The Andersons, Inc. Reports Record Third Quarter Results

Third Quarter Earnings of $0.91 per Diluted Share

Grain, Ethanol, and Rail Groups Lead Earning Results

PR Newswire
MAUMEE, Ohio
Nov 6, 2013

MAUMEE, Ohio, Nov. 6, 2013 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) today announced third quarter net income attributable to the company of $17.2 million, or $0.91 per diluted share, on revenues of $1.2 billion. In the third quarter of 2012, the company reported results of $16.9 million, or $0.90 per diluted share, on revenues of $1.1 billion. For the first nine months of 2013, the company earned $59.3 million, or $3.15 per diluted share, on revenues of $4.0 billion. In the same period of 2012, The Andersons reported results of $64.5 million, or $3.43 per diluted share, on $3.6 billion of revenues.

(Logo: http://photos.prnewswire.com/prnh/20081104/CLTU081LOGO )

At the end of July, the company and Lansing Trade Group formed a 50/50 joint venture and acquired Thompsons Limited, a grain and food-grade bean handler/processer and agronomy input provider, headquartered in Blenheim, Ontario, and operating 12 locations across Ontario and Minnesota.

The Grain Group had operating income of $14.3 million in the third quarter of 2013 versus $10.8 million for the same period last year. Both space income and gross profit on sales in the third quarter were higher than the prior year. The company's investment in Lansing Trade Group also had strong results. Revenues for the Grain Group were $766 million and $677 million for the third quarter of 2013 and 2012, respectively. Revenues increased due to an increase in the bushels sold, as the average price per bushel decreased. The Grain Group's operating income for the first nine months of the year was $24.7 million on revenues of $2.5 billion. Last year, its operating income through September was $45.5 million on revenues of $2.1 billion. The group's 2013 results have been materially impacted by the 2012 drought.

The Ethanol Group achieved record operating income of $10.9 million in the third quarter on revenues of $213 million. This compares to an operating loss of $0.9 million during the same period last year on revenues of $210 million. This income increase was primarily the result of an increase in the company's earnings from its investments in the ethanol production facilities, which benefited from higher ethanol margins. These facilities also continue to benefit from significant income provided by co-products such as corn-oil, distillers dried grains, E-85, and CO2. The group's operating income through September was a record $24.0 million on revenues of $635 million. Last year, its operating loss through September was $2.9 million on revenues of $528 million. The year to date revenue increase was due to added volume from its Denison, Iowa plant and an increase in the average price per gallon of ethanol.

The Rail Group achieved third quarter operating income of $12.4 million on revenues of $48 million. In the same three month period of 2012, the group earned $19.1 million and revenues were $60 million. This quarter, the group recognized $2.2 million in gains on sales of railcars. Last year, the group recognized $13.5 million in gains on sales of railcars and related leases and non-recourse transactions during the third quarter. Gross profit from the leasing business increased significantly this quarter due to an increase in the average lease rate. The group also recognized gains related to the settlement of two non-performing leases. The average utilization rate for the quarter was 86.2 percent, which is up from 84.3 percent last year. The group's first nine months operating income was a record $36.6 million on $132 million of revenues. In 2012, operating income through September was $34.3 million and revenues were $128 million. These results include gains similar to those aforementioned of $15.8 million and $22.2 million in 2013 and 2012, respectively. In September, the company completed the acquisition of Mile Rail, LLC, a railcar repair and cleaning facility headquartered in Kansas City, Missouri, with two satellite locations in Nebraska and Indiana.

The Plant Nutrient Group's third quarter operating loss was $1.6 million on revenues of $96 million. In the same three month period of 2012, the group had operating income of $0.8 million on revenues of $135 million. Margins in the third quarter were solid, but volume was down significantly as customers have only been purchasing nutrients as needed due to lower price trends and increased volatility in the market. Some of this volume shortfall may be regained in the fourth quarter. The group's operating income the first nine months was $21.0 million on $538 million of revenues. Last year, its operating income through September was $34.5 million on revenues of $619 million. Decreased revenues this year are due primarily to lower volume and to a lesser extent to lower selling prices.

The Turf & Specialty Group had an operating loss of $0.1 million in the third quarter on $28 million of revenues. Last year, the group reported an operating loss of $1.6 million on $22 million of revenues for the same period. Through the first nine months of 2013, the group's operating income was a record $6.1 million on $118 million of revenues. Last year, its operating income was $3.4 million for the same period on revenues of $110 million.

The Retail Group had an operating loss of $2.0 million in the third quarter of 2013 on revenues of $31 million. In the comparable period last year, the group's operating loss was $1.8 million and total revenues were $35 million. Through nine months, the group recorded a loss of $3.7 million and total revenues of $103 million. Last year through September the group lost $3.1 million on total revenues of $110 million.

"We had a record third quarter, due the exceptional results seen in our Ethanol and Rail groups," CEO Mike Anderson stated. "We also had good results in the Grain Group," added Mr. Anderson. "Our expectation for the last quarter of the year is that it will be comparable to results seen in 2010 and 2011. The fourth quarter of 2012 results were tempered by the drought, which we are happy to say is behind us; we are instead in the midst of a record corn crop. Looking back, I am proud of our employees and how they effectively managed through the 2012 drought, with good earnings," concluded Mr. Anderson.

The company will host a webcast on Thursday, November 7, 2013 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 rooted in agriculture. Founded in Maumee, Ohio, in 1947, the company conducts business across North America in the grain, ethanol, and plant nutrient sectors, railcar leasing, turf and cob products, and consumer retailing.

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

FINANCIAL TABLES FOLLOW . . .

    The Andersons, Inc.

    Consolidated Statements of Income

    (Unaudited)


                                                                             Three months ended September 30,         Nine months ended September 30,

    (in thousands, except per share data)                                                                        2013                                  2012        2013       2012
                                                                                                                 ----                                  ----        ----       ----


    Sales and merchandising revenues                                                                       $1,181,374                            $1,138,402  $4,020,308 $3,591,369

    Cost of sales and merchandising revenues                                                                1,108,228                             1,060,086   3,764,660  3,324,533
                                                                                                            ---------                             ---------   ---------  ---------

    Gross profit                                                                                               73,146                                78,316     255,648    266,836

    Operating, administrative and general expenses                                                             69,193                                58,029     192,665    177,339

    Interest expense                                                                                            5,348                                 5,482      16,607     16,192

    Other income:

    Equity in earnings of affiliates                                                                           22,177                                 6,027      39,991     15,406

    Other income, net                                                                                           7,605                                 3,492      11,623      9,409
                                                                                                                -----                                 -----      ------      -----

    Income before income taxes                                                                                 28,387                                24,324      97,990     98,120

    Income tax provision                                                                                       10,348                                 9,133      36,907     36,730
                                                                                                               ------                                 -----      ------     ------

    Net income                                                                                                 18,039                                15,191      61,083     61,390

    Net income (loss) attributable to the noncontrolling interests                                                878                                (1,693)      1,805     (3,100)
                                                                                                                  ---                                ------       -----     ------

    Net income attributable to The Andersons, Inc.                                                            $17,161                               $16,884     $59,278    $64,490
                                                                                                              =======                               =======     =======    =======


    Per common share:

    Basic earnings attributable to The Andersons, Inc. common shareholders                                      $0.92                                 $0.91       $3.17      $3.47
                                                                                                                =====                                 =====       =====      =====

    Diluted earnings attributable to The Andersons, Inc. common shareholders                                    $0.91                                 $0.90       $3.15      $3.43
                                                                                                                =====                                 =====       =====      =====

    Dividends paid                                                                                              $0.16                                 $0.15       $0.48      $0.45
                                                                                                                =====                                 =====       =====      =====

    The Andersons, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)(In thousands)


                                                   September 30, 2013            December 31, 2012            September 30, 2012
                                                   ------------------            -----------------            ------------------

    Assets

    Current assets:

    Cash and cash equivalents                                           $134,441                     $138,218                       $80,370

    Restricted cash                                                          164                          398                           160

    Accounts receivable, net                                             178,970                      208,877                       199,158

    Inventories                                                          429,017                      776,677                       682,292

    Commodity derivative assets - current                                105,390                      103,105                       166,264

    Deferred income taxes                                                  5,254                       15,862                        20,627

    Other current assets                                                  42,278                       54,016                        41,568
                                                                          ------                       ------                        ------

    Total current assets                                                 895,514                    1,297,153                     1,190,439

    Other assets:

    Commodity derivative assets - noncurrent                                   5                        1,906                         7,047

    Other assets, net                                                    110,731                      105,129                        67,801

    Equity method investments                                            262,643                      190,908                       190,057
                                                                         -------                      -------                       -------

                                                                         373,379                      297,943                       264,905

    Railcar assets leased to others, net                                 233,024                      228,330                       252,702

    Property, plant and equipment, net                                   380,374                      358,878                       283,394
                                                                         -------                      -------                       -------

    Total assets                                                      $1,882,291                   $2,182,304                    $1,991,440
                                                                      ==========                   ==========                    ==========


    Liabilities and equity

    Current liabilities:

    Borrowings under short-term line of credit          $                      -                      $24,219                      $275,522

    Accounts payable for grain                                           241,575                      582,653                       250,066

    Other accounts payable                                               200,664                      165,201                       204,347

    Customer prepayments and deferred revenue                             23,974                      105,410                        77,278

    Commodity derivative liabilities - current                            88,234                       33,277                        43,589

    Accrued expenses and other current liabilities                        63,900                       66,902                        53,631

    Current maturities of long-term debt                                  44,232                       15,145                        32,655
                                                                          ------                       ------                        ------

    Total current liabilities                                            662,579                      992,807                       937,088


    Other long-term liabilities                                           17,129                       18,406                        14,083

    Commodity derivative liabilities - noncurrent                          9,636                        1,134                           590

    Employee benefit plan obligations                                     49,768                       53,131                        49,478

    Long-term debt, less current maturities                              381,018                      427,243                       312,404

    Deferred income taxes                                                 91,869                       78,138                        75,377
                                                                          ------                       ------                        ------

    Total liabilities                                                  1,211,999                    1,570,859                     1,389,020

    Total equity                                                         670,292                      611,445                       602,420
                                                                         -------                      -------                       -------

    Total liabilities and equity                                      $1,882,291                   $2,182,304                    $1,991,440
                                                                      ==========                   ==========                    ==========

                                                                                                                                Grain                                       Ethanol                            Plant Nutrient                             Rail                              Turf & Specialty                       Retail           Other           Total

    Three months ended September 30, 2013

    Revenues from external customers                                                                                                             $765,833                                   $213,384                          $95,681                                    $47,523                              $27,624                      $31,329              $-        $1,181,374


    Gross profit                                                                                                                                   27,005                                      4,735                           13,553                                     13,000                                6,408                        8,445               -            73,146


    Equity in earnings of affiliates                                                                                                               12,003                                     10,174                                -                                          -                                    -                            -               -            22,177


    Other income, net                                                                                                                               1,216                                         35                              320                                      5,031                                  135                          102             766             7,605


    Income (loss) before income taxes                                                                                                              14,315                                     11,790                           (1,643)                                    12,360                                  (83)                      (2,043)         (6,309)           28,387


    Income (loss) attributable to the noncontrolling interests                                                                                         (8)                                       886                                -                                          -                                    -                            -               -               878


    Operating income (loss) (a)                                                                                                                   $14,323                                    $10,904                          $(1,643)                                   $12,360                                 $(83)                     $(2,043)        $(6,309)          $27,509


    Three months ended September 30, 2012

    Revenues from external customers                                                                                                             $677,484                                   $209,634                         $135,144                                    $59,703                              $21,509                      $34,928              $-        $1,138,402


    Gross profit                                                                                                                                   21,166                                      3,846                           15,297                                     22,892                                5,296                        9,819               -            78,316


    Equity in earnings (loss) of affiliates                                                                                                         9,249                                     (3,224)                               2                                          -                                    -                            -               -             6,027


    Other income, net                                                                                                                                 526                                          1                              523                                      1,695                                  181                          117             449             3,492


    Income (loss) before income taxes                                                                                                              10,807                                     (2,629)                             759                                     19,071                               (1,571)                      (1,769)           (344)           24,324


    Loss attributable to the noncontrolling interests                                                                                                   -                                     (1,693)                               -                                          -                                    -                            -               -            (1,693)


    Operating income (loss) (a)                                                                                                                   $10,807                                      $(936)                            $759                                    $19,071                              $(1,571)                     $(1,769)          $(344)          $26,017


                                                                                                                                Grain                                       Ethanol                            Plant Nutrient                             Rail                              Turf & Specialty                       Retail           Other           Total

    Nine months ended September 30, 2013

    Revenues from external customers                                                                                                           $2,493,678                                   $634,933                         $537,922                                   $132,488                             $117,955                     $103,332              $-        $4,020,308


    Gross profit                                                                                                                                   73,947                                     19,189                           64,703                                     46,536                               22,747                       28,526               -           255,648


    Equity in earnings of affiliates                                                                                                               24,940                                     15,051                                -                                          -                                    -                            -               -            39,991


    Other income, net                                                                                                                               1,438                                        465                              459                                      6,679                                  585                          316           1,681            11,623


    Income (loss) before income taxes                                                                                                              24,667                                     25,797                           21,035                                     36,614                                6,113                       (3,673)        (12,563)           97,990


    Income (loss) attributable to the noncontrolling interests                                                                                         (8)                                     1,813                                -                                          -                                    -                            -               -             1,805


    Operating income (loss) (a)                                                                                                                   $24,675                                    $23,984                          $21,035                                    $36,614                               $6,113                      $(3,673)       $(12,563)           96,185


    Nine months ended September 30, 2012

    Revenues from external customers                                                                                                           $2,096,256                                   $528,062                         $619,301                                   $127,608                             $110,481                     $109,661              $-        $3,591,369


    Gross profit                                                                                                                                   80,207                                      8,544                           78,272                                     47,020                               20,785                       32,008               -           266,836


    Equity in earnings (loss) of affiliates                                                                                                        22,706                                     (7,305)                               5                                          -                                    -                            -               -            15,406


    Other income, net                                                                                                                               1,842                                         37                            1,651                                      3,295                                  671                          396           1,517             9,409


    Income (loss) before income taxes                                                                                                              45,519                                     (6,020)                          34,540                                     34,288                                3,384                       (3,090)        (10,501)           98,120


    Loss attributable to the noncontrolling interest                                                                                                    -                                     (3,100)                               -                                          -                                    -                            -               -            (3,100)


    Operating income (loss) (a)                                                                                                                   $45,519                                    $(2,920)                         $34,540                                    $34,288                               $3,384                      $(3,090)       $(10,501)         $101,220


    (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.

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SOURCE: The Andersons, Inc.

The Andersons, Inc. Reports Record Third Quarter Results

Third Quarter Earnings of $0.91 per Diluted Share

Grain, Ethanol, and Rail Groups Lead Earning Results

PR Newswire

MAUMEE, Ohio, Nov. 6, 2013 /PRNewswire/ -- The Andersons, Inc. (NASDAQ: ANDE) today announced third quarter net income attributable to the company of $17.2 million, or $0.91 per diluted share, on revenues of $1.2 billion.  In the third quarter of 2012, the company reported results of $16.9 million, or $0.90 per diluted share, on revenues of $1.1 billion.  For the first nine months of 2013, the company earned $59.3 million, or $3.15 per diluted share, on revenues of $4.0 billion.  In the same period of 2012, The Andersons reported results of $64.5 million, or $3.43 per diluted share, on $3.6 billion of revenues.   

(Logo: http://photos.prnewswire.com/prnh/20081104/CLTU081LOGO )

At the end of July, the company and Lansing Trade Group formed a 50/50 joint venture and acquired Thompsons Limited, a grain and food-grade bean handler/processer and agronomy input provider, headquartered in Blenheim, Ontario, and operating 12 locations across Ontario and Minnesota. 

The Grain Group had operating income of $14.3 million in the third quarter of 2013 versus $10.8 million for the same period last year.  Both space income and gross profit on sales in the third quarter were higher than the prior year.  The company's investment in Lansing Trade Group also had strong results.  Revenues for the Grain Group were $766 million and $677 million for the third quarter of 2013 and 2012, respectively.  Revenues increased due to an increase in the bushels sold, as the average price per bushel decreased.  The Grain Group's operating income for the first nine months of the year was $24.7 million on revenues of $2.5 billion.  Last year, its operating income through September was $45.5 million on revenues of $2.1 billion.  The group's 2013 results have been materially impacted by the 2012 drought.       

The Ethanol Group achieved record operating income of $10.9 million in the third quarter on revenues of $213 million.  This compares to an operating loss of $0.9 million during the same period last year on revenues of $210 million.  This income increase was primarily the result of an increase in the company's earnings from its investments in the ethanol production facilities, which benefited from higher ethanol margins.  These facilities also continue to benefit from significant income provided by co-products such as corn-oil, distillers dried grains, E-85, and CO2.  The group's operating income through September was a record $24.0 million on revenues of $635 million.  Last year, its operating loss through September was $2.9 million on revenues of $528 million.  The year to date revenue increase was due to added volume from its Denison, Iowa plant and an increase in the average price per gallon of ethanol. 

The Rail Group achieved third quarter operating income of $12.4 million on revenues of $48 million.  In the same three month period of 2012, the group earned $19.1 million and revenues were $60 million.  This quarter, the group recognized $2.2 million in gains on sales of railcars.  Last year, the group recognized $13.5 million in gains on sales of railcars and related leases and non-recourse transactions during the third quarter.  Gross profit from the leasing business increased significantly this quarter due to an increase in the average lease rate.  The group also recognized gains related to the settlement of two non-performing leases.  The average utilization rate for the quarter was 86.2 percent, which is up from 84.3 percent last year.  The group's first nine months operating income was a record $36.6 million on $132 million of revenues.  In 2012, operating income through September was $34.3 million and revenues were $128 million.  These results include gains similar to those aforementioned of $15.8 million and $22.2 million in 2013 and 2012, respectively.  In September, the company completed the acquisition of Mile Rail, LLC, a railcar repair and cleaning facility headquartered in Kansas City, Missouri, with two satellite locations in Nebraska and Indiana. 

The Plant Nutrient Group's third quarter operating loss was $1.6 million on revenues of $96 million.  In the same three month period of 2012, the group had operating income of $0.8 million on revenues of $135 million.  Margins in the third quarter were solid, but volume was down significantly as customers have only been purchasing nutrients as needed due to lower price trends and increased volatility in the market.  Some of this volume shortfall may be regained in the fourth quarter.  The group's operating income the first nine months was $21.0 million on $538 million of revenues.  Last year, its operating income through September was $34.5 million on revenues of $619 million.  Decreased revenues this year are due primarily to lower volume and to a lesser extent to lower selling prices.

The Turf & Specialty Group had an operating loss of $0.1 million in the third quarter on $28 million of revenues.  Last year, the group reported an operating loss of $1.6 million on $22 million of revenues for the same period.  Through the first nine months of 2013, the group's operating income was a record $6.1 million on $118 million of revenues.  Last year, its operating income was $3.4 million for the same period on revenues of $110 million.  

The Retail Group had an operating loss of $2.0 million in the third quarter of 2013 on revenues of $31 million.  In the comparable period last year, the group's operating loss was $1.8 million and total revenues were $35 million.  Through nine months, the group recorded a loss of $3.7 million and total revenues of $103 million.  Last year through September the group lost $3.1 million on total revenues of $110 million.

"We had a record third quarter, due the exceptional results seen in our Ethanol and Rail groups," CEO Mike Anderson stated.  "We also had good results in the Grain Group," added Mr. Anderson. "Our expectation for the last quarter of the year is that it will be comparable to results seen in 2010 and 2011.  The fourth quarter of 2012 results were tempered by the drought, which we are happy to say is behind us; we are instead in the midst of a record corn crop.  Looking back, I am proud of our employees and how they effectively managed through the 2012 drought, with good earnings," concluded Mr. Anderson.

The company will host a webcast on Thursday, November 7, 2013 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 rooted in agriculture.  Founded in Maumee, Ohio, in 1947, the company conducts business across North America in the grain, ethanol, and plant nutrient sectors, railcar leasing, turf and cob products, and consumer retailing.

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 

FINANCIAL TABLES FOLLOW . . .

 

The Andersons, Inc.





Consolidated Statements of Income





(Unaudited)











Three months ended September 30,

Nine months ended September 30,

(in thousands, except per share data)

2013

2012

2013

2012






Sales and merchandising revenues

$              1,181,374

$           1,138,402

$            4,020,308

$        3,591,369

Cost of sales and merchandising revenues

1,108,228

1,060,086

3,764,660

3,324,533

Gross profit

73,146

78,316

255,648

266,836

Operating, administrative and general expenses

69,193

58,029

192,665

177,339

Interest expense

5,348

5,482

16,607

16,192

Other income:





Equity in earnings of affiliates

22,177

6,027

39,991

15,406

Other income, net

7,605

3,492

11,623

9,409

Income before income taxes

28,387

24,324

97,990

98,120

Income tax provision

10,348

9,133

36,907

36,730

Net income

18,039

15,191

61,083

61,390

Net income (loss) attributable to the noncontrolling interests

878

(1,693)

1,805

(3,100)

Net income attributable to The Andersons, Inc.

$                    17,161

$                16,884

$                  59,278

$             64,490






Per common share:





Basic earnings attributable to The Andersons, Inc. common shareholders

$                        0.92

$                    0.91

$                       3.17

$                 3.47

Diluted earnings attributable to The Andersons, Inc. common shareholders

$                        0.91

$                    0.90

$                       3.15

$                 3.43

Dividends paid

$                        0.16

$                    0.15

$                       0.48

$                 0.45






 

 

The Andersons, Inc. 
Condensed Consolidated Balance Sheets 
(Unaudited)(In thousands)








September 30, 2013


December 31, 2012


September 30, 2012

Assets






Current assets:






Cash and cash equivalents

$               134,441


$                138,218


$                    80,370

Restricted cash

164


398


160

Accounts receivable, net

178,970


208,877


199,158

Inventories

429,017


776,677


682,292

Commodity derivative assets – current

105,390


103,105


166,264

Deferred income taxes

5,254


15,862


20,627

Other current assets

42,278


54,016


41,568

Total current assets

895,514


1,297,153


1,190,439

Other assets:






Commodity derivative assets – noncurrent

5


1,906


7,047

Other assets, net

110,731


105,129


67,801

Equity method investments

262,643


190,908


190,057


373,379


297,943


264,905

Railcar assets leased to others, net

233,024


228,330


252,702

Property, plant and equipment, net

380,374


358,878


283,394

Total assets

$            1,882,291


$             2,182,304


$               1,991,440







Liabilities and equity






Current liabilities:






Borrowings under short-term line of credit

$                           -


$                  24,219


$                  275,522

Accounts payable for grain

241,575


582,653


250,066

Other accounts payable

200,664


165,201


204,347

Customer prepayments and deferred revenue

23,974


105,410


77,278

Commodity derivative liabilities – current

88,234


33,277


43,589

Accrued expenses and other current liabilities

63,900


66,902


53,631

Current maturities of long-term debt

44,232


15,145


32,655

Total current liabilities

662,579


992,807


937,088







Other long-term liabilities

17,129


18,406


14,083

Commodity derivative liabilities – noncurrent

9,636


1,134


590

Employee benefit plan obligations

49,768


53,131


49,478

Long-term debt, less current maturities

381,018


427,243


312,404

Deferred income taxes

91,869


78,138


75,377

Total liabilities

1,211,999


1,570,859


1,389,020

Total equity

670,292


611,445


602,420

Total liabilities and equity

$            1,882,291


$             2,182,304


$               1,991,440







 

 


Grain

Ethanol

Plant Nutrient

Rail

Turf & Specialty

Retail

Other

Total

Three months ended September 30, 2013









Revenues from external customers

$              765,833

$         213,384

$    95,681

$            47,523

$      27,624

$            31,329

$—

$          1,181,374










Gross profit

27,005

4,735

13,553

13,000

6,408

8,445

73,146










Equity in earnings of affiliates

12,003

10,174

22,177










Other income, net

1,216

35

320

5,031

135

102

766

7,605










Income (loss) before income taxes

14,315

11,790

(1,643)

12,360

(83)

(2,043)

(6,309)

28,387










Income (loss) attributable to the noncontrolling interests

(8)

886

878










Operating income (loss) (a)

$                14,323

$            10,904

$     (1,643)

$            12,360

$             (83)

$            (2,043)

$            (6,309)

$                27,509










Three months ended September 30, 2012









Revenues from external customers

$                677,484

$            209,634

$    135,144

$              59,703

$        21,509

$              34,928

$—

$             1,138,402










Gross profit

21,166

3,846

15,297

22,892

5,296

9,819

78,316










Equity in earnings (loss) of affiliates

9,249

(3,224)

2

6,027










Other income, net

526

1

523

1,695

181

117

449

3,492










Income (loss) before income taxes

10,807

(2,629)

759

19,071

(1,571)

(1,769)

(344)

24,324










Loss attributable to the noncontrolling interests

(1,693)

(1,693)










Operating income (loss) (a)

$                  10,807

$                 (936)

$           759

$              19,071

$         (1,571)

$              (1,769)

$                (344)

$                  26,017











Grain

Ethanol

Plant Nutrient

Rail

Turf & Specialty

Retail

Other

Total

Nine months ended September 30, 2013









Revenues from external customers

$          2,493,678

$         634,933

$  537,922

$         132,488

$    117,955

$         103,332

$—

$          4,020,308










Gross profit

73,947

19,189

64,703

46,536

22,747

28,526

255,648










Equity in earnings of affiliates

24,940

15,051

39,991










Other income, net

1,438

465

459

6,679

585

316

1,681

11,623










Income (loss) before income taxes

24,667

25,797

21,035

36,614

6,113

(3,673)

(12,563)

97,990










Income (loss) attributable to the noncontrolling interests

(8)

1,813

1,805










Operating income (loss) (a)

$                24,675

$            23,984

$    21,035

$            36,614

$         6,113

$            (3,673)

$         (12,563)

96,185










Nine months ended September 30, 2012









Revenues from external customers

$             2,096,256

$            528,062

$    619,301

$            127,608

$      110,481

$            109,661

$—

$             3,591,369










Gross profit

80,207

8,544

78,272

47,020

20,785

32,008

266,836










Equity in earnings (loss) of affiliates

22,706

(7,305)

5

15,406










Other income, net

1,842

37

1,651

3,295

671

396

1,517

9,409










Income (loss) before income taxes

45,519

(6,020)

34,540

34,288

3,384

(3,090)

(10,501)

98,120










Loss attributable to the noncontrolling interest

(3,100)

(3,100)










Operating income (loss) (a)

$                  45,519

$              (2,920)

$      34,540

$              34,288

$          3,384

$              (3,090)

$           (10,501)

$                101,220


(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: Investor Relations: Nick Conrad, Phone: 419-891-6415, E-mail: nick_conrad@andersonsinc.com


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