SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _____
Commission file number 000-20557
THE ANDERSONS, INC.
(Exact name of registrant as specified in its charter)
OHIO 34-1562374
(State of incorporation (I.R.S. Employer
or organization) Identification No.)
480 W. Dussel Drive, Maumee, Ohio 43537
(Address of principal executive offices) (Zip Code)
(419) 893-5050
(Telephone Number)
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No __
The registrant had 8,430,286 Common Shares outstanding, no par value, at
August 1, 1996.
THE ANDERSONS, INC.
INDEX
Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets -
June 30, 1996 and December 31, 1995 3
Consolidated Statements of Income -
Three months and six months ended June 30, 1996 and 1995 6
Consolidated Statements of Cash Flows -
Six months ended June 30, 1996 and 1995 7
Notes to Consolidated Financial Statements 9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 4. Submission of Matters to a Vote of Security Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
THE ANDERSONS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (IN THOUSANDS)
June 30 December 31
1996 1995
CURRENT ASSETS
Cash and cash equivalents $ 4,177 $ 5,052
Accounts Receivable:
Trade accounts - net 81,413 68,362
Margin deposits 7,196 20,753
88,609 89,115
Inventories:
Grain 96,458 186,989
Agricultural fertilizer and supplies 20,099 19,602
Merchandise 33,345 29,909
Lawn and corn cob products 13,550 21,729
Other 10,524 11,701
173,976 269,930
Deferred income taxes 5,876 -
Prepaid expenses 2,268 4,314
TOTAL CURRENT ASSETS 274,906 368,411
OTHER ASSETS
Investments in and advances to affiliates 804 670
Notes receivable (net) and other assets 4,958 4,575
TOTAL OTHER ASSETS 5,762 5,245
PROPERTY, PLANT AND EQUIPMENT
Land 11,198 11,179
Land improvements and leasehold improvements 24,008 23,926
Buildings and storage facilities 78,676 78,210
Machinery and equipment 99,188 97,970
Construction in progress 1,763 972
214,833 212,257
Less allowances for depreciation and
amortization 133,603 130,395
NET PROPERTY, PLANT AND EQUIPMENT 81,230 81,862
$ 361,898 $ 455,518
NOTE: The balance sheet at December 31, 1995 has been derived from the
audited financial statements at that date.
See notes to consolidated financial statements.
THE ANDERSONS, INC.
CONSOLIDATED BALANCE SHEETS - (continued)
(UNAUDITED) (IN THOUSANDS)
June 30 December 31
1996 1995
CURRENT LIABILITIES
Notes payable $ 110,892 $ 120,267
Accounts payable for grain 21,629 94,084
Other accounts payable 53,713 72,777
Accrued expenses 18,527 14,357
Current maturities of long-term debt 7,635 8,029
TOTAL CURRENT LIABILITIES 212,396 309,514
PENSION AND POSTRETIREMENT BENEFITS 3,025 2,929
LONG-TERM DEBT
Note payable, 7.84%, payable quarterly ($75
thousand through 7/97, $398 thousand
thereafter), due 2004 14,400 14,550
Note payable, variable rate (6.4648% at
6/30/96) payable $336 thousand quarterly
beginning 10/97, due 2004 9,418 9,418
Notes payable relating to revolving credit
facility, variable rate (6.1% at 6/30/96),
due 1997 20,000 20,000
Other notes payable 1,110 1,101
Industrial development revenue bonds:
6.5%, sinking fund paid annually, due 1999 3,700 3,700
Variable rate (5.5275% at 6/30/96), due in
annual installments of $881 thousand
through 2004 7,233 7,233
Variable rate (3.85% at 6/30/96), due 2025 3,100 3,100
Debenture bonds:
9.2% to 10%, due 1996 2,949 5,868
6.5% to 8%, due 1997 to 1999 5,804 5,815
10% due 1997 and 1998 2,107 2,117
10% due 2000 and 2001 2,699 2,704
7.5% to 8.7%, due 2002 to 2004 5,684 5,689
Other bonds, 4% to 9.6% 505 873
78,709 82,168
Less current maturities of long-term debt 7,635 8,029
TOTAL LONG-TERM DEBT 71,074 74,139
THE ANDERSONS
CONSOLIDATED BALANCE SHEETS - (continued)
(UNAUDITED) (IN THOUSANDS)
June 30 December 31
1996 1995
DEFERRED INCOME TAXES 4,395 675
MINORITY INTEREST 878 1,001
SHAREHOLDERS' EQUITY:
Common stock (25,000,000 shares authorized,
stated value $.01 per share, 8,430,286
outstanding) 84 84
Additional paid-in capital 66,659 66,448
Retained earnings 3,349 699
Unrealized gain on available-for-sale
securities (net of tax) 38 29
TOTAL SHAREHOLDERS' EQUITY 70,130 67,260
$ 361,898 $ 455,518
NOTE: The balance sheet at December 31, 1995 has been derived from the
audited financial statements at that date. Shareholders' equity at
December 31, 1995 reflects the effects of the merger consummated on
January 2, 1996 of The Andersons, a limited partnership, into The
Andersons Management Corp., the corporate general partner.
See notes to consolidated financial statements.
THE ANDERSONS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE DATA)
Three Months Six Months
Ended June 30 Ended June 30
1996 1995 1996 1995
Grain sales and revenues $ 201,696 $ 132,413 $ 355,059 $ 237,187
Fertilizer, retail and other sales 142,729 129,137 245,481 231,063
Other income 804 1,087 1,402 1,714
345,229 262,637 601,942 469,964
Cost of grain sales and revenues 195,468 127,342 335,531 221,115
Cost of fertilizer, retail and
other sales 107,782 97,159 184,699 174,369
303,250 224,501 520,230 395,484
GROSS PROFIT 41,979 38,136 81,712 74,480
Operating, administrative and
general expenses 35,258 32,304 66,847 63,514
Interest expense 4,464 3,175 9,162 6,317
39,722 35,479 76,009 69,831
INCOME BEFORE INCOME TAXES 2,257 2,657 5,703 4,649
Provision for income taxes (Note B) 877 61 3,054 114
NET INCOME $ 1,380 2,596 $ 2,649 4,535
Pro forma income taxes (Note B) 981 1,722
Pro forma net income $ 1,615 $ 2,813
Earnings per share (Note B) $ 0.16 $ 0.19 $ 0.31 $ 0.33
Average shares outstanding 8,430 8,430 8,430 8,430
See notes to consolidated financial statements.
THE ANDERSONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) (IN THOUSANDS)
Six Months
Ended June 30
1996 1995
OPERATING ACTIVITIES
Net income $ 2,649 $ 4,535
Adjustments to reconcile net income
to net cash provided by (used in) operating
activities:
Depreciation and amortization 4,951 4,492
Minority interest in net loss of
subsidiaries (65) (36)
Payments to minority interests (74) (143)
Provision for losses on receivables,
investments and other assets 2,443 387
Gain on sale of property, plant and
equipment (196) (341)
Deferred income taxes (2,221) -
Changes in operating assets and liabilities:
Accounts receivable (1,941) 1,458
Inventories 95,955 54,242
Prepaid expenses and other assets 1,855 385
Accounts payable for grain (72,455) (62,451)
Other accounts payable and accrued expenses (14,898) (20,020)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 16,003 (17,492)
INVESTING ACTIVITIES
Purchases of property, plant, equipment (4,533) (5,877)
Proceeds from sale of property, plant and equipment 277 489
Business acquisition - net of cash - (1,426)
Purchases of investments - (74)
Payments received from affiliates - 100
NET CASH USED IN INVESTING ACTIVITIES (4,256) (6,788)
FINANCING ACTIVITIES
Net increase (decrease) in short-term borrowings (9,375) 23,519
Proceeds from issuance of long-term debt 20,017 20,497
Payments of long-term debt (23,200) (20,893)
Payments to partners and other deductions from
capital accounts (64) (4,429)
Capital invested by partners and shareholders - 1,350
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (12,622) 20,044
DECREASE IN CASH AND CASH EQUIVALENTS (875) (4,236)
Cash and cash equivalents at beginning of year 5,052 6,923
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,177 $ 2,687
See notes to consolidated financial statements.
THE ANDERSONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(UNAUDITED) (IN THOUSANDS)
Six Months
Ended June 30
1996 1995
Noncash investing and financing activities:
Exchange of fixed assets for investment in LLC $ 513
Exchange of employee bonds for common shares $ 276
Acquisition of business:
Working capital - other than cash $ 90
Property, plant and equipment (net) 4,095
Short and long-term debt assumed (2,070)
Other long-term liabilities assumed (689)
Net cash expended $ 1,426
See notes to consolidated financial statements.
THE ANDERSONS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note A - In the opinion of management, all adjustments, consisting only of
normal recurring adjustments, necessary for a fair presentation of
the results of operations for the periods indicated have been made.
The accompanying unaudited consolidated financial statements should
be read in conjunction with the consolidated financial statements
and notes thereto included in The Andersons, Inc. annual report on
Form 10-K for the year ended December 31, 1995.
Note B - Prior to 1996, the majority of the Company's operations were
conducted as a partnership and the income from those operations was
included in the individual tax returns of its partners. Since
January 2, 1996, the date that The Andersons (the "Partnership")
merged into its corporate general partner, income from operations is
taxed at the corporate level. Prior year financial statements were
restated to reflect the effects of the merger. The pro forma
provision for income taxes at a corporate level and pro forma
earnings per common share for 1995 are presented in the income
statement for comparison.
In conjunction with the merger, the Company recorded the deferred
tax assets and liabilities of the partnership that had not
previously been recognized. The net excess of deferred tax
liabilities over deferred tax assets ($812,000) was recorded in the
first quarter and included as a component of the provision for
income taxes.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations
Comparison of the three months ended June 30, 1996 with the three months ended
June 30, 1995:
Sales and revenues for the three months ended June 30, 1996 totaled
$345.2 million, an increase of $82.6 million or 31% from the 1995 second
quarter sales and revenue of $262.6 million. The Agriculture Group
contributed $73 million of the $82.6 million increase, with $69.3 million in
increases in grain sales and revenue. While grain shipment volume remained
constant, a significant increase in the average bushel price of approximately
55%, reflecting continued high market prices, caused the higher sales and
revenues. Commodity market prices maintained their record levels in the
second quarter on the expectation of low carryover stocks, heavy export demand
and concerns about the current crop due to weather conditions. Since the end
of the second quarter, commodity prices have fallen somewhat. Wholesale
fertilizer contributed additional sales and revenues of $4.4 million, or 14%,
on volume and price increases, while the retail agricultural business
experienced decreases in sales of $0.7 million.
The Retail Group experienced a 7.7% increase in sales, with mixed
results. The Toledo area and Lima stores posted increases while the Columbus
stores continue to feel the impact of new competition in that market. The
three Toledo area stores have benefited from the closure of some competitors
and an extensive upgrade of one of the three Toledo area stores resulting in
16.3% higher sales in the second quarter of 1996 as compared to the second
quarter of 1995. New competition is expected in Toledo market in late 1996.
The Business Development Group contributed increased sales and revenue of $6.7
million with all major businesses showing increases. The lawn products
business had the majority of the Group's increase with a 27% or $4.3 million
increase in sales on higher volume and increased prices.
Gross profit for the three months ended June 30, 1996 totaled $42
million, an increase of $3.8 million or 10% from the 1995 second quarter gross
profit of $38.1 million. The Agriculture Group contributed $1.5 million of
the increase. The increase in grain sales and revenues, attributable to the
unusually high prices, did not result in income growth since the cost of sales
rose as well. Gross profit on sales in the Retail Group was up $0.8 million
or 5.5%. All major businesses in the Business Development Group showed
favorable results with the lawn business posting a 29% or $1.1 million
increase, the railcar business gross profit up 36% or $0.4 million and the
industrial products business up 8.5% or $0.2 million. In total, the Business
Development Group had a gross profit increase of $1.8 million or 19%.
Operating, administrative and general expenses for the three months ended
June 30, 1996 totaled $32.9 million, a slight increase from the 1995 second
quarter expense of $32.3 million.
The provision for bad debts increase $2.1 million from the $0.3 million
in the second quarter of 1995 to $2.4 million for the second quarter of 1996.
During the second quarter, grain commodity prices escalated rapidly. July corn
futures, for example, increased over 30% in the quarter. These unusual price
levels were caused by several factors including increased export demand in 1995
1996 and the presence of the US Government acreage set-aside program in 1995, a
year in which yields were below average. Those factors were compounded by poor
weather conditions in the 1996 spring planting season causing the rapid run-up
in prices.
The combination of high cash prices and lower than average yields in 1995
and the expectation of lower than average yields in 1996 in certain of the
Company's markets, have caused the Company to examine closely its grain
producers' ability to perform on their grain contracts. The Company has taken
steps to minimize its exposure to credit losses in accordance with accepted
grain trade practices, including, among other things, limiting a producer's
percentage of production that can be contracted for both current and future
crop years. As of August 26, 1996, 86% of all forward purchase contracts were
for delivery in the 1996 harvest period. In addition to reserving for probable
losses, the Company is working with each grain producer to ensure contract
delivery and subsequent payment of accounts receivable. However, the Company
does anticipate some amounts will be written off after completion of the current
1996 harvest. The Company's estimate of these probable losses has been recorded
as a provision for bad debts in the second quarter of 1996.
Interest expense for the three months ended June 30, 1996 totaled $4.5
million, an increase of $1.3 million or 40% from the 1995 second quarter
expense of $3.2 million. Increased inventory values in the grain business,
because of the high market prices, required additional short-term borrowings
for the quarter. Short-term borrowing at the end of the second quarter of
1996 was $111 million as compared to short-term borrowings of $75 million at
June 30, 1995.
Income before income taxes for the three months ended June 30, 1996
totaled $2.3 million, a decrease of $0.4 million or 15% from the 1995 second
quarter income of $2.7 million. Net income decreased from $1.6 million in the
three months ended June 30, 1995 to $1.4 million for the same period in 1996.
Comparison of the six months ended June 30, 1996 with the six months ended
June 30, 1995:
Sales and revenues for the six months ended June 30, 1996 totaled $601.9
million, an increase of $132 million or 28% from the 1995 first half sales and
revenue of $469.9 million. The Agriculture Group contributed $119 million of
the $132 million increase, with $117.9 million increase in grain sales and
revenues. While grain shipment volume increased only slightly from the first
half of 1995, a significant increase in the average bushel price of
approximately 49%, reflecting continued high market prices, caused the higher
sales and revenue. Wholesale fertilizer contributed additional sales and
revenues of $2.5 million, or 4%, on volume and price increases, while the
retail agricultural business experienced decreases in sales of $1.4 million.
The Retail Group experienced a 4.2% increase in sales, with mixed
results. The Toledo area and Lima stores posted increases while the Columbus
stores continue to feel the impact of new competition in that market. The
three Toledo area stores have benefited from the closure of some competitors
and an extensive upgrade to one of the three Toledo area stores resulting in
10.6% higher sales in the first half of 1996 when compared to the same period
in 1995. New competition is expected in the Toledo market in late 1996. The
Business Development Group contributed increased sales and revenue of $10.2
million with all major businesses showing increases. The lawn products
business had the majority of the Group's increase with a 19% or $6.8 million
increase in sales on higher volume and increased prices.
Gross profit for the six months ended June 30, 1996 totaled $81.7
million, an increase of $7.2 million or 9.7% from the 1995 first half gross
profit of $74.5 million. The Agriculture Group contributed $4.1 million of
the increase. The increase in grain sales and revenues, attributable to the
unusually high prices, did not result in income growth since the cost of sales
rose as well. Gross profit on sales in the Retail Group was up $0.5 million
or 2.1%. All major businesses in the Business Development Group showed
favorable results with the lawn business posting a 25% or $2.4 million
increase, the railcar business gross profit up 18% or $0.4 million and the
industrial products business up slightly. In total, the Business Development
Group had a gross profit increase of $3 million or 15%.
Operating, administrative and general expenses for the six months ended
June 30, 1996 totaled $64.1 million, an slight increase from the 1995 expense
of $63 million.
The provision for bad debts increased $2.2 million from $0.5 million in
1995 to $2.7 million for the six months ended June 30, 1996. During the second
quarter of 1996, grain commodity prices escalated rapidly. July corn futures,
for example, increased over 30% in the quarter. These unusual price levels were
caused by several factors including increased export demand in 1995 and 1996 and
the presence of the US Government acreage set-aside program in 1995, a year in
which yields were below average. Those factors were compounded by poor weather
conditions in the 1996 spring planting season causing the rapid run-up in
prices.
The combination of high cash prices and lower than average yields in 1995
and the expectation of lower than average yields in 1996 in certain of the
Company's markets, have caused the Company to examine closely its grain
producers' ability to perform on their grain contracts. The Company has taken
steps to minimize its exposure to credit losses in accordance with accepted
grain trade practices, including, among other things, limiting a producer's
percentage of production that can be contracted for both current and future crop
years. As of August 26, 1996, 86% of all forward contracts were for delivery
in the 1996 harvest period. In addition to reserving for probable losses, the
Company is working with each grain producer to ensure contract delivery and
subsequent payment of accounts receivable. However, the Company does anticipate
some amounts will be written off after completion of the current 1996 harvest.
The Company's estimate of these probable losses has been recorded as a provision
for bad debts in 1996.
Interest expense for the six months ended June 30, 1996 totaled $9.2
million, an increase of $2.9 million or 45% from the 1995 expense for the same
period of $6.3 million. Increased inventory values in the grain business,
because of the high market prices, required additional short-term borrowings
for the quarter.
Income before income taxes for the six months ended June 30, 1996 totaled
$5.7 million, an increase of $1.1 million or 23% from the 1995 first half
income of $4.6 million. Net income decreased from $2.8 million in the six
months ended June 30, 1995 to $2.6 million for the same period in 1996.
Income tax expense for the first quarter of 1996 included a charge of $0.8
million to establish deferred taxes on the conversion from a partnership to a
corporation.
Liquidity and Capital Resources
The Company's operations provided cash of $16 million in the first half
of 1996 as compared to using $17 million in cash in the first half of 1995.
The significant change in cash provided by operations is due to the
liquidation of a portion of the Company's grain inventories at a faster pace
than that of prior years. High grain prices have emphasized the market's
willingness to pay for grain rather than pay companies to hold grain for
future sales. The Company has significant short-term lines of credit
available to finance working capital, primarily inventories and accounts
receivable. Lines of credit available at August 1, 1996 were $385 million, of
which $111 million was used at June 30, 1996. Typically, the Company's
highest borrowing occurs in the spring due to seasonal inventory requirements
in several of the Company's businesses, credit sales in the lawn products and
agricultural fertilizer and supply business and a customary reduction in grain
payables due to customer cash needs and market strategies.
The final payments to former partners electing not to participate in the
merger were made in the first quarter of 1996. No cash dividends have been
declared or are anticipated at this time. The Company will be required to pay
income taxes at the corporate level beginning with 1996 income from
operations. As the majority of the income was previously earned in a
partnership, corporate taxes prior to 1996 were minimal and as such, the
Company must only make tax deposits at that level for 1996.
Total capital expenditures for 1996 are expected to approximate $13
million, including $2.5 million for renovations to the Maumee and Toledo
General Stores and $1 million for plant upgrades and improvements. Funding
for these expenditures is expected to come from cash generated from operations
and additional long-term debt. Capital expenditures can be, and in the past
have been, curtailed if cash generated from operations is less than expected.
Certain of the Company's long-term debt is secured by first mortgages on
various facilities. In addition, some of the long-term borrowings include
provisions that impose minimum levels of working capital and equity,
limitations on additional debt and require the Company to be substantially
hedged in its grain transactions. The Company's liquidity is enhanced by the
fact that grain inventories are readily marketable and the Maumee and Toledo,
Ohio elevators serve as delivery points for Chicago Board of Trade contracts.
In the opinion of management, the Company's liquidity is adequate to meet
short-term and long-term needs.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company, like others in the agricultural industry, utilizes
different types of contracts with producers (including contracts commonly
referred to as "Hedged To-Arrive" or "HTA" contracts) to purchase grain. Some
producers have recently defaulted or threatened default on certain of these
contracts, arguing that their contracts are unenforceable. The Company
believes that this is due, in large part, to unprecedented high grain prices.
The Company currently is engaged in litigation with several defaulting
producers, including one purported class action filed on May 16, 1996 in the
United States District Court for the Northern District of Illinois, Eastern
Division, Case no. 96C2936, Harter, et. al., v. Iowa Grain Company and The
Andersons Investment Services, Corp., d.b.a. The Andersons, Inc., wherein
enforceability of the delivery obligation under certain grain contracts has
been raised as an issue. The Harter lawsuit seeks declaratory and injunctive
relief and compensatory, exemplary and punitive damages of an unspecified
amount. The Company believes its grain contracts are enforceable obligations
and intends to enforce them. Although no assurance can be given that the
current litigation and proceedings will not result in liability or loss, the
Company believes that it has valid claims and defenses in the lawsuits and
proceedings in which it is involved. Based upon the advice of counsel,
management also believes that it has valid defenses to the purported "class
action" nature of the Harter lawsuit and intends to defend vigorously against
the certification of the class.
The Commodities Futures Trading Commission (the "CFTC"), has served
subpoenas duces tecum for the Company to produce certain records and testify
in the matter of "Certain Transactions and Practices Among Grain Elevators,
et. al., Involving Futures Contracts."
In light of the Company's current and prior use of Hedged To-Arrive
contracts, related industry-wide litigation, and current conditions of the
industry as a whole, there can be no assurance that other litigation will not
be brought, that a class will not be certified or that other CFTC proceedings
will not be instituted. There currently is no reasonable basis to predict the
amount of future liability or loss, if any, that may arise from such
litigation or CFTC proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
The annual meeting of the shareholders of The Andersons, Inc. was
held on May 16, 1996 to elect nine directors and to ratify the appointment of
the Company's independent public accountants. Results of the voting follows:
Director For Against Withheld Not Voted
Thomas H. Anderson 7,718,911 0 15,757 695,618
Richard P. Anderson 7,728,358 0 6,310 695,618
Donald E. Anderson 7,723,260 0 11,408 695,618
Michael J. Anderson 7,728,358 0 6,310 695,618
Richard M. Anderson 7,728,358 0 6,310 695,618
John F. Barrett 7,728,358 0 6,310 695,618
Paul M. Kraus 7,728,358 0 6,310 695,618
Donald M. Mennel 7,718,911 0 15,757 695,618
David L. Nichols 7,728,358 0 6,631 695,618
Independent Accountant 7,685,778 340 48,550 695,618
Item 6. Exhibits and Reports on Form 8-K
(b) Reports on Form 8-K. There were no reports on Form 8-K for
the three months ended June 30, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE ANDERSONS, INC.
(Registrant)
Date: August 26, 1996 By /s/Richard P. Anderson
Richard P. Anderson
President and Chief Executive
Officer
Date: August 26, 1996 By /s/Richard R. George
Richard R. George
Corporate Controller (Principal Accounting
Officer)
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