We have finished closing the second quarter for FY18 (Fiscal Year 2018). Combined sales for Arcata and Eureka were $8,671,130 for the quarter, below FY17 by $136,282, but stronger than the previous quarter.
Payroll & Benefits were down $13,765 over last year, a significant improvement from the previous quarter, which was up $498,124. Our health insurance plan is self-funded, so we pay medical claims out of pocket. We did not experience the number of large claims in second quarter that we did in the first of this year.
Net Income was -$28,785. While this is still in the negative, it is a significant improvement over first quarter of FY18, which was -$433,569. We anticipate even further improvement to the financial bottom line in the next quarter.
Our current member-owner share value has grown by $197,048 compared to the second quarter of last fiscal year. This is the growth of equity investment from new and current member-owners purchasing memberships and investment shares. We currently have interest-earning C-shares for sale, so if you are interested in finding out how to be more invested in the Co-op, please call (707) 822-5947 ext. 234. We currently pay an annual Percentage Rate (APR) of 2%, reviewed quarterly by the Board of Directors. Remember, investing is smart, simple, and quick!