MAUMEE, Ohio, Feb. 6, 2013 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE), today announced net income attributable to the company of $79.5 million, or $4.23 per diluted share, on revenues of $5.3 billion. The company had a strong year, surpassed only by the prior year in which it earned $95.1 million, or $5.09 per diluted share, on revenues of $4.6 billion. The company earned $15.0 million in the fourth quarter of 2012, or $0.80 per diluted share, on revenues of $1.7 billion. In the same three month period of 2011, the company reported net income of $21.7 million, or $1.17 per diluted share, on revenues of $1.3 billion. The majority of the year to year revenue increase relates to rising volume and prices, and growth, in the agricultural businesses.

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

The Rail Group achieved record operating income of $42.8 million in 2012, a significant improvement over its $9.8 million 2011 operating income. Gross profit from the leasing business was significantly higher than the prior year due mainly to higher lease rates, as overall utilization rate for both years was consistent at 84.6 percent. The group recognized $23.7 million in pre-tax gains on sales of railcars and related leases and non-recourse transactions (where the company continues to provide car management services to the purchaser and typically holds an option to purchase the railcars at the end of the assigned lease). In 2011, the company recognized gains of $8.4 million on similar transactions. Revenues of $156 million for 2012 were higher than the $107 million reported in the prior year due mainly to increased car sales and higher lease rates. The rail fleet increased by over 600 cars in 2012, to approximately 23,300 cars. The Rail Group had operating income of $8.6 million in the fourth quarter on revenues of $29 million. In 2011, operating income for the same three month period was $2.3 million on revenues of $25 million. These results include gains on sales of railcars and related leases and non-recourse transactions of $1.5 million and $0.7 million in 2012 and 2011, respectively.

The Plant Nutrient Group had record operating income of $39.3 million in 2012, surpassing 2011 earnings by $1.0 million. Revenues for 2012 and 2011 were $797 million and $691 million, respectively. While margins declined in 2012, both income and revenues increased due to higher volume. For the fourth quarter, the group's operating income was $4.7 million on $178 million of revenues. Last year the group had operating income of $2.5 million during the same three month period on revenues of $170 million. Increased operating income in the quarter was due to higher volume as favorable weather patterns increased nutrient application.

The Grain Group's 2012 operating income was $63.6 million, compared to operating income of $87.3 million in the prior year. The group had considerably lower space income in 2012, as a result of the drought, but an increase in bushels sold. In 2011, the group benefited from significant escalation in wheat basis. Lansing Trade Group contributed strongly to the Grain Group's result with its best ever annual performance. Total revenues for the Grain Group were $3.3 billion and $2.8 billion in 2012 and 2011, respectively. Revenues increased due to greater sales volume and higher grain prices. For the fourth quarter, the group's operating income was $18.1 million on revenues of $1.2 billion. In the same three month period of 2011, the group had operating income of $27.3 million on revenues of $876 million. The group acquired the majority of the Green Plains Grain Company assets, on December 3, 2012. The acquisition included seven facilities in Iowa and five in Tennessee, with grain storage capacity of approximately 32 million bushels. The Grain Group's storage capacity increased nearly 30 percent, and 30,000 tons of fertilizer storage was added as well.

The Ethanol Group had an operating loss of $3.7 million in 2012, compared to operating income of $23.3 million in the prior year. The operating income decline was due to significantly lower ethanol margins resulting from weak gasoline demand, an oversupply of ethanol, and high corn costs caused by last year's drought. The ethanol plants, however, continue to benefit from co-product sales of corn oil, E-85, Distillers Dried Grains and CO2. Total 2012 revenues were $743 million, up from $642 million in 2011. Revenues increased due to an increase in volume, the majority of which was due to the addition of the Denison, Iowa, facility in 2012. The group's fourth quarter operating loss was $0.8 million on revenues of $215 million. During the same three month period of 2011, operating income was $6.5 million on revenues of $165 million.

The Turf & Specialty Group's full year operating income was $2.2 million on revenues of $131 million. In 2011, the group had operating income of $2.0 million, and total revenues were $130 million. The group incurred an operating loss of $1.2 million in the fourth quarter on revenues of $21 million. Last year, operating loss for the same period was $1.8 million on revenues of $18 million. During the quarter, the group acquired the Mt. Pulaski cob business, which approximately doubled the production capacity of the Cob Division.

The Retail Group had an operating loss of $4.0 million in 2012, which included charges associated with closing its Woodville store. In the prior year, the group's operating loss was $1.5 million. Total 2012 sales for the group were $151 million, compared to sales of $158 million in the prior year. The Retail Group's fourth quarter operating income was a loss of $0.9 million on revenues of $41 million. Last year, during the same three month period, the group's operating income was $0.5 million and total revenues were $45 million.

"This is definitely one of those years where our purposeful diversification paid off," CEO Mike Anderson stated. "The Rail Group had its best year ever, due to skillful management of its railcar portfolio. Similarly, our Plant Nutrient Group had its second record year in a row even though margins decreased, as they increased sales volume and prudently managed their inventory. Our Grain Group also had good results, in part due to the record earnings of Lansing Trade Group, even though there were unfavorable impacts caused by the drought," Mr. Anderson added. "In the last year we demonstrated our commitment to growth by acquiring New Eezy Grow, Inc., Denison, Mt. Pulaski, and the majority of the assets of the Green Plains Grain Company. We also opened our Anselmo, Nebraska grain elevator in August and look forward to opening a new railcar blast and paint facility this spring. As we have in the past, we will continue to focus on long term earnings growth."

The company will host a webcast on Thursday, February 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             Twelve months ended
                                                                                December 31,                    December 31,
    (in thousands, except per share data)                                                             2012                            2011       2012        2011
                                                                                                      ----                            ----       ----        ----

    Sales and merchandising revenues                                                            $1,680,641                      $1,297,830 $5,272,010  $4,576,331
    Cost of sales and merchandising revenues                                                     1,589,472                       1,211,399  4,914,005   4,223,479
                                                                                                 ---------                       ---------  ---------   ---------
    Gross profit                                                                                    91,169                          86,431    358,005     352,852
    Operating, administrative and general expenses                                                  69,590                          63,167    246,929     229,090
    Interest expense                                                                                 5,963                           4,647     22,155      25,256
    Other income:
    Equity in earnings of affiliates                                                                 1,081                          11,961     16,487      41,450
    Other income, net                                                                                5,316                           2,381     14,725       7,922
                                                                                                     -----                           -----     ------       -----
    Income before income taxes                                                                      22,013                          32,959    120,133     147,878
    Income tax provision                                                                             7,838                          10,788     44,568      51,053
                                                                                                     -----                          ------     ------      ------
    Net income                                                                                      14,175                          22,171     75,565      96,825
    Net income (loss) attributable to the noncontrolling interests                                    (815)                            474     (3,915)      1,719
                                                                                                      ----                             ---     ------       -----
    Net income attributable to The Andersons, Inc.                                                 $14,990                         $21,697    $79,480     $95,106
                                                                                                   =======                         =======    =======     =======

    Per common share:
    Basic earnings attributable to The Andersons, Inc. common shareholders                           $0.80                           $1.17      $4.27       $5.13
                                                                                                     =====                           =====      =====       =====
                                                                                                     $0.80                           $1.17      $4.23       $5.09
    Diluted earnings attributable to The Andersons, Inc. common shareholders

    Dividends paid                                                                                 $0.1500                         $0.1100    $0.6000     $0.4400
                                                                                                   =======                         =======    =======     =======

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

                                             December 31, 2012                       December 31, 2011
                                             -----------------                       -----------------
    Assets
    Current assets:
    Cash and cash
     equivalents                                            $138,218                                 $20,390
    Restricted cash                                              398                                  18,651
    Accounts
     receivable, net                                         208,877                                 167,640
    Inventories                                              776,677                                 760,459
    Commodity
     derivative
     assets - current                                        103,105                                  83,950
    Deferred income
     taxes                                                    15,862                                  21,483
    Other current
     assets                                                   54,016                                  34,649
                                                              ------                                  ------
    Total current
     assets                                                1,297,153                               1,107,222
    Other assets:
    Commodity
     derivative
     assets -
     noncurrent                                                1,906                                   2,289
    Other assets, net
       (Note 1)                                              105,129                                  53,327
    Equity method
     investments                                             190,908                                 199,061
                                                             -------                                 -------
                                                             297,943                                 254,677
    Railcar assets
     leased to
     others, net                                             228,330                                 197,137
    Property, plant
     and equipment,
     net                                                     358,878                                 175,087
                                                             -------                                 -------
    Total assets                                          $2,182,304                              $1,734,123
                                                          ==========                              ==========

    Liabilities and equity
    Current liabilities:
    Borrowings under
     short-term line
     of credit                                               $24,219                                 $71,500
    Accounts payable
     for grain                                               584,171                                 391,905
    Other accounts
     payable                                                 169,867                                 142,762
    Customer
     prepayments and
     deferred revenue                                         99,164                                  79,557
    Commodity
     derivative
     liabilities -
     current                                                  33,277                                  15,874
    Accrued expenses
     and other
     current
     liabilities                                              66,964                                  60,445
    Current
     maturities of
     long-term debt                                           15,145                                  32,208
                                                              ------                                  ------
    Total current
     liabilities                                             992,807                                 794,251

    Other long-term
     liabilities                                              18,406                                  43,014
    Commodity
     derivative
     liabilities -
     noncurrent                                                1,134                                   1,519
    Employee benefit
     plan obligations                                         53,131                                  52,972
    Long-term debt,
     less current
     maturities                                              427,243                                 238,885
    Deferred income
     taxes (Note 1)                                           78,138                                  64,640
                                                              ------                                  ------
    Total liabilities                                      1,570,859                               1,195,281
    Total equity
     (Note 1)                                                611,445                                 538,842
                                                             -------                                 -------
    Total liabilities
     and equity                                           $2,182,304                              $1,734,123
                                                          ==========                              ==========


    Note 1 -Other assets, net includes the investment in cumulative convertible
     preferred shares of Iowa Northern Railway Corporation, which is carried at estimated
     fair value. The annual valuation has not yet been finalized, and therefore the other
     assets, net line item within the Consolidated Balance Sheets, along with deferred
     income taxes and accumulated other comprehensive income (a component of equity) may
     be subject to change prior to issuance of the audited Consolidated Financial
     Statements.

    Segment Data

                                                                                                                                                                                                          Plant                                                                      Turf &
                                                                                                                            Grain                               Ethanol                                Nutrient                               Rail                                Specialty                                  Retail                Other           Total
                                                                                                                            -----                               -------                                --------                               ----                                ---------                                  ------                -----           -----
    Three months ended December 31, 2012
    Revenues from external customers                                                                                                  $1,197,376                             $214,867                                 $177,732                           $28,818                                   $20,545                               $41,303   $            -        $1,680,641

    Gross profit                                                                                                                          36,973                                6,129                                   19,980                             9,709                                     6,241                                12,137                -            91,169

    Equity in earnings (loss) of affiliates                                                                                                6,374                               (5,293)                                       -                                 -                                         -                                     -                -             1,081

    Other income, net                                                                                                                        706                                   16                                      266                             3,841                                       113                                   158              216             5,316

    Income (loss) before income taxes                                                                                                     18,078                               (1,615)                                   4,714                             8,553                                    (1,168)                                 (861)          (5,688)           22,013

    Loss attributable to the noncontrolling interests                                                                                          -                                 (815)                                       -                                 -                                         -                                     -                -              (815)

    Operating income (loss) (a)                                                                                                          $18,078                                $(800)                                  $4,714                            $8,553                                   $(1,168)                                $(861)         $(5,688)          $22,828

    Three months 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



    Twelve months ended December 31, 2012
    Revenues from external customers                                                                                                  $3,293,632                             $742,929                                 $797,033                          $156,426                                  $131,026                              $150,964  $             -        $5,272,010

    Gross profit                                                                                                                         117,180                               14,673                                   98,252                            56,729                                    27,026                                44,145                -           358,005

    Equity in earnings (loss) of affiliates                                                                                               29,080                              (12,598)                                       5                                 -                                         -                                     -                -            16,487

    Other income, net                                                                                                                      2,548                                   53                                    1,917                             7,136                                       784                                   554            1,733            14,725

    Income (loss) before income taxes                                                                                                     63,597                               (7,635)                                  39,254                            42,841                                     2,216                                (3,951)         (16,189)          120,133

    Loss attributable to the noncontrolling interests                                                                                          -                               (3,915)                                       -                                 -                                         -                                     -                -            (3,915)

    Operating income (loss) (a)                                                                                                          $63,597                              $(3,720)                                 $39,254                           $42,841                                    $2,216                               $(3,951)        $(16,189)         $124,048

    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


    (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.