The Andersons income down sharply from year ago

by Eric Schroeder
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MAUMEE, OHIO — Net income at The Andersons, Inc. totaled $15,918,000 in the second quarter ended June 30, equal to 87c per share on the common stock, down 66% from $45,626,000, or $2.52 per share, in the same period a year ago. The year-ago results included unprecedented margins in the company’s Plant Nutrient Group that accounted for nearly two-thirds of income.

Net revenues for the second quarter were $810,954,000, down 26% from $1,100,700,000 during the second quarter of the previous year.

For the first six months of 2009, the company’s net income was $20,870,000, or $1.15 per share, down from $53,449,000, or $2.95 per share, in the same period of fiscal 2008. Net revenues were $1,508,346,000, down 17% from $1,813,701,000 the previous year.
"Although we would have liked better results this quarter, it is important to remember that last year’s second-quarter results included unprecedented margins in our Plant Nutrient Group," said Mike Anderson, president and chief executive officer. "We are pleased with the results of our grain and ethanol businesses. The grain business performance was strong, and our ethanol business returned to profitability, which is an accomplishment in the current ethanol environment."

The Grain & Ethanol Group’s operating income was $8,931,000 in the second quarter, which was below its year earlier result of $19,994,000. Through the first six months, operating income in the group was $14,666,000, which compared with $22,227,000 in the first half of fiscal 2008. Total revenues through the first six months of fiscal 2009 were $980,922,000, down from $1,194,910,000.

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