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COPYRIGHT 2001 PR Newswire Association LLC
2000 Full-Year EPS $1.34 vs. $1.03 in 1999
MAUMEE, Ohio, Jan. 31 /PRNewswire/ --
The Andersons, Inc. (Nasdaq: ANDE), today announced net income of $4.4 million, or $0.59 per diluted share, for the fourth quarter, $1.0 million higher than the $3.4 million, or $0.43 per diluted share, in the comparable period last year. Included in these fourth quarter 2000 results was the impact of a non-recurring gain resulting from an insurance settlement. Total revenues of $324.0 million for the period were 7.9 percent lower than the $351.7 million reported for the fourth quarter of 1999.
Earnings of $1.34 per diluted share for the full year were $0.31, or 30 percent, higher than the $1.03 realized in 1999. Nineteen cents of this improvement was attributed to the insurance settlement. Full-year net income rose to $10.1 million on revenues of $970.3 million. In 1999, the company had revenues of $1.01 billion and net income of $8.4 million. The company has repurchased shares on the open market from time to time and presently has about 7.4 million shares outstanding.
Agriculture
The company's Agriculture Group operates grain elevators, fertilizer distribution terminals and farm centers in Ohio, Michigan, Indiana and Illinois. Collectively, these facilities annually handle more than 150 million bushels of grain and about 1.3 million tons of dry and liquid agricultural fertilizer products.
With grain inventories in the U.S. remaining relatively high in 2000, the group's grain business added storage capacity at four locations and continued to generate significantly increased earnings. The wholesale fertilizer business also achieved income growth for the year. Contributing to this improvement were a...
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