World Grain - June 2014 - 21

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Former president of James Richardson & Sons dies
WINNIPEG, MANITOBA, CANADA - James Richardson &
Sons, Limited announced on May 15 the passing of George Taylor
Richardson in Winnipeg, Manitoba, Canada, on May 14.
Richardson joined James Richardson & Sons, Limited in 1946,
and was assigned to Richardson Terminals in Thunder Bay, Ontario,
Canada, where he had worked the previous two summers. While
at the terminal, he gained valuable experience which would prove
greatly beneficial to him throughout his career.
In 1954, Richardson became vice-president of the firm. In 1966,
he was appointed president of James Richardson & Sons, Limited, a
position he would hold for 27 years. He made an outstanding contribution to the development of the firm during his time in office, most
notably the expansion of Pioneer Grain, the completion of Lombard
Place which includes Richardson Centre and The Fairmont Winnipeg, and the growing of Richardson Securities of Canada into an
international brokerage firm.
During the 1980s and 90s, many of Richardson's greatest contributions involved the securities division of the company. In 1982,

Richardson Securities of Canada merged with Greenshields Inc. to
form Richardson Greenshields of Canada Limited. Greenshields
was a prestigious firm with which the Richardsons already enjoyed
a well-established business relationship. At the time, the combination
produced the largest privately-owned Canadian investment dealer in
terms of national and international presence.
In 1993, he was appointed chairman and managing director of
James Richardson & Sons, Limited. He officially retired from the
firm in 2000, although he remained honorary chairman and director emeritus until his passing. His availability to company personnel
and business associates alike was exhibited by the fact that his office
door was always open and by his unique habit of answering his own
telephone, the company said.
Richardson was born in Winnipeg on Sept. 22, 1924, son of the
late James and Muriel Richardson, brother to Kathleen and to the
late Hon. James A. Richardson and the late Agnes M. Benidickson. He married Tannis Thorlakson, and they had four children
and nine grandchildren.

The Andersons earnings up on ethanol, rail
MAUMEE, OHIO, U.S. - The Andersons, Inc. reported on May 7
first quarter net income attributable to the company of $22.7 million,
or 80¢ per diluted share, on revenues of $1 billion. In the same three
-month period of 2013, the company reported results of $12.6 million, or $0.45 per diluted share, on $1.3 billion of revenues.
The Ethanol Group achieved record operating income of $19.8
million in the first quarter. This compares to $2.5 million earned during the same period of 2013. The higher income is primarily due
to improved performance of the ethanol limited liability company
investments, which benefited from strong ethanol margins.
Ethanol margins during the first quarter were impacted by low
U.S. ethanol stocks, accompanied by improving domestic and export
demand. The Ethanol Group also benefited from improved production rates, ongoing service fees, and increased co-product sales of
corn oil, E-85, and distillers dried grains. Total revenues for the quarter were $189 million. In comparison, the group's revenues for the
same period last year were $199 million.
The Rail Group had record first quarter operating income of

$15 million on revenues of $52 million. In the same three-month
period of 2013, the group earned $14.6 million and revenues were
$46 million.
The Grain Group reported first-quarter operating income of $11.3
million in comparison to $8.3 million for the same period of the prior
year. Included in this year's results is a pre-tax gain of $17.1 million
from the partial sale of its Lansing Trade Group holdings. At the time
of the sale, the group reduced its ownership percentage, on a fully
diluted basis, to approximately 39.2%, whereas previously it held
approximately a 47.5% ownership interest in Lansing.
The Grain Group's earnings from operations were a loss this
quarter due in part to significantly lower space income, which was
the result of less carry in the corn market and significantly reduced
wheat inventory. The group's earnings from its equity investments
were also significantly reduced. First-quarter revenues for the Grain
Group were $583 million and $836 million for 2014 and 2013, respectively. Revenues decreased primarily due to lower grain prices,
which decreased almost 30%.

Bunge reports loss in first quarter
WHITE PLAINS, NEW YORK, U.S. - Bunge reported on May 1
a loss of $27 million, or 18¢ per share, in the first quarter of 2014,
compared to earnings of $170 million, or $1.15 per share, in the same
period a year earlier.
Results in the quarter were impacted by losses in the company's
grain trading and distribution business, and a temporarily depressed
crushing environment in China. Sales were down to $13.5 billion
from $14.8 billion in the same quarter a year ago.
"We continue to target full-year, combined returns in agribusiness
and food & ingredients at 1.5 points above cost of capital. Our global
operational improvement programs and working capital management initiatives are progressing well," said Soren Schroder, Bunge's
chief executive officer. "The Bunge team is focused on delivering
strong, long-term shareholder value through improved operational
performance in our core businesses, disciplined capital management,
and a balanced approach to capital allocation.
www.World-Grain.com / World Grain / June 2014

"We are actively pursuing strategic alternatives for the Brazilian
sugarcane business with the goal of maximizing value for shareholders. We are also continuing with cost and productivity improvements
at our mills, which will become evident through the crushing season."
Results in the quarter for edible oil products reflect normal seasonal weakness and were lower than last year. Improved performances
in the U.S., Europe and Asia businesses were more than offset by
lower results in Brazil and Canada.
Higher margins in the company's Brazilian wheat milling business
were driven by continued focus on extracting higher value through improved product and channel mix and tight cost control. These gains in
milling products more than offset lower volumes of lower margin sales.
Wheat milling results in Mexico benefited from the new Altex acquisition, which performed to plan in the quarter. Results in rice milling were
comparable to last year. Results in our U.S. corn milling were lower than
last year primarily due to lower margins and higher energy costs.
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World Grain - June 2014

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