EX-99

THE ANDERSONS, INC. REPORTS RECORD REVENUES AND INCOME
EPS OF $2.19 FOR YEAR VS. $1.69 IN 2005
2006 Net Income of $36.3 Million Up 39%

MAUMEE, OHIO, FEBRUARY 8, 2007—The Andersons, Inc. (Nasdaq: ANDE), today announced its 2006 results, with full-year net income at $36.3 million, or $2.19 per diluted share, on $1.5 billion of revenues. In 2005, the company’s full-year net income was $26.1 million, or $1.69 per diluted share, and total revenues were $1.3 billion. Fourth-quarter net income in 2006 was $13.8 million, or $0.76 per diluted share, and total revenues were $463 million. In the same three-month period of 2005, the company reported net income of $15.3 million, or $0.99 per diluted share, on $384 million of revenues.

The Grain and Ethanol Group’s full-year operating income of $27.9 million in 2006 established a new record, $15.3 million higher than the $12.6 million it achieved in 2005, the group’s previous best full-year performance. Operating income of $12.3 million in the fourth quarter of 2006 was below the $14.8 million the group generated a year earlier. The number of grain bushels delivered to The Andersons’ elevators increased slightly this year. Total grain gross profit and operating income also improved for the year, despite reduced earnings from grain storage attributable in part to higher interest costs. The group’s emerging ethanol business continued to register income growth during the most recent quarter. The group’s Albion, Michigan ethanol plant, in which The Andersons, Inc. is a significant investor, began production during the third quarter and shipped ethanol and distillers dried grain to customers throughout the fourth quarter of 2006. Construction of its Clymers, Indiana plant, in which the company also is a significant investor, is progressing well and is scheduled to start producing ethanol early in the second quarter of 2007. Recently construction also began on a Greenville, Ohio plant, which is expected to begin operations in early 2008. The group’s investment in Lansing Trade Group, LLC exceeded its 2005 fourth-quarter income in the most recent three-month period and achieved significant income growth for the full year.

The Rail Group’s 2006 revenues of $113 million exceeded 2005 by $21 million. Full-year operating income in 2006 was $19.5 million. In 2005, the group had operating income of $22.8 million on $92 million of revenues. Income from the rail leasing business was lower this year because gains from the sale of railcars were down since fewer cars were liquidated in 2006, and maintenance costs were higher. The group’s railcar fleet continued to grow in 2006, and the utilization rate of the fleet remained high. Revenues and income from the group’s railcar repair and manufacturing businesses also continued to increase this year. In the fourth quarter of 2005, the group generated total revenues of $33 million and $9.5 million of operating income, including a significant amount from the liquidation of some railcars. Without a similar sale during the fourth quarter this year, the group’s fourth-quarter 2006 revenues of $24 million and operating income of $3.4 million were below its 2005 results.

The Plant Nutrient Group’s revenues were $265 million in 2006, and its operating income was $3.3 million. In 2005, its revenues amounted to $271 million and operating income was $10.4 million. The company believes that farmers reduced the amount of nutrients applied to their fields in response to significantly higher energy and nutrient input costs during the important 2006 planting and growing seasons. This resulted in lower wholesale and retail demand for plant nutrients including a deferral of fall season purchasing, and a reduction in the group’s gross profit and operating income. In the fourth-quarter of 2006, the group had operating income of $1.3 million on $67 million of revenues. In 2005, fourth-quarter revenues were $60 million, and operating income was $1.7 million.

The Turf and Specialty Group’s full-year operating income was $3.2 million in 2006, on $111 million of revenues. In 2005, the group incurred an operating loss of $3.0 million, on revenues of $123 million. The year-to-year improvement resulted from a change in the group’s business model which realigned staffing and assets in both the turf and cob products businesses. In the fourth quarter, the group typically incurs an operating loss due to the seasonal nature of its businesses. This year it achieved a slight operating profit for the quarter on revenues of $18 million. During the same three-month period in 2005, the group incurred an operating loss of $1.5 million, with revenues of $22 million.

The Retail Group achieved an operating income of $3.2 million in 2006. This was $0.3 million higher than its 2005 performance. Revenues amounted to $177 million in 2006, down 3.0 percent from 2005. Improved average gross margins were partially offset by lower average sales per transaction and increased operating expenses. The group’s fourth-quarter operating income of $1.9 million was slightly below its year-earlier result. During the quarter, the group began construction of a smaller-format food-only store in Sylvania, Ohio. The new “Andersons Market” is scheduled to open in the spring of 2007.

“We’ve been making a lot of changes throughout the company during the past two years, and they’re showing some very positive results,” said President and Chief Executive Officer Mike Anderson. “Our strategic decision to enter the ethanol business is definitely having an impact, as is our continued growth in Rail, our investment in Lansing Trade Group, restructuring in Turf and Specialty, and other process improvements throughout the company. As a result, in spite of the really tough market realities encountered by our Plant Nutrient Group this year, we beat our previous net income record by 39 percent. This successful growth benefits all of our constituents – our customers, our employees, our communities, and of course, our shareholders. With the Clymers, Indiana ethanol plant scheduled to begin production two months from now, and continued growth in our rail business, we look forward to continued positive progress in the coming year.”

The company will host a webcast on Friday, February 9, 2007 at 11:00 A.M. ET, to discuss its fourth quarter and full-year performance. This can be accessed under the heading “Investor Relations” on its website at www.andersonsinc.com.

The Andersons, Inc. is a diversified company with interests in the grain, ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar leasing and repair, turf products production and general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company now has operations in seven U.S. states plus rail 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. It also includes financial information, of which, as of the date of this press release, the Company’s independent auditors have not completed their audit. Although the Company believes that the assumptions upon which the financial information and 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
(Unaudited)
	Three Months ended				Year ended
	December 31				December 31
(in thousands, except for per share
amounts)	2006		2005		2006		2005

Sales and merchandising revenues	$	463,415	$	384,421	$	1,458,053	$	1,296,949
Cost of sales and merchandising revenues		402,865		315,548		1,250,921		1,098,506

Gross profit		60,550		68,873		207,132		198,443

Operating, administrative and general expenses		42,885		44,349		158,468		153,759
Interest expense		3,786		3,108		16,299		12,079

Other income, net		2,151		868		13,914		4,386
Equity in earnings of affiliates		2,911		984		8,190		2,321

Income before income taxes		18,941		23,268		54,469		39,312
Income tax provision		5,163		7,932		18,122		13,225

Net income	$	13,778	$	15,336	$	36,347	$	26,087


Per common share:
Basic earnings	$	0.78	$	1.03	$	2.27	$	1.76

Diluted earnings	$	0.76	$	0.99	$	2.19	$	1.69

Dividends paid	$	0.045	$	0.0425	$	0.1775	$	0.1650


Weighted average shares outstanding-basic		17,611		14,930		16,007		14,842

Weighted average shares outstanding-diluted		18,122		15,490		16,566		15,410


The Andersons, Inc.
Consolidated Balance Sheets
(Unaudited)

	December 31		December 31
(in thousands)	2006		2005

Assets
Current assets:
Cash and cash equivalents	$	23,398	$	13,876
Restricted cash		3,801		3,936
Accounts receivable (net) and margin deposits		136,819		83,291
Inventories		299,105		240,806
Other current assets		33,325		30,632

Total current assets		496,448		372,541

Investments and other assets		72,335		39,008
Railcar assets leased to others (net)		145,059		131,097
Property, plant and equipment (net)		95,502		91,498
	$	809,344	$	634,144


Liabilities and shareholders’ equity
Current liabilities:
Short-term borrowings	$	75,000	$	12,400
Other current liabilities		265,040		263,922

Total current liabilities		340,040		276,322

Deferred items and other long-term liabilities		41,267		30,896
Long-term debt non-recourse		71,624		88,714
Long-term debt		86,238		79,329
Shareholders’ equity		270,175		158,883
	$	809,344	$	634,144


Segment Data
(Unaudited)

	Grain &		Plant				Turf &
	Ethanol		Nutrient		Rail		Specialty			Retail		Other			Total

Quarter ended December 31, 2006
Revenues from external customers	$	305,279	$	67,117	$	23,768	$	17,955		$	49,296	$	—		$	463,415

Gross Profit		25,059		6,257		9,320		5,327			14,587		—			60,550

Other income / Equity in earnings of affiliates		3,799		234		69		28			168		764			5,062

Operating income (loss)		12,302		1,349		3,428		173			1,856		(167	)		18,941

Quarter ended December 31, 2005
Revenues from external customers		215,795		60,400		33,455		21,979			52,792		—			384,421

Gross Profit		26,655		7,151		14,945		4,809			15,313		—			68,873

Other income / Equity in earnings of affiliates		1,157		200		106		44			129		216			1,852

Operating income (loss)		14,770		1,651		9,542		(1,486	)		2,003		(3,212	)		23,268

Year ended December 31, 2006
Revenues from external customers		791,207		265,038		113,326		111,284			177,198		—			1,458,053

Gross Profit		62,809		24,123		45,709		21,728			52,763		—			207,132

Other income / Equity in earnings of affiliates		15,867		1,015		511		1,115			865		2,731			22,104

Operating income (loss)		27,955		3,287		19,543		3,246			3,152		(2,714	)		54,469

Year ended December 31, 2005
Revenues from external customers		628,255		271,371		92,009		122,561			182,753		—			1,296,949

Gross Profit		50,456		32,774		43,281		18,888			53,044		—			198,443

Other income / Equity in earnings of affiliates		2,890		1,096		642		589			646		844			6,707

Operating income (loss)		12,623		10,351		22,822		(3,044	)		2,921		(6,361	)		39,312


FOR IMMEDIATE RELEASE		AT THE COMPANY: Gary Smith (419) 891-6417

THURSDAY, FEBRUARY 8, 2007