The Weyburn Inland Terminal recorded after-tax earnings of $2.45 million in its third quarter results, made possible by diversifying beyond grain handling.

The after-tax earnings, equivalent to $2.53 a share, diluted, for the period January to September, is up from the earnings of $2.29 million or $2.39 a share for the same period a year ago.

The earnings increased in spite of problems in the grain handling aspect of the business, such as erratic supplies of train cars and a drought in the Weyburn area through much of the summer. Solid contributions to the bottom line came from the crop input and feed pelleting areas, along with realization of tax deduction which had been applied for in previous years.

"Although there continues to be challenges in the grain-handling business, our diversification into crop inputs and feed pelleting have helped maintain the company's profitability. The company continues to file the lowest handling tariffs in the industry, ensuring that all our customers are treated fairly," said WIT president Claude Carles.

WIT paid out $862,000 in freight and dockage premiums to producers in the first three quarters of 2003, and net weight tariffs continue to be offered, with the Inland Terminal continuing to be the only company to do so. The net weight tariffs mean farmers aren't charged for elevation, cleaning and shipping of the dockage in their grain.

Working capital at Sept. 30 was at $5.28 million, up over last year's level, even after dividends of $1.1 million were paid out.

Part of WIT's success has been by staff taking initiative to deal with problem grains of farmers such as by blending the problem grain, said CEO Rob Davies.

He also noted the company had a number of signification capital projects completed this year, mostly in the crop inputs area, such as upgrades to improve the throughput speeds for granular fertilizer, a 10,000 metric tonne dry fertilizer storage facility and entry into the liquid fertilizer business.

Some of the challenges on the grain side were that while the 2003 harvest had excellent quality, there were reduced volumes which impacted on their customers' earnings, said Carles.

"A return to more traditional weather next year is needed to replenish soil moisture levels and provide for a more normal crop," said Carles.