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It also includes financial information of which as of the date of this call the company’s independent auditors have not completed their review, although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are useful, they can give no assurance that these assumptions will prove to be.On the call with me today are Mike Anderson, Chairman and Chief Executive Officer, Harold Reed, Chief Operating Officer and John Granato, Chief Financial Officer. Mike, Hal, John and myself will answer the questions at the end of the prepared remarks. And I’ll now turn the floor over to Mike Anderson, CEO for opening comment. Mike Anderson Thank you, Nick. The company had a strong quarter and I’m proud of that the Rail Group had record quarterly earnings for the second quarter in a row it’s gratifying to see this group produce these results nor that the rail industry is improved. Plant Nutrient Group had a very strong quarter due to increased volume and margins that were higher than anticipated. Grain Group also did well including record earnings from our investment in Lansing Trade Group. Company paid at 63 consecutive quarterly dividend on July 23 of $0.15 per share. During the first quarter conference call I indicated a very promising outlook for the year due to the early in record corn plantings that are taken place. However, the drought the country is experiencing will have a significant impact on the Grain & Ethanol business. I’ll provide an updated outlook in my concluding remarks. Company is continued to expand the capacity of its core assets over the last five years. The geographic diversification in the Florida, Wisconsin, Nebraska, and I will provide just with many benefits. One of these benefits is that our territory is more diverse, so the possibility that the localized drought would severely impact all the crops in the areas in which we do business is greatly reduced.
In the macro sense the growth in the world’s population coupled with an improvement and I continues to create good long-term demand for the grains we handle and in turn a nutrients and other inputs we sell and the transportation we provide, our diversified locations in growing capacities position us well to meet the future demand. I’d like to specifically highlight some accomplishments in 2012 that demonstrate the company’s continued commitment to grow.In January the Plant Nutrient Group acquired New Eezy Gro an Ohio based, this group also completed a major capital build this year at its Maumee, Ohio location and improved both its formulation capability and efficiency. The grain – million bushel elevator unit train capable facility in Nebraska and that is expected to open in September. In May, the new ethanol investment affiliate, the Andersons Ethanol LLC acquired an existing 55 million gallon ethanol plant in Iowa that also included a 2.7 million bushel grain elevator. The Rail Group expanded its fleet in its rail repair business by adding two satellite locations in Ohio and North Carolina. Additional expansion and acquisition opportunities for 2012 are being explored. I will now turn this over to John, our CFO, who will provide details of the total company results. John Granato Thanks, Mike and good morning everyone. The Company generated net income of $29.2 million in the second quarter or $1.56 per diluted share on revenues of $1.3 billion. In 2012 record net income of $45.2 million was reported or $2.42 per diluted share on similar revenues. For the first six months, total net income stands at $47.6 million or $2.54 per diluted share. In 2011, first half net income was $62.5 million or $3.34 per diluted share. Total revenues of $2.5 billion for the first half of the year or $113 million higher than the prior year. Earnings before interest, taxes, depreciation and amortization EBITDA for this quarter were $63.9 million, after adjustments for non-controlling interest which was down $24.9 million from the same period in 2011. The second quarter’s pre-tax earnings included $5.1 million in equity and earnings in affiliate a decrease of $7.4 million from the same period last year. Read the rest of this transcript for free on seekingalpha.com