Andersons Inc. (ANDE)

The Andersons, Inc., together with its subsidiaries, operates in the agriculture and transportation markets in the United States. It operates in five segments: Grain & Ethanol Group, Rail Group, Plant Nutrient Group, Turf & Specialty Group, and Retail Group. The Grain & Ethanol Group segment purchases and merchandises grain; operates grain elevator facilities located in Ohio, Michigan, Indiana, and Illinois; and provides management and corn origination services to ethanol production facilities. The Rail Group segment buys, sells, leases, rebuilds, and repairs various types of used railcars and rail equipment. It also provides fleet management services to fleet owners, and operates a custom steel fabrication business. The Plant Nutrient Group segment purchases, stores, formulates, manufactures, and sells dry and liquid fertilizer to dealers and farmers, as well as sells reagents for air pollution control technologies used in coal-fired power plants. It also provides warehousing and services to manufacturers and customers; formulates liquid anti-icers and deicers for use on roads and runways; and distributes seeds and various farm supplies. The Turf & Specialty Group segment produces granular fertilizer products for the professional lawn care and golf course markets; and private label fertilizer, corncob-based animal bedding, and cat litter for the consumer markets. It also sells consumer fertilizer and control products for ‘do-it-yourself’ application, to mass merchandisers, small independent retailers, and other lawn fertilizer manufacturers, as well as performs contract manufacturing of fertilizer and control products. The Retail Group segment operates six retail stores; a specialty food market; and a distribution center in Ohio. Its stores provide home improvement and other mass merchandise categories, as well as specialty foods, wine, and indoor and outdoor garden centers. The company was founded in 1947 and is based in Maumee, Ohio.

For the nine months ended 30 September 2006, The Andersons, Inc.'s revenues increased 9% to $994.6M. Net income totaled $22.6M, up from $10.8M. Revenues reflect an increase in sales of corn, higher average corn price and increased lease fleet revenue. Net income also reflects an increase in gross margins, higher other income and increased equity in earnings of affiliates. The Company has diversified interests in the agriculture and transportation