The Andersons, Inc. Reports Change to Previously Issued Financial Statements for 2002 and 1st Qtr. of 2003

PRNewswire-FirstCall
MAUMEE, Ohio
Aug 19, 2003

The Andersons, Inc. , today announced its plan to restate income for 2002 and the first quarter of 2003. Net income for 2002 will increase by $0.9 million, or $0.13 per diluted share, and net income for the first quarter of 2003 will decrease by $0.9 million, or $0.13 per diluted share. In total, the company's income remains unchanged.

The company, after reviewing with its independent auditors, determined that the earnings reported under a five-year grain marketing agreement does not follow a new accounting pronouncement that became effective for the 2002 calendar year. Therefore, the company is restating its reported income and earnings per diluted share for 2002 and the first quarter of 2003 as noted above. This is strictly a timing revision between reporting periods. It does not change total previously reported income or cash flow, and it has no effect on future earnings. The initial term of the agreement ended on May 31, 2003. It was renewed for another five-year period with different terms and conditions.

As a result of 2003 first-half performance and the very good growing season thus far, company management remain comfortable with the previously communicated earnings guidance that 2003 full-year earnings per diluted share will be near the upper end of the $1.15 to $1.30 range.

The Andersons, Inc. is a respected leader and dominant regional player in grain merchandising and agricultural plant nutrients distribution. Its strong position in these basic businesses has allowed the company to diversify into the production of turf care products, rail equipment leasing, and general merchandise retailing. The company has been in operation since 1947.

This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission.

SOURCE: The Andersons, Inc.

CONTACT: Gary Smith of The Andersons, Inc., +1-419-891-6417


print email rss
Grain
Plant Nutrient
Ethanol
Rail