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The 2008-2009 audited report on the financials of the company looked grim as the figures unfolded in black and white told of an 11 million dollar loss. Now three months later, the forecast for this year's performance is not looking good either. Jim McFadzean spoke with the CGA and has this report:

Jim McFadzean Reporting
Despite a steady rise in the market price for citrus this year, Belizean growers got the bad news that their second payment for oranges due this Thursday, July 1st, will reflect 43 cents less per box than anticipated. CEO of the CGA, Henry Anderson says the growers have good reasons to believe they are being shafted.

Henry Anderson, CEO, CGA
"Essentially what growers are asking us is why is it that the prices are at a $1.00 with selling price at $1.03 when the market has gone as high as $1.53. In terms of the stocks that have been process from this season they weighted average selling price for those is around $1.25 so the factory were able to get some better price there. Essentially they are saying also that yield that they are getting per box of orange is less than last year. They are getting around I think 5.8337 pound per box where as last year it might have been as high as 6.2 pound per box. They are saying that affected them as well because they had less juice to sell because not only are they getting less boxes of fruit but you are getting less juice per box of fruit as well."

Jim McFadzean
"How will the CGA go about validating what the real reasons might be for the difference this discrepancy in the prices?"

Henry Anderson
"Ok. As part of the price formula agreement the CGA has the right to go in and look at the contracts and look at those things to examine what has occurred. The committee of management is looking at this area and I suspect that what will happen is that they will have a forensic look at this submission to see and examine what it is that took place. At this point we have no reason to say that the numbers the factory is reporting are not what occurred but the issue here is was selling the product for those prices in the best interest of our concern."

While growers grapple with the devastating financial news, the CGA says its move to accept the submission under protest, was done solely to facilitate growers receiving payment so as to take care of their financial obligations.

Henry Anderson
"If the factory is selling product for well below the market and its communicating whatever rational reason it would have to do that, that would give CGA the opportunity to look at those things to communicate with the growers so everybody would have a better idea of what's happening, so I think part of the issue here in making things work better is to have a more transparent way of looking at how those sales were being made and also better communication between the processor and the growers so that everybody understand what's happening. This year growers have invested and committed more in putting more in fertilizer to ensure a better crop for next year and it's looking like next year will have a good crop. So it's going to rebound, but when you get the sort of hiccup when the prices are going down when everywhere else prices are going up it does knock the steam out of the commitment for the investors to put more in the ground."

Reporting for 7News I am Jim McFadzean.

The CGA has called a meeting for tomorrow Wednesday, June 30th at 2:00 P.M. to discuss the submission with its members.