- \n
- \nReported net income attributable to REX shareholders of $24.5 million for Fiscal Q3 \u201924, compared to $26.1 million for Fiscal Q3 \u201823<\/p>\n<\/li>\n
- \nGenerated $1.38 of net income per share in Fiscal Q3 \u201824, the second-best quarterly result in company history<\/p>\n<\/li>\n
- \nReported gross profit of $39.7 million for Fiscal Q3 \u201824, compared to $39.3 million for Fiscal Q3 \u201823<\/p>\n<\/li>\n
- \nReported consolidated ethanol sales volumes of 75.5 million gallons for Fiscal Q3 \u201824, an increase of approximately 3% compared to the same period in Fiscal 2023<\/p>\n<\/li>\n<\/ul>\n
DAYTON, Ohio–(BUSINESS WIRE<\/a>)–
\nREX American Resources Corporation (\u201cREX\u201d or the \u201cCompany\u201d) (NYSE: REX), a leading ethanol production company, today announced financial and operational results for the Company\u2019s fiscal third quarter 2024.<\/p>\n\nREX American Resources\u2019 fiscal third quarter 2024 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
Fiscal Third Quarter 2024 Results<\/b><\/p>\n
\nFor fiscal third quarter 2024, REX reported net sales and revenue of $174.9 million, compared with $221.1 million for fiscal third quarter 2023. The year-over-year net sales and revenue decrease primarily reflects reduced pricing for ethanol and co-products. Fiscal third quarter 2024 gross profit for the Company was $39.7 million, compared with $39.3 million in fiscal third quarter 2023, reflecting decreased corn and natural gas prices. Interest and other income for the third fiscal quarter 2024 was $4.6 million, compared to $4.9 million for third fiscal quarter 2023. Income before income taxes and non-controlling interests for the third fiscal quarter 2024 was $39.5 million, compared with $41.3 million in the prior year period.<\/p>\n
\nNet income attributable to REX shareholders in fiscal third quarter 2024 was $24.5 million, compared to $26.1 million in fiscal third quarter 2023. Fiscal third quarter 2024 diluted net income per share attributable to REX common shareholders was $1.38, compared to $1.49 per share in fiscal third quarter 2023. Per share results for fiscal third quarters 2024 and 2023 are based on 17,723,000 and 17,531,000 diluted weighted average shares outstanding, respectively.<\/p>\n
Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects<\/b><\/p>\n
\nREX is progressing on the expansion of its ethanol production facility at the One Earth Energy facility in Gibson City, IL. REX expects to complete the expansion of the facility in the middle of 2025, which will increase production capacity from 150 million gallons per year to 175 million gallons per year. Once this is achieved, REX plans to initiate further permitting of the facility to produce 200 million gallons per year of ethanol, which the Company expects will require no additional material capital expenditures.<\/p>\n
\nAt this time, the necessary utility interconnection work required for the ethanol production expansion and carbon capture and compression facility remains on track. The Illinois utility carrying out the interconnection work anticipates the new interconnection will be complete by first quarter 2025.<\/p>\n
\nREX has substantially completed work on the carbon capture and compression portion of the One Earth Energy carbon capture and sequestration project. Currently, REX is focused on managing further near-term costs for the project as the Company awaits the approval of its Class VI injection well applications to the EPA, approval of other state and local permits, completion of interconnection work at the site previously mentioned, and the resolution of issues around the Illinois CO2<\/sub> pipeline moratorium.<\/p>\n
\nThrough the end of fiscal third quarter 2024, capital expenditures related to the One Earth Energy carbon capture and sequestration project totaled $52.9 million, and expenditures for expansion of ethanol production capacity totaled $50.2 million. The combined capital spending of $103.1 million remains on plan, with the Company still budgeting a total spend of $165-$175 million for these projects.<\/p>\n
Balance Sheet<\/b><\/p>\n
\nAt the end of fiscal third quarter 2024 on October 31, 2024, REX had $365.1 million of cash, cash equivalents, and short-term investments available and no bank debt.<\/p>\n
Management Commentary<\/b><\/p>\n
\n\u201cREX American continues to produce outsized positive results across market conditions thanks to our employees and management team and focused ethanol production operations,\u201d said Zafar Rizvi, REX Chief Executive Officer. \u201cQuarter after quarter, the REX team consistently demonstrates our ability to produce industry-leading results \u2013 and the third quarter was no exception. We delivered a year-over-year increase in gross margin by maximizing the production at our consolidated plants and carefully managing costs. As we look ahead to the future, and our planned increased production capacity coming online next year, we are excited for the anticipated step up in earnings potential from our expanded ethanol production operations.<\/p>\n
\n\u201cAs we await permitting of the One Earth Energy carbon capture and sequestration facility, we remain positive about the eventual approval of our EPA Class VI injection well permit, as well as resolution of Illinois\u2019 moratorium on CO2<\/sub> pipeline construction. We are working with our government partners and other stakeholders to make sure carbon capture and sequestration operations in the state are among the safest in the country. We look forward to further updates as things progress,\u201d concluded Mr. Rizvi.<\/p>\n
Conference Call Information<\/b><\/p>\n
\nREX will host a conference call at 11:00 a.m. ET today to discuss the Company\u2019s quarterly results and will also host a question and answer session. To access the conference call, interested parties may dial (877) 269-7751 (US) or (201) 389-0908 (international). Participants can also view an updated presentation, as well as listen to a live webcast of the call by going to the Investors section on the REX website at www.rexamerican.com<\/a>. A replay will be available shortly after the live conference call and can be accessed by dialing (844) 512-2921 (US) or (412) 317-6671 (international). The passcode for the replay is 13749929. The replay will be available for 30 days after the call.<\/p>\n
About REX American Resources Corporation<\/b><\/p>\n
\nREX American Resources Corporation has interests in six ethanol production facilities, which in aggregate have production capacity totaling approximately 730 million gallons per year. REX\u2019s effective ownership of annual volumes is approximately 300 million gallons. Further information about REX is available at www.rexamerican.com<\/a>.<\/p>\n
Forward-Looking Statements<\/b><\/p>\n
\nThis news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as \u201cmay,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201canticipate\u201d or \u201ccontinue\u201d or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company\u2019s filings with the Securities and Exchange Commission and include among other things: the effect of pandemics such as COVID-19 on the Company\u2019s business operations, including impacts on supplies, demand, personnel and other factors, the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, distillers corn oil, commodity market risk, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, logistical interruptions, success in permitting and developing the planned carbon sequestration facility near the One Earth Energy ethanol plant, changes in the international, national or regional economies, the impact of inflation, the ability to attract employees, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy, changes in foreign currency exchange rates and the effects of terrorism or acts of war. The Company does not intend to update publicly any forward-looking statements except as required by law.<\/p>\n
\n
\n \n REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Consolidated Statements of Operations<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in thousands, except per share amounts)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Unaudited<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n October 31,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n October 31,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2024<\/span><\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2023<\/span><\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2024<\/span><\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2023<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet sales and revenue<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n174,877<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n221,079<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n484,263<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n645,770<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of sales<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n135,196<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n181,789<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n410,358<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n577,962<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross profit<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39,681<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n39,290<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n73,905<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n67,808<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, general and administrative expenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(8,426)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(7,609)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(20,977)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(21,996)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEquity in income of unconsolidated ethanol affiliates<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,621<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,738<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,086<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,275<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest and other income, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,629<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,863<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,950<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,935<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before income taxes and noncontrolling interests<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39,505<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n41,282<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n74,964<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n66,022<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(9,402)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(9,640)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(17,581)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(15,396)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Income<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n30,103<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n31,642<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n57,383<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n50,626<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Income attributable to noncontrolling interests<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,603)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,566)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(10,314)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(10,259)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income attributable to REX common shareholders<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n24,500<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n26,076<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n47,069<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n40,367<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average shares outstanding \u2013 basic<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n17,595<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,531<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,550<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,461<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic net income per share attributable to REX common shareholders<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n1.39<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1.49<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2.68<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2.31<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n <\/tr>\n \n \n \nWeighted average shares outstanding \u2013 diluted<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n17,723<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,531<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,673<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,461<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n <\/tr>\n \n \n \nDiluted net income per share attributable to REX common shareholders<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n1.38<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1.49<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2.66<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2.31<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in thousands)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Unaudited<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n October 31,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n January 31,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2024<\/span><\/b><\/p>\n<\/td>\n
\n \n 2024<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nASSETS:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCURRENT ASSETS:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n298,249<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n223,397<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShort-term investments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n66,826<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n155,260<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n22,331<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n23,185<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventory<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n29,127<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26,984<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRefundable income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,556<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,728<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses and other<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,408<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,549<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n436,497<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n452,103<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and equipment, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n200,496<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n155,587<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease right-of-use assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n22,580<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,038<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n17,074<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,138<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEquity method investment<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39,015<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n34,936<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTOTAL ASSETS<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n715,662<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n664,802<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLIABILITIES AND EQUITY:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCURRENT LIABILITIES:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable \u2013 trade<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n22,220<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n42,073<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent operating lease liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,857<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,469<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued expenses and other current liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n15,883<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19,717<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n43,960<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n66,259<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLONG-TERM LIABILITIES:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,694<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,598<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term operating lease liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16,761<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8,378<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther long-term liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,647<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n970<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal long-term liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n25,102<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,946<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEQUITY:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nREX shareholders\u2019 equity:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommon stock<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n299<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n299<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPaid-in capital<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,254<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,769<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRetained earnings<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n748,830<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n701,761<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury stock<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(190,892)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(191,911)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal REX shareholders\u2019 equity<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n564,491<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n513,918<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNoncontrolling interests<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n82,109<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n73,679<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal equity<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n646,600<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n587,597<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTOTAL LIABILITIES AND EQUITY<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n715,662<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n664,802<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in thousands)<\/b><\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n Unaudited<\/b><\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n October 31,<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n October 31,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2024<\/span><\/b><\/p>\n<\/td>\n
\n \n 2023<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nCASH FLOWS FROM OPERATING ACTIVITIES:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Income including noncontrolling interest<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n57,383<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n50,626<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments to reconcile net income to net cash provided by operating activities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12,433<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,371<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization of operating lease right-of-use assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,192<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,766<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome from equity method investments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(7,086)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(9,275)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividends received from equity method investments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,007<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,513<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest income from investments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,219)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(6,950)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,934<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,048<\/p>\n<\/td>\n<\/tr>\n
\n \n \nStock based compensation expense<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,980<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,146<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss on disposal of property and equipment \u2013 net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n45<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n205<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChanges in assets and liabilities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n854<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,976)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,143)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,229<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRefundable income taxes<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n172<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,486)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(12,639)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,312)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable \u2013 trade<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(21,629)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,622)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(6,178)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,819)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash provided by operating activities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39,106<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n65,464<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCASH FLOWS FROM INVESTING ACTIVITIES:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCapital expenditures<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(55,428)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(22,359)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchase of short-term investments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(210,328)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(378,381)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMaturity of short-term investments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n302,981<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n337,490<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from sale of real estate and property and<\/p>\n
\nequipment<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n210<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeposits<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n195<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(27)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash provided by (used in) investing activities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n37,630<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(63,267)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCASH FLOWS FROM FINANCING ACTIVITIES:<\/p>\n<\/td>\n
\n \n <\/tr>\n \n \n \nPayments to noncontrolling interests holders<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,884)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(716)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used in financing activities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,884)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(716)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNET INCREASE IN CASH AND CASH EQUIVALENTS<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n74,852<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,481<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCASH AND CASH EQUIVALENTS \u2013 Beginning of period<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n223,397<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n71,347<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCASH AND CASH EQUIVALENTS \u2013 End of period<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n298,249<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n72,828<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n <\/tr>\n \n \n \nNon-cash investing activities \u2013 Accrued capital expenditures<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n3,275<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n722<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash investing activities \u2013 Capital additions transferred from prepaid expenses<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n188<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash financing activities \u2013 Stock awards accrued<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n1,648<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,467<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash financing activities \u2013 Stock awards issued<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n2,172<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n965<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRight-of-use assets acquired and liabilities incurred upon lease execution<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n13,734<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3,210<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20241203543985\/en\/<\/a><\/span><\/p>\n
Investor Contacts
\n<\/b>
Douglas Bruggeman
\n
Chief Financial Officer<\/p>\n\nCaldwell Bailey
\n
ICR, Inc.
\n
rexamerican@icrinc.com<\/a><\/p>\nKEYWORDS:<\/b> United States North America Ohio<\/p>\n
INDUSTRY KEYWORDS:<\/b> Oil\/Gas Alternative Energy Energy Other Energy Utilities<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20241203543985\/en\/2320272\/3\/REXAmerican_Logo_Transparent-1.jpg\"){kind=logo}
<\/td>\n<\/tr>\n