Press Releases
MAUMEE, Ohio, Aug. 2, 2012 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE), today announced second quarter net income attributable to the company of $29.2 million, or $1.56 per diluted share, on revenues of $1.3 billion. In the same three month period of 2011, the company reported results of $45.2 million, or $2.42 per diluted share on similar revenues. During the first six months of 2012, the company earned $47.6 million, or $2.54 per diluted share. In the first half of 2011, The Andersons reported record results of $62.5 million, or $3.34 per diluted share. The revenue for the first six months of 2012 and 2011 were $2.5 billion and $2.3 billion, respectively.
(Logo: http://photos.prnewswire.com/prnh/20081104/CLTU081LOGO )
The Grain Group reported operating income of $15.3 million in the second quarter of 2012 and $36.5 million for the same period last year, driven primarily by a return to more normal space income. As noted previously, wheat space income in the second quarter of the prior year was extraordinary and likely not repeatable. The group benefited from record second quarter earnings from its investment in Lansing Trade Group. Revenues for the Grain Group were $719 million and $797 million for the quarter in 2012 and 2011, respectively. The group's operating income for the first six months was $34.7 million on revenues of $1.4 billion. Last year, its first half operating income was $51.6 million on similar revenues.
The Ethanol Group had an operating loss of $2.1 million in the second quarter, compared to earnings of $8.8 million during the same period last year. The loss was primarily the result of a decrease in the company's earnings from its ethanol investment affiliates, whose income was significantly impacted by lower ethanol margins resulting from increased corn costs and lower ethanol demand. Income from co-products such as corn-oil, E-85, and CO2 continued to have a positive impact on the financials. Total revenues for the quarter in 2012 and 2011 were comparable at $168 million and $165 million, respectively. The group's operating loss through June was $2.0 million on revenues of $318 million. Last year, its first half operating income was $12.4 million on revenues of $297 million.
The Plant Nutrient Group achieved operating income of $28.0 million during the second quarter on revenues of $309 million. In the same three month period of 2011, the group had operating income of $24.1 million on revenues of $260 million. This improved performance was due to increased volume. Margins were down slightly year over year, but still historically strong. The group's first half 2012 operating income was $33.8 million on $484 million of revenues. Last year, the operating income through the first six months was $29.2 million on revenues of $383 million.
The Rail Group achieved record operating income of $7.2 million in the second quarter on revenues of $32 million. In the same three month period of 2011, the group earned $2.8 million and revenues were $30 million. This quarter, the group recognized $2.4 million in gains on sales of railcars and related leases and non-recourse transactions, which is comparable to the gain of $2.3 million recorded in the prior year. Gross profit from the leasing business was significantly higher due primarily to an increase in the average lease rate. The average utilization rate for the quarter was approximately 85 percent, which is consistent with last year. Income from the railcar repair business increased considerably as well. The group's first half operating income was a record $15.2 million on $68 million of revenues. In 2011, operating income through June was $6.3 million and revenues were $58 million. The rail fleet has increased to approximately 23,100 cars from 22,400 last year. In addition, the Rail Group executed several transactions in the quarter that will result in the recognition of $4.3 million in operating income next quarter.
The Turf & Specialty Group had operating income of $2.8 million in the second quarter on $44 million of revenues. Last year, the group reported operating income of $1.8 million on $42 million of revenues for the same period. Through the first half of 2012, the group's operating income was $5.0 million on $89 million of revenues, which is similar to the prior year's result.
The Retail Group had an operating income of $1.4 million during the second quarter of 2012 on revenues of $44 million. During the same period of the prior year, the group had an operating income of $1.9 million and revenues were $45 million. Through the first six months, the group lost $1.3 million and revenues were $75 million. Last year through June, the group lost $0.8 million on revenues of $77 million.
"We had a good quarter, although our expectations for the remainder of the year have been tempered by the drought conditions currently being experienced, which will certainly impact our grain and ethanol businesses," CEO Mike Anderson stated. "Although the results of our Ethanol Group have declined, given the current ethanol margin environment, we feel the results demonstrate that our business structure, including co-products, services, and equity partners, perform much better in a down market than the general industry. I am particularly proud of the Rail Group's record results this quarter as well as PNG's strong results, which continue to demonstrate the portfolio benefits of our business mix," added Mr. Anderson.
The company will host a webcast on Friday, August 3, 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 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 June
30, Six months ended
June 30,
(in thousands, except per share data) 2012 2011 2012 2011
---- ---- ---- ----
Sales and merchandising revenues $1,315,834 $1,338,167 $2,452,967 $2,339,841
Cost of sales and merchandising revenues 1,213,184 1,215,395 2,264,447 2,138,384
--------- --------- --------- ---------
Gross profit 102,650 122,772 188,520 201,457
Operating, administrative and general expenses 59,210 57,730 119,310 111,437
Interest expense 5,380 7,562 10,710 14,898
Other income:
Equity in earnings of affiliates 5,096 12,512 9,379 19,758
Other income, net 2,671 2,018 5,917 4,324
----- ----- ----- -----
Income before income taxes 45,827 72,010 73,796 99,204
Income tax provision 17,356 25,975 27,597 35,781
------ ------ ------ ------
Net income 28,471 46,035 46,199 63,423
Net income (loss) attributable to the noncontrolling interests (728) 817 (1,407) 939
---- --- ------ ---
Net income attributable to The Andersons, Inc. $29,199 $45,218 $47,606 $62,484
======= ======= ======= =======
Per common share:
Basic earnings attributable to The Andersons, Inc. common shareholders $1.57 $2.44 $2.56 $3.37
===== ===== ===== =====
Diluted earnings attributable to The Andersons, Inc. common shareholders $1.56 $2.42 $2.54 $3.34
===== ===== ===== =====
Dividends paid $0.15 $0.11 $0.30 $0.22
===== ===== ===== =====
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)(In thousands)
June 30, 2012 December 31, 2011 June 30, 2011
------------- ----------------- -------------
Assets
Current assets:
Cash and cash equivalents $23,930 $20,390 $18,616
Restricted cash 5,644 18,651 12,572
Accounts receivable, net 205,046 167,640 240,254
Inventories 597,091 760,459 469,551
Commodity derivative assets - current 122,010 83,950 187,438
Deferred income taxes 18,784 21,483 17,710
Other current assets 38,535 34,649 30,867
------ ------ ------
Total current assets 1,011,040 1,107,222 977,008
Other assets:
Commodity derivative assets - noncurrent 4,844 2,289 8,560
Other assets, net 70,040 53,327 46,610
Equity method investments 189,610 199,061 179,888
------- ------- -------
264,494 254,677 235,058
Railcar assets leased to others, net 252,965 197,137 178,141
Property, plant and equipment, net 266,275 175,087 153,642
------- ------- -------
Total assets $1,794,774 $1,734,123 $1,543,849
========== ========== ==========
Liabilities and equity
Current liabilities:
Borrowings under short-term line of credit $309,608 $71,500 $194,200
Accounts payable for grain 129,979 391,905 80,374
Other accounts payable 148,497 142,762 164,325
Customer prepayments and deferred revenue 55,912 79,557 64,231
Commodity derivative liabilities - current 29,764 15,874 24,289
Accrued expenses and other current liabilities 51,283 60,445 51,410
Current maturities of long-term debt 29,647 32,208 45,432
------ ------ ------
Total current liabilities 754,690 794,251 624,261
Other long-term liabilities 11,546 43,014 33,757
Commodity derivative liabilities - noncurrent 454 1,519 1,850
Employee benefit plan obligations 50,437 52,972 30,835
Long-term debt, less current maturities 317,648 238,885 260,645
Deferred income taxes 70,806 64,640 68,038
------ ------ ------
Total liabilities 1,205,581 1,195,281 1,019,386
Total equity 589,193 538,842 524,463
------- ------- -------
Total liabilities and equity $1,794,774 $1,734,123 $1,543,849
========== ========== ==========
Segment Data
Grain Ethanol Plant Nutrient Rail Turf & Specialty Retail Other Total
Quarter ended June 30, 2012
Revenues from external customers $718,911 $167,758 $308,797 $32,046 $43,845 $44,477 $ - $1,315,834
Gross profit 26,440 1,925 41,657 11,563 7,490 13,575 - 102,650
-
Equity in earnings (loss) of affiliates 7,505 (2,410) 1 - - - - 5,096
Other income, net 489 20 1,010 824 289 155 (116) 2,671
Income (loss) before income taxes 15,277 (2,833) 27,953 7,199 2,753 1,428 (5,950) 45,827
Loss attributable to the noncontrolling interests - (728) - - - - - (728)
Operating income (loss) (a) $15,277 $(2,105) $27,953 $7,199 $2,753 $1,428 $(5,950) $46,555
Quarter ended June 30, 2011
Revenues from external customers $797,130 $164,704 $259,823 $29,501 $41,551 $45,458 $ - $1,338,167
Gross profit 51,480 4,829 39,251 6,415 6,968 13,829 - 122,772
Equity in earnings of affiliates 5,428 7,082 2 - - - - 12,512
Other income, net 522 37 134 841 259 144 81 2,018
Income (loss) before income taxes 36,541 9,647 24,077 2,763 1,778 1,877 (4,673) 72,010
Income attributable to the noncontrolling interest - 817 - - - - - 817
Operating income (loss) (a) $36,541 $8,830 $24,077 $2,763 $1,778 $1,877 $(4,673) $71,193
Grain Ethanol Plant Nutrient Rail Turf & Specialty Retail Other Total
Six months ended June 30, 2012
Revenues from external customers $1,418,772 $318,428 $484,157 $67,905 $88,972 $74,733 $ - $2,452,967
Gross profit 59,041 4,698 62,975 24,128 15,489 22,189 - 188,520
Equity in earnings (loss) of affiliates 13,457 (4,081) 3 - - - - 9,379
Other income, net 1,316 36 1,128 1,600 490 279 1,068 5,917
Income (loss) before income taxes 34,712 (3,391) 33,781 15,217 4,955 (1,321) (10,157) 73,796
Loss attributable to the noncontrolling interests - (1,407) - - - - - (1,407)
Operating income (loss) (a) $34,712 $(1,984) $33,781 $15,217 $4,955 $(1,321) $(10,157) $75,203
Six months ended June 30, 2011
Revenues from external customers $1,435,097 $297,452 $383,472 $58,411 $88,821 $76,588 $ - $2,339,841
Gross profit 82,772 9,294 57,335 13,532 15,744 22,780 - 201,457
Equity in earnings of affiliates 11,658 8,096 4 - - - - 19,758
Other income, net 1,102 95 259 1,594 549 300 425 4,324
Income (loss) before income taxes 51,642 13,340 29,191 6,309 5,056 (787) (5,547) 99,204
Income attributable to the noncontrolling interest - 939 - - - - - 939
Operating income (loss) (a) $51,642 $12,401 $29,191 $6,309 $5,056 $(787) $(5,547) $98,265
(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.
http://photoarchive.ap.org/
SOURCE: The Andersons, Inc.
The Andersons, Inc. Reports Second Quarter Results
Second Quarter Earnings of $1.56 per Diluted Share
The Grain, Plant Nutrient and Rail Groups Lead Earning Results
PR Newswire
MAUMEE, Ohio, Aug. 2, 2012
MAUMEE, Ohio, Aug. 2, 2012 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE), today announced second quarter net income attributable to the company of $29.2 million, or $1.56 per diluted share, on revenues of $1.3 billion. In the same three month period of 2011, the company reported results of $45.2 million, or $2.42 per diluted share on similar revenues. During the first six months of 2012, the company earned $47.6 million, or $2.54 per diluted share. In the first half of 2011, The Andersons reported record results of $62.5 million, or $3.34 per diluted share. The revenue for the first six months of 2012 and 2011 were $2.5 billion and $2.3 billion, respectively.
(Logo: http://photos.prnewswire.com/prnh/20081104/CLTU081LOGO )
The Grain Group reported operating income of $15.3 million in the second quarter of 2012 and $36.5 million for the same period last year, driven primarily by a return to more normal space income. As noted previously, wheat space income in the second quarter of the prior year was extraordinary and likely not repeatable. The group benefited from record second quarter earnings from its investment in Lansing Trade Group. Revenues for the Grain Group were $719 million and $797 million for the quarter in 2012 and 2011, respectively. The group's operating income for the first six months was $34.7 million on revenues of $1.4 billion. Last year, its first half operating income was $51.6 million on similar revenues.
The Ethanol Group had an operating loss of $2.1 million in the second quarter, compared to earnings of $8.8 million during the same period last year. The loss was primarily the result of a decrease in the company's earnings from its ethanol investment affiliates, whose income was significantly impacted by lower ethanol margins resulting from increased corn costs and lower ethanol demand. Income from co-products such as corn-oil, E-85, and CO2 continued to have a positive impact on the financials. Total revenues for the quarter in 2012 and 2011 were comparable at $168 million and $165 million, respectively. The group's operating loss through June was $2.0 million on revenues of $318 million. Last year, its first half operating income was $12.4 million on revenues of $297 million.
The Plant Nutrient Group achieved operating income of $28.0 million during the second quarter on revenues of $309 million. In the same three month period of 2011, the group had operating income of $24.1 million on revenues of $260 million. This improved performance was due to increased volume. Margins were down slightly year over year, but still historically strong. The group's first half 2012 operating income was $33.8 million on $484 million of revenues. Last year, the operating income through the first six months was $29.2 million on revenues of $383 million.
The Rail Group achieved record operating income of $7.2 million in the second quarter on revenues of $32 million. In the same three month period of 2011, the group earned $2.8 million and revenues were $30 million. This quarter, the group recognized $2.4 million in gains on sales of railcars and related leases and non-recourse transactions, which is comparable to the gain of $2.3 million recorded in the prior year. Gross profit from the leasing business was significantly higher due primarily to an increase in the average lease rate. The average utilization rate for the quarter was approximately 85 percent, which is consistent with last year. Income from the railcar repair business increased considerably as well. The group's first half operating income was a record $15.2 million on $68 million of revenues. In 2011, operating income through June was $6.3 million and revenues were $58 million. The rail fleet has increased to approximately 23,100 cars from 22,400 last year. In addition, the Rail Group executed several transactions in the quarter that will result in the recognition of $4.3 million in operating income next quarter.
The Turf & Specialty Group had operating income of $2.8 million in the second quarter on $44 million of revenues. Last year, the group reported operating income of $1.8 million on $42 million of revenues for the same period. Through the first half of 2012, the group's operating income was $5.0 million on $89 million of revenues, which is similar to the prior year's result.
The Retail Group had an operating income of $1.4 million during the second quarter of 2012 on revenues of $44 million. During the same period of the prior year, the group had an operating income of $1.9 million and revenues were $45 million. Through the first six months, the group lost $1.3 million and revenues were $75 million. Last year through June, the group lost $0.8 million on revenues of $77 million.
"We had a good quarter, although our expectations for the remainder of the year have been tempered by the drought conditions currently being experienced, which will certainly impact our grain and ethanol businesses," CEO Mike Anderson stated. "Although the results of our Ethanol Group have declined, given the current ethanol margin environment, we feel the results demonstrate that our business structure, including co-products, services, and equity partners, perform much better in a down market than the general industry. I am particularly proud of the Rail Group's record results this quarter as well as PNG's strong results, which continue to demonstrate the portfolio benefits of our business mix," added Mr. Anderson.
The company will host a webcast on Friday, August 3, 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 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 June 30, |
Six months ended June 30, | |||
|
(in thousands, except per share data) |
2012 |
2011 |
2012 |
2011 |
|
Sales and merchandising revenues |
$ 1,315,834 |
$ 1,338,167 |
$ 2,452,967 |
$ 2,339,841 |
|
Cost of sales and merchandising revenues |
1,213,184 |
1,215,395 |
2,264,447 |
2,138,384 |
|
Gross profit |
102,650 |
122,772 |
188,520 |
201,457 |
|
Operating, administrative and general expenses |
59,210 |
57,730 |
119,310 |
111,437 |
|
Interest expense |
5,380 |
7,562 |
10,710 |
14,898 |
|
Other income: |
||||
|
Equity in earnings of affiliates |
5,096 |
12,512 |
9,379 |
19,758 |
|
Other income, net |
2,671 |
2,018 |
5,917 |
4,324 |
|
Income before income taxes |
45,827 |
72,010 |
73,796 |
99,204 |
|
Income tax provision |
17,356 |
25,975 |
27,597 |
35,781 |
|
Net income |
28,471 |
46,035 |
46,199 |
63,423 |
|
Net income (loss) attributable to the noncontrolling interests |
(728) |
817 |
(1,407) |
939 |
|
Net income attributable to The Andersons, Inc. |
$ 29,199 |
$ 45,218 |
$ 47,606 |
$ 62,484 |
|
Per common share: |
||||
|
Basic earnings attributable to The Andersons, Inc. common shareholders |
$ 1.57 |
$ 2.44 |
$ 2.56 |
$ 3.37 |
|
Diluted earnings attributable to The Andersons, Inc. common shareholders |
$ 1.56 |
$ 2.42 |
$ 2.54 |
$ 3.34 |
|
Dividends paid |
$ 0.15 |
$ 0.11 |
$ 0.30 |
$ 0.22 |
|
The Andersons, Inc. | |||||
|
June 30, 2012 |
December 31, 2011 |
June 30, 2011 | |||
|
Assets |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ 23,930 |
$ 20,390 |
$ 18,616 | ||
|
Restricted cash |
5,644 |
18,651 |
12,572 | ||
|
Accounts receivable, net |
205,046 |
167,640 |
240,254 | ||
|
Inventories |
597,091 |
760,459 |
469,551 | ||
|
Commodity derivative assets – current |
122,010 |
83,950 |
187,438 | ||
|
Deferred income taxes |
18,784 |
21,483 |
17,710 | ||
|
Other current assets |
38,535 |
34,649 |
30,867 | ||
|
Total current assets |
1,011,040 |
1,107,222 |
977,008 | ||
|
Other assets: |
|||||
|
Commodity derivative assets – noncurrent |
4,844 |
2,289 |
8,560 | ||
|
Other assets, net |
70,040 |
53,327 |
46,610 | ||
|
Equity method investments |
189,610 |
199,061 |
179,888 | ||
|
264,494 |
254,677 |
235,058 | |||
|
Railcar assets leased to others, net |
252,965 |
197,137 |
178,141 | ||
|
Property, plant and equipment, net |
266,275 |
175,087 |
153,642 | ||
|
Total assets |
$ 1,794,774 |
$ 1,734,123 |
$ 1,543,849 | ||
|
Liabilities and equity |
|||||
|
Current liabilities: |
|||||
|
Borrowings under short-term line of credit |
$ 309,608 |
$ 71,500 |
$ 194,200 | ||
|
Accounts payable for grain |
129,979 |
391,905 |
80,374 | ||
|
Other accounts payable |
148,497 |
142,762 |
164,325 | ||
|
Customer prepayments and deferred revenue |
55,912 |
79,557 |
64,231 | ||
|
Commodity derivative liabilities – current |
29,764 |
15,874 |
24,289 | ||
|
Accrued expenses and other current liabilities |
51,283 |
60,445 |
51,410 | ||
|
Current maturities of long-term debt |
29,647 |
32,208 |
45,432 | ||
|
Total current liabilities |
754,690 |
794,251 |
624,261 | ||
|
Other long-term liabilities |
11,546 |
43,014 |
33,757 | ||
|
Commodity derivative liabilities – noncurrent |
454 |
1,519 |
1,850 | ||
|
Employee benefit plan obligations |
50,437 |
52,972 |
30,835 | ||
|
Long-term debt, less current maturities |
317,648 |
238,885 |
260,645 | ||
|
Deferred income taxes |
70,806 |
64,640 |
68,038 | ||
|
Total liabilities |
1,205,581 |
1,195,281 |
1,019,386 | ||
|
Total equity |
589,193 |
538,842 |
524,463 | ||
|
Total liabilities and equity |
$ 1,794,774 |
$ 1,734,123 |
$ 1,543,849 | ||
|
Segment Data |
||||||||
|
Grain |
Ethanol |
Plant Nutrient |
Rail |
Turf & Specialty |
Retail |
Other |
Total | |
|
Quarter ended June 30, 2012 |
||||||||
|
Revenues from external customers |
$ 718,911 |
$ 167,758 |
$ 308,797 |
$ 32,046 |
$ 43,845 |
$ 44,477 |
$ - |
$ 1,315,834 |
|
Gross profit |
26,440 |
1,925 |
41,657 |
11,563 |
7,490 |
13,575 |
- |
102,650 |
|
- |
||||||||
|
Equity in earnings (loss) of affiliates |
7,505 |
(2,410) |
1 |
- |
- |
- |
- |
5,096 |
|
Other income, net |
489 |
20 |
1,010 |
824 |
289 |
155 |
(116) |
2,671 |
|
Income (loss) before income taxes |
15,277 |
(2,833) |
27,953 |
7,199 |
2,753 |
1,428 |
(5,950) |
45,827 |
|
Loss attributable to the noncontrolling interests |
- |
(728) |
- |
- |
- |
- |
- |
(728) |
|
Operating income (loss) (a) |
$ 15,277 |
$ (2,105) |
$ 27,953 |
$ 7,199 |
$ 2,753 |
$ 1,428 |
$ (5,950) |
$ 46,555 |
|
Quarter ended June 30, 2011 |
||||||||
|
Revenues from external customers |
$ 797,130 |
$ 164,704 |
$ 259,823 |
$ 29,501 |
$ 41,551 |
$ 45,458 |
$ - |
$ 1,338,167 |
|
Gross profit |
51,480 |
4,829 |
39,251 |
6,415 |
6,968 |
13,829 |
- |
122,772 |
|
Equity in earnings of affiliates |
5,428 |
7,082 |
2 |
- |
- |
- |
- |
12,512 |
|
Other income, net |
522 |
37 |
134 |
841 |
259 |
144 |
81 |
2,018 |
|
Income (loss) before income taxes |
36,541 |
9,647 |
24,077 |
2,763 |
1,778 |
1,877 |
(4,673) |
72,010 |
|
Income attributable to the noncontrolling interest |
- |
817 |
- |
- |
- |
- |
- |
817 |
|
Operating income (loss) (a) |
$ 36,541 |
$ 8,830 |
$ 24,077 |
$ 2,763 |
$ 1,778 |
$ 1,877 |
$ (4,673) |
$ 71,193 |
|
Grain |
Ethanol |
Plant Nutrient |
Rail |
Turf & Specialty |
Retail |
Other |
Total | |
|
Six months ended June 30, 2012 |
||||||||
|
Revenues from external customers |
$ 1,418,772 |
$ 318,428 |
$ 484,157 |
$ 67,905 |
$ 88,972 |
$ 74,733 |
$ - |
$ 2,452,967 |
|
Gross profit |
59,041 |
4,698 |
62,975 |
24,128 |
15,489 |
22,189 |
- |
188,520 |
|
Equity in earnings (loss) of affiliates |
13,457 |
(4,081) |
3 |
- |
- |
- |
- |
9,379 |
|
Other income, net |
1,316 |
36 |
1,128 |
1,600 |
490 |
279 |
1,068 |
5,917 |
|
Income (loss) before income taxes |
34,712 |
(3,391) |
33,781 |
15,217 |
4,955 |
(1,321) |
(10,157) |
73,796 |
|
Loss attributable to the noncontrolling interests |
- |
(1,407) |
- |
- |
- |
- |
- |
(1,407) |
|
Operating income (loss) (a) |
$ 34,712 |
$ (1,984) |
$ 33,781 |
$ 15,217 |
$ 4,955 |
$ (1,321) |
$ (10,157) |
$ 75,203 |
|
Six months ended June 30, 2011 |
||||||||
|
Revenues from external customers |
$ 1,435,097 |
$ 297,452 |
$ 383,472 |
$ 58,411 |
$ 88,821 |
$ 76,588 |
$ - |
$ 2,339,841 |
|
Gross profit |
82,772 |
9,294 |
57,335 |
13,532 |
15,744 |
22,780 |
- |
201,457 |
|
Equity in earnings of affiliates |
11,658 |
8,096 |
4 |
- |
- |
- |
- |
19,758 |
|
Other income, net |
1,102 |
95 |
259 |
1,594 |
549 |
300 |
425 |
4,324 |
|
Income (loss) before income taxes |
51,642 |
13,340 |
29,191 |
6,309 |
5,056 |
(787) |
(5,547) |
99,204 |
|
Income attributable to the noncontrolling interest |
- |
939 |
- |
- |
- |
- |
- |
939 |
|
Operating income (loss) (a) |
$ 51,642 |
$ 12,401 |
$ 29,191 |
$ 6,309 |
$ 5,056 |
$ (787) |
$ (5,547) |
$ 98,265 |
|
(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, +1-419-891-6415, nick_conrad@andersonsinc.com
Web Site: http://www.andersonsinc.com