Financial Highlights

(in thousands, except for per share, ratios, and performance data)
 2012   2011 % Change  
Operating Results          
Sales and merchandising revenues $5,272,010   $4,576,331
15.2%
  
Gross profit 358,005   352,852
1.5%
  
Equity in earnings of affiliates 16,487   41,450
(60.2%)
  
Other income, net 14,725   7,922
85.9%
Net income 75,565   96,825
(22.0%)
  
Net income attributable to The Andersons, Inc. 79,480   95,106
(16.4%)
  
           
Financial Position          
Total assets 2,182,304   1,734,123
25.8%
  
Working capital 304,346   312,971
(2.8%)
  
Long-term debt 407,176   238,088
71.0%
  
Long-term debt, non-recourse 20,067   797
2,417.8%
  
Total equity 611,445   538,842
13.5%
  
           
Per Share Data          
Net income—basic 4.27   5.13
(16.8%)
  
Net income—diluted 4.23   5.09
(16.9%)
  
Dividends paid 0.60   0.44
36.4%
  
Year end market value 42.90   43.66
(1.7%)
  
           
Ratios and Other Data          
Pretax return on beginning equity attributable to The Andersons, Inc.
22.9%
  
32.8%
(30.0%)
  
Net income attributable to The Andersons, Inc. return on beginning equity attributable to The Andersons, Inc.
15.2%
  
21.1%
(28.0%)
  
Funded long-term debt to equity
0.7-to-1
  
0.4-to-1
75.0%
  
Weighted average shares outstanding (basic) 18,523   18,457
0.4%
  
Effective tax rate
37.1%
  
34.5%
7.5%