MAUMEE, Ohio, Feb. 10, 2016 /CNW/ -- The Andersons,
Inc. (NASDAQ: ANDE) announces financial results for the
fourth-quarter and full-year ended December
31, 2015.
- Company reports adjusted net income of $41.2 million for 2015 or $1.45 per diluted share
- Rail Group earns record $50.7
million of pre-tax income for the year
- Ethanol Group delivers $28.5
million of pre-tax income in a difficult energy
market
- Grain Group struggles as lower crop production in Eastern
Corn Belt limited space income
- Plant Nutrient Group ended the year lower as volumes slowed
on deteriorating prices
- Company recorded total charges of $105.6 million in the fourth quarter for the
termination of a Defined Benefit Pension Plan and the impairment of
goodwill
- Resulting GAAP reported net loss of $13.1 million or $0.46 per diluted share for 2015
The Company reported a net loss attributable to The Andersons of
$13.1 million or a loss of
$0.46 per diluted share, on revenues
of $4.2 billion for 2015 compared to
net income of $109.7 million or
$3.84 per diluted share in 2014 on
revenues of $4.5 billion.
Adjusted net income attributable to the Company for 2015 was
$41.2 million, or $1.45 per diluted share compared to last year's
adjusted $99.1 million, or
$3.46 per diluted share. (see
Reconciliation to Adjusted Net Income table)
Adjusted net income attributable to The Andersons for the fourth
quarter was $5.0 million, or
$0.18 per diluted share, on revenues
of $1.2 billion compared to
$25.9 million, or $0.89 per diluted share, on revenues of
$1.3 billion in the same period of
the prior year.
"We are understandably disappointed in 2015's overall results.
Market conditions this year in the Eastern Corn Belt coupled with
underperformance in our Grain Group significantly impacted the
performance of our agriculture businesses," said CEO Pat Bowe. "We were pleased to see the record
performance in our Rail Group and felt good that our Ethanol Group
executed well in a very challenging energy environment. We remain
confident in our ability to navigate tough market conditions and
deliver shareholder value and growth."
Fourth Quarter Highlights
- The Rail Group completed a record year with utilization rates
remaining strong in the quarter and renewal rates holding at good
levels in most sectors.
- Ethanol margins were modest most of the quarter as the group
finished a good year in a very challenging energy market.
- Adjusted pre-tax income from the Grain Group decreased by
$14.3 million for the fourth quarter
versus prior year driven by poor crop production in the Eastern
Corn Belt, reluctance on the part of growers to sell into weak
prices, and under performance of certain core grain assets and
grain affiliates.
- Sales of plant nutrients were off to a good start in the fourth
quarter then dropped off as nutrient prices continued to fall,
which made farmers hesitant to buy ahead of the spring planting
season.
- Fourth quarter pre-tax income was adjusted for non-recurring
charges including a pre-tax charge of $51.4
million associated with the termination of a Defined Benefit
Pension Plan and $54.2 million of
goodwill impairments primarily related to the Grain Group, as well
as for a gain of $23.1 million
related to a partial sale and effective dilution of ownership in
Lansing Trade Group.
Fourth Quarter and Full Year Segment Overview
Record Year for Rail Group
The Rail Group achieved record pre-tax income of $50.7 million compared to $31.4 million in 2014. Results were supported by
strong asset utilization rates throughout the year. The
group's full year results also benefited from a $10.6 million gain in the second quarter related
to an early lease termination, and improving performance within the
repair business. Pre-tax income in the fourth quarter was
$6.8 million compared to $5.6 million in the same period of the prior
year.
Equipment utilization averaged 92.7 percent in the fourth
quarter compared to 90.3 percent in the same period last year. This
supported pre-tax income from base leasing operations of
$4.5 million in the fourth quarter.
Full year 2015 base lease pre-tax income was $31.5 million including the early lease
termination. These compare to prior year base lease operations'
pre-tax income of $3.8 million and
$13.6 million for the fourth quarter
and full year, respectively.
Railcar sales generated $0.8
million of pre-tax income in the fourth quarter and
$13.3 million for the full year
compared to $1.2 million and
$15.8 million in the same periods of
2014 respectively.
Services and other pre-tax income for Rail was $1.4 million in the fourth quarter and
$5.9 million for the full year, up
from $0.5 million and $2.0 million in the same periods of 2014, led by
improved performance of the repair and fabrication facilities.
As 2016 commences, railroad shipping volumes continue to feel
pressure, particularly in the energy sector. The Rail Group is well
positioned for the slowing rail cycle with currently high
utilization rates and a highly diverse lease customer base
representing a wide spectrum of industries.
Ethanol Group executed very well in the face of low oil
prices and high industry supply levels, delivering third best
profit year despite market conditions
The Ethanol Group delivered record production output in the
fourth quarter and full year. In 2015 the ethanol facilities
produced 384 million gallons compared to 372 million gallons in
2014 and their nameplate capacity of 330 million gallons.
Margins of co-products were under pressure in the fourth quarter
as lower international demand, particularly in China, put pressure on distillers dried grain
pricing.
Pre-tax income in the Ethanol Group for the fourth quarter was
$7.7 million and $28.5 million for the full year compared to
$17.3 million and $92.3 million, respectfully in the same periods
last year.
As previously announced, construction is underway to expand the
ethanol production facility in Albion,
Michigan. This expansion will double the capacity of the
joint venture's facility which currently produces approximately 65
million gallons a year. Albion is
positioned in an attractive market for supply of corn as well as
demand for ethanol. The expansion is expected to be completed in
the first half of 2017.
The Grain Group navigated a weak harvest and challenging
market conditions
The first table below depicts adjusted pre-tax income for the
Grain Group for both the fourth quarter and full year.
Adjustments were made for:
- The impact of a $46.4 million
impairment of goodwill recorded in the fourth quarter.
- Gains recognized in the first quarter of 2014 and in the fourth
quarter of 2015 associated with partial redemptions, and related
dilution, of the Company's ownership stake in the Lansing Trade
Group.
Additionally, for comparability, adjusted base grain pre-tax
income, which represent the performance of grain facilities that
the Company operates, is broken out in the second table below from
the earnings from affiliates which include investments in Lansing
Trade Group and Thompsons Limited.
$ in MM
|
Q4
2015
|
Q4
2014
|
FY
2015
|
FY
2014
|
Reported Grain
Group
|
($13.5)
|
$24.0
|
($9.4)
|
$58.1
|
Goodwill Impairment
|
$46.4
|
-
|
46.4
|
-
|
Gain on
LTG Redemption
|
($23.1)
|
-
|
($23.1)
|
($17.1)
|
Adjusted Grain
Group
|
$9.8
|
$24.0
|
$13.9
|
$41.0
|
$ in MM
|
Q4
2015
|
Q4
2014
|
FY
2015
|
FY
2014
|
Adjusted
Base Grain
|
$6.2
|
$17.2
|
$0.6
|
$14.9
|
Grain
Affiliates
|
$3.6
|
$6.8
|
$13.3
|
$26.1
|
Adjusted Grain
Group
|
$9.8
|
$24.0
|
$13.9
|
$41.0
|
Adjusted base grain underperformed in the fourth quarter and the
full year with pre-tax income that was $11.0
million lower than the fourth quarter of the prior year and
full year results that were $14.3
million lower.
Factors driving lower results included:
- Excessive rains during the second quarter in the Eastern Corn
Belt resulted in significantly lower crop production. This,
coupled with continued grower reluctance to deliver or forward
contract amidst a low price environment, reduced income from
volumes put through the Company's facilities and also limited space
income opportunities.
- Weather conditions during the harvest were very dry,
significantly reducing the historical levels of drying income
recognized.
Results in the Grain Groups' affiliates, Lansing Trade Group
(LTG) and Thompsons Limited, were a combined $3.6 million in fourth quarter and $13.3 million for the year compared to
$6.8 million and $26.1 million for the same periods in the prior
year.
Based on this year's underperformance and the challenging
outlook for certain assets, the group took a $46.4 million charge for the impairment of
goodwill. The impact of this non-cash charge has been
adjusted out of on-going results for comparability with other
periods.
The Company recognized a $23.1
million pre-tax gain in the fourth quarter related to the
effective dilution of the Company's investment in LTG as a result
of LTG's sale of new equity units to New Hope Liuhe Investment
(USA), Inc., a U.S. subsidiary of
a Chinese company, New Hope Liuhe Co. Ltd. A small portion of
the $127.5 million proceeds were used
by LTG to redeem a portion of the other investors' positions.
As a result, The Andersons' ownership in LTG has been reduced from
approximately 39 percent to approximately 31 percent. The Andersons
recognized a gain associated with the transaction and received
$8 million in cash related to the
partial redemption. Conforming to prior practice, this gain
was adjusted out of on-going results.
Corn acres to be planted in 2016 are estimated to be nearly 90
million acres, which are up slightly from 2015. Soybean acres to be
planted are estimated to be approximately 84 million acres, which
is up approximately 2 percent compared to 2015. Wheat acres have
been reported to be approximately 3 million acres lower this
year. Assuming weather conditions are less detrimental, and
crop yields return to their trending improvement levels these
conditions will create a good opportunity for the Grain Group in
the second half of 2016.
Plant Nutrient Group
For purposes of better understanding ongoing results, the
disclosure for the Plant Nutrient Group has been expanded in the
table below adjusting pre-tax income for items that are not
reflective of on-going operations. Additionally subtotals of
pre-tax income are provided for the recently acquired Nutra-Flo
business (Kay Flo Industries) and the operations of the legacy
Plant Nutrient Group.
Adjusting Items include:
- Goodwill impairments of $7.8
million associated with Farm Centers in the fourth quarter
and $2.0 million related to the Cob
business in the third quarter.
- Onetime costs of $2.4 million in
the fourth quarter and $4.9 million
for the full year associated with the acquisition of the Nutra-Flo
business.
$ in MM
|
Q4
2015
|
Q4
2014
|
FY
2015
|
FY
2014
|
Reported Plant
Nutrient Group
|
($8.1)
|
$0.5
|
$0.1
|
$24.5
|
One-time
Acquisition Costs
|
$2.4
|
-
|
$4.9
|
-
|
Goodwill
Impairment
|
$7.8
|
-
|
$9.8
|
-
|
Adjusted Plant
Nutrient Group
|
$2.1
|
$0.5
|
$14.8
|
$24.5
|
$ in MM
|
Q4
2015
|
Q4
2014
|
FY
2015
|
FY
2014
|
Legacy
Plant Nutrient
|
$3.1
|
$0.5
|
$20.0
|
$24.5
|
Nutra-Flo
|
($1.0)
|
-
|
($5.2)
|
-
|
Adjusted Plant
Nutrient Group
|
$2.1
|
$0.5
|
$14.8
|
$24.5
|
These adjustments provide a clearer picture of ongoing
performance for comparability. The legacy Plant Nutrient business
improved adjusted pre-tax income to $3.1
million for the fourth quarter compared to $0.5 million in the same period last year. Full
year adjusted pre-tax income for the legacy business was
$20.0 million compared to
$24.5 million in 2014.
While the fourth quarter started off well, most customers
delayed their purchase commitments in the declining price
environment, slowing the pace of sales. Compared to the
fourth quarter of 2014, nutrient volume was up, but margins were
compressed as the market saw steadily declining nutrient prices as
liquid nitrogen softened by approximately $20 per ton and potash dropped about $40 a ton.
Results for the full year were significantly impacted by the
excessive rains during May and June when many parts the Eastern
Corn Belt experienced up to 300 percent of normal rainfall during
critical planting and fertilizing periods.
Full year results of the group were negatively impacted by a
$10.1 million loss related to the
acquisition of Nutra-Flo (Kay Flo Industries) in May 2015.
$4.9 million of these costs were
non-recurring, related to deal cost and higher cost of sales due to
purchase accounting inventory step up. The remaining
$5.2 million represent recurring
operating expenses related to the added overhead, depreciation and
other expenses which occur throughout the year. Sales and profits
of the acquired product lines generally peak late in the first
quarter and in the second quarter of the year as they are most
heavily used in planting season. In 2016, with a full year of
operations, it is expected the acquired business will make a
positive contribution to the group's earnings.
In a normal weather year, the Company would expect the legacy
Plant Nutrient businesses to return to historic levels of
profitability. Nutra-Flo is expected to provide a positive
contribution to earnings in 2016 supporting margin growth for the
group as specialty products increase in the mix over time.
Retail performance was consistent with the prior year
The Retail Group had pre-tax income of $1.0 million for the fourth quarter and a pre-tax
loss of $0.5 million for the full
year compared to pre-tax income of $1.0
million and a pre-tax loss of $0.6
million in the prior year.
Completed Defined Benefit Pension Plan Termination
As previously announced, the Company completed the termination
of its Defined Benefit Pension Plan in the fourth quarter. A
primarily non-cash charge of $51.4
million before taxes was recorded in association with the
termination of the plan. Total cash contributions to true up the
plan assets versus the final liability were approximately
$4 million, slightly lower than the
estimate previously disclosed.
Corporate
Unallocated Company level expenses for 2015, excluding the
charge associated with the pension plan termination, were
$31.3 million, down from $34.5 million in 2014.
Corporate costs were lower due to reduced incentive based
compensation and other expenses which were partially offset by
higher costs associated with the IT infrastructure refresh
including depreciation. Expenses in the quarter included the cost
of recruiting and hiring the new CEO.
The Company announced two senior leadership retirements and
position eliminations early in January as the Company strives to
maintain a lean organization and will continue work on cost
reduction measures commensurate with the current market cycle and
economic environment.
Conference Call
The Company will host a webcast on Thursday, February 11, 2016 at
11:00 A.M. ET, to discuss its
performance and provide outlook for 2016. To dial-in to the
call, the number is 866-439-8514 or 678-509-7568 (participant
passcode is 27905426). It is recommended that you call 10
minutes before the conference call begins.
To access the webcast: Click on the link:
http://edge.media-server.com/m/p/aq6fkntn Log on. Click
on the phone icon at the bottom of the "webcast window" on the left
side of the screen. Then, you will be provided with the
conference call number and passcode. Click the gear set icon
(left of the telephone icon) and select 'Live Phone' to synchronize
the presentation with the audio on your phone. A replay of
the call can also be accessed under the heading "Investor" on the
Company website at www.andersonsinc.com.
Forward Looking Statements
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.
Non-GAAP Measures
This release contains non-GAAP financial measures. "Adjusted
Pre-Tax Income Attributable to The Andersons" is our primary
measure of period-over-period comparisons, and we believe it is a
meaningful measure for investors to compare our results from period
to period. We have excluded nonrecurring items and items that we
believe are not representative of our ongoing operations when
calculating this Adjusted Pre-Tax Income. Reconciliations of the
non-GAAP to GAAP measures may be found within the financial tables
provided within in the release and a reconciliation of the reported
GAAP net income to non-GAAP adjusted net income is provided in a
table below.
Company Description
Founded in Maumee, Ohio, in
1947, The Andersons is a diversified Company rooted in agriculture
conducting business across North
America in the grain, ethanol, plant nutrient and rail
sectors. The Company also has a consumer retailing presence. For
more information, visit The Andersons online at
www.andersonsinc.com.
The Andersons,
Inc.
|
Condensed
Consolidated Statements of Income
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months
ended December
31,
|
|
Twelve months
ended December
31
|
(in thousands, except
per share data)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Sales and
merchandising revenues
|
$
1,183,473
|
|
$
1,271,768
|
|
$
4,198,495
|
|
$
4,540,071
|
Cost of sales and
merchandising revenues
|
1,084,309
|
|
1,157,817
|
|
3,822,657
|
|
4,142,932
|
Gross
profit
|
99,164
|
|
113,951
|
|
375,838
|
|
397,139
|
Operating,
administrative and general expenses
|
89,056
|
|
94,884
|
|
338,115
|
|
318,881
|
Pension
settlement
|
51,446
|
|
-
|
|
51,446
|
|
-
|
Goodwill
impairment
|
54,180
|
|
-
|
|
56,165
|
|
-
|
Interest
expense
|
3,862
|
|
5,359
|
|
20,072
|
|
21,760
|
Other
income:
|
|
|
|
|
|
|
|
Equity in earnings of
affiliates
|
8,629
|
|
19,892
|
|
31,924
|
|
96,523
|
Other income,
net
|
26,237
|
|
6,031
|
|
46,472
|
|
31,125
|
Income (loss) before
income taxes
|
(64,514)
|
|
39,631
|
|
(11,564)
|
|
184,146
|
Income tax provision
(benefit)
|
(17,797)
|
|
11,664
|
|
(242)
|
|
61,501
|
Net income
(loss)
|
(46,717)
|
|
27,967
|
|
(11,322)
|
|
122,645
|
Net income
attributable to the noncontrolling interests
|
312
|
|
2,075
|
|
1,745
|
|
12,919
|
Net income (loss)
attributable to The Andersons, Inc.
|
$
(47,029)
|
|
$
25,892
|
|
$
(13,067)
|
|
$
109,726
|
|
|
|
|
|
|
|
|
Per common
share:
|
|
|
|
|
|
|
|
Basic earnings
attributable to The Andersons, Inc. common shareholders
|
$
(1.68)
|
|
$
0.89
|
|
$
(0.46)
|
|
$
3.85
|
Diluted earnings
attributable to The Andersons, Inc. common shareholders
|
$
(1.68)
|
|
$
0.89
|
|
$
(0.46)
|
|
$
3.84
|
Dividends
declared
|
$
0.155
|
|
$
0.14
|
|
$
0.575
|
|
$
0.47
|
|
|
|
|
|
|
|
|
The Andersons,
Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
|
(in
thousands)
|
December 31,
2015
|
|
December 31,
2014
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
63,750
|
|
$
114,704
|
|
Restricted
cash
|
451
|
|
429
|
|
Accounts receivable,
net
|
170,912
|
|
183,059
|
|
Inventories
|
747,399
|
|
795,655
|
|
Commodity derivative
assets – current
|
49,826
|
|
92,771
|
|
Deferred income
taxes
|
6,772
|
|
7,337
|
|
Other current
assets
|
90,412
|
|
60,492
|
|
Total current
assets
|
1,129,522
|
|
1,254,447
|
|
Other
assets:
|
|
|
|
|
Commodity derivative
assets – noncurrent
|
412
|
|
507
|
|
Other assets,
net
|
142,351
|
|
131,527
|
|
Equity method
investments
|
242,107
|
|
226,857
|
|
|
384,870
|
|
358,891
|
|
Rail Group assets
leased to others, net
|
338,111
|
|
297,747
|
|
Property, plant and
equipment, net
|
506,598
|
|
453,607
|
|
Total
assets
|
$
2,359,101
|
|
$
2,364,692
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
debt
|
$
16,990
|
|
$
2,166
|
|
Trade and other
payables
|
668,788
|
|
706,823
|
|
Customer prepayments
and deferred revenue
|
66,762
|
|
99,617
|
|
Commodity derivative
liabilities – current
|
37,387
|
|
64,075
|
|
Accrued expenses and
other current liabilities
|
70,324
|
|
78,610
|
|
Current maturities of
long-term debt
|
27,786
|
|
76,415
|
|
Total current
liabilities
|
888,037
|
|
1,027,706
|
|
|
|
|
|
|
Other long-term
liabilities
|
18,176
|
|
15,507
|
|
Commodity derivative
liabilities – noncurrent
|
1,063
|
|
3,318
|
|
Employee benefit plan
obligations
|
45,805
|
|
59,308
|
|
Long-term debt, less
current maturities
|
436,208
|
|
298,638
|
|
Deferred income
taxes
|
186,073
|
|
136,166
|
|
Total
liabilities
|
1,575,362
|
|
1,540,643
|
|
Total
equity
|
783,739
|
|
824,049
|
|
Total liabilities and
equity
|
$
2,359,101
|
|
$
2,364,692
|
|
|
|
|
|
|
The Andersons,
Inc.
|
|
|
|
|
Segment
Data
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Grain
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Retail
|
|
Other
|
|
Total
|
Three months ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
778,251
|
|
$
143,058
|
|
$
187,898
|
|
$
36,351
|
|
$
37,916
|
|
$—
|
|
$
1,183,474
|
Gross
profit
|
38,989
|
|
5,930
|
|
28,556
|
|
14,625
|
|
11,064
|
|
—
|
|
99,164
|
Equity in earnings of
affiliates
|
3,940
|
|
4,690
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,630
|
Other income,
net
|
23,547
|
|
294
|
|
605
|
|
1,169
|
|
273
|
|
349
|
|
26,237
|
Income (loss) before
income taxes
|
(13,471)
|
|
7,984
|
|
(8,062)
|
|
6,766
|
|
1,028
|
|
(58,759)
|
|
(64,514)
|
Income (loss)
attributable to the noncontrolling interests
|
(2)
|
|
315
|
|
—
|
|
—
|
|
—
|
|
—
|
|
313
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
(13,469)
|
|
$
7,669
|
|
$
(8,062)
|
|
$
6,766
|
|
$
1,028
|
|
$
(58,759)
|
|
$
(64,827)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Three months ended
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Revenues from
external customers
|
$
867,521
|
|
$
171,326
|
|
$
162,730
|
|
$
31,221
|
|
$
38,970
|
|
$—
|
|
$
1,271,768
|
Gross
profit
|
53,464
|
|
9,284
|
|
26,611
|
|
13,193
|
|
11,399
|
|
—
|
|
113,951
|
Equity in earnings of
affiliates
|
7,102
|
|
12,790
|
|
—
|
|
—
|
|
—
|
|
—
|
|
19,892
|
Other income
(expense), net
|
4,483
|
|
22
|
|
161
|
|
805
|
|
235
|
|
325
|
|
6,031
|
Income (loss) before
income taxes
|
24,024
|
|
19,353
|
|
562
|
|
5,556
|
|
1,046
|
|
(10,910)
|
|
39,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
attributable to the noncontrolling interest
|
(2)
|
|
2,077
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,075
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
24,026
|
|
$
17,276
|
|
$
562
|
|
$
5,556
|
|
$
1,046
|
|
$
(10,910)
|
|
$
37,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grain
|
|
Ethanol
|
|
Plant
Nutrient
|
|
Rail
|
|
Retail
|
|
Other
|
|
Total
|
Twelve months
ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
external customers
|
$
2,483,644
|
|
$
556,188
|
|
$
848,338
|
|
$
170,848
|
|
$
139,478
|
|
$—
|
|
$
4,198,496
|
Gross
profit
|
123,645
|
|
24,324
|
|
119,540
|
|
67,687
|
|
40,642
|
|
—
|
|
375,838
|
Equity in earnings of
affiliates
|
14,703
|
|
17,221
|
|
—
|
|
—
|
|
—
|
|
—
|
|
31,924
|
Other income,
net
|
26,229
|
|
377
|
|
3,046
|
|
15,935
|
|
557
|
|
328
|
|
46,472
|
Income (loss) before
income taxes
|
(9,456)
|
|
30,258
|
|
121
|
|
50,681
|
|
(455)
|
|
(82,713)
|
|
(11,564)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
attributable to the noncontrolling interests
|
(10)
|
|
1,755
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,745
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
$
(9,446)
|
|
$
28,503
|
|
$
121
|
|
$
50,681
|
|
$
(455)
|
|
$
(82,713)
|
|
$
(13,309)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Twelve months
ended December 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Revenues from
external customers
|
$
2,682,038
|
|
$
765,939
|
|
$
802,333
|
|
$
148,954
|
|
$
140,807
|
|
$—
|
|
$
4,540,071
|
Gross
profit
|
131,129
|
|
48,057
|
|
116,939
|
|
59,762
|
|
41,252
|
|
—
|
|
397,139
|
Equity in earnings of
affiliates
|
27,643
|
|
68,880
|
|
—
|
|
—
|
|
—
|
|
—
|
|
96,523
|
Other income,
net
|
21,450
|
|
223
|
|
4,372
|
|
3,094
|
|
955
|
|
1,031
|
|
31,125
|
Income (loss) before
income taxes
|
58,126
|
|
105,186
|
|
24,514
|
|
31,445
|
|
(620)
|
|
(34,505)
|
|
184,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
attributable to the noncontrolling interest
|
(10)
|
|
12,929
|
|
—
|
|
—
|
|
—
|
|
—
|
|
12,919
|
Income (loss) before
income taxes attributable to The Andersons, Inc. (a)
|
58,136
|
|
92,257
|
|
24,514
|
|
31,445
|
|
(620)
|
|
(34,505)
|
|
171,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Income (loss)
before income taxes attributable to The Andersons, Inc. for each
Group is defined as net sales and merchandising revenues plus
identifiable other income less all identifiable operating expenses,
including interest expense for carrying working capital and
long-term assets and is reported net of the noncontrolling interest
share of income (loss).
|
The Andersons,
Inc.
|
Reconciliation to
Adjusted Net Income
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Twelve months
ended December 31,
|
(in thousands, except
per share data)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income
attributable to The Andersons, Inc.
|
$
(47,029)
|
|
$
25,892
|
|
$
(13,067)
|
|
$
109,726
|
Items impacting other
income, net of tax:
|
|
|
|
|
|
|
|
Goodwill
impairment
|
33,592
|
|
-
|
|
34,822
|
|
-
|
Pension
settlement
|
31,897
|
|
-
|
|
31,897
|
|
-
|
Partial redemption of
investment in Lansing Trade Group
|
(14,328)
|
|
-
|
|
(14,328)
|
|
(10,656)
|
One-time acquisition
costs
|
901
|
|
-
|
|
1,863
|
|
-
|
Total adjusting
items
|
52,062
|
|
-
|
|
54,254
|
|
(10,656)
|
Adjusted net income
attributable to The Andersons, Inc.
|
$
5,033
|
|
$
25,892
|
|
$
41,187
|
|
$
99,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
attributable to The Andersons, Inc. common shareholders
|
$
(1.68)
|
|
$
0.89
|
|
$
(0.46)
|
|
$
3.84
|
|
|
|
|
|
|
|
|
Impact on diluted
earnings per share
|
1.86
|
|
-
|
|
1.91
|
|
(0.38)
|
Adjusted diluted
earnings per share
|
$
0.18
|
|
$
0.89
|
|
$
1.45
|
|
$
3.46
|
|
|
|
|
|
|
|
|
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SOURCE The Andersons, Inc.