The Andersons, Inc. (ANDE) 8-K THE ANDERSONS, INC. REPORTS FOURTH QUARTER & FULL YEAR RESULTS Full Year Earnings Of $1.79 Per Diluted Share

NEWS RELEASE

Contact: Gary L. Smith
VP, Finance & Treasurer Date:

February 5, 2009

Phone: 419-891-6417

E-mail:gary—smith@andersonsinc.com

THE ANDERSONS, INC. REPORTS FOURTH QUARTER & FULL YEAR RESULTS
Full Year Earnings Of $1.79 Per Diluted Share

MAUMEE, OHIO, FEBRUARY 5, 2009—The Andersons, Inc. (Nasdaq: ANDE), today announced full year net income of $32.9 million, or $1.79 per diluted share, on $3.5 billion of revenues. In 2007, the company’s full year net income was $68.8 million, or $3.75 per diluted share, and total revenues were $2.4 billion. These prior year results included $7.7 million in net after-tax one time gains, or $0.42 per diluted share. The full year results were heavily influenced by significant pre-tax inventory and contract adjustments of $97.2 million within the Plant Nutrient Group. The fourth quarter loss was $33.4 million, or $1.85 per diluted share, and total revenues were $770 million. In the same three month period of 2007, the company reported record net income of $23.5 million, or $1.28 per diluted share, on revenues of $785 million. The company will continue to monitor the fertilizer markets and could further adjust the value of its year end inventory if significant price appreciation or depreciation occurs prior to the company’s 10K filing at the end of February. Recent fertilizer market prices have stabilized, and it is believed that the company has accounted for the majority, and possibly all, of the inventory adjustments.

“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,” said President and Chief Executive Officer Mike Anderson. “The decline in our results was largely a result of inventory and contract adjustments within our Plant Nutrient Group. I want our shareholders to know that we are taking a hard look at the risk management processes in that group and fully intend to make improvements that we believe will reduce the likelihood of similar events in the future.”

The Grain & Ethanol Group’s 2008 operating income was $43.6 million on revenues of $2.4 billion. This compares to the income record set in 2007 of $65.9 million on revenues of $1.5 billion. This year’s revenues included $866 million of grain and ethanol sales made by the group in accordance with origination and marketing agreements between the company and its ethanol joint ventures, for which it receives a fee. Total revenues for the group have increased this year due to a considerable increase in both the volume and price of grain sold, and to an increase in the gallons of ethanol sold. The group’s grain business benefited from higher gross profit on grain sales, and higher space and fee income; however, these were offset by higher expenses, primarily interest and bad debt reserves. Income from the ethanol business declined $14.5 million in 2008, due to the combined performance of the company’s equity investments in three ethanol limited liability companies and a $4.1 million reduction in development fee income. The majority of the ethanol business differential occurred in the second half of the year. Full year income from the group’s investment in Lansing Trade Group was $6.5 million lower than 2007, due to the company’s $5.5 million share of Lansing Trade Group’s fourth quarter loss. At the end of the third quarter, the income from this investment was well ahead of the prior year; however, during the fourth quarter Lansing Trade Group recorded significant reserves due to several counterparty exposures that took their otherwise profitable quarter to a loss. Lansing Trade Group is adequately reserved for these items as of the end of the year. For the fourth quarter, the Grain & Ethanol Group’s operating income was $11.9 million, in contrast to $30.1 million earned in the same three month period last year. This fourth quarter decrease was due to the aforementioned income decreases in the ethanol business and Lansing Trade Group, which were then partially offset by considerable space income in the grain business. Total revenues for the fourth quarter were $565 million; in comparison, the group’s revenues for the same period last year were $548 million.

The Rail Group’s operating income for 2008 was $19.8 million, which is up slightly from the $19.5 million earned in 2007. The quality of earnings during 2008 improved significantly as gains from railcar sales were down $4.1 million this year. Revenues of $134 million for the year were up from $130 million in the prior year. The group grew the rail fleet by 5 percent during 2008, including the addition of 43 locomotives and ended the year with approximately 23,800 cars and locomotives. The group’s average lease rates are slightly lower. The average utilization rate (the percentage of the fleet’s railcars in service) for 2008 was 92.7 percent, which was up just slightly from the prior year. Due to reduced rail traffic, however, utilization rates for the fourth quarter decreased to 91.1 percent. Gross profit from the leasing business was higher due to wider relet spreads and growth in the size of the fleet. Additionally, both the railcar repair and manufacturing businesses experienced significant increases in gross profit during the year. The Rail Group generated $3.3 million in operating income in the fourth quarter on $28 million of revenues. In 2007, operating income for the same three month period was $3.8 million on similar revenues.

The Plant Nutrient Group ended the year with an operating loss of $12.3 million. This loss resulted from $97.2 million of lower of cost or market adjustments made to reduce inventory values to the current market value and recognize losses on purchase commitments caused by sharp declines in the fertilizer market. In 2007, the group had an operating income of $27.1 million. Revenues for 2008 and 2007 were $653 million and $466 million, respectively. Revenues were up significantly this year due to increased pricing in the fertilizer market, even though volume for the year was actually down close to 20 percent. Prior to the fourth quarter, volumes for the year were only slightly behind the prior year; however, volume during the fourth quarter dropped by 50 percent. For the fourth quarter, the group’s operating loss was $74.5 million on $112 million of revenues. The quarter was impacted by the aforementioned volume decrease and significant inventory adjustments of $84.1 million. Last year the group’s operating fourth quarter income was $8.7 million on revenues of $140 million.

The Turf & Specialty Group’s full year operating income was $2.3 million on $119 million of revenues. In 2007, the group had operating income of $0.1 million, and total revenues were $104 million. The 2008 results are attributable to the group’s successful focus on value added proprietary products, such as Contec DG^®, which is a growth area for the group. Turf products tonnage increased slightly from year to year, however, gross profit per ton increased considerably. The cob business earnings this year were higher than in 2007, despite a corn cob inventory fire at the Delphi facility at the end of the year that led to increased expenses. The group incurred an operating loss of $1.1 million in the fourth quarter on $20 million of revenues. Last year, its operating loss was $0.8 million for the same period, and revenues were $19 million.

Total sales for the Retail Group were $173 million in 2008, or 4 percent below the 2007 total of $180 million. The group reported operating income of $0.8 million this year. In 2007, the group reported operating income of $0.1 million, which included a $1.9 million impairment charge on certain retail assets. The group continues to be impacted by the weakness in the overall economy and resulting reduced consumer spending. The Retail Group’s fourth quarter operating profit was $1.0 million on $46 million of revenues. Last year, which includes the impairment, the operating loss was $0.6 million, and total revenues were $50 million in the same three month period.

“Clearly our full year earnings were heavily influenced by the results within our Plant Nutrient Group,” Mr. Anderson stated. “The reduced earnings were also partially attributable to the economics in the ethanol industry and reduced income from our investment in Lansing Trade Group,” Mr. Anderson added. “On a positive note, both our Grain Division and Rail Group had great years. Also, our propriety product strategy within the Turf & Specialty Group is proving to be successful. In addition, we made wise and timely decisions early in the year to improve the capital structure and liquidity of the Company.”

The company will host a webcast on Friday, February 6, 2009 at 11:00 A.M. ET, to discuss its performance. This can be accessed under the heading “Investor” on its website atwww.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 12 U.S. states and Puerto Rico, 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 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. is located on the Internet atwww.andersonsinc.com

FINANCIAL TABLES FOLLOW . . .

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The Andersons, Inc.
Consolidated Statements of Income
(Unaudited)
	Three Months ended					Twelve Months ended
	December 31					December 31
(in thousands, except for per share amounts)	2008			2007		2008		2007
Sales and merchandising revenues	$	770,065		$	784,634	$	3,489,478	$	2,379,059
Cost of sales and merchandising revenues		757,839			709,957		3,231,649		2,139,347
Gross profit		12,226			74,677		257,829		239,712
Operating, administrative and general expenses		44,586			49,499		181,520		166,486
Allowance for doubtful accounts receivable		5,808			2,165		8,710		3,267
Interest expense		6,099			5,662		31,239		19,048
Other income / gains:
Equity in earnings of affiliates		(11,768	)		14,689		4,033		31,863
Other income, net		(148	)		2,591		6,170		21,731
Minority interest in net (income) loss of subsidiary		1,215			291		2,803		1,356
Income before income taxes		(54,968	)		34,922		49,366		105,861
Income taxes		(21,579	)		11,430		16,466		37,077
Net income	$	(33,389	)	$	23,492	$	32,900	$	68,784
Per common share:
Basic earnings	$	(1.85	)	$	1.31	$	1.82	$	3.86
Diluted earnings	$	(1.85	)	$	1.28	$	1.79	$	3.75
Dividends paid	$	0.0850		$	0.0775	$	0.3250	$	0.2200
Weighted average shares outstanding-basic		18,094			17,928		18,068		17,833
Weighted average shares outstanding-diluted		18,250			18,320		18,363		18,326

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The Andersons, Inc.
Consolidated Balance Sheets
(Unaudited)
	December 31		December 31
(in thousands)	2008		2007
Assets
Current assets:
Cash and cash equivalents	$	81,682	$	22,300
Restricted cash		3,927		3,726
Accounts receivable, net		130,091		106,257
Margin deposits, net		13,094		20,467
Inventories		436,920		502,904
Commodity derivative assets — current		84,919		205,956
Other current assets		105,329		43,281
Total current assets		855,962		904,891
Investments and other assets		153,488		137,518
Commodity derivative assets		3,662		29,458
Railcar assets leased to others (net)		174,132		153,235
Property, plant and equipment (net)		121,529		99,886
	$	1,308,773	$	1,324,988
Liabilities and shareholders’ equity
Current liabilities:
Short-term borrowings	$	—	$	245,500
Commodity derivative liabilities — current		67,055		122,488
Other current liabilities		458,208		359,224
Total current liabilities		525,263		727,212
Deferred items and other long-term liabilities		80,687		49,631
Commodity derivative liabilities		3,706		2,090
Long-term debt non-recourse		40,055		56,277
Long-term debt		293,955		133,195
Minority interest		11,694		12,219
Shareholders’ equity		353,413		344,364
	$	1,308,773	$	1,324,988

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Segment Data
	Grain &						Plant			Turf &
	Ethanol			Rail			Nutrient			Specialty			Retail			Other			Total
Quarter ended December 31, 2008
Revenues from external customers	$	565,189		$	27,552		$	111,521		$	20,116		$	45,687		$	—		$	770,065
Gross Profit		45,359			7,795			(59,815	)		5,336			13,551			—			12,226
Other income / Equity in earnings of affiliates		(11,789	)		(76	)		167			181			259			(658	)		(11,916	)
Operating income (loss)		11,917			3,318			(74,457	)		(1,064	)		1,015			4,303			(54,968	)
Quarter ended December 31, 2007
Revenues from external customers	$	548,222		$	27,681		$	140,258		$	18,921		$	49,552		$	—		$	784,634
Gross Profit		32,399			8,143			15,328			4,747			14,060			—			74,677
Other income / Equity in earnings of affiliates		16,190			273			103			58			373			283			17,280
Operating income (loss)		30,077			3,803			8,692			(785	)		(636	)		(6,229	)		34,922
	Grain &						Plant			Turf &
	Ethanol			Rail			Nutrient			Specialty			Retail			Other			Total
Year ended December 31, 2008
Revenues from external customers	$	2,411,144		$	133,898		$	652,509		$	118,856		$	173,071		$	—		$	3,489,478
Gross Profit		110,954			37,055			33,990			24,704			51,126			—			257,829
Other income / Equity in earnings of affiliates		8,778			526			899			446			692			(1,138	)		10,203
Operating income (loss)		43,587			19,782			(12,325	)		2,321			843			(4,842	)		49,366
Year ended December 31, 2007
Revenues from external customers	$	1,498,652		$	129,932		$	466,458		$	103,530		$	180,487		$	—		$	2,379,059
Gross Profit		79,367			37,040			50,602			19,738			52,965			—			239,712
Other income / Equity in earnings of affiliates		43,591			1,038			909			438			840			6,778			53,594
Operating income (loss)		65,934			19,505			27,055			95			139			(6,867	)		105,861

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