The Andersons, Inc. Reports Fourth Quarter & Full Year Results

Record Fourth Quarter Earnings of $1.39 per Diluted Share

Full Year Earnings of $3.48 per Diluted Share

Earnings Led by Both the Grain & Ethanol and Plant Nutrient Groups

PR Newswire
MAUMEE, Ohio
Feb 8, 2011

MAUMEE, Ohio, Feb. 8, 2011 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE), today announced record fourth quarter net income attributable to the company of $25.8 million, or $1.39 per diluted share, on revenues of $1.2 billion. In the same three month period of 2009, the company reported income of $16.2 million, or $0.88 per diluted share, on revenues of $916 million. The company's 2010 full year results were its second highest with earnings of $64.7 million, or $3.48 per diluted share, on $3.4 billion of revenues. In the prior year, the company earned $38.4 million, or $2.08 per diluted share, and total revenues were $3.0 billion.

The Grain & Ethanol Group's 2010 operating income was a record $81.4 million. This compares to operating income of $51.4 million in 2009. These results were led by the grain business, which achieved a best ever performance due primarily to strong space income. The ethanol business and the investment in Lansing Trade Group also had solid performances. Total 2010 revenues for the Grain & Ethanol Group were $2.4 billion; this includes $928 million of grain and ethanol sales made in accordance with origination and marketing agreements between the company and its ethanol joint ventures. In 2009, the group's total revenues were $2.2 billion and included $806 million of the previously mentioned sales. For the fourth quarter, the group's operating income was a record $38.6 million, in contrast to $27.8 million earned during the same period in 2009. The fourth quarter increase in operating income was due to markedly improved results in both the grain business and Lansing Trade Group. The grain business benefited from significant space income and the net reversal of $6.7 million of reserves following the settlement of a long standing collection matter. The ethanol business returned to profitability in the fourth quarter, but its results were significantly below the same period of the prior year. Total revenues for the fourth quarter were $913 million; in comparison, the group's revenues for the same period last year were $722 million.

The Plant Nutrient Group ended the year with record operating income of $30.1 million due primarily to an increase in volume of more than 30 percent. In 2009, the group had an operating income of $11.3 million. Revenues for 2010 and 2009 were $619 million and $491 million, respectively. Revenues increased in 2010 due to the volume increase, which was partially offset by a modest decrease in the average selling price. For the fourth quarter, the group's operating income was a record $8.9 million on $159 million of revenues. Last year the group had operating income of $1.7 million during the same three month period on revenues of $111 million. The significant improvement in the fourth quarter was due to material increases in both volume and gross margin. Volume was up almost 20 percent due to excellent fall application conditions and the continued re-stocking of the retail pipeline. Gross margin increased primarily due to price escalation.

The Rail Group had operating income of $0.1 million in 2010, an improvement over its $1.0 million loss in 2009. Gross profit from the leasing business was significantly lower than the prior year due mainly to lower average utilization and lease rates. The full year results include gains on sales of railcars and related leases of $5.5 million in 2010 and $1.7 million in 2009. The majority of the 2010 gains, or $4.3 million, related to the scrapping of railcars. The average utilization rate for 2010 was 73.6 percent, which was down from the prior year average of 78.1 percent. However, the group ended the year with an improved utilization rate of 81.7 percent. Revenues of $95 million for 2010 were comparable to the $93 million reported in the prior year. The Rail Group had an operating loss of $1.1 million in the fourth quarter on revenues of $22 million. In 2009, the operating loss for the same three month period was $1.5 million on revenues of $21 million.

The Turf & Specialty Group's full year operating income was $3.4 million on revenues of $124 million. In 2009, the group had operating income of $4.7 million, and total revenues were $125 million. The 2009 results included a $1.3 million non-recurring gain. The group incurred an operating loss of $1.4 million in the fourth quarter on revenues of $18 million. Last year, its operating loss for the same period was $1.1 million on revenues of $19 million.

The Retail Group had an operating loss of $2.5 million in 2010. In the prior year, the group's operating loss was $2.8 million. Total sales for the group were $151 million in 2010, or 7 percent below the 2009 total of $162 million. The Retail Group's fourth quarter operating loss was $0.1 million on revenues of $43 million. Last year, during the same three month period, the operating loss was $0.7 million, and total revenues were $42 million.

"Clearly, both our full year and fourth quarter earnings were heavily influenced by the results within our agricultural business units. The record full year and quarterly earnings in both our Grain & Ethanol and Plant Nutrient groups, reflects our solid position in this industry," CEO Mike Anderson stated. "Our 2010 Rail Group results continue to be negatively impacted by the overall economy. The increase in utilization rate at the end of the year, however, was encouraging to see," Mr. Anderson added. "We intend to continue to serve our customers and grow this company as we did in 2010 with the addition of O'Malley Grain, B4Grain, and our significant investment in the Iowa Northern Railroad."

The company will host a webcast on Wednesday, February 9, 2011 at 11:00 A.M. ET, to discuss its performance. This can be accessed under the heading "Investor" on its website at www.andersonsinc.com.

The Andersons, Inc. is a diversified company with interests in the grain, ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar leasing and repair, turf products production, and general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company now has operations across the United States and has rail equipment leasing interests in Canada and Mexico.

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. Although the Company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.

The Andersons, Inc. is located on the Internet at www.andersonsinc.com


    The Andersons, Inc.
    Consolidated Statements of
     Income
    (Unaudited)
                                     Three Months        Twelve Months
                                         ended               ended
                                     December 31          December 31
    (in thousands, except for
     per share amounts)                2010      2009       2010        2009
                                       ----      ----       ----        ----

    Sales and merchandising
     revenues                    $1,153,969  $915,958 $3,393,791  $3,025,304
    Cost of sales and
     merchandising revenues       1,071,503   846,170  3,112,112   2,769,798
                                  ---------   -------  ---------   ---------
    Gross profit                     82,466    69,788    281,679     255,506

    Operating, administrative
     and general expenses            48,677    54,560    195,330     199,116
    Interest expense                  5,942     4,714     19,865      20,688
    Other income:
      Equity in earnings of
       affiliates                    10,531    15,078     26,007      17,463
      Other income - net              2,556     1,925     11,652       8,331
                                      -----     -----     ------       -----
    Income before income taxes       40,934    27,517    104,143      61,496
    Income tax provision             14,856     9,127     39,262      21,930
                                     ------     -----     ------      ------
    Net income                       26,078    18,390     64,881      39,566
      Net income attributable to
       the noncontrolling
       interest                         244     2,159        219       1,215
                                        ---     -----        ---       -----
    Net income attributable to
     The Andersons, Inc.            $25,834   $16,231    $64,662     $38,351
                                    =======   =======    =======     =======

    Per common share:
          Basic earnings              $1.40     $0.89      $3.51       $2.10
                                      =====     =====      =====       =====
          Diluted earnings            $1.39     $0.88      $3.48       $2.08
                                      =====     =====      =====       =====
          Dividends paid            $0.0900   $0.0875    $0.3575     $0.3475
                                    =======   =======    =======     =======


    The Andersons, Inc.
    Consolidated Balance Sheets
    (Unaudited)

                                         December    December
                                             31          31
    (in thousands)                            2010        2009
                                              ----        ----

    Assets
    Current assets:
      Cash and cash equivalents            $29,219    $145,929
      Restricted cash                       12,134       3,123
      Accounts receivable, net             152,227     137,195
      Margin deposits, net                  20,259      27,012
      Inventories                          647,189     407,845
      Commodity derivative assets -
       current                             226,216      24,255
      Other current assets                  51,314      41,464
                                            ------      ------
    Total current assets                 1,138,558     786,823

    Investments and other assets           223,204     182,989
    Commodity derivative assets             18,113       3,137
    Railcar assets leased to others
     (net)                                 168,483     179,154
    Property, plant and equipment
     (net)                                 151,032     132,288
                                        $1,699,390  $1,284,391
                                        ==========  ==========

    Liabilities and shareholders'
     equity
    Current liabilities:
      Commodity derivative liabilities
       -current                            $57,621     $24,871
      Other current liabilities            779,122     454,250
                                           -------     -------
    Total current liabilities              836,743     479,121

    Deferred items and other long-
     term liabilities                      117,984      90,138
    Commodity derivative liabilities         3,279         830
    Long-term debt non-recourse             13,150      19,270
    Long-term debt                         263,675     288,756
    Shareholders' equity                   464,559     406,276
                                        $1,699,390  $1,284,391
                                        ==========  ==========

    Segment Data

                                      Grain &              Plant    Turf &
                                      Ethanol     Rail    Nutrient Specialty
                                      -------     ----    -------- ---------
    Quarter ended December 31, 2010
    Revenues from external customers   $912,638  $22,177  $158,659   $17,578

    Gross Profit                         41,112    2,449    21,752     5,248

    Equity in earnings (loss) of
     affiliates                          10,528        -         3         -

    Other income (loss), net                727      412       432       297

    Income before income taxes           38,837   (1,118)    8,864    (1,416)

    Income attributable to the
     noncontrolling interest               (244)       -         -         -

    Operating income (loss) (a)          38,593   (1,118)    8,864    (1,416)

    Quarter ended December 31, 2009
    Revenues from external customers   $722,294  $21,101  $111,447   $19,400

    Gross Profit                         35,692    3,104    14,585     4,956
                                              -
    Equity in earnings (loss) of
     affiliates                          15,076        -         2         -
                                              -
    Other income (loss), net                419      232       160       303
                                              -
    Income before income taxes           29,969   (1,471)    1,671    (1,090)
                                              -
    Income attributable to the
     noncontrolling interest             (2,159)       -         -         -
                                              -
    Operating income (loss) (a)          27,810   (1,471)    1,671    (1,090)



    Twelve months ended December 31,
     2010
    Revenues from external customers $2,405,452  $94,816  $619,330  $123,549

    Gross Profit                        118,490   13,379    79,537    26,937

    Equity in earnings (loss) of
     affiliates                          25,999        -         8         -

    Other income (loss), net              2,733    4,502     1,298     1,335

    Income before income taxes           81,606      107    30,062     3,443

    Income attributable to the
     noncontrolling interest               (219)       -         -         -

    Operating income (loss) (a)          81,387      107    30,062     3,443

    Twelve months ended December 31,
     2009
    Revenues from external customers $2,153,978  $92,789  $491,293  $125,306

    Gross Profit                        106,804   16,816    59,419    25,457

    Equity in earnings (loss) of
     affiliates                          17,452        -         8         -

    Other income (loss), net              2,319      485     1,755     1,131

    Income before income taxes           52,569   (1,034)   11,294     4,735

    Income attributable to the
     noncontrolling interest             (1,215)       -         -         -

    Operating income (loss) (a)          51,354   (1,034)   11,294     4,735




                                         Retail     Other       Total
                                         ------     -----       -----
    Quarter ended December 31, 2010
    Revenues from external customers      $42,917        $-  $1,153,969

    Gross Profit                           11,905         -      82,466

    Equity in earnings (loss) of
     affiliates                                 -         -      10,531

    Other income (loss), net                  204       484       2,556

    Income before income taxes               (134)   (4,099)     40,934

    Income attributable to the
     noncontrolling interest                    -         -        (244)

    Operating income (loss) (a)              (134)   (4,099)     40,690

    Quarter ended December 31, 2009
    Revenues from external customers      $41,716        $-    $915,958

    Gross Profit                           11,451         -      69,788

    Equity in earnings (loss) of
     affiliates                                 -         -      15,078

    Other income (loss), net                  325       486       1,925

    Income before income taxes               (721)     (841)     27,517

    Income attributable to the
     noncontrolling interest                    -         -      (2,159)

    Operating income (loss) (a)              (721)     (841)     25,358



    Twelve months ended December 31,
     2010
    Revenues from external customers     $150,644        $-  $3,393,791

    Gross Profit                           43,336         -     281,679

    Equity in earnings (loss) of
     affiliates                                 -         -      26,007

    Other income (loss), net                  608     1,176      11,652

    Income before income taxes             (2,534)   (8,541)    104,143

    Income attributable to the
     noncontrolling interest                    -         -        (219)

    Operating income (loss) (a)            (2,534)   (8,541)    103,924

    Twelve months ended December 31,
     2009
    Revenues from external customers     $161,938        $-  $3,025,304

    Gross Profit                           47,010         -     255,506

    Equity in earnings (loss) of
     affiliates                                 -         3      17,463

    Other income (loss), net                  683     1,958       8,331

    Income before income taxes             (2,843)   (3,225)     61,496

    Income attributable to the
     noncontrolling interest                    -         -      (1,215)

    Operating income (loss) (a)            (2,843)   (3,225)     60,281


    (a) Operating income (loss) for each Group is defined as net sales
    and merchandising revenues plus identifiable other income less all
    identifiable operating expenses, including interest expense for
    carrying working capital and long-term assets and is reported net
    of the noncontrolling interest share of (income) loss.

SOURCE The Andersons, Inc.

SOURCE: The Andersons, Inc.

The Andersons, Inc. Reports Fourth Quarter & Full Year Results

Record Fourth Quarter Earnings of $1.39 per Diluted Share

Full Year Earnings of $3.48 per Diluted Share

Earnings Led by Both the Grain & Ethanol and Plant Nutrient Groups

PR Newswire

MAUMEE, Ohio, Feb. 8, 2011 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE), today announced record fourth quarter net income attributable to the company of $25.8 million, or $1.39 per diluted share, on revenues of $1.2 billion.  In the same three month period of 2009, the company reported income of $16.2 million, or $0.88 per diluted share, on revenues of $916 million.  The company's 2010 full year results were its second highest with earnings of $64.7 million, or $3.48 per diluted share, on $3.4 billion of revenues.  In the prior year, the company earned $38.4 million, or $2.08 per diluted share, and total revenues were $3.0 billion.

The Grain & Ethanol Group's 2010 operating income was a record $81.4 million.  This compares to operating income of $51.4 million in 2009.  These results were led by the grain business, which achieved a best ever performance due primarily to strong space income.  The ethanol business and the investment in Lansing Trade Group also had solid performances.  Total 2010 revenues for the Grain & Ethanol Group were $2.4 billion; this includes $928 million of grain and ethanol sales made in accordance with origination and marketing agreements between the company and its ethanol joint ventures.  In 2009, the group's total revenues were $2.2 billion and included $806 million of the previously mentioned sales.  For the fourth quarter, the group's operating income was a record $38.6 million, in contrast to $27.8 million earned during the same period in 2009.  The fourth quarter increase in operating income was due to markedly improved results in both the grain business and Lansing Trade Group.  The grain business benefited from significant space income and the net reversal of $6.7 million of reserves following the settlement of a long standing collection matter.  The ethanol business returned to profitability in the fourth quarter, but its results were significantly below the same period of the prior year.  Total revenues for the fourth quarter were $913 million; in comparison, the group's revenues for the same period last year were $722 million.

The Plant Nutrient Group ended the year with record operating income of $30.1 million due primarily to an increase in volume of more than 30 percent.  In 2009, the group had an operating income of $11.3 million.  Revenues for 2010 and 2009 were $619 million and $491 million, respectively.  Revenues increased in 2010 due to the volume increase, which was partially offset by a modest decrease in the average selling price.  For the fourth quarter, the group's operating income was a record $8.9 million on $159 million of revenues.  Last year the group had operating income of $1.7 million during the same three month period on revenues of $111 million.  The significant improvement in the fourth quarter was due to material increases in both volume and gross margin.  Volume was up almost 20 percent due to excellent fall application conditions and the continued re-stocking of the retail pipeline.  Gross margin increased primarily due to price escalation.  

The Rail Group had operating income of $0.1 million in 2010, an improvement over its $1.0 million loss in 2009.  Gross profit from the leasing business was significantly lower than the prior year due mainly to lower average utilization and lease rates.  The full year results include gains on sales of railcars and related leases of $5.5 million in 2010 and $1.7 million in 2009.  The majority of the 2010 gains, or $4.3 million, related to the scrapping of railcars.  The average utilization rate for 2010 was 73.6 percent, which was down from the prior year average of 78.1 percent.  However, the group ended the year with an improved utilization rate of 81.7 percent.  Revenues of $95 million for 2010 were comparable to the $93 million reported in the prior year.  The Rail Group had an operating loss of $1.1 million in the fourth quarter on revenues of $22 million.  In 2009, the operating loss for the same three month period was $1.5 million on revenues of $21 million.

The Turf & Specialty Group's full year operating income was $3.4 million on revenues of $124 million.  In 2009, the group had operating income of $4.7 million, and total revenues were $125 million.  The 2009 results included a $1.3 million non-recurring gain.  The group incurred an operating loss of $1.4 million in the fourth quarter on revenues of $18 million.  Last year, its operating loss for the same period was $1.1 million on revenues of $19 million.    

The Retail Group had an operating loss of $2.5 million in 2010.  In the prior year, the group's operating loss was $2.8 million.  Total sales for the group were $151 million in 2010, or 7 percent below the 2009 total of $162 million.  The Retail Group's fourth quarter operating loss was $0.1 million on revenues of $43 million.  Last year, during the same three month period, the operating loss was $0.7 million, and total revenues were $42 million.  

"Clearly, both our full year and fourth quarter earnings were heavily influenced by the results within our agricultural business units.  The record full year and quarterly earnings in both our Grain & Ethanol and Plant Nutrient groups, reflects our solid position in this industry," CEO Mike Anderson stated.  "Our 2010 Rail Group results continue to be negatively impacted by the overall economy. The increase in utilization rate at the end of the year, however, was encouraging to see," Mr. Anderson added.  "We intend to continue to serve our customers and grow this company as we did in 2010 with the addition of O'Malley Grain, B4Grain, and our significant investment in the Iowa Northern Railroad."

The company will host a webcast on Wednesday, February 9, 2011 at 11:00 A.M. ET, to discuss its performance.  This can be accessed under the heading "Investor" on its website at www.andersonsinc.com.

The Andersons, Inc. is a diversified company with interests in the grain, ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar leasing and repair, turf products production, and general merchandise retailing.  Founded in Maumee, Ohio, in 1947, the company now has operations across the United States and has rail equipment leasing interests in Canada and Mexico.

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.  Although the Company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.

The Andersons, Inc. is located on the Internet at www.andersonsinc.com

The Andersons, Inc.





Consolidated Statements of Income





(Unaudited)






Three Months ended

Twelve Months ended


December 31

December 31

(in thousands, except for per share amounts)

2010

2009

2010

2009






Sales and merchandising revenues

$ 1,153,969

$ 915,958

$ 3,393,791

$ 3,025,304

Cost of sales and merchandising revenues

1,071,503

846,170

3,112,112

2,769,798

Gross profit

82,466

69,788

281,679

255,506






Operating, administrative and general expenses

48,677

54,560

195,330

199,116

Interest expense

5,942

4,714

19,865

20,688

Other income:





 Equity in earnings of affiliates

10,531

15,078

26,007

17,463

 Other income - net

2,556

1,925

11,652

8,331

Income before income taxes

40,934

27,517

104,143

61,496

Income tax provision

14,856

9,127

39,262

21,930

Net income

26,078

18,390

64,881

39,566

 Net income attributable to the noncontrolling interest

244

2,159

219

1,215

Net income attributable to The Andersons, Inc.

$      25,834

$   16,231

$      64,662

$      38,351






Per common share:





     Basic earnings

$          1.40

$       0.89

$          3.51

$          2.10

     Diluted earnings

$          1.39

$       0.88

$          3.48

$          2.08

     Dividends paid

$      0.0900

$   0.0875

$      0.3575

$      0.3475



The Andersons, Inc.  

Consolidated Balance Sheets

(Unaudited)



December 31

December 31

(in thousands)

2010

2009




Assets



Current assets:



 Cash and cash equivalents

$         29,219

$       145,929

 Restricted cash

12,134

3,123

 Accounts receivable, net

152,227

137,195

 Margin deposits, net

20,259

27,012

 Inventories

647,189

407,845

 Commodity derivative assets - current

226,216

24,255

 Other current assets

51,314

41,464

Total current assets

1,138,558

786,823




Investments and other assets

223,204

182,989

Commodity derivative assets

18,113

3,137

Railcar assets leased to others (net)

168,483

179,154

Property, plant and equipment (net)

151,032

132,288


$    1,699,390

$    1,284,391




Liabilities and shareholders' equity



Current liabilities:



 Commodity derivative liabilities - current

$         57,621

$         24,871

 Other current liabilities

779,122

454,250

Total current liabilities

836,743

479,121




Deferred items and other long-term liabilities

117,984

90,138

Commodity derivative liabilities

3,279

830

Long-term debt non-recourse

13,150

19,270

Long-term debt

263,675

288,756

Shareholders' equity

464,559

406,276


$    1,699,390

$    1,284,391



Segment Data

















Grain &


Plant

Turf &





Ethanol

Rail

Nutrient

Specialty

Retail

Other

Total

Quarter ended December 31, 2010








Revenues from external customers

$    912,638

$ 22,177

$ 158,659

$   17,578

$   42,917

$      -

$ 1,153,969









Gross Profit

41,112

2,449

21,752

5,248

11,905

-

82,466









Equity in earnings (loss) of affiliates

10,528

-

3

-

-

-

10,531









Other income (loss), net

727

412

432

297

204

484

2,556









Income before income taxes

38,837

(1,118)

8,864

(1,416)

(134)

(4,099)

40,934









Income attributable to the noncontrolling interest

(244)

-

-

-

-

-

(244)









Operating income (loss) (a)

38,593

(1,118)

8,864

(1,416)

(134)

(4,099)

40,690









Quarter ended December 31, 2009








Revenues from external customers

$    722,294

$ 21,101

$ 111,447

$   19,400

$   41,716

$      -

$    915,958









Gross Profit

35,692

3,104

14,585

4,956

11,451

-

69,788


-







Equity in earnings (loss) of affiliates

15,076

-

2

-

-

-

15,078


-







Other income (loss), net

419

232

160

303

325

486

1,925


-







Income before income taxes

29,969

(1,471)

1,671

(1,090)

(721)

(841)

27,517


-







Income attributable to the noncontrolling interest

(2,159)

-

-

-

-

-

(2,159)


-







Operating income (loss) (a)

27,810

(1,471)

1,671

(1,090)

(721)

(841)

25,358

























Twelve months ended December 31, 2010








Revenues from external customers

$ 2,405,452

$ 94,816

$ 619,330

$ 123,549

$ 150,644

$      -

$ 3,393,791









Gross Profit

118,490

13,379

79,537

26,937

43,336

-

281,679









Equity in earnings (loss) of affiliates

25,999

-

8

-

-

-

26,007









Other income (loss), net

2,733

4,502

1,298

1,335

608

1,176

11,652









Income before income taxes

81,606

107

30,062

3,443

(2,534)

(8,541)

104,143









Income attributable to the noncontrolling interest

(219)

-

-

-

-

-

(219)









Operating income (loss) (a)

81,387

107

30,062

3,443

(2,534)

(8,541)

103,924









Twelve months ended December 31, 2009








Revenues from external customers

$ 2,153,978

$ 92,789

$ 491,293

$ 125,306

$ 161,938

$      -

$ 3,025,304









Gross Profit

106,804

16,816

59,419

25,457

47,010

-

255,506









Equity in earnings (loss) of affiliates

17,452

-

8

-

-

3

17,463









Other income (loss), net

2,319

485

1,755

1,131

683

1,958

8,331









Income before income taxes

52,569

(1,034)

11,294

4,735

(2,843)

(3,225)

61,496









Income attributable to the noncontrolling interest

(1,215)

-

-

-

-

-

(1,215)









Operating income (loss) (a)

51,354

(1,034)

11,294

4,735

(2,843)

(3,225)

60,281









(a) Operating income (loss) for each Group is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of (income) loss.



SOURCE The Andersons, Inc.

CONTACT: Nicholas C. Conrad, VP, Finance & Treasurer, +1-419-891-6415, nick_conrad@andersonsinc.com


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