Income for The Andersons down 52% in year
February 06, 2009
by Bakingbusiness Staff
MAUMEE, OHIO — For the year ended Dec. 31, income for The Andersons was $32,900,000, equal to $1.82 per share on the common stock, down 52% from $68,784,000, or $3.86 per share, during the previous year.
Sales and revenue for the year were $3,489,478,000, up 47% from $2,379,059,000 during the previous year.
For the year, the grain and ethanol segment had an operating income of $43.6 million, down 34% from $65.9 million during the previous year. Revenue for the segment was $2.4 billion, up 60% from $1.5 billion during the previous year.
"Although our full-year earnings could be viewed as respectable versus history since they are our third best historical performance, this is overshadowed by the fact that I am deeply disappointed in our fourth-quarter results — we could have done better," said Mike Anderson, president and chief executive officer. "The decline in our results was largely a result of inventory and contract adjustments within our Plant Nutrient Group. I want our shareholders to know that we are taking a hard look at the risk management processes in that group and fully intend to make improvements that we believe will reduce the likelihood of similar events in the future."
For the fourth quarter, the company had a loss of $33,389,000, which compared with income of $23,492,000 during the same quarter of the previous year. Sales and revenue for the quarter were $770,065,000, down 2% from $784,634,000 during the same quarter of the previous year.