NEWS RELEASE

Investor Relations Contact: Date:May 7, 2013

Nick Conrad

Phone: 419-891-6415

E-mail: nick_conrad@andersonsinc.com

THE ANDERSONS, INC. REPORTS FIRST QUARTER RESULTS

First Quarter Earnings of $0.67 per Diluted Share

Rail Group Leads Earning Results

MAUMEE, OHIO, MAY 7, 2013 The Andersons, Inc. (Nasdaq: ANDE) announced first quarter net income attributable to the company of $12.6 million, or $0.67 per diluted share, on revenues of $1.3 billion. In the same three month period of 2012, the company reported results of $18.4 million, or $0.98 per diluted share, on $1.1 billion of revenues.

The Rail Group had record first quarter operating income of $14.6 million on revenues of $46 million. In the same three month period of 2012, the group earned $8.0 million and revenues were $36 million. The group's revenue and income benefited from higher lease rates and increased income from car financings. The group recognized $9.3 million in pre-tax gains on sales of railcars and related leases and non-recourse transactions. In 2012, the company recognized gains of $6.3 million on similar transactions. The average utilization rate for the quarter was 84.6 percent in comparison to 85.7 percent for the same period last year. The rail fleet has increased by more than 500 cars during the past year to 23,508 cars.

The Grain Group reported first quarter operating income of $8.3 million in 2013 in comparison to $19.4 million for the same period of the prior year. The Grain Group had considerably lower space income this quarter as inventories have declined as a result of the 2012 drought and market carry was much lower than the previous year. The group, however, benefited from record earnings from its investment in Lansing Trade Group. First quarter revenues for the Grain Group were $836 million and $700 million for 2013 and 2012, respectively. Revenues increased due to higher grain prices and greater sales volume, which resulted primarily from the addition of the former Green Plains Grain facilities.

The Ethanol Group had operating income of $2.5 million in the first quarter. This compares to $0.1 million earned during the same period of 2012. The higher income is the result of improved ethanol margins and increased co-product income. The sale of co-products such as corn oil, E-85, Distillers Dried Grains and CO2 remains a focus of the group as it contributes to a more consistent income base. Total revenues for the quarter were $199 million. In comparison, the group's revenues for the same period last year were $151 million. The revenue increase is primarily due to the added volume from the Denison, Iowa plant, which was acquired in the second quarter of 2012.

The Plant Nutrient Group had an operating loss of $0.6 million during the first quarter on revenues of $112 million. In the same three month period of 2012, the group reported operating income of $5.8 million and revenues of $175 million. The lower revenue and income were primarily due to weather related delays in fieldwork that led to approximately a one-third decrease in volume; this volume has likely been shifted to the second quarter. Margins from year to year are down slightly due to a very slow start to the season and limited inventory price appreciation.

The Turf & Specialty Group achieved record operating income of $4.0 million on $47 million of revenues during the first quarter. Last year, the group reported $2.2 million of operating income on $45 million of revenues for the period. Margin for the lawn business increased; and the increase more than offsets the decrease in volume from the prior year first quarter. Process improvements made in the lawn business last year are resulting in operational efficiencies.

The Retail Group had an operating loss of $3.2 million during the first quarter, which included $0.8 million of costs associated with the closing of the Woodville, Ohio store. In the prior year, the group's operating loss for the same three month period was $2.7 million. Revenues for the quarter were comparable at $31 million and $30 million in 2013 and 2012, respectively.

“Our Rail Group continues to perform well, as they skillfully manage their railcar portfolio. We are pleased with the continued strong performance of Lansing Trade Group and improved margins in the ethanol business,” CEO Mike Anderson stated.“The 2012 drought, however, continues to impact our profitability. As we have mentioned before, this will continue to impact our grain and ethanol businesses this year. While the Plant Nutrient Group was impacted by adverse weather in the first quarter, they should benefit from an anticipated record corn crop planting in the second quarter, as long as the weather cooperates,” added Mr. Anderson.

The company will host a webcast on Wednesday, May 8, 2013 at 11:00 A.M. ET, to discuss its performance. This can be accessed under the heading “Investor” on its website at www.andersonsinc.com.

The Andersons, Inc. is a diversified company rooted in agriculture. Founded in Maumee, Ohio, in 1947, the company conducts business across North America in the grain, ethanol, and plant nutrient sectors, railcar leasing, turf and cob products, and consumer retailing.

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.

The Andersons, Inc. is located on the Internet at www.andersonsinc.com

FINANCIAL TABLES FOLLOW . . .

The Andersons, Inc.

Condensed Consolidated Statements of Income

(unaudited)

	Three months ended March 31,
(in thousands, except per share data)	2013			2012
Sales and merchandising revenues	$	1,271,970		$	1,137,133
Cost of sales and merchandising revenues	1,192,697			1,051,263
Gross profit	79,273			85,870
Operating, administrative and general expenses	62,008			60,100
Interest expense	6,404			5,330
Other income:
Equity in earnings of affiliates	7,804			4,283
Other income, net	2,726			3,246
Income before income taxes	21,391			27,969
Income tax provision	9,079			10,241
Net income	12,312			17,728
Net loss attributable to the noncontrolling interests	(266		)	(679		)
Net income attributable to The Andersons, Inc.	$	12,578		$	18,407
Per common share:
Basic earnings attributable to The Andersons, Inc. common shareholders	$	0.67		$	0.99
Diluted earnings attributable to The Andersons, Inc. common shareholders	$	0.67		$	0.98
Dividends paid	$	0.16		$	0.15

The Andersons, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands)	March 31, 2013		December 31, 2012		March 31, 2012
Assets
Current assets:
Cash and cash equivalents	$	58,284	$	138,218	$	31,874
Restricted cash	635		398		18,785
Accounts receivable, net	197,842		208,877		204,400
Inventories	753,378		776,677		787,646
Commodity derivative assets - current	158,079		103,105		33,845
Deferred income taxes	15,482		15,862		23,062
Other current assets	63,350		54,016		62,577
Total current assets	1,247,050		1,297,153		1,162,189
Other assets:
Commodity derivative assets - noncurrent	813		1,906		1,189
Other assets, net	104,535		105,129		68,311
Equity method investments	190,377		190,908		190,460
	295,725		297,943		259,960
Railcar assets leased to others, net	244,706		228,330		215,023
Property, plant and equipment, net	364,307		358,878		187,584
Total assets	$	2,151,788	$	2,182,304	$	1,824,756
Liabilities and equity
Current liabilities:
Borrowings under short-term line of credit	$	292,100	$	24,219	$	365,000
Accounts payable for grain	183,997		582,653		115,236
Other accounts payable	182,013		165,201		173,254
Customer prepayments and deferred revenue	160,191		105,410		115,109
Commodity derivative liabilities – current	50,157		33,277		34,113
Accrued expenses and other current liabilities	52,519		66,902		45,994
Current maturities of long-term debt	43,052		15,145		30,342
Total current liabilities	964,029		992,807		879,048
Other long-term liabilities	16,898		18,406		44,950
Commodity derivative liabilities – noncurrent	3,220		1,134		2,352
Employee benefit plan obligations	52,927		53,131		53,080
Long-term debt, less current maturities	412,700		427,243		220,417
Deferred income taxes	77,694		78,138		68,051
Total liabilities	1,527,468		1,570,859		1,267,898
Total equity	624,320		611,445		556,858
Total liabilities and equity	$	2,151,788	$	2,182,304	$	1,824,756

The Andersons, Inc.

Segment Data

	Grain		Ethanol			Plant Nutrient			Rail		Turf & Specialty		Retail			Other			Total
Quarter ended March 31, 2013
Revenues from external customers	$	836,495	$	199,309		$	111,902		$	46,364	$	47,187	$	30,713		$	—		$	1,271,970
Gross profit	24,850		4,805			13,949			18,979		9,018		7,672			—			79,273
Equity in earnings (loss) of affiliates	7,910		(106		)	—			—		—		—			—			7,804
Other income, net	571		231			(25		)	946		275		114			614			2,726
Income (loss) before income taxes	8,299		2,213			(562		)	14,574		4,001		(3,169		)	(3,965		)	21,391
Loss attributable to the noncontrolling interests	—		(266		)	—			—		—		—			—			(266		)
Operating income (loss) (a)	$	8,299	$	2,479		$	(562	)	$	14,574	$	4,001	$	(3,169	)	$	(3,965	)	$	21,657
Quarter ended March 31, 2012
Revenues from external customers	$	699,861	$	150,670		$	175,360		$	35,859	$	45,127	$	30,256		$	—		$	1,137,133
Gross profit	32,601		2,773			21,318			12,565		7,999		8,614			—			85,870
Equity in earnings (loss) of affiliates	5,952		(1,671		)	2			—		—		—			—			4,283
Other income, net	827		16			118			776		201		124			1,184			3,246
Income (loss) before income taxes	19,435		(558		)	5,828			8,018		2,202		(2,749		)	(4,207		)	27,969
Loss attributable to the noncontrolling interests	—		(679		)	—			—		—		—			—			(679		)
Operating income (loss) (a)	$	19,435	$	121		$	5,828		$	8,018	$	2,202	$	(2,749	)	$	(4,207	)	$	28,648

(a) Operating income (loss) for each operating segment 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.