MAUMEE, Ohio, Feb. 8, 2012 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE), today announced record net income attributable to the company of $95.1 million, or $5.09 per diluted share, on revenues of $4.6 billion. In the prior year, the company earned $64.7 million, or $3.48 per diluted share, and total revenues were $3.4 billion. The company earned $21.7 million in the fourth quarter of 2011, or $1.17 per diluted share, on revenues of $1.3 billion. In the same three month period of 2010, the company reported income of $25.8 million, or $1.39 per diluted share, on revenues of $1.2 billion. The majority of the year to year revenue increase relates to rising prices in its agricultural businesses. It is important to remember that revenues in commodity-based businesses may not serve as good indicators of income or economic performance.

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The Grain Group's 2011 operating income was a record $87.3 million. This compares to operating income of $64.4 million in 2010. The group achieved this performance due primarily to significant space income, which was impacted by substantial wheat basis appreciation and spread gains. Additionally, Lansing Trade Group had its best ever annual performance. Total revenues for the Grain Group were $2.8 billion and $1.9 billion in 2011 and 2010, respectively. Revenues increased significantly due to higher grain prices. For the fourth quarter, the group's operating income was $27.3 million on revenues of $876 million. In the same three month period of 2010, the group had income of $35.6 million on revenue of $785 million. For the quarter, the grain business benefited from strong space income, the reversal of a $3.2 million bad debt reserve and solid performance by Lansing Trade Group.

The Ethanol Group achieved an operating income of $23.3 million in 2011. This compares to $17.0 million in the prior year. The higher income is the result of an increase in the company's earnings from its investment in three ethanol limited liability companies. The ethanol plants have continued to maximize efficiency; additionally the plants have invested further in corn oil, E-85, and CO2, which have proven to be profitable business additions. Total revenues for the year were $642 million. In comparison, the group's revenues for the prior year were $469 million. Revenues increased primarily due to higher ethanol prices. The group's fourth quarter operating income was $6.5 million on revenues of $165 million. During the same three month period of 2010, its operating income was $3.0 million on revenues of $128 million.

The Plant Nutrient Group ended the year with record operating income of $38.3 million due primarily to an increase in margin resulting mainly from nutrient price appreciation and to a lesser degree from product mix. In 2010, the group had an operating income of $30.1 million. Revenues for 2011 and 2010 were $691 million and $619 million, respectively. Revenues increased in 2011 due to higher nutrient prices, which were partially offset by a decrease in volume. For the fourth quarter, the group's operating income was $2.5 million on $170 million of revenues. Last year the group had operating income of $8.9 million during the same three month period on revenues of $159 million. The income decline in the fourth quarter includes $4.7 million of charges due to the recording of a lower of cost or market inventory adjustment and asset impairment charges.

The Rail Group had operating income of $9.8 million in 2011, a significant improvement over its $0.1 million income in 2010. Gross profit from the leasing business was significantly higher than the prior year due mainly to higher utilization and lease rates. The full year results include gains on sales of railcars and related leases of $8.4 million and $5.5 million in 2011 and 2010, respectively. The average utilization rate for 2011 was 84.6 percent, which was up from the prior year average of 73.6 percent. Revenues of $107 million for 2011 were higher than the $95 million reported in the prior year. The Rail Group had an operating income of $2.3 million in the fourth quarter on revenues of $25 million. In 2010, the operating loss for the same three month period was $1.1 million on revenues of $22 million.

The Turf & Specialty Group's full year operating income was $2.0 million on revenues of $130 million. In 2010, the group had operating income of $3.4 million, and total revenues were $124 million. The group incurred an operating loss of $1.8 million in the fourth quarter on revenues of $18 million. Last year, its operating loss for the same period was $1.4 million on similar revenues.

The Retail Group had an operating loss of $1.5 million in 2011. In the prior year, the group's operating loss was $2.5 million. Total sales for the group were $158 million in 2011, or 5 percent above the prior year total of $151 million. The Retail Group's fourth quarter operating income was $0.5 million on revenues of $45 million. Last year, during the same three month period, the operating loss was $0.1 million and total revenues were $43 million.

"Clearly, both our full year and fourth quarter earnings were heavily influenced by the results within our agricultural businesses. The record full year earnings in both our Grain and Plant Nutrient groups, and second best year in the Ethanol Group, is gratifying," CEO Mike Anderson stated. "Our 2011 Rail Group results improved significantly from the prior year as a result of improved economic conditions." Mr. Anderson added, "In the last year we have demonstrated our commitment to growth by adding 1.7 million bushels of grain storage capacity, beginning construction on a grain shuttle loader facility in Nebraska, and acquiring two businesses in the Plant Nutrient Group - Immokalee Farmer Supply in Florida in October of 2011, and New Eezy Gro, an Ohio based company, last week. We intend to continue to pursue our growth strategy in 2012 and beyond."

The company will host a webcast on Thursday, February 9, 2012 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, in Puerto Rico, 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

FINANCIAL TABLES FOLLOW . . .

    The Andersons, Inc.
    Consolidated Statements of Income
    (Unaudited)
                                                  Three months ended         Twelve months ended
                                                     December 31,               December 31,
    (in thousands, except per share data)            2011          2010       2011          2010
                                                     ----          ----       ----          ----

    Sales and merchandising revenues           $1,297,830    $1,153,969 $4,576,331    $3,393,791
    Cost of sales and merchandising
     revenues                                   1,211,399     1,071,503  4,223,479     3,112,112
                                                ---------     ---------  ---------     ---------
    Gross profit                                   86,431        82,466    352,852       281,679

    Operating, administrative and general
     expenses                                      63,167        48,677    229,090       195,330
    Interest expense                                4,647         5,942     25,256        19,865
    Other income:
      Equity in earnings of affiliates             11,961        10,531     41,450        26,007
      Other income, net                             2,381         2,556      7,922        11,652
                                                    -----         -----      -----        ------
    Income before income taxes                     32,959        40,934    147,878       104,143
    Income tax provision                           10,788        14,856     51,053        39,262
                                                   ------        ------     ------        ------
    Net income                                     22,171        26,078     96,825        64,881
      Net income attributable to the
       noncontrolling interest                        474           244      1,719           219
                                                      ---           ---      -----           ---
    Net income attributable to The
     Andersons, Inc.                              $21,697       $25,834    $95,106       $64,662
                                                  =======       =======    =======       =======

    Per common share:
          Basic earnings attributable to The
           Andersons, Inc. common shareholders      $1.17         $1.40      $5.13         $3.51
                                                    =====         =====      =====         =====
          Diluted earnings attributable to The
           Andersons, Inc. common shareholders      $1.17         $1.39      $5.09         $3.48
                                                    =====         =====      =====         =====
          Dividends paid                          $0.1100       $0.0900    $0.4400       $0.3575
                                                  =======       =======    =======       =======

    The Andersons, Inc.
    Consolidated Balance Sheets
    (Unaudited)

                                            December 31,     December 31,
    (in thousands)                                   2011             2010
                                                     ----             ----

    Assets
    Current assets:
      Cash and cash equivalents                   $20,390          $29,219
      Restricted cash                              18,651           12,134
      Accounts receivable, net                    167,640          152,227
      Inventories                                 760,459          647,189
      Commodity derivative assets -
       current                                     83,950          246,475
      Other current assets                         56,132           51,314
                                                   ------           ------
    Total current assets                        1,107,222        1,138,558

    Investments and other assets                  252,388          223,204
    Commodity derivative assets -
     noncurrent                                     2,289           18,113
    Railcar assets leased to others,
     net                                          197,137          168,483
    Property, plant and equipment, net            175,087          151,032
    Total assets                               $1,734,123       $1,699,390
                                               ==========       ==========

    Liabilities and shareholders'
     equity
    Current liabilities:
      Borrowings under short-term line
       of credit                                  $71,500         $241,100
      Commodity derivative liabilities -
       current                                     15,874           57,621
      Other current liabilities                   706,877          538,022
                                                  -------          -------
    Total current liabilities                     794,251          836,743

    Deferred items and other long-term
     liabilities                                  160,626          117,984
    Commodity derivative liabilities -
     noncurrent                                     1,519            3,279
    Long-term debt, less current
     maturities                                   238,885          276,825
    Total equity                                  538,842          464,559
    Total liabilities and equity               $1,734,123       $1,699,390
                                               ==========       ==========

    Segment Data

                                                                   Plant                 Turf &
                                           Grain      Ethanol    Nutrient      Rail    Specialty     Retail      Other     Total
                                           -----      -------    --------      ----    ---------     ------      -----     -----
    Quarter ended
     December 31, 2011
    Revenues from
     external customers                    $875,538   $164,763    $169,522    $24,981     $17,844     $45,182        $-  $1,297,830

    Gross profit                             40,084      2,649      18,882      6,038       5,777      13,001         -      86,431

    Equity in earnings
     (loss) of
     affiliates                               5,631      6,349         (19)         -           -           -         -      11,961

    Other income, net                           708         26         163        668         164         208       444       2,381

    Income (loss) before
     income taxes                            27,333      6,974       2,454      2,346      (1,811)        500    (4,837)     32,959

    Income attributable
     to the
     noncontrolling
     interest                                     -        474           -          -           -           -         -         474

    Operating income
     (loss) (a)                              27,333      6,500       2,454      2,346      (1,811)        500    (4,837)     32,485

    Quarter ended
     December 31, 2010
    Revenues from
     external customers                    $784,829   $127,809    $158,659    $22,177     $17,578     $42,917        $-  $1,153,969

    Gross profit                             37,388      3,724      21,752      2,449       5,248      11,905         -      82,466

    Equity in earnings
     of affiliates                            8,779      1,749           3          -           -           -         -      10,531

    Other income, net                           639         88         432        412         297         204       484       2,556

    Income (loss) before
     income taxes                            35,583      3,254       8,864     (1,118)     (1,416)       (134)   (4,099)     40,934

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

    Operating income
     (loss) (a)                              35,583      3,010       8,864     (1,118)     (1,416)       (134)   (4,099)     40,690



    Twelve months ended
     December 31, 2011
    Revenues from
     external customers                  $2,849,358   $641,546    $690,631   $107,459    $129,716    $157,621        $-  $4,576,331

    Gross profit                            143,613     15,022      97,194     24,750      26,235      46,038         -     352,852

    Equity in earnings
     (loss) of
     affiliates                              23,748     17,715         (13)         -           -           -         -      41,450

    Other income, net                         2,462        159         704      2,866         880         638       213       7,922

    Income (loss) before
     income taxes                            87,288     25,063      38,267      9,778       2,000      (1,520) (12,998)     147,878

    Income attributable
     to the
     noncontrolling
     interest                                     -      1,719           -          -           -           -         -       1,719

    Operating income
     (loss) (a)                              87,288     23,344      38,267      9,778       2,000      (1,520) (12,998)     146,159

    Twelve months ended
     December 31, 2010
    Revenues from
     external customers                  $1,936,813   $468,639    $619,330    $94,816    $123,549    $150,644        $-  $3,393,791

    Gross profit                            103,716     14,774      79,537     13,379      26,937      43,336         -     281,679

    Equity in earnings
     of affiliates                           15,648     10,351           8          -           -           -         -      26,007

    Other income, net                         2,557        176       1,298      4,502       1,335         608     1,176      11,652

    Income (loss) before
     income taxes                            64,374     17,232      30,062        107       3,443      (2,534)   (8,541)    104,143

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

    Operating income
     (loss) (a)                              64,374     17,013      30,062        107       3,443      (2,534)   (8,541)    103,924




    (a) Operating income (loss) for each operating segment 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.

SOURCE The Andersons, Inc.

SOURCE: The Andersons, Inc.