Date of Report (Date of Earliest Event Reported): | August 6, 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. | ||||
August 7, 2013 | By: | /s/ John Granato | ||
Name: John Granato | ||||
Chief Financial Officer | ||||
(Principal Financial Officer) |
Exhibit No. | Description | |
99 | Q2 2013 Earnings Release |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2012 | 2011 | ||||||||||
Sales and merchandising revenues | $ | 1,566,964 | $ | 1,315,834 | $ | 2,838,934 | $ | 2,452,967 | ||||||
Cost of sales and merchandising revenues | 1,463,735 | 1,213,184 | 2,656,432 | 2,264,447 | ||||||||||
Gross profit | 103,229 | 102,650 | 182,502 | 188,520 | ||||||||||
Operating, administrative and general expenses | 61,464 | 59,210 | 123,472 | 119,310 | ||||||||||
Interest expense | 4,855 | 5,380 | 11,259 | 10,710 | ||||||||||
Other income: | ||||||||||||||
Equity in earnings of affiliates | 10,010 | 5,096 | 17,814 | 9,379 | ||||||||||
Other income, net | 1,292 | 2,671 | 4,018 | 5,917 | ||||||||||
Income before income taxes | 48,212 | 45,827 | 69,603 | 73,796 | ||||||||||
Income tax provision | 17,480 | 17,356 | 26,559 | 27,597 | ||||||||||
Net income | 30,732 | 28,471 | 43,044 | 46,199 | ||||||||||
Net loss attributable to the noncontrolling interests | 1,193 | (728 | ) | 927 | (1,407 | ) | ||||||||
Net income attributable to The Andersons, Inc. | $ | 29,539 | $ | 29,199 | $ | 42,117 | $ | 47,606 | ||||||
Per common share: | ||||||||||||||
Basic earnings attributable to The Andersons, Inc. common shareholders | $ | 1.58 | $ | 1.57 | $ | 2.25 | $ | 2.56 | ||||||
Diluted earnings attributable to The Andersons, Inc. common shareholders | $ | 1.57 | $ | 1.56 | $ | 2.24 | $ | 2.54 | ||||||
Dividends paid | $ | 0.16 | $ | 0.15 | $ | 0.32 | $ | 0.30 |
(in thousands) | June 30, 2013 | December 31, 2012 | June 30, 2012 | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 75,920 | $ | 138,218 | $ | 23,930 | |||||
Restricted cash | 872 | 398 | 5,644 | ||||||||
Accounts receivable, net | 216,432 | 208,877 | 205,046 | ||||||||
Inventories | 444,523 | 776,677 | 597,091 | ||||||||
Commodity derivative assets - current | 121,789 | 103,105 | 122,010 | ||||||||
Deferred income taxes | 2,797 | 15,862 | 18,784 | ||||||||
Other current assets | 44,936 | 54,016 | 38,535 | ||||||||
Total current assets | 907,269 | 1,297,153 | 1,011,040 | ||||||||
Other assets: | |||||||||||
Commodity derivative assets - noncurrent | 87 | 1,906 | 4,844 | ||||||||
Other assets, net | 103,781 | 105,129 | 70,040 | ||||||||
Equity method investments | 195,241 | 190,908 | 189,610 | ||||||||
299,109 | 297,943 | 264,494 | |||||||||
Railcar assets leased to others, net | 242,887 | 228,330 | 252,965 | ||||||||
Property, plant and equipment, net | 371,716 | 358,878 | 266,275 | ||||||||
Total assets | $ | 1,820,981 | $ | 2,182,304 | $ | 1,794,774 | |||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Borrowings under short-term line of credit | $ | 50,000 | $ | 24,219 | $ | 309,608 | |||||
Accounts payable for grain | 178,017 | 582,653 | 129,979 | ||||||||
Other accounts payable | 183,971 | 165,201 | 148,497 | ||||||||
Customer prepayments and deferred revenue | 25,621 | 105,410 | 55,912 | ||||||||
Commodity derivative liabilities – current | 58,183 | 33,277 | 29,764 | ||||||||
Accrued expenses and other current liabilities | 57,456 | 66,902 | 51,283 | ||||||||
Current maturities of long-term debt | 45,096 | 15,145 | 29,647 | ||||||||
Total current liabilities | 598,344 | 992,807 | 754,690 | ||||||||
Other long-term liabilities | 15,634 | 18,406 | 11,546 | ||||||||
Commodity derivative liabilities – noncurrent | 5,863 | 1,134 | 454 | ||||||||
Employee benefit plan obligations | 50,754 | 53,131 | 50,437 | ||||||||
Long-term debt, less current maturities | 409,020 | 427,243 | 317,648 | ||||||||
Deferred income taxes | 87,486 | 78,138 | 70,806 | ||||||||
Total liabilities | 1,167,101 | 1,570,859 | 1,205,581 | ||||||||
Total equity | 653,880 | 611,445 | 589,193 | ||||||||
Total liabilities and equity | $ | 1,820,981 | $ | 2,182,304 | $ | 1,794,774 |
Grain | Ethanol | Plant Nutrient | Rail | Turf & Specialty | Retail | Other | Total | |||||||||||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||||||
Revenues from external customers | $ | 891,350 | $ | 222,240 | $ | 330,339 | $ | 38,601 | $ | 43,144 | $ | 41,290 | $ | — | $ | 1,566,964 | ||||||||
Gross profit | 22,092 | 9,649 | 37,201 | 14,557 | 7,321 | 12,409 | — | 103,229 | ||||||||||||||||
Equity in earnings of affiliates | 5,027 | 4,983 | — | — | — | — | — | 10,010 | ||||||||||||||||
Other income (expense), net | (349 | ) | 199 | 164 | 702 | 175 | 100 | 301 | 1,292 | |||||||||||||||
Income (loss) before income taxes | 2,053 | 11,794 | 23,240 | 9,680 | 2,195 | 1,539 | (2,289 | ) | 48,212 | |||||||||||||||
Income attributable to the noncontrolling interests | — | 1,193 | — | — | — | — | — | 1,193 | ||||||||||||||||
Operating income (loss) (a) | $ | 2,053 | $ | 10,601 | $ | 23,240 | $ | 9,680 | $ | 2,195 | $ | 1,539 | $ | (2,289 | ) | $ | 47,019 | |||||||
Three months ended June 30, 2012 | ||||||||||||||||||||||||
Revenues from external customers | $ | 718,911 | $ | 167,758 | $ | 308,797 | $ | 32,046 | $ | 43,845 | $ | 44,477 | $ | — | $ | 1,315,834 | ||||||||
Gross profit | 26,440 | 1,925 | 41,657 | 11,563 | 7,490 | 13,575 | — | 102,650 | ||||||||||||||||
Equity in earnings (loss) of affiliates | 7,505 | (2,410 | ) | 1 | — | — | — | — | 5,096 | |||||||||||||||
Other income (expense), net | 489 | 20 | 1,010 | 824 | 289 | 155 | (116 | ) | 2,671 | |||||||||||||||
Income (loss) before income taxes | 15,277 | (2,833 | ) | 27,953 | 7,199 | 2,753 | 1,428 | (5,950 | ) | 45,827 | ||||||||||||||
Loss attributable to the noncontrolling interests | — | (728 | ) | — | — | — | — | — | (728 | ) | ||||||||||||||
Operating income (loss) (a) | $ | 15,277 | $ | (2,105 | ) | $ | 27,953 | $ | 7,199 | $ | 2,753 | $ | 1,428 | $ | (5,950 | ) | $ | 46,555 | ||||||
Grain | Ethanol | Plant Nutrient | Rail | Turf & Specialty | Retail | Other | Total | |||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||
Revenues from external customers | $ | 1,727,845 | $ | 421,549 | $ | 442,241 | $ | 84,965 | $ | 90,331 | $ | 72,003 | $ | — | $ | 2,838,934 | ||||||||
Gross profit | 46,942 | 14,454 | 51,150 | 33,536 | 16,339 | 20,081 | — | 182,502 | ||||||||||||||||
Equity in earnings of affiliates | 12,937 | 4,877 | — | — | — | — | — | 17,814 | ||||||||||||||||
Other income, net | 222 | 430 | 139 | 1,648 | 450 | 214 | 915 | 4,018 | ||||||||||||||||
Income (loss) before income taxes | 10,352 | 14,007 | 22,678 | 24,254 | 6,196 | (1,630 | ) | (6,254 | ) | 69,603 | ||||||||||||||
Income attributable to the noncontrolling interests | — | 927 | — | — | — | — | — | 927 |
Operating income (loss) (a) | $ | 10,352 | $ | 13,080 | $ | 22,678 | $ | 24,254 | $ | 6,196 | $ | (1,630 | ) | $ | (6,254 | ) | $ | 68,676 | ||||||
Six months ended June 30, 2012 | ||||||||||||||||||||||||
Revenues from external customers | $ | 1,418,772 | $ | 318,428 | $ | 484,157 | $ | 67,905 | $ | 88,972 | $ | 74,733 | $ | — | $ | 2,452,967 | ||||||||
Gross profit | 59,041 | 4,698 | 62,975 | 24,128 | 15,489 | 22,189 | — | 188,520 | ||||||||||||||||
Equity in earnings (loss) of affiliates | 13,457 | (4,081 | ) | 3 | — | — | — | — | 9,379 | |||||||||||||||
Other income, net | 1,316 | 36 | 1,128 | 1,600 | 490 | 279 | 1,068 | 5,917 | ||||||||||||||||
Income (loss) before income taxes | 34,712 | (3,391 | ) | 33,781 | 15,217 | 4,955 | (1,321 | ) | (10,157 | ) | 73,796 | |||||||||||||
Loss attributable to the noncontrolling interest | — | (1,407 | ) | — | — | — | — | — | (1,407 | ) | ||||||||||||||
Operating income (loss) (a) | $ | 34,712 | $ | (1,984 | ) | $ | 33,781 | $ | 15,217 | $ | 4,955 | $ | (1,321 | ) | $ | (10,157 | ) | $ | 75,203 |
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