EXHIBIT 99.1

[THE ANDERSONS LOGO]

P O BOX 119 MAUMEE OH 43537

CONTACT: GARY SMITH, VP FINANCE & TREASURER
Phone: 419-891-6417
E-mail: gary_smith@andersonsinc.com

The Andersons, Inc. Finalizes Acquisition of Railroad Leasing Assets

PR Newswire -- February 12, 2004

      MAUMEE, Ohio, Feb. 12 /PRNewswire-FirstCall/ -- The Andersons, Inc.
(Nasdaq: ANDE) today announced it has finalized the acquisition of railroad
rolling stock and leasing assets from Railcar, Ltd. and Progress Rail Services
Corporation, both of which are part of Progress Energy, Inc. (NYSE: PGN). The
sale was initially announced in March of 2003.

      The assets, comprised of approximately 6,700 railcars, 48 locomotives, and
contracts to manage an additional 2,600 railcars for third-party investors, will
be owned by several subsidiaries under TOP CAT Holding Co. TOP CAT Holding is a
newly formed Limited Liability Company (LLC) in which The Andersons is the sole
equity investor. The Andersons' Rail Group will manage the assets, most of which
are currently under lease in the United States, Canada and Mexico.

      Financing was provided by $86.4 million in notes underwritten by BB&T
Capital Markets, BMO Nesbitt Burns Inc. and CapStone Investments. Quadrant
Financial Group, LLC acted as the structuring agent and financial advisor for
the transaction.

      Mike Anderson, President and CEO of The Andersons, says the acquisition
presents a good opportunity for The Andersons to grow within its core
competencies. "Our Rail Group brings more than a decade of railcar leasing and
management expertise to this venture. That experience combined with an upward
trend in the railcar market makes this a very good fit for us. The newly
acquired fleet, when added to our current fleet holdings, positions The
Andersons among the top railcar leasing companies in the nation."

      Billy Ainsworth, President and CEO of Progress Rail stated that the sale
of these selected assets to The Andersons strengthens Progress Rail's ability to
concentrate on its core businesses and will allow it to deploy its invested
capital in more strategically advantageous ways. "Progress Rail remains strongly
committed to the railroad supply business and to providing our customers with
the highest quality products and services in the industry. The sale of these
leasing assets will permit us to more fully concentrate on our growing and
expanding core businesses and will allow Progress Rail to enhance its position
as a leading supplier to the North American railroad industry."

      About The Andersons, Inc.



      The Andersons, Inc. is a respected leader and dominant regional player in
grain merchandising and agricultural plant nutrients distribution. Its strong
position in these basic businesses has allowed the company to diversify into
rail equipment leasing, the production of turf care products, and general
merchandise retailing. The company generates revenue of $1.2 billion per year.
The Andersons' corporate headquarters is located in Maumee, Ohio. The company
has been in operation since 1947. The Andersons, Inc. is located on the
Internet at www.andersonsinc.com.

      About Progress Energy

      Progress Rail, a subsidiary of Progress Energy, is one of North America's
leading suppliers of railroad and transit materials and services, including
trackwork components, rail and rail welding, new and reconditioned freight car
and locomotive parts, railcar and locomotive repair, track maintenance equipment
and signal devices. It has facilities in 22 states, Mexico, and Canada. For more
information on Progress Rail, visit the company's web site at
http://www.progressrail.com.

      Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune
250 diversified energy company with more than 24,000 megawatts of generation
capacity and $9 billion in annual revenues. The company's holdings include two
electric utilities serving more than 2.8 million customers in North Carolina,
South Carolina and Florida. Progress Energy also includes nonregulated
operations covering competitive generation, energy marketing, natural gas
production, fuel extraction, rail services and broadband capacity. For more
information about Progress Energy, visit the company's Web site at
http://www.progress-energy.com.