Conference Call:<\/b><\/p>\n<\/td>\n
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Webcast \/ Replay URL:<\/b><\/p>\n<\/td>\n
www.rexamerican.com<\/a><\/p>\n<\/td>\n<\/tr>\n \nThe webcast will be available for replay for 30 days.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nREX American Resources\u2019 Q2 \u201823 results principally reflect its interests in six ethanol production facilities. The One Earth Energy, LLC (\u201cOne Earth\u201d) and NuGen Energy, LLC (\u201cNuGen\u201d) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates.<\/p>\n \nREX\u2019s Q2 \u201823 net sales and revenue were $212.0 million compared with $240.3 million in Q2 \u201822. The year-over-year net sales and revenue decline primarily reflects a reduction in the quantities sold of ethanol, as well as lower prices for ethanol, dried and modified distillers grains, and corn oil. Q2 \u201823 gross profit increased 30.1% to $18.4 million, from $14.1 million in Q2 \u201822, primarily reflecting lower corn and natural gas pricing. Income before income taxes and non-controlling interests was $16.1 million, compared with $19.2 million in the comparable year-ago period; however, excluding the benefit of COVID-19 relief grants received in Q2 ’22 income before income taxes and noncontrolling interest increased 64.3% to $16.1 million in Q2 ’23 from $9.8 million in Q2 ’22. Q2 \u201822 benefited as the Company\u2019s two consolidated plants received COVID-19 relief grants from the U.S.D.A. totaling approximately $7.8 million recorded as other income, and approximately $1.6 million recorded as equity income in unconsolidated affiliates.<\/p>\n \nNet income attributable to REX shareholders was $9.1 million in Q2 \u201823 compared with $11.2 million in Q2 \u201822. Q2 \u201823 basic and diluted net income per share attributable to REX common shareholders was $0.52, compared to $0.63 per share in Q2 \u201822. Per share results for the Q2 \u201823 and Q2 \u201822 periods are based on 17,460,000 and 17,772,000 diluted weighted average shares outstanding, respectively, reflecting the Company\u2019s 3-for-1 common stock split effected August 5, 2022.<\/p>\n \nREX American Resources\u2019 Chief Executive Officer, Zafar Rizvi, commented, \u201cOur focus on operational efficiency resulted in REX delivering its twelfth consecutive quarter of profitability. During the quarter we continued our efforts on the One Earth Energy carbon capture project. We believe the One Earth project has the potential to deliver compelling financial returns and will position REX to play an important role in reducing greenhouse gas emissions. Earlier this year, our NuGen Energy facility reached an agreement to be part of Summit Carbon Solutions\u2019 carbon capture and storage pipeline, which we believe will also advance our sustainability goals. In addition, Big River Resources previously entered into an agreement with Navigator CO2 whereby Navigator is to provide Big River with turnkey carbon capture, utilization and storage services.<\/p>\n \n\u201cOur solid financial position and balance sheet flexibility, combined with our company-wide focus on operational excellence, allows us to continue to make return-focused investments to further strengthen our plants and their operational efficiency while also moving our carbon capture and sequestration initiatives forward.\u201d<\/p>\n Balance Sheet<\/b><\/p>\n \nAs of July 31, 2023, REX had cash and cash equivalents and short-term investments of $284.4 million, $31.2 million of which was at the parent company and $253.2 million of which was at its consolidated production facilities. This compares with cash, cash equivalents and short-term investments at January 31, 2023, of $280.9 million, $42.1 million of which was at the parent company and $238.8 million of which was at its consolidated production facilities.<\/p>\n The following table summarizes select data related to REX\u2019s\n \n \n \n
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<\/b>consolidated alternative energy interests:<\/b><\/p>\n
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