February 9, 2009
                                    

The Andersons registered a net income of US$32.9 million in 2008, down 52 percent from US$68.8 million in 2007.

Sales and revenue for the year were $3.489 billion, up 47 percent from $2.379 billion during the previous year.

The grain and ethanol segment posted an operating income of US$43.6 million, down 34 percent from US$65.9 million during the previous year. Revenue for the segment was US$2.4 billion, up 60 percent from US$1.5 billion during the previous year.

The company lost US$33.4 million during the fourth quarter of 2008, and total revenues were US$770 million.

Mike Anderson, company president and chief executive officer, said, "Although our full-year earnings could be viewed as respectable versus history since they are our third best historical performance, this is overshadowed by the fact that I am deeply disappointed in our fourth-quarter results -- we could have done better,"

The decline in results was largely due to inventory and contract adjustments within the company's Plant Nutrient Group, and the company will look at the group's risk management processes and make improvements to reduce the likelihood of similar events in the future, according to Anderson.