Home / Knowledge / News / Textiles / PCCA's Textile & Apparel Division returns to profitability
PCCA's Textile & Apparel Division returns to profitability
28
Sep '11
Plains Cotton Cooperative Association(PCCA) announced at the cooperative's 58th annual stockholders meeting record total net margins of $41.2 million from fiscal 2010-2011 operations. Further cash distributions to members totaling $36.3 million will bemade this month comprised of $19.5 million in cash dividends, $4.7 million in stock retirements, and $12.1 million in retirement of per-unit retains.

“All divisions were profitable despite the greatest volatility any market has ever experienced,” said PCCA President and CEO Wally Darneille. “After several years of world cottonproduction that was lower than demand, unforeseen late-season crop problems in the United States, China, and Pakistan coincided to create an explosive price situation during the winter.

To the best of our knowledge, we paid significantly more equity to our marketing pool members than any other pool where producers are not required to shoulder personal financial risk. In fact, the premiums we achieved over the Commodity Credit Corporation loan were more than six times higher than the average of the last 10 years.” PCCA's West Texas/Oklahoma/Kansas marketing pool was the second largest ever despite the late-season adverse weather.

“The adverse weather last October affected volume more than was initially apparent, or our results would have been even better,” Darneille continued. “Unfortunately, the crop simply did not produce the yields that we, the USDA, the gins, and our members expected.”

PCCA's Warehouse Division received the third largest volume in its history. “We worked through the heaviest shipping demand in the division's history,” Darneille said, “but our warehouses performed well above industry shipping standards while receiving record amounts of inbound cotton from the gins.”

PCCA's Textile and Apparel Division returned to profitability during the year as efforts to develop more value-added business paid off with 13 new accounts, including several high-end brand names such as American Eagle Outfitters, Urban Outfitters, and Under Armour.

“Wealso entered the European and Indian jeans markets, an accomplishment once believed to be impossible,” Darneille reported. “Our jeans sales to Replay, a high-end Italian brand, will contain denim made at our American Cotton Growers mill. Indian Terrain, a department store chain in Bombay, is offering a line of our jeans bearing the Cotton USA logo. We also launched our university-branded jeans products at Texas Tech, Texas A & M, Alabama, Georgia, Auburn, and other schools.”

“Our textile and apparel operations received important recognition during the year. Denimatrix, PCCA's denim apparel manufacturing facility in Guatemala, received the prestigious Award for Corporate Excellence from the U.S. State Department for its social responsibility and environmental stewardship,” Darneille said. “Meanwhile, American Cotton Growers was named Employer of the Year by Workforce Solutions of the South Plains which honored the mill's excellent employment practices and employee education programs.”

In other business during the annual meeting, PCCA members re-elected the following directors: Larry Williams, District 8; Billy Eggemeyer, District 9; Frank DeStefano, District 10; and Steve Bauer, District 11.

Plains Cotton Cooperative Association(PCCA)


Must ReadView All

EU, Japan finalise Economic Partnership Agreement

Textiles | On 18th Dec 2017

EU, Japan finalise Economic Partnership Agreement

Building on the political agreement reached in principle during the...

WTO, ITC launch cotton portal to enhance transparency

Textiles | On 18th Dec 2017

WTO, ITC launch cotton portal to enhance transparency

The World Trade Organisation (WTO) and the International Trade Centre ...

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search