Maumee, Ohio — The Andersons Inc. reported record operating income from its Plant Nutrient segment for the year ending Dec. 31, 2011, to $38.3 million on revenues of $691 million, compared to the prior year $30.1 million on revenues of $619 million. The company cited higher nutrient prices, which were partially offset by a decrease in volume. Plant Nutrient income for the fourth quarter, however, was off, at $2.5 million on revenues of $170 million from the year-ago $8.9 million on revenues of $159 million. The decline includes $4.7 million in charges due to the recording of a lower of cost or market inventory adjustment and asset impairment charges. “Clearly, both our full-year and fourth-quarter earnings were heavily influenced by the results within our agricultural businesses,” said CEO Mike Anderson. “The record full-year earnings in both our Grain and Plant Nutrient groups, and second best year in the Ethanol Group, is gratifying. Our 2011 Rail Group results improved significantly from the prior year as a result of improved economic conditions. In the last year we have demonstrated our commitment to growth by adding 1.7 million bushels of grain storage capacity, beginning construction on a grain shuttle loader facility in Nebraska, and acquiring two businesses in the Plant Nutrient Group – Immokalee Farmer Supply in Florida in October of 2011, and New Eezy Gro, an Ohio-based company, last week. We intend to continue to pursue our growth strategy in 2012 and beyond.” Company-wide, The Andersons reported net income attributable to the company at $95.1 million ($5.09 per diluted share) on revenues of $4.58 billion, compared to the prior year $64.7 million ($3.48 per share) on revenues of $3.39 billion. Fourth-quarter income was $21.7 million ($1.17 per share) on revenues of $1.3 billion, down from the year-ago $25.8 million ($1.39 per share) on revenues of $1.15 billion.
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