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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K

ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

(Mark One):
[X]		Annual Report Pursuant To Section 15(d) Of The Securities Exchange Act Of 1934 for the fiscal year ended December 31, 2001
		or
[   ]		Transition Report Pursuant To Section 15(d) Of The Securities Exchange Act Of 1934 for the transition period from                 to

Commission file number 0-20557

A		Full title of the plan and the address of the plan, if different from that of the issuer named below: The Andersons, Inc. Retirement Savings Investment Plan.
B		Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: The Andersons, Inc., 480 West Dussel Drive, Maumee, Ohio 43537.

 

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Independent Auditor’s Report
Statement of Net Assets Available for Plan Benefits
Statement of Changes in Net Assets Available for Plan Benefits
Notes to Financial Statements
Schedule of Assets Held for Investment Purposes
SIGNATURES
Exhibit 23 Consent

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[PLANTE MORAN LOGO]		Plante & Moran, LLP 3434 Granite Circle P.O. Box 353090 Toledo, OH 43635-3090 Tel: 419.843.600 Fax: 419.843.6099 www.plantemoran.com

Independent Auditor’s Report

To the Pension Committee
The Andersons, Inc. Retirement Savings Investment Plan

We have audited the accompanying statement of net assets available for plan benefits of The Andersons, Inc. Retirement Savings Investment Plan as of December 31, 2001 and 2000, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2001 and 2000, and the changes in net assets available for plan benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held for investment purposes is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to those basic financial statements taken as a whole.

/s/ Plante & Moran, LLP

June 3, 2002

 

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				December 31
				2001				2000
Assets
Participant-directed investments (Note 4):
	Mutual funds:
		Spartan U.S. Equity Index Fund		$	18,959,068			$	23,064,977
		Fidelity Magellan Fund			19,358,055				22,492,179
		Fidelity Growth and Income Portfolio			11,267,264				12,590,527
		Fidelity U.S. Bond Index Fund			12,233,625				10,451,326
		Fidelity Money Market Trust, Retirement Government Money Market Portfolio			9,670,367				7,757,639
		Janus Worldwide Fund			5,613,145				8,140,236
		Dresdner RCM Global Technology Fund Class I			1,863,634				2,053,006
		Fidelity Low-priced Stock Fund			3,526,167				1,371,161
		Dreyfus Founders Discovery Fund			701,279				174,492
		Fidelity Contrafund			2,907,317				3,147,221
		Janus Enterprise Fund			3,649,964				7,409,595
		Fidelity Freedom Funds			110,792				219,021
		Fidelity Freedom 2000 Fund			461,900				147,102
		Fidelity Freedom 2010 Fund			2,332,905				2,380,698
		Fidelity Freedom 2020 Fund			398,157				658,820
		Fidelity Freedom 2030 Fund			363,330				452,071
		Fidelity Freedom 2040 Fund			825				—
	Common shares of The Andersons, Inc.				912,232				898,160
	Loans receivable from plan participants				2,284,372				2,645,812
Net Assets Available for Plan Benefits				$	96,614,398			$	106,054,043

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					Year Ended December 31
					2001				2000
Additions
	Contributions:
		Participants			$	3,766,243			$	3,684,500
		Employer				1,364,093				1,327,806
		Transfers from other qualified plans				835,933				1,200,319
			Total contributions			5,966,269				6,212,625
	Investment income:
		Interest and dividends				2,914,416				5,999,577
		Net depreciation in fair value of investments during the year (Note 4)				(12,760,496	)			(15,805,814	)
			Total additions, net of depreciation in fair value of investments			(3,879,811	)			(3,593,612	)
Deductions
	Withdrawals by active and terminated participants					5,026,867				7,689,461
	Investment fees					532,967				532,543
			Total deductions			5,559,834				8,222,004
Net Decrease						(9,439,645	)			(11,815,616	)
Net Assets Available for Benefits - Beginning of year						106,054,043				117,869,659
Net Assets Available for Benefits - End of year					$	96,614,398			$	106,054,043

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Note 1 — Significant Accounting Policies

	The accounting records of The Andersons, Inc. Retirement Savings Investment Plan (the “Plan”) are maintained on the accrual basis by The Andersons, Inc. (Plan Sponsor). Plan assets are maintained by Fidelity Management Trust Company (“Trustee”) and monitored by the Pension Committee established by the Plan sponsor.
	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.
	Unpaid withdrawals due to terminated participants have not been deducted in determining assets available for benefits for financial reporting purposes, but have been deducted from total assets in the Plan’s annual return on Form 5500. These amounts totaled $685,574 and $612,118 at December 31, 2001 and 2000, respectively. As a result, withdrawals for financial reporting purposes were $73,456 and $433,567 higher for 2001 and 2000, respectively, than the amounts reported on Form 5500.
	Investments are stated at fair value. The fair values of the Plan’s investments in mutual funds are based on net asset values on the last business day of the Plan year. The fair value of the Plan’s investments in The Andersons, Inc. common stock is based on NASDAQ closing market prices on the last business day of each Plan year. Changes in the fair value of investments is included in net realized and unrealized appreciation or depreciation in the aggregate fair value of investments presented in the statement of changes in net assets available for plan benefits.

Note 2 — Description of the Plan

The Plan is a defined contribution plan that covers substantially all employees of The Andersons, Inc., its wholly owned subsidiary, The Andersons Mower Center, Inc., and The Andersons Tireman (through September, 2000), an unrelated employer (collectively, the Plan Sponsor). The Plan provides for retirement, disability, and death benefit for participants who meet certain eligibility requirements, including one year of service and attaining age 21. Effective July 1, 2000, full-time employees are eligible to begin deferring money into the Plan immediately upon being hired. Employer matching contributions continue to be made only after a participant has one year of service.

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Note 2 — Description of the Plan (Continued)

	Employee contributions may be made by salary reduction from one percent to 15 percent of annual compensation (in .50 percent increments) for each pay period of eligible participation in the Plan up to the maximum annual contribution allowed by law. Effective August 1, 2000, the employee contribution limit was increased to a maximum of 20 percent of annual compensation. Employer contributions are made at the rate of 50 percent of employee contributions, with a maximum contribution of 3 percent of annual compensation. Participants vest ratably over five years in the employer’s matching contributions. Participants are fully vested in their contributions to the Plan.
	The Plan may accept rollover contributions from IRA or from other qualified defined benefit or contribution plans of The Andersons, Inc. or participants’ former employers.
	Forfeited balances of terminated accounts are used to reduce future employer contributions. The balance of forfeited nonvested accounts was not material in 2001 or 2000. The Plan Sponsor may make supplemental contributions to the Plan at its sole discretion.
	Each participant directs Fidelity Management Trust Company to invest any or all of his or her account in one or more of the following mutual fund investments:

•		Spartan U.S. Equity Index Fund invests primarily in the common stocks of the 500 companies that make up the Standard & Poor’s 500 Index
•		Fidelity Magellan Fund seeks long-term capital appreciation through investment in common stocks and convertible securities issued by domestic or foreign companies
•		Fidelity Growth and Income Portfolio invests primarily in common and preferred stocks, convertible securities and fixed-income securities of foreign or domestic companies that offer long-term growth while providing current income
•		Fidelity U.S. Bond Index Fund invests in U.S. Government and Agency obligations, corporate obligations, mortgaged-backed obligations and U.S. dollar-denominated obligations of foreign governments

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Note 2 — Description of the Plan (Continued)

•		Fidelity Money Market Trust, Retirement Government Money Market Portfolio invests in obligations issued or guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities
•		Janus Worldwide Fund invests primarily in common stocks of foreign and domestic companies on a worldwide basis, whose size, share price and return will vary
•		Dresdner RCM Global Technology Fund Class I invests primarily in assets of global technology companies, whose size, share price and return will vary
•		Fidelity Low-Priced Stock Fund invests in stocks of undervalued or small companies that offer the possibility for significant growth
•		Dreyfus Founders Discovery Fund invests in small, relatively unknown companies with high growth potential
•		Fidelity Contrafund invests in undervalued common stocks of smaller, less well-known companies with the potential for significant growth
•		Janus Enterprise Fund invests primarily in common stocks, it usually invests at least 50 percent of its equity assets in securities of medium-sized companies whose share price and return will vary
•		Fidelity Freedom Fund invests in a combination of stocks, bonds and money market mutual funds with an allocation strategy tied to the target retirement date based on the number of years until the fund’s target retirement date
•		Common shares of The Andersons, Inc. consists of common stock issued by The Andersons, Inc. with performance directly tied to the performance of the Company

	No assets of any individually directed account may be used for the benefit of any other account or participant.
	The Plan Sponsor has the right under the Plan to terminate the Plan and the trust at any time. In the event of termination, participants become fully vested in their individual accounts.

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Note 2 — Description of the Plan (Continued)

	Additional information about the Plan agreement and limitations on contributions is available from the Human Resources Department of the Plan sponsor or from designated individuals at the participating employers.
	Participants may borrow up to 50 percent of their vested account balances. The minimum loan amount is $1,000 and the maximum is $50,000. Each participant may only have one loan outstanding and each loan bears interest at a fixed rate equal to the prime rate at the end of the quarter previous to initiation of the loan plus one percent.
	The Plan sponsor pays substantially all costs of administering the Plan, including trustee fees. The Plan pays investment fees.

Note 3 — Benefits

	A participant is entitled to a benefit representing his or her salary reduction contributions, the vested amount of employer contributions and allocated income thereon (including realized and unrealized gains and losses). Upon termination of employment due to retirement, permanent disability, or death, a participant or his beneficiary is entitled to receive distribution of the vested account balance, in a lump sum or in monthly installments.
	Withdrawals of employer and employee salary reduction contributions, and related income thereon, during the participant’s employment are prohibited unless the participant can show immediate and extreme financial hardship, as determined by the Pension Committee.

Note 4 — Investments

	The Plan’s investments at December 31, 2001 and 2000 are held by the Trustee. The Plan’s investments (including investments bought, sold, as well as held during the year) appreciated (depreciated) in fair value as follows:

			Year Ended December 31
			2001				2000
Net depreciation in fair value
Mutual funds			$	(12,893,179	)		$	(15,851,942	)
The Andersons, Inc. common shares				132,683				46,128
	Total		$	(12,760,496	)		$	(15,805,814	)

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Note 5 — Transactions with Parties-in-Interest

	Fees paid by the Plan sponsor to parties-in-interest for legal, accounting and other services rendered to the Plan are based on customary and reasonable rates for such services.

Note 6 — Income Tax Status

The Internal Revenue Service ruled on August 29, 1996 and October 1, 1996 that the Plan for The Andersons, Inc. and The Andersons Tireman, a participating employer, respectively, qualifies under Section 401(a) of the Internal Revenue Code (the “Code”) and that the trust, therefore, is exempt from taxation. The Plan is required to operate in conformity with the Code and ERISA to maintain its tax-exempt status. The Plan’s administrator is not aware of any course of action or events that have occurred that might adversely affect the Plan’s qualified status.

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						Fair
Issuer		Identity of Issue		Cost		Value
Fidelity Investments		Spartan U.S. Equity Index Fund – Mutual fund		*		$	18,959,068
Fidelity Investments		Fidelity Magellan Fund – Mutual fund		*			19,358,055
Fidelity Investments		Fidelity Growth and Income Portfolio - Mutual fund		*			11,267,264
Fidelity Investments		Fidelity U.S. Bond Index Fund – Mutual fund		*			12,233,625
Fidelity Investments		Fidelity Money Market Trust, Retirement Government Money Market Portfolio - Mutual fund		*			9,670,367
Fidelity Investments		Janus Worldwide Fund – Mutual fund		*			5,613,145
Fidelity Investments		Dresdner RCM Global Technology Fund Class I - Mutual fund		*			1,863,634
Fidelity Investments		Fidelity Low-Priced Stock Fund – Mutual fund		*			3,526,167
Fidelity Investments		Dreyfus Founders Discovery Fund – Mutual fund		*			701,279
Fidelity Investments		Fidelity Contrafund – Mutual fund		*			2,907,317
Fidelity Investments		Janus Enterprise Fund – Mutual fund		*			3,649,964
Fidelity Investments		Fidelity Freedom Income Fund – Mutual fund		*			110,792
Fidelity Investments		Fidelity Freedom 2000 Fund – Mutual fund		*			461,900
Fidelity Investments		Fidelity Freedom 2010 Fund – Mutual fund		*			2,332,905
Fidelity Investments		Fidelity Freedom 2020 Fund – Mutual fund		*			398,157
Fidelity Investments		Fidelity Freedom 2030 Fund – Mutual fund		*			363,330
Fidelity Investments		Fidelity Freedom 2040 Fund – Mutual fund		*			825
The Andersons, Inc.		The Andersons, Inc. common shares		*			912,232
Participants		Participant loans with interest ranging from 6 percent to 10.5 percent		-			2,284,372
						$	96,614,398

*     Cost information not required

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SIGNATURES

Pursuant to the requirements of the Securities Exchange act of 1934, the Plan Administrator has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.

				The Andersons, Inc. Retirement Savings Investment Plan
				(Name of Plan)
Date:		June 26, 2002		By: The Andersons, Inc. By /s/Michael J. Anderson Michael J. Anderson President and Chief Executive Officer
Date:		June 26, 2002		By /s/Richard R. George Richard R. George Vice President, Controller and CIO (Principal Accounting Officer)