Date of Report (Date of Earliest Event Reported): | May 7, 2013 |
Ohio | 000-20557 | 34-1562374 |
_____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
480 West Dussel Drive, Maumee, Ohio | 43537 | |
_________________________________ (Address of principal executive offices) | ___________ (Zip Code) |
Registrant’s telephone number, including area code: | 419-893-5050 |
The Andersons, Inc. | ||||
May 7, 2013 | By: | /s/ John Granato | ||
Name: John Granato | ||||
Chief Financial Officer | ||||
(Principal Financial Officer) |
Exhibit No. | Description | |
99 | Q1 2013 Earnings Release |
Three months ended March 31, | |||||||
(in thousands, except per share data) | 2013 | 2012 | |||||
Sales and merchandising revenues | $ | 1,271,970 | $ | 1,137,133 | |||
Cost of sales and merchandising revenues | 1,192,697 | 1,051,263 | |||||
Gross profit | 79,273 | 85,870 | |||||
Operating, administrative and general expenses | 62,008 | 60,100 | |||||
Interest expense | 6,404 | 5,330 | |||||
Other income: | |||||||
Equity in earnings of affiliates | 7,804 | 4,283 | |||||
Other income, net | 2,726 | 3,246 | |||||
Income before income taxes | 21,391 | 27,969 | |||||
Income tax provision | 9,079 | 10,241 | |||||
Net income | 12,312 | 17,728 | |||||
Net loss attributable to the noncontrolling interests | (266 | ) | (679 | ) | |||
Net income attributable to The Andersons, Inc. | $ | 12,578 | $ | 18,407 | |||
Per common share: | |||||||
Basic earnings attributable to The Andersons, Inc. common shareholders | $ | 0.67 | $ | 0.99 | |||
Diluted earnings attributable to The Andersons, Inc. common shareholders | $ | 0.67 | $ | 0.98 | |||
Dividends paid | $ | 0.16 | $ | 0.15 |
(in thousands) | March 31, 2013 | December 31, 2012 | March 31, 2012 | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 58,284 | $ | 138,218 | $ | 31,874 | |||||
Restricted cash | 635 | 398 | 18,785 | ||||||||
Accounts receivable, net | 197,842 | 208,877 | 204,400 | ||||||||
Inventories | 753,378 | 776,677 | 787,646 | ||||||||
Commodity derivative assets - current | 158,079 | 103,105 | 33,845 | ||||||||
Deferred income taxes | 15,482 | 15,862 | 23,062 | ||||||||
Other current assets | 63,350 | 54,016 | 62,577 | ||||||||
Total current assets | 1,247,050 | 1,297,153 | 1,162,189 | ||||||||
Other assets: | |||||||||||
Commodity derivative assets - noncurrent | 813 | 1,906 | 1,189 | ||||||||
Other assets, net | 104,535 | 105,129 | 68,311 | ||||||||
Equity method investments | 190,377 | 190,908 | 190,460 | ||||||||
295,725 | 297,943 | 259,960 | |||||||||
Railcar assets leased to others, net | 244,706 | 228,330 | 215,023 | ||||||||
Property, plant and equipment, net | 364,307 | 358,878 | 187,584 | ||||||||
Total assets | $ | 2,151,788 | $ | 2,182,304 | $ | 1,824,756 | |||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Borrowings under short-term line of credit | $ | 292,100 | $ | 24,219 | $ | 365,000 | |||||
Accounts payable for grain | 183,997 | 582,653 | 115,236 | ||||||||
Other accounts payable | 182,013 | 165,201 | 173,254 | ||||||||
Customer prepayments and deferred revenue | 160,191 | 105,410 | 115,109 | ||||||||
Commodity derivative liabilities – current | 50,157 | 33,277 | 34,113 | ||||||||
Accrued expenses and other current liabilities | 52,519 | 66,902 | 45,994 | ||||||||
Current maturities of long-term debt | 43,052 | 15,145 | 30,342 | ||||||||
Total current liabilities | 964,029 | 992,807 | 879,048 | ||||||||
Other long-term liabilities | 16,898 | 18,406 | 44,950 | ||||||||
Commodity derivative liabilities – noncurrent | 3,220 | 1,134 | 2,352 | ||||||||
Employee benefit plan obligations | 52,927 | 53,131 | 53,080 | ||||||||
Long-term debt, less current maturities | 412,700 | 427,243 | 220,417 | ||||||||
Deferred income taxes | 77,694 | 78,138 | 68,051 | ||||||||
Total liabilities | 1,527,468 | 1,570,859 | 1,267,898 | ||||||||
Total equity | 624,320 | 611,445 | 556,858 | ||||||||
Total liabilities and equity | $ | 2,151,788 | $ | 2,182,304 | $ | 1,824,756 |
Grain | Ethanol | Plant Nutrient | Rail | Turf & Specialty | Retail | Other | Total | |||||||||||||||||
Quarter ended March 31, 2013 | ||||||||||||||||||||||||
Revenues from external customers | $ | 836,495 | $ | 199,309 | $ | 111,902 | $ | 46,364 | $ | 47,187 | $ | 30,713 | $ | — | $ | 1,271,970 | ||||||||
Gross profit | 24,850 | 4,805 | 13,949 | 18,979 | 9,018 | 7,672 | — | 79,273 | ||||||||||||||||
Equity in earnings (loss) of affiliates | 7,910 | (106 | ) | — | — | — | — | — | 7,804 | |||||||||||||||
Other income, net | 571 | 231 | (25 | ) | 946 | 275 | 114 | 614 | 2,726 | |||||||||||||||
Income (loss) before income taxes | 8,299 | 2,213 | (562 | ) | 14,574 | 4,001 | (3,169 | ) | (3,965 | ) | 21,391 | |||||||||||||
Loss attributable to the noncontrolling interests | — | (266 | ) | — | — | — | — | — | (266 | ) | ||||||||||||||
Operating income (loss) (a) | $ | 8,299 | $ | 2,479 | $ | (562 | ) | $ | 14,574 | $ | 4,001 | $ | (3,169 | ) | $ | (3,965 | ) | $ | 21,657 | |||||
Quarter ended March 31, 2012 | ||||||||||||||||||||||||
Revenues from external customers | $ | 699,861 | $ | 150,670 | $ | 175,360 | $ | 35,859 | $ | 45,127 | $ | 30,256 | $ | — | $ | 1,137,133 | ||||||||
Gross profit | 32,601 | 2,773 | 21,318 | 12,565 | 7,999 | 8,614 | — | 85,870 | ||||||||||||||||
Equity in earnings (loss) of affiliates | 5,952 | (1,671 | ) | 2 | — | — | — | — | 4,283 | |||||||||||||||
Other income, net | 827 | 16 | 118 | 776 | 201 | 124 | 1,184 | 3,246 | ||||||||||||||||
Income (loss) before income taxes | 19,435 | (558 | ) | 5,828 | 8,018 | 2,202 | (2,749 | ) | (4,207 | ) | 27,969 | |||||||||||||
Loss attributable to the noncontrolling interests | — | (679 | ) | — | — | — | — | — | (679 | ) | ||||||||||||||
Operating income (loss) (a) | $ | 19,435 | $ | 121 | $ | 5,828 | $ | 8,018 | $ | 2,202 | $ | (2,749 | ) | $ | (4,207 | ) | $ | 28,648 |
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