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DECATUR, Ill., April 29 /PRNewswire-FirstCall/ —
— Net earnings for the quarter ended March 31, 2008 increased 42% to
$517 million — $.80 per share from $363 million — $.56 per
share last year.

“ADM’s third-quarter performance demonstrates the ability of our balanced
operations, global network and solid balance sheet to deliver strong
results amid fluid markets,” said Patricia Woertz, Chairman and CEO.
“Volatility in commodity markets presented unprecedented opportunities.
Once again, our team leveraged our financial flexibility and global asset
base to capture those opportunities to deliver shareholder value.”

— Financial Highlights
(Amounts in millions, except per share data and percentages)

Three Months Ended Nine Months Ended
March 31 March 31
2008 2007 %Change 2008 2007 %Change
Net sales and other
operating income $18,708 $11,381 64% $48,032 $31,804 51%
Segment operating profit $913 $593 54% $2,665 $2,008 33%
Net earnings $517 $363 42% $1,430 $1,207 18%
Diluted earnings per share $.80 $.56 43% $2.21 $1.83 21%
Average number of shares
outstanding 647 653 (1)% 646 658 (2)%

— Net sales and other operating income increased 64% to $18.7 billion
for the quarter ended March 31, 2008.
— Selling prices increased due principally to sharp rises in commodity
prices.

— Third quarter segment operating profit increased 54% to $913 million
from $593 million last year.
— Oilseeds Processing operating profit increased as global demand for
protein and oil improved.
— Corn Processing operating profit decreased due principally to higher
net corn costs.
— Agricultural Services operating profit increased as highly volatile
market conditions provided exceptional merchandising opportunities.
— Other segment operating profit increased due to improved margins and
increased financial services income.

Discussion of Operations

Net sales and other operating income increased 64% to $18.7 billion for the quarter and 51% or $16.2 billion for the nine months. Increased selling prices resulting primarily from sharp rises in commodity prices accounted for approximately 85% of the increase while higher sales volumes, principally vegetable oil and meal, feed grains and wheat, accounted for the remaining 15% increase.
A summary of segment operating profit and net earnings is as follows:

Three months ended Nine months ended
March 31 March 31
2008 2007 Change 2008 2007 Change
(in millions)
Oilseeds Processing $237 $185 $52 $666 $547 $119
Corn Processing 172 251 (79) 699 876 (177)
Agricultural Services 366 46 320 910 292 618
Other 138 111 27 390 293 97
Segment operating profit 913 593 320 2,665 2,008 657
Corporate (158) (37) (121) (579) (248) (331)
Earnings before income
taxes 755 556 199 2,086 1,760 326
Income taxes (238) (193) (45) (656) (553) (103)
Net earnings $517 $363 $154 $1,430 $1,207 $223

Net earnings increased $154 million for the quarter and $223 million for the nine months due principally to increased segment operating profit of $320 million for the quarter and $657 million for the nine months partially offset by increased corporate expenses for LIFO inventory valuations and minority interest elimination for both the quarter and nine months. Income taxes increased $45 million for the quarter and $103 million for the nine months due principally to increased pretax earnings for both the quarter and nine months partially offset by a lower effective tax rate for the quarter due to changes in the geographic mix of earnings.
Oilseeds Processing Operating Profit

Three months ended Nine months ended
March 31 March 31
2008 2007 Change 2008 2007 Change
(in millions)
Crushing and origination $179 $101 $78 $451 $334 $117
Refining, packaging, biodiesel
and other 39 55 (16) 148 157 (9)
Asia 19 29 (10) 67 56 11
Total Oilseeds Processing $237 $185 $52 $666 $547 $119

Oilseeds Processing operating profit increased $52 million for the quarter and $119 million for the nine months due principally to continuing strong global demand for protein meal and vegetable oil. Crushing and origination results increased $78 million for the quarter and $117 million for the nine months due to improved processing margins in North and South America and increased worldwide crushing volumes. Refining, packaging, biodiesel and other results decreased $16 million for the quarter and $9 million for the nine months due principally to weaker biodiesel margins in Europe. Last year’s quarter and nine month results for refining, packaging, biodiesel and other include a $14 million gain from business disposals.
Corn Processing Operating Profit

Three months ended Nine months ended
March 31 March 31
2008 2007 Change 2008 2007 Change
(in millions)
Sweeteners and starches $98 $132 $(34) $409 $403 $6
Bioproducts 74 119 (45) 290 473 (183)
Total Corn Processing $172 $251 $(79) $699 $876 $(177)

Corn Processing operating profit decreased $79 million for the quarter and $177 million for the nine months due primarily to increased net corn and manufacturing costs, principally energy. Partially offsetting these higher costs, sweeteners and starches selling prices increased for the quarter and nine months and sales quantities of ethanol increased for the quarter and nine months. Increases in sales prices and volumes for the quarter and nine months of lysine also favorably impacted bioproducts earnings.
Agricultural Services Operating Profit

Three months ended Nine months ended
March 31 March 31
2008 2007 Change 2008 2007 Change
(in millions)
Merchandising and handling $341 $21 $320 $784 $150 $634
Transportation 25 25 - 126 142 (16)
Total Agricultural
Services $366 $46 $320 $910 $292 $618

Agricultural Services results increased $320 million for the quarter and $618 million for the nine months to record levels due principally to continuing enhanced merchandising and handling margins caused by the highly volatile global grain markets and favorable risk management results. Transportation results decreased $16 million for the nine months due to higher operating costs, principally fuel.
Other Operating Profit

Three months ended Nine months ended
March 31 March 31
2008 2007 Change 2008 2007 Change
(in millions)
Wheat, cocoa and malt $90 $82 $8 $205 $175 $30
Financial 48 29 19 185 $118 67
Total Other $138 $111 $27 $390 $293 $97

Other operating profit increased $27 million for the quarter and $97 million for the nine months. Wheat, cocoa and malt operations improved $8 million for the quarter and $30 million for the nine months due principally to favorable risk management results in wheat and malt partially offset by decreased cocoa processing margins. Last year’s quarter and nine month wheat, cocoa and malt results include a $39 million gain from business disposals. Financial earnings improved $19 million for the quarter and $67 million for the nine months principally due to higher brokerage services income, decreased insurance loss provisions, marketable securities gains and improved earnings from managed fund investments.
Corporate Results

Three months ended Nine months ended
March 31 March 31
2008 2007 Change 2008 2007 Change
(in millions)
LIFO (charge) $(64) $(23) $(41) $(371) $(146) $(225)
Investment income 7 22 (15) 88 52 36
Gain on security transactions 1 9 (8) 3 11 (8)
Corporate costs (59) (51) (8) (209) (169) (40)
Other (43) 6 (49) (90) 4 (94)
Total Corporate $(158) $(37) $(121) $(579) $(248) $(331)

Conference Call Information

Archer Daniels Midland Company will host a conference call and audio Web cast at 8:00 a.m. Central Time on Tuesday, April 29, 2008 to discuss financial results and provide a Company update. In addition, a financial summary slide presentation will be available to download approximately 60 minutes prior to the start of the call. To listen to the call via the Internet or to download the slide presentation, go to . To listen by phone, dial 800-322-5044 or 617-614-4927; the access code is 75451708. Replay of the call will be available beginning on April 29, 2008, at 10:00 a.m. Central Time and ending May 6, 2008. To listen to the replay by telephone, dial 888-286-8010 or 617-801-6888; the access code is: 61412554. To listen to the replay online, visit .
Archer Daniels Midland Company is the world leader in BioEnergy and has a premier position in the agricultural processing value chain. ADM is one of the world’s largest processors of soybeans, corn, wheat and cocoa. ADM is a leading manufacturer of biodiesel, ethanol, soybean oil and meal, corn sweeteners, flour and other value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 27,000 employees, more than 240 processing plants and net sales for the fiscal year ended June 30, 2007 of $44 billion. Additional information can be found on ADM’s Web site at .
(Financial Tables Follow)
April 29, 2008

Archer Daniels Midland Company
Consolidated Statements of Earnings
(unaudited)

Three months ended Nine months ended
March 31 March 31
2008 2007 2008 2007
(in millions, except per share amounts)
Net sales and other operating
income $18,708 $11,381 $48,032 $31,804
Cost of products sold 17,551 10,635 44,997 29,285
Gross profit 1,157 746 3,035 2,519

Selling, general and
administrative expenses 378 294 1,071 902
Other (income) expense - net* 24 (104) (122) (143)
Earnings before income taxes 755 556 2,086 1,760

Income taxes 238 193 656 553
Net earnings $517 $363 $1,430 $1,207

Diluted earnings per common
share $.80 $.56 $2.21 $1.83

Average number of shares
outstanding 647 653 646 658

*Other (income) expense - net
Interest expense $136 $115 $338 $324
Investment income (70) (66) (202) (192)
Net gain on marketable securities
transactions (9) (13) (37) (24)
Equity in earnings of
unconsolidated affiliates (78) (85) (288) (208)
Other - net 45 (55) 67 (43)
$24 $(104) $(122) $(143)

April 29, 2008

Archer Daniels Midland Company
Segment Operating Analysis
(unaudited)

Three months ended Nine months ended
March 31 March 31
2008 2007 2008 2007
(in millions)
Net sales and other operating income

Oilseeds Processing $5,721 $3,231 $15,587 $9,831
Corn Processing 1,808 1,488 5,012 4,253
Agricultural Services 9,777 5,694 23,551 14,874
Other 1,402 968 3,882 2,846
Total net sales and other
operating income $18,708 $11,381 $48,032 $31,804

Three months ended Nine months ended
March 31 March 31
2008 2007 2008 2007
(in millions)
Segment operating profit
Oilseeds Processing (1) (2) $237 $185 $666 $547
Corn Processing 172 251 699 876
Agricultural Services 366 46 910 292
Other (2) 138 111 390 293
Total segment operating profit $913 $593 $2,665 $2,008

Three months ended Nine months ended
March 31 March 31
2008 2007 2008 2007
(in 000s metric tons)
Processing volumes
Oilseeds Processing 7,615 6,902 22,283 21,304
Corn Processing 4,329 4,443 13,272 13,548
Wheat, cocoa and malt 1,985 1,966 6,240 6,133
Total processing volumes 13,929 13,311 41,795 40,985

(1) Includes charges for abandonments and write down of long-lived assets
of $18 million for the nine months ended March 31, 2008. Includes
charges for abandonments of $2 million for the nine months ended
March 31, 2007. There were no charges for abandonments and write
downs of long-lived assets for the quarters ended March 31, 2008 and
March 31, 2007.
(2) Includes a $14 million gain from a business disposal in Oilseeds for
the quarter and nine months ended March 31, 2007. Includes a $39
million gain from a business disposal in Other for the quarter and
nine months ended March 31, 2007.

April 29, 2008

Archer Daniels Midland Company
Summary of Financial Condition
(unaudited)

March 31 June 30
2008 2007
(in millions)
NET INVESTMENT IN
Working capital $14,314 $7,787
Property, plant, and equipment 6,860 6,010
Investments in and advances to affiliates 2,877 2,498
Long-term marketable securities 653 657
Other non-current assets 894 831
$25,598 $17,783

FINANCED BY
Short-term debt $4,916 $468
Long-term debt, including current maturities 6,080 4,817
Deferred liabilities 1,440 1,245
Shareholders’ equity 13,162 11,253
$25,598 $17,783

SUMMARY OF CASH FLOWS
(unaudited)

March 31
2008 2007
(in millions)
Operating Activities
Net earnings $1,430 $1,207
Depreciation and asset abandonments 562 521
Other - net 218 4
Changes in operating assets and liabilities (5,377) (1,766)
Total Operating Activities (3,167) (34)
Investing Activities
Purchases of property, plant and equipment (1,312) (844)
Net assets of businesses acquired (10) (92)
Other investing activities (306) (14)
Total Investing Activities (1,628) (950)
Financing Activities
Long-term debt borrowings 1,308 1,166
Long-term debt payments (58) (131)
Net borrowings under lines of credit 4,362 570
Purchases of treasury stock (61) (533)
Purchase of convertible note hedge - (299)
Sale of stock warrants - 170
Cash dividends (232) (207)
Proceeds from exercises of stock options 19 32
Total Financing Activities 5,338 768
Increase (decrease) in cash and cash equivalents 543 (216)
Cash and cash equivalents - beginning of period 663 1,113
Cash and cash equivalents - end of period $1,206 $897

Archer Daniels Midland Company

VANCOUVER, April 29 /PRNewswire-FirstCall/ — Ritchie Bros. Auctioneers Incorporated (NYSE: RBA; TSX: RBA) announces that it achieved net earnings of $16.4 million, or $0.16 per diluted weighted average share, for the first quarter of 2008, compared to net earnings of $17.6 million, or $0.17 per diluted weighted average share, for the first quarter of 2007. All dollar amounts are presented in United States dollars and, except as noted otherwise, all share and per share amounts reflect the three-for-one split of the Company’s common shares that occurred at the close of business on April 24, 2008.
Gross auction proceeds for the three months ended March 31, 2008 were $782 million, 12% higher than gross auction proceeds for the first quarter of 2007. Auction revenues increased 19% to $81.4 million for the quarter ended March 31, 2008 compared to the first quarter of 2007, and the Company’s auction revenue rate (auction revenues as a percentage of gross auction proceeds) was 10.41% in 2008. Ongoing investments in the Company’s growth initiatives resulted in increased operating expenses during the first quarter of 2008, which led to a decrease in net earnings for the first quarter of 2008 compared to net earnings in the first quarter of 2007.
Ritchie Bros. conducted 32 unreserved industrial auctions and five unreserved agricultural auctions in nine countries throughout North America, Europe, the Middle East, and Australia during the quarter ended March 31, 2008. The Company set three regional gross auction proceeds records during the quarter, including the largest auction in the Company’s history, held in February 2008 at the Company’s permanent auction site in Orlando, Florida with gross auction proceeds of $190 million.
The Company had almost 60,000 bidder registrations at its unreserved industrial auctions in the first quarter of 2008, of which approximately 16,000 were successful buyers. In the first quarter of 2007, the Company had more than 55,000 bidder registrations, of which approximately 16,000 were buyers.
Ritchie Bros. worked with a large number of truck, equipment and other asset sellers in the first quarter of 2008, selling almost 49,000 lots from over 7,000 consignments. In the first quarter of 2007, Ritchie Bros. sold approximately 55,000 lots from over 6,000 consignments.
Although the Company’s auctions varied greatly in size over the 12 months ended March 31, 2008, the average Ritchie Bros. industrial auction attracted over 1,400 bidders who competed for more than 1,400 lots consigned by 194 consignors, generating average gross auction proceeds per industrial auction of $17.2 million (12 months ended March 31, 2007 - $15.3 million).
Almost $140 million worth of trucks, equipment, and real estate were sold using the Company’s rbauctionBid-Live internet bidding service during the first quarter of 2008. This is an increase of 15% over the online gross auction proceeds during the first quarter of 2007. More than 77,000 customers from 170 countries have now registered and received approval to use rbauctionBid-Live. Internet bidders represented approximately 28% of the total registered bidders at Ritchie Bros. industrial auctions for the three month period ended March 31, 2008, and they were the buyer or runner up bidder on 30% of the lots offered online at these auctions. The Company has now sold almost $1.9 billion of industrial and agricultural assets over the internet.
Peter Blake, the Company’s CEO, commented: “We are very pleased with the gross auction proceeds and auction revenue growth we accomplished during the first quarter. We continued to take steps to position our business for sustainable long-term earnings growth by hiring more great people, expanding our international network of auction sites and investing in process improvement initiatives, and this resulted in higher operating expenses in the first quarter of 2008. Our quarterly earnings have always been variable, which is why we believe it is important to focus on our annual results.”
Mr. Blake continued: “We still believe we are on track to deliver our planned 2008 earnings growth, which will continue to reflect results of our strategic efforts to grow our global business. We incurred higher personnel and other costs in the first quarter as part of our longer-term objective to grow our auction proceeds from $3 billion to $10 billion and beyond. As part of that objective, we continue to deliver unsurpassed value to our customers in the U.S. and other markets, particularly during these more challenging times. Our platform is more global now than it has ever been, in large part because of our ongoing investments in frontier markets, such as India, China and Eastern Europe. We believe these investments allow us to provide tremendous value for our customers and support our worldwide growth initiative.”
The Company’s Board of Directors announces the appointment of James M. Micali as a director of the Company effective April 25, 2008. Mr. Micali is currently Chairman and President of Michelin North America, with responsibility for Michelin’s operations in North America. Mr. Micali has been with Michelin since 1977 and brings a wealth of experience managing major business functions, including strategic planning, sales and marketing, customer service, mergers and acquisitions, finance, legal, information systems, human resources and external relations. Mr. Micali is also a director of Sonoco and SCANA Corporation . Mr. Micali obtained his legal education from Boston College Law School and was admitted to the bars of Rhode Island and Massachusetts.
Mr. Blake added: “We are thrilled to have someone of Jim’s caliber join our board - he brings a tremendous range of skills and experience that will be invaluable as we continue to pursue our growth objectives.”
Coincident with the appointment of Mr. Micali, the Company’s Board of Directors increased the total number of directors of the Company from six to seven.
In addition, effective April 25, 2008, Robert S. Armstrong, formerly Chief Operating Officer and Chief Financial Officer, was appointed Chief Operating Officer of the Company and Robert A. McLeod, formerly Director, Global Accounting, was appointed Chief Financial Officer.
The Company’s Board of Directors also announces the declaration of a quarterly cash dividend of $0.08 per common share payable on June 13, 2008 to shareholders of record on May 23, 2008.
Gross auction proceeds represent the total proceeds from all items sold at Ritchie Bros. auctions. The Company’s definition of gross auction proceeds may differ from those used by other participants in its industry. Gross auction proceeds is an important measure the Company uses in comparing and assessing its operating performance. It is not a measure of the Company’s financial performance, liquidity or revenue and is not presented in its consolidated financial statements. The Company believes that auction revenues, which is the most directly comparable measure in its Statements of Operations, and certain other line items, are best understood by considering their relationship to gross auction proceeds. Auction revenues represent the revenues earned by Ritchie Bros. in the course of conducting its auctions, and consist primarily of commissions earned on consigned equipment and net profit on the sale of equipment purchased by the Company and sold in the same manner as consigned equipment.
About Ritchie Bros.
Established in 1958, Ritchie Bros. is the world’s largest auctioneer of industrial equipment, operating from over 110 locations in 27 countries around the world. The Company sells, through unreserved public auctions, a broad range of used and unused industrial equipment including trucks, equipment and other assets used in the construction, transportation, mining, forestry, petroleum, materials handling, marine, real estate and agricultural industries. Ritchie Bros. maintains a website at .
Earnings Conference Call
Ritchie Bros. is hosting a conference call to discuss its 2008 first quarter financial results at 8:00am Pacific Time (11:00am Eastern Time) on April 29, 2008. To access a live broadcast of the conference call, please go to the Ritchie Bros. website , click on ‘About Ritchie Bros.’ then click on ‘Investor Information’. Please go to the website at least fifteen minutes early to download and install any necessary audio software. A replay will be available on the website shortly after the call.
Forward-looking Statements
The discussion in this press release relating to future events or operating periods contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties, including, in particular, statements regarding anticipated results for future periods and growth opportunities. These risks and uncertainties include: the numerous factors that influence the supply of and demand for used equipment; fluctuations in the market values of used equipment; seasonal and periodic variations in operating results; actions of competitors; the success of the Company’s internet initiatives; conditions in local and regional markets; our ability to attract and retain key employees, develop additional auction sites and successfully complete our process improvement initiatives and other systems upgrades; and other risks and uncertainties as detailed from time to time in the Company’s SEC and Canadian securities filings, including the Company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2007, available on the SEC, SEDAR and Company’s websites. Actual results may differ materially from those forward-looking statements. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.
Three months Three months
Consolidated Statements of Operations ended March 31, ended March 31,
(USD thousands, except share and per 2008 2007
share amounts) (unaudited) (unaudited)
——————————-
Gross auction proceeds $ 781,969 $ 700,368
————— —————
————— —————

Auction revenues(1) $ 81,394 $ 68,549
Direct expenses(1) 10,115 7,565
————— —————
71,279 60,984
Expenses
Depreciation and amortization 5,604 4,225
General and administrative 41,591 30,729

Earnings from operations 24,084 26,030

Other income (expense)
Interest expense (370) (326)
Interest income 1,285 1,307
Gain on disposition of capital assets 93 63
Other income 243 352
————— —————

Earnings before income taxes 25,335 27,426

Income taxes 8,928 9,867
————— —————

Net earnings $ 16,407 $ 17,559
————— —————
————— —————

Net earnings per share(2) $ 0.16 $ 0.17
Net earnings per share - diluted(2) $ 0.16 $ 0.17

Weighted average shares outstanding(2) 104,555,118 104,038,170
Diluted weighted average shares
outstanding(2) 105,752,985 105,421,074

(1) Figures have been reclassified to conform with presentation adopted
in the current period.
(2) Share and per share amounts have been adjusted on a retroactive basis
to reflect the three-for-one stock split that occurred on April 24,
2008.

March 31,
Selected Balance Sheet Data 2008 December 31,
(USD thousands) (unaudited) 2007
——————————-
Current assets $ 403,817 $ 237,185
Current liabilities 343,672 178,978
————— —————
Working capital $ 60,145 $ 58,207

Total assets 850,569 672,887
Long-term debt 44,389 44,844
Total shareholders’ equity 448,859 435,116

Three months Three months
ended March 31, ended March 31,
Selected Operating Data (unaudited) 2008 2007
——————————-
Auction revenues as percentage of
gross auction proceeds 10.41% 9.79%
Number of consignments at industrial
auctions 7,144 6,507
Number of bidders at industrial auctions 59,397 55,040
Number of buyers at industrial auctions 16,307 16,524
Number of permanent auction sites 29 27
Number of regional auction units 9 8

CONTACT: Jeremy Black, Director, business Development, Corporate Secretary, Phone: (604) 273-7564, Fax: (604) 273-2405, Email:
Ritchie Bros. Auctioneers