were covered in cultlvar selection for nutrient management
programs, emerging alfalfa variety technology, and com
silage forage quality.
The Stevens were recognized at the conclusion for local
service to area farm producers.
William "Billy” Snldar. pre
sident of Snldsr's Elsvator
Inc., right, takes a moment to
acknowledge Andy Barbu
zanes, a designer for Wertner
Signs. Snider’s Elevator Inc.,
a family owned and operated
business, has been In busi
ness since 1929.
Implement Company Sells, Services Farmhand, Glencoe
RICHLAND (Lebanon Co.)
Lebanon Valley Implement Com
pany in Richland is an authorized
dealership for Farmhand loaders,
grinder mixers, tub grinders and
mulchers, and Glencoe Held culti
vators, soil finishers, rippers.
Snider’s Elevator Hosts
LEMASTERS (Fninidin Co.)
Recently, Snider’s Elevator
Inc., a feed and grain mill, hosted
an open house and guided tours at
its Lemasters facility.
More than 1,000 people at
tended the festivities, which in
cluded a free lunch, dooiprizes,
and a 10 percent off sale.
Snider’s Elevator, a manufac
turer of dairy, horse, and livestock
feeds, serves Franklin County and
surrounding areas. The open
house celebrated 10 years at the
Lemasters facility.
Snider’s Elevator, a family
owned and operated business
since 1929, started in Williamson.
Since acquiring the Lemasters fa
cility, Snider’s have upgraded and
remodeled the mill. Storage capa
city was increased from 50.000
bushels to close to 400,000
bushels.
Under a tent, vendors from 20
different major manufacturers
greeted guests and answered ques
tions. Also. Snider’s Elevator
power ditchers, and soil savers.
‘These new product lines have
the features and accessories that
meet the needs of our customers.”
said John Zimmerman, co-owner.
“Having these product lines avail
able is also in keeping with our
goal of serving as a one-stop re
RACINE, Wis. Case Cor
poration reported third-quarter
operating earnings of $lO3 mil
lion, up 8 percent over S9S million
in die comparable period last year,
excluding the $24 million pre-tax
gain from the sale of Viscosity Oil
in the third quarter of 1995.
For the first nine months of
1996, Case’s operating earnings
were $416 million, up 17 percent
from the first nine months of
1995, excluding the Viscosity Oil
sale.
Net income comparisons for the
third quarter and year-to-date are
affected by significandy higher ef
fective tax rates in 1996 compared
to 1995. Third-quarter net income
for 1996, before extraordinary
items, was $62 million, or $O.Bl
per share, compared to $BB mil
lion, or $1.19 per share, in the
third quarter of 1995.
For the first nine months.
Case’s net income, before extraor
dinary items, was $247 million, or
$3.28 per share, including $B2
million in higher tax provisions
versus 1995. Net income, before
accounting changes, for the first
nine months of 1995 was $268
million, or $3.67 per share. As
suming a comparable consoli
dated tax rate in 1995, Case’s
1996 performance represents a
29-percent increase for the period,
excluding the Viscosity Oil sale
gain.
Net sales in the third quarter of
1996 were $1.15 billion, com
pared to $1.14 billion in the third
quarto' of 1995. For the first nine
months, net sales were $3.7 bil
lion, even with the same period
last year, as a result of the com
pany’s strategy to reduce dealer
inventories through its supply
chain management initiatives. In
addition, the company has di
vested a significant number of
company-owfted retail stores
since the third quarter of last year.
The third-quarter operating
hosted Harmony Hills and South
Lawn Stables miniature horses.
Customers congregated at the
dairy nutrionists’ tables to team
about new dairy feeds, and to find
out what services they offer. Sni
der’s Elevator dairy feed nutri
tionists Rick Ruppert and Mark
Potter participated in the open
house to discuss their tote as full
service technicians. Independent
dairy nutritionists Gilson Marlin
of Star Dairy Resources and Mi
chael Croutch of Renaissance Nu
trition also had an opportunity to
explain their consulting services,
when farmers came by their dis
plays. The nutritionists make farm
calls, and design custom rations
for each particular herd of cows.
Snider’s Elevator then receives
cow feed rations from the nutri
tionists, and uses the rations to
manufacture feed. The nutrition
ists use computers to formulate
the feed rations. Each ration is
tailored to suit the farmers’ needs.
Open house attendees had an
source for agricultural equipment
and maintaining overall customer
satisfaction.”
“Farmhand and Glencoe are
well-recognized brands with a
reputation of quality and reliabili
ty, and farmers throughout the
area are invited to stop by for a
Case Continues
Strong Performance
earnings improvement of $8 mil
lion, excluding the 1995 pin from
the sale of Viscosity Oil, was driv
en by restructuring and other cost
savings. These were partially off
set by inflationary cost increases,
higher research and development
spending, and lower volumes re
sulting from supply chain man
agement
During the quarter. Case com
pleted the largest introduction of
new products in the company’s
history, with the rollout of mote
than 20 new agricultural equip
ment products.
Other actions completed in the
third quarter include the acquisi
tion of Austrian tractor manufac
turer Steyr Landmaschinenlechnik
AG and the creation of a global al
liance to integrate the company’s
worldwide logistics networic.
In addition to these third-quar
ter actions, on Oct. 7,1996, Case
also announced the acquisition of
Fermec Holdings Limited, a
U.K.-based construction equip
ment company.
Worldwide retail unit sales of
Case equipment rose 11 percent in
the first nine months of 1996. Re
tail sales in the third quarto 1 were
even with the same period last
year, when several new products
were fully available for the entire
quarter. In addition, 1996 third
quarter retail sales followed a
27-percent increase in the second
quarter of this year, when the
company launched its Magnum
Showdown Tour and other promo
tional activities prior to the intro
duction of new products in the
third quarter.
Case Credit Corporation
Case Credit Corporation, Case
Corporation’s retail financing
subsidiary, had net income, before
extraordinary items, of $23 mil
lion for the third quarter, down 12
percent from the third quarter of
1995.
For the first nine months, net in-
Open House
. .. t c-j . to finished feed. Snider’s Elevator
opportunity to tour the Snider s manu £ ac t urers feed for a variety of
Elevator facility. animals including dairy and beef
Tours included the mill, where horses, hogs, chickens,
the stored grain gets processed in- sheep, and goats.
firsthand look at this equipment,”
said Marlin Zimmerman, co-own
er and service manager.
Leon Stauffer, parts manager,'
said the dealership will stock re
placement parts for all present
owners of these product lines, and
maintain a parts inventory for new
come, before extraordinary items,
was $6B million, down 4 percent
from the same period last year.
The decrease in both periods is
primarily due to higher interest
rates, which resulted in die recog
nition of a smaller gain on the
third-quarter asset-backed securi
tization (ABS).
The third quarter also included
an extraordinary, after-tax charge
of $3 million for the write-off of
unamortized bank fees in connec
tion with the refinancing of the
company’s credit facilities. The
new agreements were negotiated
at more favorable rates and toms,
and include a $1.2 billion increase
in the subsidiary’s lines of credit
Portfolio acquisitions in the
third quarter were up 23 percent to
$679 million, compared to $550
million in die same period last
year. For the first nine months,
portfolio acquisitions increased 18
permit for a total of $1.9 billion,
while the portfolio’s loss-to-liq
uidation ratio remained low at
0.15 percent even with that of last
year. Growth in the quarto' and
year-to-date periods resulted from
strong retail demand for equip
ment in Noth America as well as
the addition of a new finance sub
sidiary in Australia. As of Sept
30, 1996, Case Credit’s serviced
portfolio increased 17 percent
over the same time last year,
growing to a record $4.1 billion.
Case Credit made significant
progress during the third quarter
in growing and expanding its busi
ness. In September, Case Credit
completed its largest-ever ABS
transaction, an $875 million pub
lic and private offering. The fi
nancing company also launched a
new credit care program Airing
the quarter for dealer-based pur
chases. And a focus on interna
tional growth led to the creatiqn of
UZCaseagroleasing, an agricul
tural equipment financing com
pany in the Central Asian country
of Uzbekistan.
equipment purchasers.
“For equipment-down emer
gencies, we can source a needed
part from any of 12 strategically
located North American parts
warehouses. Most of these orders
are shipped the same day they are
placed,” said Stauffer.