The Andersons Q2 net income down 65 percent on-year

The Andersons' second quarter net income reached US$15.9 million, down 65 percent on-year from US$45.6 million, on revenues of US$811 million.

For the first half of 2009, The Andersons earned US$20.9 million, on revenues of US$1.5 billion.

The Grain & Ethanol Group's second quarter operating income reached US$8.9 million, down 55.5 percent on-year from US$20 million, with total revenue at US$500 million. The grain business had its third-best second quarter as it benefitted from good space income.

The group's operating income for the first half of 2009 was US$14.7 million, down from US$22.2 million in 2008. Total first half revenues also declined year-on-year from US$1.2 billion to US$1 billion.

The Plant Nutrient Group had an operating income of US$10.3 million during the second quarter of 2009, on revenues of US$198 million. Margins were down significantly from the prior year, as basic nutrient prices deflated in 2009, whereas in 2008 margins greatly increased as nutrient prices inflated.

The Plant Nutrient group's first half operating income this year was US$12.4 million on US$309 million of revenues. Last year, its operating income through the first six months was a record US$54.9 million on revenues of US$379 million.

The group acquired Hartung Brothers Inc.'s Fertiliser Division (HBI) on August 1. HBI is a regional wholesale supplier of liquid fertilisers with five locations in Wisconsin and one in southeastern Minnesota.

This acquisition will allow the group to expand its value added product offering, grow its wholesale customer base, and broaden its geographic territory.