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Published: Wednesday, 8/20/2003

Andersons to restate income for five quarters

The Andersons, Inc., of Maumee, said yesterday it plans to restate income for 2002 and the first quarter of this year. Profit for 2002 will increase by $900,000, or 13 cents a share, and profit for the first quarter of 2003 will decrease by $900,000, or 13 cents a share.

The company said the decision to restate its numbers was made after it determined that the earnings reported under a five-year grain marketing agreement do not follow a new accounting directive that became effective for the 2002 calendar year. The company said the move is a timing revision between reporting periods.

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