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Financial Report    
Introduction Tree Top's condensed financial statements are presented in this section of the report. Complete audited financial statements and footnotes are available to any Tree Top member and can be found on the internet at http://enter.treetop.com/web/CtlDocument?destination=annualReport2005. Access to the audited financial statements requires the same member password used to access Tree Top member accounts. If you need a password, or if you would like a printed copy of this report, you may request either from Mr. Dick Childers in Grower Accounting by email at dchilders@treetop.com or by telephone at 509.697.7251 or 800.367.6571. Tree Top's fiscal year ends July 31st. Reference to F'2005 identifies the fiscal year ended July 31, 2005, which includes its members' 2004 harvest. Returns to Members and Results of Operations Net proceeds for F'2005 of $29.0 million were 2.7% lower than F'2004 net proceeds. Apple and pear tons received of 535 thousand tons was Tree Top’s largest processing tonnage ever; two thousand tons higher than the previous record year, F'2001. The large volume of fruit received in F'2005, after three short fruit receiving years in a row, allowed the Company to better utilize its production resources and rebuild inventories to suitable levels. On a per ton basis, net proceeds paid to members for apples were lower than the prior year. The per ton juice apple return of $46.56 was $24.26 lower than the prior year. Peeler grade apple returns were down $50.23 from the prior year to $85.84 in F'2005. The proceeds per ton for pears increased by $6.21 to $43.80 in F’2005. The Tree Top returns exceeded general market averages, or commercial market value (CMV), for the thirteenth straight year. The F'2005 profit per ton was $13.62, compared with the prior year amount of $7.65. A summary of Tree Top returns for juice and peeler grade apples for the last four years follows:
As has been the practice for many years, profits for F'2005 were paid 100 percent in cash to members who owned market rights to cover their fruit deliveries. Profits on deliveries not covered by market rights were classified as non-member earnings and added to the Cooperative's retained earnings. Because of Tree Top's cooperative structure, qualified distributions of member proceeds are tax-deductible to the Cooperative. Non-member income is subject to taxation at regular corporate rates. |
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Chairman's Letter 
CEO's Letter
Financial Report
Board of Directors
Corporate Info
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