The Weyburn Inland Terminal reported a year-end total for pre-tax earnings of $2.97 million, and will pay a dividend to shareholders despite a tough crop year for many area farmers.

The fiscal year-end report was announced on Monday, down from comparative earnings in 2003 of $4.23 million. The Terminal handled 315,000 tonnes of grain this past year, and had crop input sales of just under $15.5 million.

President Claude Carles noted that sound investments and no long-term debt, plus the continued support of customers, helped the company turn a profit this year. "The grain business continues to be difficult for the whole industry, including WIT and our customers. We had the 2003 crop which was consistently high quality, although smaller due to the drought, followed by the May 2004 snow, wet summer, and August frost combining to result in a 2004 crop with very poor quality in most areas," said CEO Rob Davies, adding one bright spot came as flax and canola crops in some areas were not as affected by the frost as first feared.

The working capita at the end of 2004 totalled $10.3 million, an increase of $5.3 million even though the company paid dividends of $1.1 million to shareholders in 2004. Shareholder equity increased by $2.79 million to $25.16 million. After-tax earnings were up $900,000 over 2003 to $3.89 million as a result of a resolution of the status of manufacturing assets owned by WIT.

The board of directors announced a record semi-annual dividend of $1 per common share, while Preferred A shareholders will receive $1.60 per share. The dividend is to be paid on or before April 4 to the shareholders of record as of March 23. The dividend in 2003 was 55¢ a common share.

"This record semi-annual payout of approximately $961,000 is a way to pay the shareholders back for their continuing support through these difficult times in agriculture," said Carles, adding most of the shareholders are also the customers of WIT. The company continues to support both customers and local communities and organizations in facing the current challenges, with donations totalling over $82,000 in 2004.