EX-99

FOR IMMEDIATE RELEASE AT THE COMPANY: Gary Smith (419) 891 — 6417
TUESDAY, AUGUST 2, 2005

THE ANDERSONS, INC. REPORTS RECORD 2nd QTR. NET INCOME OF $10.4 MILLION
EPS OF $1.48 FOR FIRST HALF UP $0.17 FROM 2004
Six-Month Net Income Up 16 Percent

MAUMEE, OHIO, AUGUST 2, 2005—The Andersons, Inc. (Nasdaq: ANDE), today announced second-quarter 2005 net income of $10.4 million, an improvement of $0.3 million from the second quarter of 2004 when the company earned $10.1 million. Earnings per diluted share for the period were $1.35, unchanged from 2004 results. Total revenues were $365 million for the second quarter this year compared to $375 million a year ago. The reduction in revenues was attributed to lower average grain prices. The company’s second-quarter 2005 results included a favorable tax adjustment of $0.6 million attributed to Ohio tax reform legislation which was enacted on June 30^th. For the first half of 2005, the company’s net income was $11.4 million, or $1.48 per diluted share, on revenues of $624 million. Last year, The Andersons earned $9.8 million, or $1.31 per diluted share, in the first half, on revenues of $649 million.

The Agriculture Group’s second-quarter operating income of $8.9 million was $2.0 million below the $10.9 million it earned in the same period last year. Revenues of $253 million for the second quarter this year were $14 million below last year primarily due to lower average corn and soybean prices. Average grain margins were relatively unchanged during the quarter, but space income declined and some grain inventory shrink and quality adjustments were incurred. The group’s plant nutrient business achieved operating income growth in the second quarter in spite of significantly higher commodity prices compared to 2004. Tonnage shipments were relatively unchanged, but operating income per ton was higher, and the group’s farm centers also improved. Through the first six months of 2005, the Agriculture Group had operating income of $9.9 million on revenues of $418 million. In the first half of last year, the group had revenues of $450 million and operating income of $9.4 million. The group expects to begin construction of a 55 million gallon-per-year ethanol production facility adjacent to its Albion, Michigan grain facility soon. While preliminary site work has begun, completion of the project is contingent upon several final items, including state and local economic incentives. The company is also exploring the construction of a 110 million gallon ethanol plant adjacent to its Clymers, Indiana grain facility. No decision has yet been made about construction on this site. The Company anticipates some level of outside investment on each of these projects. In July, a grain elevator located in Toledo, Ohio, which The Andersons operates, was severely damaged by an explosion and fire. The company indicated that the necessary repairs will extend into next year. As a result, 2005 income will be reduced, but this will be mostly offset next year when the insurance claim process is completed. Total income for the two years should not be impacted materially by the accident.

The Rail Group’s operating income of $3.8 million in the second quarter this year was $1.7 million above the $2.1 million it earned in the same three-month period a year ago. Revenues of $17.7 million for the quarter were $4.6 million higher than the $13.1 generated in the second quarter 2004. The rail leasing business continued to achieve excellent revenue and operating income growth during the most recent three-month period. Car values and lease rates continued to be strong, and the utilization rate of the group’s railcar fleet was again higher than year-earlier levels. The group’s railcar repair shops and its steel fabrication business also achieved revenue and operating income growth in the second quarter. For the first half of 2005, the Rail Group had operating income of $7.4 million on revenues of $35.4 million. Last year the group reported first-half revenues of $24.2 million and operating income of $3.3 million. During the second quarter, the group purchased 2,000 railcars, increasing its total fleet to approximately 18,000 railcars. In July, the company announced the purchase of two product lines of fluid filtration equipment that will be manufactured and marketed by the group’s steel fabrication business.

The Processing Group’s operating income of $0.4 million in the second quarter of 2005 was $0.6 million lower than a year ago. Revenues of $40.5 million for the quarter were $0.5 million higher than the $40.0 million it registered in the second quarter of last year. Turf-care product volumes were lower this year, primarily with industrial accounts, and expenses in the cob products business increased. Through six months this year, the Processing Group had $81.4 million of revenues and $1.5 million of operating income. In the first half of 2004, the group’s revenues were $85.3 million and operating income was $4.2 million. While reaffirming its commitment to the professional sector of the lawn products industry, the group is reassessing its strategic position in that industry’s consumer and industrial sectors.

The Retail Group reported revenues of $54.4 million for the second quarter of 2005, a 0.2 percent decrease in same-store sales compared to the same three-month period in 2004. The average sale per customer and average gross margin both improved somewhat, and the group’s operating income of $3.8 million for the period was $0.1 million better than its 2004 performance. Sales of lawn and garden products were strong this spring, recovering from the rather poor spring season experienced last year. The group’s June year-to-date revenues were $89.5 million this year, 0.4 percent higher than last year. First half operating income this year was $1.7 million, $0.3 million above the $1.4 million of operating income it generated in 2004.

“The second quarter is always a very strong period for several of our seasonal businesses, and this year was no exception. Our net income of $10.4 million for the three-month period was a record,” said President and Chief Executive Officer Mike Anderson. “Agriculture’s plant nutrient business, Rail and Retail all achieved operating income growth during the second quarter of 2005, and these same businesses are also ahead of last year through six months. In total, the Company’s earnings are seventeen cents a share ahead of last year, and the strong cash flow generated by our operating businesses continues to enable us to pursue promising new growth opportunities.”

Anderson also stated “The corn and soybean crops in our region were definitely impacted by the hot and dry weather we experienced in June and early July. Recent rains have helped, but the proportion of Illinois crops rated “good” or “excellent” in weekly USDA surveys remains way below recent years’ experience. Although we expect that our Agriculture Group’s second half grain income will be closer to multi-year averages rather than last year’s record performance, the strong results achieved by our plant nutrient, rail and retail businesses suggest that our previously-announced full-year earnings projection of $2.20 to 2.50 per share is still appropriate.”

The company will host a webcast on Wednesday, August 3, 2005 at 11:00 A.M. EDT, to discuss its second quarter performance and full-year outlook. This can be accessed under the heading “Financial Information” on its website at www.andersonsinc.com.

The Andersons, Inc. is a diversified company with interests in the grain and plant nutrient sectors of U.S. agriculture, as well as in railcar marketing, industrial materials formulation, turf products production, and general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company presently has operations in seven U.S. states plus rail equipment leasing interests in Canada and Mexico.

This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, and the risk factors set forth from time to time in the company’s filings with the Securities and Exchange Commission. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.


The Andersons, Inc.
Consolidated Statements of Income
	Three Months ended				Six Months ended
	June 30				June 30
(in thousands, except for per share amounts)	2005		2004		2005		2004
Sales and merchandising revenues	$	365,116	$	374,510	$	623,773	$	648,846
Cost of sales and merchandising revenues		312,098		318,442		530,796		556,716

Gross profit		53,018		56,068		92,977		92,130
Operating, administrative and general expenses		35,855		38,135		72,756		72,879
Interest expense		3,191		2,738		6,141		5,404
Other income, net		1,430		1,117		2,509		1,908
Equity in earnings of affiliates		14		160		460		322

Income (loss) before income taxes		15,416		16,472		17,049		16,077
Income taxes		5,063		6,410		5,662		6,261

Net Income (loss)	$	10,353	$	10,062	$	11,387	$	9,816

Per common share:
Basic earnings (loss)	$	1.40	$	1.39	$	1.54	$	1.36

Diluted earnings (loss)	$	1.35	$	1.35	$	1.48	$	1.31

Dividends paid	$	0.080	$	0.075	$	0.160	$	0.150

Weighted average shares outstanding-basic		7,399		7,235		7,386		7,227

Weighted average shares outstanding-diluted		7,688		7,472		7,670		7,475


	June 30		December 31		June 30
	2005		2004		2004
Assets Current assets:
Cash and cash equivalents	$	7,864	$	8,439	$	8,768
Restricted cash		1,435		1,532		1,777
Accounts Receivable (net) and margin deposits		91,025		66,235		75,343
Inventories		182,405		251,428		152,865
Other current assets		16,177		30,659		20,987

Total current assets	$	298,906	$	358,293	$	259,740
Other assets		18,928		21,437		22,179
Railcar assets leased to others (net)		134,450		101,358		103,214
Property, plant and equipment (net)		91,678		92,510		94,360

	$	543,962	$	573,598	$	479,493

Liabilities and shareholders’ equity Current liabilities:
Short-term borrowings	$	69,900	$	12,100	$	15,000
Other current liabilities		148,032		240,447		152,158

Total current liabilities		217,932		252,547		167,158
Deferred items and other long-term liabilities		33,085		33,029		29,323
Long-term debt non-recourse		59,333		64,343		74,216
Long-term debt		89,105		89,803		83,578
Shareholders’ equity		144,507		133,876		125,218

	$	543,962	$	573,598	$	479,493


Segment Data
	Agriculture		Rail		Processing		Retail		Other			Total
Quarter ended June 30, 2005
Revenues from external customers		252,561		17,673		40,464		54,418		—			365,116
Gross Profit		22,937		8,589		4,823		16,669		—			53,018
Other income / Equity in earnings of affiliates		429		356		139		245		275			1,444
Operating income (loss)		8,914		3,799		412		3,843		(1,552	)		15,416
Quarter ended June 30, 2004
Revenues from external customers		266,819		13,133		40,031		54,527		—			374,510
Gross Profit		27,189		6,865		5,506		16,508		—			56,068
Other income / Equity in earnings of affiliates		767		56		88		254		112			1,277
Operating income (loss)		10,940		2,050		1,018		3,706		(1,242	)		16,472
Six months ended June 30, 2005
Revenues from external customers		417,570		35,378		81,355		89,470		—			623,773
Gross Profit		38,718		17,104		10,681		26,474		—			92,977
Other income / Equity in earnings of affiliates		1,337		541		307		377		407			2,969
Operating income (loss)		9,865		7,439		1,489		1,745		(3,489	)		17,049
Six months ended June 30, 2004
Revenues from external customers		450,298		24,213		85,257		89,078		—			648,846
Gross Profit		40,907		11,934		13,365		25,924		—			92,130
Other income / Equity in earnings of affiliates		1,297		153		139		410		231			2,230
Operating income (loss)		9,411		3,341		4,230		1,389		(2,294	)		16,077