Date of Report (Date of Earliest Event Reported): | February 11, 2014 |
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. | ||||
February 11, 2014 | By: | /s/ John Granato | ||
Name: John Granato | ||||
Title: Chief Financial Officer | ||||
(Principal Financial Officer) |
Exhibit No. | Description | |
99 | Fourth Quarter and Full Year 2013 Earnings Release |
Investor Relations Contact: | Date: February 11, 2014 |
Year ended December 31, | |||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||
Sales and merchandising revenues | $ | 5,604,574 | $ | 5,272,010 | $ | 4,576,331 | |||||
Cost of sales and merchandising revenues | 5,239,349 | 4,914,005 | 4,223,479 | ||||||||
Gross profit | 365,225 | 358,005 | 352,852 | ||||||||
Operating, administrative and general expenses | 278,433 | 246,929 | 229,090 | ||||||||
Interest expense | 20,860 | 22,155 | 25,256 | ||||||||
Other income: | |||||||||||
Equity in earnings of affiliates | 68,705 | 16,487 | 41,450 | ||||||||
Other income, net | 14,876 | 14,725 | 7,922 | ||||||||
Income before income taxes | 149,513 | 120,133 | 147,878 | ||||||||
Income tax provision | 53,811 | 44,568 | 51,053 | ||||||||
Net income | 95,702 | 75,565 | 96,825 | ||||||||
Net income (loss) attributable to the noncontrolling interests | 5,763 | (3,915 | ) | 1,719 | |||||||
Net income attributable to The Andersons, Inc. | $ | 89,939 | $ | 79,480 | $ | 95,106 | |||||
Per common share: | |||||||||||
Basic earnings attributable to The Andersons, Inc. common shareholders | $ | 3.20 | $ | 2.85 | $ | 3.42 | |||||
Diluted earnings attributable to The Andersons, Inc. common shareholders | $ | 3.18 | $ | 2.82 | $ | 3.39 | |||||
Dividends paid | $ | 0.43 | $ | 0.40 | $ | 0.29 |
(in thousands) | December 31, 2013 | December 31, 2012 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 309,085 | $ | 138,218 | |||
Restricted cash | 408 | 398 | |||||
Accounts receivable, net | 173,930 | 208,877 | |||||
Inventories | 614,923 | 776,677 | |||||
Commodity derivative assets - current | 71,319 | 103,105 | |||||
Deferred income taxes | 4,931 | 15,862 | |||||
Other current assets | 47,188 | 54,016 | |||||
Total current assets | 1,221,784 | 1,297,153 | |||||
Other assets: | |||||||
Commodity derivative assets - noncurrent | 246 | 1,906 | |||||
Other assets, net | 118,010 | 105,129 | |||||
Pension assets | 14,328 | — | |||||
Equity method investments | 291,109 | 190,908 | |||||
423,693 | 297,943 | ||||||
Railcar assets leased to others, net | 240,621 | 228,330 | |||||
Property, plant and equipment, net | 387,458 | 358,878 | |||||
Total assets | $ | 2,273,556 | $ | 2,182,304 | |||
Liabilities and equity | |||||||
Current liabilities: | |||||||
Borrowings under short-term line of credit | $ | — | $ | 24,219 | |||
Accounts payable for grain | 592,183 | 582,653 | |||||
Other accounts payable | 154,599 | 165,201 | |||||
Customer prepayments and deferred revenue | 59,304 | 105,410 | |||||
Commodity derivative liabilities – current | 63,954 | 33,277 | |||||
Accrued expenses and other current liabilities | 70,295 | 66,902 | |||||
Current maturities of long-term debt | 51,998 | 15,145 | |||||
Total current liabilities | 992,333 | 992,807 | |||||
Other long-term liabilities | 15,386 | 18,406 | |||||
Commodity derivative liabilities – noncurrent | 6,644 | 1,134 | |||||
Employee benefit plan obligations | 39,477 | 53,131 | |||||
Long-term debt, less current maturities | 375,213 | 427,243 | |||||
Deferred income taxes | 120,082 | 78,138 | |||||
Total liabilities | 1,549,135 | 1,570,859 | |||||
Total equity | 724,421 | 611,445 | |||||
Total liabilities and equity | $ | 2,273,556 | $ | 2,182,304 |
Grain | Ethanol | Plant Nutrient | Rail | Turf & Specialty | Retail | Other | Total | |||||||||||||||||
Three months ended December 31, 2013 | ||||||||||||||||||||||||
Revenues from external customers | $ | 1,124,265 | $ | 197,032 | $ | 170,732 | $ | 32,306 | $ | 22,557 | $ | 37,374 | $ | — | $ | 1,584,266 | ||||||||
Gross profit | 44,570 | 13,323 | 21,979 | 12,328 | 6,542 | 10,835 | — | 109,577 | ||||||||||||||||
Equity in earnings of affiliates | 8,182 | 20,532 | — | — | — | — | — | 28,714 | ||||||||||||||||
Other income (expense), net | 682 | (66 | ) | 634 | 987 | 105 | 185 | 726 | 3,253 | |||||||||||||||
Income (loss) before income taxes | 22,127 | 30,577 | 6,240 | 6,171 | (1,369 | ) | (3,861 | ) | (8,362 | ) | 51,523 | |||||||||||||
Income (loss) attributable to the noncontrolling interests | (3 | ) | 3,961 | — | — | — | — | — | 3,958 | |||||||||||||||
Operating income (loss) (a) | $ | 22,130 | $ | 26,616 | $ | 6,240 | $ | 6,171 | $ | (1,369 | ) | $ | (3,861 | ) | $ | (8,362 | ) | $ | 47,565 | |||||
Three months ended December 31, 2012 | ||||||||||||||||||||||||
Revenues from external customers | $ | 1,197,376 | $ | 214,867 | $ | 177,732 | $ | 28,818 | $ | 20,545 | $ | 41,303 | $ | — | $ | 1,680,641 | ||||||||
Gross profit | 36,973 | 6,129 | 19,980 | 9,709 | 6,241 | 12,137 | — | 91,169 | ||||||||||||||||
Equity in earnings (loss) of affiliates | 6,374 | (5,293 | ) | — | — | — | — | — | 1,081 | |||||||||||||||
Other income, net | 706 | 16 | 266 | 3,841 | 113 | 158 | 216 | 5,316 | ||||||||||||||||
Income (loss) before income taxes | 18,078 | (1,615 | ) | 4,714 | 8,553 | (1,168 | ) | (861 | ) | (5,688 | ) | 22,013 | ||||||||||||
Loss attributable to the noncontrolling interest | — | (815 | ) | — | — | — | — | — | (815 | ) | ||||||||||||||
Operating income (loss) (a) | $ | 18,078 | $ | (800 | ) | $ | 4,714 | $ | 8,553 | $ | (1,168 | ) | $ | (861 | ) | $ | (5,688 | ) | $ | 22,828 | ||||
Twelve months ended December 31, 2013 | ||||||||||||||||||||||||
Revenues from external customers | $ | 3,617,943 | $ | 831,965 | $ | 708,654 | $ | 164,794 | $ | 140,512 | $ | 140,706 | $ | — | $ | 5,604,574 | ||||||||
Gross profit | 118,517 | 32,512 | 86,682 | 58,864 | 29,289 | 39,361 | — | 365,225 | ||||||||||||||||
Equity in earnings of affiliates | 33,122 | 35,583 | — | — | — | — | — | 68,705 | ||||||||||||||||
Other income, net | 2,120 | 399 | 1,093 | 7,666 | 690 | 501 | 2,407 | 14,876 | ||||||||||||||||
Income (loss) before income taxes | 46,794 | 56,374 | 27,275 | 42,785 | 4,744 | (7,534 | ) | (20,925 | ) | 149,513 | ||||||||||||||
Income (loss) attributable to the noncontrolling interests | (11 | ) | 5,774 | — | — | — | — | — | 5,763 | |||||||||||||||
Operating income (loss) (a) | $ | 46,805 | $ | 50,600 | $ | 27,275 | $ | 42,785 | $ | 4,744 | $ | (7,534 | ) | $ | (20,925 | ) | $ | 143,750 |
Twelve months ended December 31, 2012 | ||||||||||||||||||||||||
Revenues from external customers | $ | 3,293,632 | $ | 742,929 | $ | 797,033 | $ | 156,426 | $ | 131,026 | $ | 150,964 | $ | — | $ | 5,272,010 | ||||||||
Gross profit | 117,180 | 14,673 | 98,252 | 56,729 | 27,026 | 44,145 | — | 358,005 | ||||||||||||||||
Equity in earnings (loss) of affiliates | 29,080 | (12,598 | ) | 5 | — | — | — | — | 16,487 | |||||||||||||||
Other income, net | 2,548 | 53 | 1,917 | 7,136 | 784 | 554 | 1,733 | 14,725 | ||||||||||||||||
Income (loss) before income taxes | 63,597 | (7,635 | ) | 39,254 | 42,841 | 2,216 | (3,951 | ) | (16,189 | ) | 120,133 | |||||||||||||
Loss attributable to the noncontrolling interest | — | (3,915 | ) | — | — | — | — | — | (3,915 | ) | ||||||||||||||
Operating income (loss) (a) | $ | 63,597 | $ | (3,720 | ) | $ | 39,254 | $ | 42,841 | $ | 2,216 | $ | (3,951 | ) | $ | (16,189 | ) | $ | 124,048 |
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