SCHEDULE A (Dollars in Thousands, except per share data and ratios)
For the Six Months
THE ANDERSONS, INC. ------------For the Years Ended December 31,-------------------------- Ended June 30, Sep 21
1992 1993 1994 1995 1996 1997 1997 1998 1998
------------------------------------------------------------------------ ------------ ----------- -------
SELECTED BALANCE SHEET ITEMS (Unaudited)
Accounts Receivable $68,362 $73,694 $68,643 $64,035
Inventory 269,930 150,297 191,467 121,221
Current Assets 368,411 257,635 275,088 197,901
Current Liabilities 309,514 195,986 221,493 138,760
Working Capital 40,940 47,795 57,623 58,897 61,649 53,595 59,141
Short Term Debt 120,267 0 15,572 9,500
Current Maturities LTD 8,029 6,360 8,406 7,136
Long Term Debt 46,077 52,259 71,217 74,139 68,568 65,709 66,647
Stockholders' Equity 51,970 56,256 64,870 67,260 73,249 72,201 77,178
Total Capitalization 98,047 108,515 136,087 141,399 141,817 137,910 143,825
Total Assets 259,294 360,586 344,809 455,518 346,591 368,244 291,988
SELECTED INCOME STATEMENT ITEMS
Sales 771,380 800,345 971,638 1,097,730 1,154,956 998,845 436,955 506,028
Cost of Goods Sold 822,274 944,176 995,725 851,157 366,755 423,406
Gross Profit 149,364 153,554 159,231 147,688 70,200 82,622
Other Income 0 0 0 0 0 0
Interest Expense 8,395 14,019 13,703 8,494 4,412 4,344
Deprec & Amort Exp 8,105 9,318 9,730 10,065 4,927 5,184
Sell, Gen, Admin Exp 125,472 129,210 133,637 131,818 65,505 69,938
Other Operating Exp 0 0 0 0 0 0
Other Expenses 0 0 0 1,121 0 0
Pre-Tax Income 15,497 10,325 11,891 6,255 283 8,340
Taxes 6,212 4,052 5,485 2,181 106 2,794
N I From Cont Ops 6,284 6,986 9,285 6,273 6,406 4,074 177 5,546
Disc Ops / Extrao Items 0 0 0 0 0 0
Net Income 9,285 6,273 6,406 4,074 177 5,546
EBITDA 31,997 33,662 35,324 24,814 9,622 17,868
SELECTED LIQUIDITY, COVERAGE & LEVERAGE RATIOS
Current Ratio 1.19 1.31 1.24 1.43
Collection Period (Days) 22.73 22.45 26.01 * 22.67 *
Inventory Turnover 3.50 4.74 4.98 * 5.81 *
Sales/Assets (Avg.) 2.97 2.58 2.75 2.74 2.88 2.79 * 3.23 *
EBIT/Interest 2.85 1.74 1.87 1.74 * 2.70 *
EBITDA/CMLTD+Interest 1.53 1.76 1.47 * 2.12 *
Equity/Assets (Avg.) 0.20 0.17 0.17 0.17 0.18 0.20 0.23
Equity/Ttl.Capitaliz ( 0.53 0.52 0.50 0.48 0.50 0.52 0.53
SELECTED PROFITABILITY RATIOS
N I Cont. Ops./Sales 0.81% 0.87% 0.96% 0.57% 0.55% 0.41% 0.40%* 0.88%*
N I Cont. Ops./Avg. Eq 12.09% 12.91% 15.33% 9.50% 9.12% 5.60% * 12.64%*
N I Cont. Ops./Avg. As 2.42% 2.25% 2.63% 1.57% 1.60% 1.14% * 2.86%*
Gross Profit/Sales 15.37% 13.99% 13.79% 14.79% 16.07% 16.33%
Operating Exp/Sales 12.91% 11.77% 11.57% 13.20% 14.99% 13.82%
Taxes/Pre-Tax Income 40.09% 39.24% 46.13% 34.87% 37.46% 33.50%
SELECTED EARNINGS AND PRICING RATIOS (Unaudited)
LTM EPS From Continuin $0.75 $0.83 $1.10 $0.74 $0.76 $0.50 $0.48 $1.18 $1.18**
Wtd Aver EPS Cont Ops 5 Yr $0.72 $0.72***
Foreced Next Yr EPS 12/98 $1.13
Fully Diluted EPS (As $0.75 $0.83 $1.10 $0.74 $0.76 $0.50 $0.02 $0.70
Dividend Per Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.12 $0.06 $0.08 $0.16****
Dividend Yield 1.35% 1.45%
Percentage Payout 0.00% 0.00% 0.00% 0.00% 0.00% 24.00% 300.00% 11.43% 13.56%
Last Twelve Mo Sales / Share $115.26 $130.22 $137.09 $122.41 $133.94 $133.94**
Last Twelve Mo EBITDA / Sh $3.80 $3.99 $4.19 $3.04 $4.15 $4.15**
Book Value Per Share $7.98 $8.76 $9.09 $9.71 $9.71**
Price Per Share $8.88 $11.00
Invested Capital Per Share $20.17 $21.48
Price Per Share/LTM EPS-Cont Ops 17.75 x 9.32 x
Price Per Share/Wt Avg EPS Cont Ops 5 yr 12.34 x 15.29 x
Price Per Share / Forecasted EPS 9.73 x
Price Per Share / Book Value Per Share 0.98 x 1.13 x
Price Per Share / Sales Per Share (LTM) 0.07 x 0.08 x
Price Per Share / EBITDA Per Share (LTM) 2.92 x 2.65 x
Invested Capital Per Share / Sales Per Share (LTM) 0.16 x 0.16 x
Invested Capital Per Share / EBITDA Per Share (LTM) 6.63 x 5.18 x
End of Period Shares Outstanding 8,360,000 7,939,000 7,949,520
Weighted Average Shares Outstanding 8,430,000 8,430,000 8,425,000 8,160,000 8,287,000 7,973,000
SELECTED GROWTH RATE CALCULATIONS
CAGR in Assets (1,2,3,4,5 Yrs.) 39.06% 15.32% 20.66% 7.52% 7.27%
CAGR in Sales (1,2,3,4,5 Yrs.) 3.75% 12.23% 12.48% 10.62% 5.30%
CAGR in FD EPS Cont Ops 1,2,3,4,5 10.67% 21.11% -0.45% 0.33% -7.79%
EPS Cont. Ops. (5 Year Average) $0.79
EPS Cont. Ops. (5 Year Standard Deviation) $0.19
CAGR in F.D. EPS (1,2,3,4,5 Yrs.) 10.67% 21.11% -0.45% 0.33% -7.79%
EPS (5 Year Average) $0.79
EPS (5 Year Standard Deviation) $0.19
EPS Cont. Ops. - Earnings per share before discontinued
operations and/or extraordinary and nonrecurring items
nmf - Not meaningful
n/a - Not available
* Annualized
** As of 3/31/98
*** As of 12/31/97
**** Indicated dividend rate