EX-99

THE ANDERSONS, INC. REPORTS RECORD EARNINGS FOR THE FOURTH CONSECUTIVE YEAR
Grain & Ethanol and Plant Nutrient Businesses Lead Earnings Growth

MAUMEE, OHIO, FEBRUARY 6, 2008—The Andersons, Inc. (Nasdaq: ANDE), today announced that both its full year and fourth quarter results established new records for the company. For the full year, net income was $68.8 million, or $3.75 per diluted share, on $2.4 billion of revenues. In 2006, the company’s full year net income was $36.3 million, or $2.19 per share, and total revenues were $1.5 billion. The fourth quarter net income was $23.5 million, or $1.28 per diluted share, and total revenues were $785 million. In the same three month period of 2006, the company reported net income of $13.8 million, or $0.76 per share, on revenues of $463 million.

The Grain & Ethanol Group’s 2007 operating income of $65.9 million was more than double its previous income record of $28.0 million achieved in 2006. Total revenues were $1.5 billion for the year. This included $407 million of grain and ethanol sales made by the group in accordance with origination and marketing agreements between the company and its ethanol joint ventures, for which it receives a fee. The group’s 2006 revenues were $791 million. Total revenues in the Grain & Ethanol Group have increased for both the quarter and year due to a considerable increase in both the volume and price of grain sold, and due to an increase in the gallons of ethanol sold. Income from the ethanol investments grew significantly during the year because of the three ethanol plants in operation or under development; the Albion, MI plant began production in August 2006, the Clymers, IN plant began production in April 2007 and the third plant in Greenville, OH is scheduled to begin production within the next week. The group’s grain business also benefited from higher space and fee income. Additionally, income from the group’s investment in Lansing Trade Group LLC was more than double the prior year. For the fourth quarter, the Grain & Ethanol Group’s operating income was $30.1 million, in contrast to $12.3 million earned in the same three month period of 2006. Total revenues for the quarter were $548 million, including $144 million of grain and ethanol sales made by the group in accordance with origination and marketing agreements with the ethanol joint ventures, for which only a fee is received. In comparison, the group’s fourth quarter revenues last year were $305 million.

The Rail Group’s operating income for 2007 was $19.5 million, which is the same as 2006. Revenues of $130 million for the year were up from $113 million in the prior year. The group grew the rail fleet by more than 8 percent during 2007, and ended the year with more than 22,700 cars and locomotives. The group’s average lease rates have remained stable. The average utilization rate (the percentage of the fleet’s railcars in service) for 2007 was 92.6%, which was down from the 2006 average of 95.2%; however the year ended with a utilization rate of 93.4%. Including gains from railcar sales and related leases entered into during the year, gross profit in the group’s leasing business was slightly higher than year earlier results. The railcar repair and manufacturing businesses experienced declines in gross profit during the year, but saw some improvement in the fourth quarter. The Rail Group generated $3.8 million in operating income in the fourth quarter of 2007 on $28 million of revenues. In 2006, operating income for the same three month period was $3.4 million and revenues amounted to $24 million.

In 2007, the Plant Nutrient Group exceeded income records ending the year with operating income of $27.1 million on $466 million of revenues. This compares to the prior year operating income of $3.3 million on revenues of $265 million. The 2007 income is more than double the group’s prior record of $10.4 million, established in 2005. Total nutrient volume for the year increased by more than 40 percent; this was influenced by both an approximate 20 percent increase in corn acreage and market share growth. Margin improvement also contributed significantly to the improved bottom line. For the fourth quarter, the group’s operating income was $8.7 million on $140 million of revenues. Last year its operating income was $1.3 million on revenues of $67 million for the same three month period. Sales volume remained high in the fourth quarter as a result of increased wheat acres and stepped up buying in the face of further escalation of nutrient prices and robust demand driven by anticipated strong corn acres in 2008.

The Turf & Specialty Group’s full year operating income was $0.1 million on $104 million of revenues. In 2006, the group had operating income of $3.2 million, and total revenues were $111 million. The 2007 shortfall in the lawn business was attributable to reduced sales of insecticide and fungicide products, and the escalation of raw material costs. The cob business had lower earnings during 2007 mainly due to the need to outsource a portion of the cob from competitors, which resulted in a significantly higher cob cost for the year. The group incurred an operating loss of $0.8 million in the fourth quarter on $19 million of revenues. Last year, its operating income was $0.2 million for the same period, and revenues were $18 million.

Total sales for the Retail Group were $180 million in 2007, or 1.9 percent above the 2006 total of $177 million. Same store sales, however, were down approximately 1 percent. The group reported operating income of $0.1 million in 2007 after recording a $1.9 million impairment charge on certain retail assets. In the prior year, the group earned operating income of $3.2 million. The Retail Group’s fourth quarter operating loss was $0.6 million on $50 million of revenues, which includes the impairment. Last year, operating income was $1.9 million, and total revenues were $49 million in the same three month period.

“To be reporting record breaking results for the fourth consecutive year is truly gratifying. Our Grain & Ethanol and Plant Nutrient groups achieved phenomenal income growth this year, and the Rail Group maintained solid performance despite some tightening in the rail industry,” said President and Chief Executive Officer Mike Anderson. Mr. Anderson added, “To see the results of our strategic growth initiatives is very satisfying. Our investments in the ethanol business and Lansing Trade Group, and continual expansion of the rail business are clearly paying dividends. It was also rewarding to watch the Plant Nutrient Group rebound from the tough market realities of 2006 and end 2007 with record earnings -— what a difference a year can make. My thanks to all our employees whose hard work made our current year performance possible.”

The company will host a webcast on Thursday, February 7, 2008 at 11:00 A.M. ET, to discuss its performance and full year outlook. This can be accessed under the heading “Investor Relations” on its website at www.andersonsinc.com.

The Andersons, Inc. is a diversified company with interests in the grain, ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar leasing and repair, turf products production, and general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company now has operations in eight U.S. states plus rail equipment leasing interests in Canada and Mexico.

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.
Consolidated Statements of Income
(Unaudited)
	Three Months ended				Year ended
	December 31				December 31
(in thousands, except for per share amounts)	2007		2006		2007		2006

Sales and merchandising revenues	$	784,634	$	463,415	$	2,379,059	$	1,458,053
Cost of sales and merchandising revenues		709,957		404,449		2,139,347		1,258,813

Gross profit		74,677		58,966		239,712		199,240

Operating, administrative and general expenses		51,664		41,301		169,753		150,576
Interest expense		5,662		3,786		19,048		16,299
Other income / gains:
Equity in earnings of affiliates		14,689		2,911		31,863		8,190
Other income, net		2,591		2,151		21,731		13,914
Minority interest in net loss / (income) of subsidiary		291		—		1,356		—

Income before income taxes		34,922		18,941		105,861		54,469
Income taxes		11,430		5,163		37,077		18,122

Net income	$	23,492	$	13,778	$	68,784	$	36,347


Per common share:
Basic earnings	$	1.31	$	0.78	$	3.86	$	2.27

Diluted earnings	$	1.28	$	0.76	$	3.75	$	2.19

Dividends paid	$	0.078	$	0.045	$	0.220	$	0.178


Weighted average shares outstanding-basic		17,928		17,611		17,833		16,007

Weighted average shares outstanding-diluted		18,320		18,122		18,326		16,566


The Andersons, Inc.
Consolidated Balance Sheets
(Unaudited)
	December 31		December 31
(in thousands)	2007		2006

Assets
Current assets:
Cash and cash equivalents	$	22,300	$	23,398
Restricted cash		3,726		3,801
Accounts receivable (net)		106,257		87,698
Margin deposits (net)		30,467		15,273
Inventories		502,904		296,457
Commodity derivative assets — current		205,956		85,338
Other current assets		43,281		33,325

Total current assets		914,891		545,290

Investments and other assets		137,518		72,335
Commodity derivative assets		29,458		20,862
Railcar assets leased to others (net)		153,235		145,059
Property, plant and equipment (net)		99,886		95,502
	$	1,334,988	$	879,048


Liabilities and shareholders’ equity
Current liabilities:
Short-term borrowings	$	245,500	$	75,000
Commodity derivative liabilities — current		122,488		43,173
Other current liabilities		369,224		265,040

Total current liabilities		737,212		383,213

Deferred items and other long-term liabilities		49,631		41,267
Commodity derivative liability		2,090		26,531
Long-term debt non-recourse		56,277		71,624
Long-term debt		133,195		86,238
Minority interest		12,219		-
Shareholders’ equity		344,364		270,175
	$	1,334,988	$	879,048


Segment Data

	Grain &				Plant		Turf &
	Ethanol		Rail		Nutrient		Specialty			Retail			Other			Total

Quarter ended December 31, 2007
Revenues from external customers	$	548,222	$	27,681	$	140,258	$	18,921		$	49,552		$	—		$	784,634

Gross Profit		32,399		8,142		15,328		4,747			14,061			—			74,677

Other income / Equity in earnings of affiliates		16,190		273		103		58			373			283			17,280

Operating income (loss)		30,077		3,803		8,692		(785	)		(636	)		(6,229	)		34,922

Quarter ended December 31, 2006
Revenues from external customers	$	305,279	$	23,768	$	67,117	$	17,955		$	49,296		$	—		$	463,415

Gross Profit		25,059		7,736		6,257		5,327			14,587			—			58,966

Other income / Equity in earnings of affiliates		3,799		69		234		28			168			764			5,062

Operating income (loss)		12,302		3,428		1,349		173			1,856			(167	)		18,941

Year ended December 31, 2007
Revenues from external customers	$	1,498,652	$	129,932	$	466,458	$	103,530		$	180,487		$	—		$	2,379,059

Gross Profit		79,367		37,040		50,602		19,738			52,965			—			239,712

Other income / Equity in earnings of affiliates		43,591		1,038		909		438			840			6,778			53,594

Operating income (loss)		65,934		19,505		27,055		95			139			(6,867	)		105,861

Year ended December 31, 2006
Revenues from external customers	$	791,207	$	113,326	$	265,038	$	111,284		$	177,198		$	—		$	1,458,053

Gross Profit		62,809		37,817		24,123		21,728			52,763			—			199,240

Other income / Equity in earnings of affiliates		15,867		511		1,015		1,115			865			2,731			22,104

Operating income (loss)		27,955		19,543		3,287		3,246			3,152			(2,714	)		54,469


FOR IMMEDIATE RELEASE		AT THE COMPANY:
WEDNESDAY, FEBRUARY 6, 2008		Gary Smith (419) 891-6417