World Grain - June 2009 - 16

newsreview
The Andersons net income declines; grain business grows
MAUMEE, OHIO, U.S. - The Andersons, Inc. announced on May 6 first-quarter net
income of $5 million, or 27¢ per diluted share, on revenues of $697 million. In the same
three-month period of 2008, the company reported results of $7.8 million, or 42¢ per
diluted share, on $713 million of revenues.
"Considering the state of the economy, we feel good about our overall performance
so far this year," said Mike Anderson, president and chief executive officer of the company. "Our Grain and Ethanol Group had mixed results; with the record performance of
the grain business being offset by the results of the ethanol business and Lansing Trade
Group."
The grain business had a record quarter that boosted the Grain and Ethanol Group's
first-quarter operating income to $5.7 million, compared to $2.2 million last year, according to the company. The grain business benefited from significantly higher space
income. In contrast, last year the grain business suffered a significant basis loss during
the quarter.
The ethanol business lost less than $1 million in the first quarter due mainly to the
combined performance of the company's equity investments in three ethanol limited
liability companies, the company said. The ethanol business last year benefited from
margins being locked in before the market decline, and earning $1.3 million in development fee income. The Lansing Trade Group quarterly results were significantly lower
compared to last year, primarily due to declines in its trading business, the company said.
The company said total first-quarter revenues for the group were $481 million, including $206 million of grain and ethanol sales made by the group in accordance with origination and marketing agreements between the company and its ethanol joint ventures. In
the first quarter of 2008, the group's total revenues were $499 million and included $186
million of the aforementioned sales.

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MAUMEE, OHIO, U.S. - Dick Anderson,
chairman of The Andersons, Inc., officially
left his post, passing the chairmanship to
Mike Anderson, president and chief executive officer, on May 8 during the annual shareholders meeting.
Dick Anderson served with the company
since 1947 when he, along with his siblings
and parents, founded the company as a family
partnership. Starting as a crew boss on construction of the first grain elevator in Maumee, Ohio, he worked his way up through the
company and was named president and CEO
in 1986. He was instrumental in the company's transition from a family-owned business
to a publicly traded enterprise in 1996. He has
served as chairman of the board since 1999,
and now will provide counsel to the board as
chairman emeritus.
"It has been an honor and a privilege to
work alongside Dick for more than a decade," Mike Anderson said. "He has been a
tremendous teacher to the generations of employees who have worked here for the past 62
years. His contributions to this company have
helped shape it into what it is today, and for
that we thank him."
Dick Anderson chose last fall not to stand
for re-election to the board. At that time, the
board approved Mike Anderson to succeed
him as chairman.

U.S. winter wheat
production forecast down 20%

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WASHINGTON, D.C., U.S. - U.S. 2009
winter wheat production was forecast at
1,502,074,000 bushels, down 365,829,000
bushels, or 20%, from 1,867,903,000 bushels in 2008, the U.S. Department of Agriculture (USDA) said in its May Crop Production report.
The USDA forecast winter wheat yield
at 44.2 bushels per acre based on conditions as of May 1, down 3 bushels from 47.2
bushels last year. Harvested area was forecast at 33,995,000 acres, down 14% from
39,614,000 acres a year ago.
Production of hard red winter wheat was
forecast at 871,394,000 bushels, down 16%
from 1,035,235,000 bushels in 2008, soft
red winter at 422,313,000 bushels, down
31% from 613,578,000 bushels, and white
winter at 208,367,000 bushels, down 5%,
including soft white winter at 187,603,000
bushels, down 4%, and hard white winter at
20,764,000 bushels, down 9%.

For more information, see Page 86.

June 2009 / World Grain / www.World-Grain.com

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World Grain - June 2009

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