REX American Resources Corporation (REX)

REX American Resources Reports Fiscal First Quarter 2026 Net Income Per Share Attributable to REX Common Shareholders of $0.56May 28, 2026 7:30 AM
Business Wire REX American records best first quarter on a net income per share basis in company history Generated $0.56 of net income per share in Fiscal Q1 ‘26 Reported gross profit of $29.1 million for Fiscal Q1 ‘26 Reported net sales and revenue of $156.5 million for Fiscal Q1 ‘26 Reported consolidated ethanol sales volumes of 71.1 million gallons for Fiscal Q1 ‘26 REX American Resources Corporation (“REX” or the “Company”) (NYSE: REX), a leading ethanol production company, today announced financial and operational results for the Company’s fiscal first quarter 2026. REX American Resources’ fiscal first quarter 2026 results principally reflect its interests in six ethanol production facilities. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated affiliates. First Quarter 2026 Results REX reported Q1 ’26 net sales and revenue of $156.5 million, compared to Q1 ‘25 net sales and revenue of $158.3 million, primarily reflecting lower ethanol pricing. The Company reported production tax credit income of $7.5 million in the first quarter of 2026. First quarter 2026 gross profit for the Company was $29.1 million, compared with $14.3 million in Q1 ’25 as the production tax credit income and lower corn costs more than offset the lower ethanol pricing. The Company reported interest and other income of $3.2 million in Q1 ’26, compared to $4.2 million in Q1 ’25. This led to Q1 ‘26 income before income taxes and non controlling interests of $26.1 million, compared with $13.6 million in Q1 ’25. Net income attributable to REX shareholders in Q1 ‘26 was $18.5 million, compared to $8.7 million in Q1 ’25. First quarter ‘26 diluted net income per share attributable to REX common shareholders was $0.56, compared to $0.26 per share in Q1 ’25. Per share results for Q1 ’26 and Q1 ’25 are based on 33,116,000 and 33,878,000 diluted weighted average shares outstanding, respectively. Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects REX is nearing completion of the expansion of ethanol production at the One Earth facility. The Company expects testing and commissioning to begin upon completion, with the facility becoming fully operational during fiscal 2026. The Company’s carbon capture and sequestration project continues to await permitting for the Class VI injection well and associated carbon dioxide pipeline. REX remains actively engaged with the U.S. EPA and the Illinois Commerce Commission throughout both processes. Capital expenditures to-date related to the One Earth Energy carbon capture and sequestration project and related expansion of ethanol production capacity at the Gibson City location totaled $176.3 million. The Company continues to budget a total of $220-$230 million for these projects, subject to further refinement as the projects move forward, including impacts of inflation. Balance Sheet As of April 30, 2026, REX had $364.3 million of cash, cash equivalents, and short-term investments available and no bank debt. Management Commentary “The first quarter of 2026 maintained REX’s strong operational and financial momentum, delivering the best first quarter on a net income per share basis in the Company’s history, while advancing our growth initiatives,” said Zafar Rizvi, Chief Executive Officer of REX. “Our core ethanol business continued its exceptional record of sustained profitability and earnings strength during the first quarter, benefiting from supportive industry tailwinds and emerging opportunities related to the 45Z tax credit. We remain highly optimistic about the opportunities ahead and what the remainder of 2026 holds for REX American.” Change in Accounting Principles Effective February 1, 2026, the Company elected to early adopt ASU 2025-10, "Accounting for Government Grants Received by Business Entities" ("ASU 2025-10") and as such, changed its accounting policy related to the accounting for Section 45Z tax credits. The Company will record the tax credits earned under the income model of ASU 2025-10 as "Production tax credit income", included within gross profit on the Consolidated Statements of Operations and within "Other assets" on the Consolidated Balance Sheets. The Company determined the income model under ASU 2025-10 is preferable to better align with monetization potential in the future. The Company has determined that retrospective adjustment to prior period financials is required. The Company did not record any section 45Z tax credits until the fourth quarter of 2025, and as such, there is no impact to the first quarter of 2025. As the Company does not intend to monetize the credits earned in 2025, the balance sheet classification as a deferred tax asset remains appropriate and no retrospective adjustments to the balance sheet are required. Below is a summary of reclassifications made to the Consolidated Statements of Operations for the year ended January 31, 2026:  (in thousands)     Year Ended January 31, 2026               As Previously Reported   Effect of Change   As Currently Reported             Production tax credit income $ -     $ 31,723     $ 31,723   Gross profit $ 93,706     $ 31,723     $ 125,429   Income before income taxes $ 88,572     $ 31,723     $ 120,295               Benefit (provision) for income taxes $ 6,502     $ (28,089 )   $ (21,587 ) Net income $ 95,074     $ 3,634     $ 98,708   Net income attributable to noncontrolling interests $ (12,123 )   $ (3,634 )   $ (15,757 ) Net income attributable to REX common shareholders $ 82,951 $ - $ 82,951 Conference Call Information REX will host a conference call at 11:00 a.m. ET today to discuss the Company’s fiscal first quarter 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 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 13760739. The replay will be available for 30 days after the call. About REX American Resources Corporation REX American Resources Corporation has interests in six ethanol production facilities, which in aggregate have production capacity totaling approximately 730 million gallons per year. REX’s effective ownership of annual volumes is approximately 300 million gallons. Further information about REX is available at www.rexamerican.com. Forward-Looking Statements This press release contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” 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’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, distillers corn oil, gasoline and natural gas, commodity market risk, 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 and tariffs, changes in foreign currency exchange rates, the effects of terrorism or acts of war and the effect of pandemics on the Company’s business operations, including impacts on supplies, demand, personnel and other factors. The Company does not intend to update publicly any forward-looking statements except as required by law. REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share amounts) Unaudited     Three Months Ended   April 30,     2026     2025   Net sales and revenue $ 156,499   $ 158,340   Production tax credit income   7,549     -   Cost of sales   134,977     143,998   Gross profit   29,071     14,342   Selling, general and administrative expenses   (9,728 )   (5,944 ) Equity in income of unconsolidated affiliates   3,566     1,006   Interest and other income, net   3,206     4,222   Income before income taxes   26,115     13,626   Provision for income taxes   (4,437 )   (2,954 ) Net income   21,678     10,672   Net income attributable to noncontrolling interests   (3,226 )   (1,994 ) Net income attributable to REX common shareholders $ 18,452   $ 8,678         Weighted average shares outstanding – basic and diluted   33,116     33,878         Basic and diluted net income per share attributable to REX common shareholders $ 0.56   $ 0.26   REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (in thousands) Unaudited     April 30,   January 31,   2026 2026 ASSETS       CURRENT ASSETS:       Cash and cash equivalents $ 117,668   $ 188,734 Short-term investments   246,640     187,048 Accounts receivable   21,597     14,682 Inventory   26,546     28,422 Refundable income taxes   10,731     12,374 Prepaid expenses and other   18,351   16,568 Total current assets   441,533     447,828 Property and equipment, net   282,041     272,029 Operating lease right-of-use assets   15,842     17,594 Finance lease right-of-use assets   17,083     17,558 Other assets   9,850     4,963 Equity method investment   41,325   37,759 TOTAL ASSETS $ 807,674 $ 797,731 LIABILITIES AND EQUITY       CURRENT LIABILITIES:       Accounts payable – trade $ 31,073   $ 38,400 Current operating lease liabilities   6,980     6,921 Current finance lease liabilities   469     469 Accrued expenses and other current liabilities   26,793   29,587 Total current liabilities   65,315   75,377 LONG-TERM LIABILITIES:       Deferred taxes   4,065     4,065 Long-term operating lease liabilities   9,423     11,148 Long-term finance lease liabilities   2,669   2,731 Other long-term liabilities   2,448   2,405 Total long-term liabilities   18,605   20,349 EQUITY:       REX shareholders’ equity:       Common stock   329     329 Paid-in capital   137     66 Retained earnings   628,769     610,317 Total REX shareholders’ equity   629,235     610,712 Noncontrolling interests   94,519   91,293 Total equity   723,754   702,005 TOTAL LIABILITIES AND EQUITY $ 807,674 $ 797,731 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) Unaudited     Three Months Ended   April 30,   April 30,     2026     2025   CASH FLOWS FROM OPERATING ACTIVITIES:       Net Income $ 21,678     $ 10,672   Adjustments to reconcile net income to net cash used in operating activities:       Depreciation   4,483       3,467   Noncash operating lease expense   1,752       1,552   Amortization of finance lease right-of-use assets   475       -   Stock-based compensation expense   2,363       394   Income from equity method investments   (3,566 )     (1,006 ) Interest income from investments   (2,025 )     (1,740 ) Loss on disposal of property and equipment – net   41       -   Deferred income taxes   (4,879 )     1,707   Changes in assets and liabilities:       Accounts receivable   (6,915 )     (6,465 ) Inventory   1,876       1,167   Prepaid expenses and other   (1,803 )   69   Refundable income taxes   1,643     (915 ) Accounts payable – trade   (8,596 )     (8,852 ) Long-term taxes payable   -       279   Accrued expenses and other liabilities   (8,616 )     (3,805 ) Net cash used in operating activities   (2,089 )     (3,476 ) CASH FLOWS FROM INVESTING ACTIVITIES:       Capital expenditures   (11,639 )   (6,900 ) Purchases of short-term investments   (91,567 )   (41,419 ) Maturities of short-term investments   34,000       50,000   Proceeds from disposal of real estate and property and equipment 299   -   Deposits   (8 )     128   Net cash (used in) provided by investing activities:   (68,915 )   1,809   CASH FLOWS FROM FINANCING ACTIVITIES: Treasury stock acquired   -       (32,670 ) Payments to noncontrolling interests holders   -       (2,005 ) Principal paid on finance lease liabilities   (62 )     -   Net cash used in financing activities   (62 )     (34,675 )         NET DECREASE IN CASH AND CASH EQUIVALENTS   (71,066 )     (36,342 ) CASH AND CASH EQUIVALENTS – Beginning of period   188,734     196,255   CASH AND CASH EQUIVALENTS – End of period $ 117,668     $ 159,913     Non-cash investing activities – Accrued capital expenditures $ 7,809   $ 2,717   Non-cash investing activities – Capital additions transferred from prepaid expenses $ 20 $ 76 Non-cash financing activities – Stock awards accrued $ 2,291   $ 301   Non-cash financing activities – Stock repurchases accrued $ -   $ 577   Non-cash financing activities – Excise tax on stock repurchases accrued $ -   $ 261   Operating right-of-use assets acquired and liabilities incurred upon lease commencement $ -   $ 3,007   Finance right-of-use assets acquired and liabilities incurred upon lease commencement $ -   $ 3,381     View source version on businesswire.com: https://www.businesswire.com/news/home/20260528923056/en/ Investor Contacts
Douglas Bruggeman
Chief Financial Officer Caldwell Bailey
ICR, Inc.
rexamerican@icrinc.com Original: REX American Resources Reports Fiscal First Quarter 2026 Net Income Per Share Attributable to REX Common Shareholders of $0.56

REX American Resources to Report Fiscal Q1 2026 Results and Host a Conference Call and Webcast on May 28th, 2026May 15, 2026 7:30 AM
Business Wire REX American Resources Corporation (“REX” or the “Company”) (NYSE: REX), a leading ethanol production company, announced today that it will report its fiscal first quarter 2026 operational and financial results on Thursday, May 28th, 2026 pre-market and will host a conference call and webcast at 11:00 a.m. ET that morning to review the results. To access the conference call, interested parties may dial (877) 269-7751 (US) or (201) 389-0908 (international). Participants can also listen to a live webcast of the call by going to the Investors section on the REX website at www.rexamerican.com. 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 13760739. The replay will be available for 30 days after the call. About REX American Resources Corporation
REX American Resources Corporation has interests in six ethanol production facilities, which in aggregate have production capacity totaling approximately 730 million gallons per year. REX’s effective ownership of annual volumes is approximately 300 million gallons. Further information about REX is available at www.rexamerican.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515877431/en/ Investor Contacts: Douglas Bruggeman
Chief Financial Officer Caldwell Bailey
ICR, Inc.
RexAmerican@icrinc.com Original: REX American Resources to Report Fiscal Q1 2026 Results and Host a Conference Call and Webcast on May 28th, 2026

REX American Resources tops Q4 profit forecasts as tax credits boost resultsMarch 26, 2026 10:14 AM
IH Market News
REX American Resources Corporation (NYSE:REX) reported fourth-quarter earnings on Thursday that surpassed analyst expectations, largely supported by newly available tax credits, although revenue came in slightly below forecasts.The ethanol producer’s shares slipped about 0.22% in pre-market trading after the announcement, suggesting a restrained reaction from investors to the mixed results.For the fourth quarter, the company posted adjusted earnings per share of $1.32, well above the analyst consensus estimate of $0.15. Revenue totaled $158.0 million, missing the expected $162 million and remaining largely unchanged from $158.2 million recorded in the same period a year earlier.The strong profit performance was mainly driven by about $28.1 million in 45Z tax credits, which were recognized as a reduction in income tax expense. These credits became available for production and sales starting January 1, 2025.Higher ethanol prices and lower corn costs also contributed to improved profitability, lifting gross profit to $28.9 million compared with $17.6 million in the fourth quarter of the prior year.For the full fiscal year 2025, REX reported net income of $2.50 per share, up from $1.65 per share in fiscal 2024. Annual revenue reached $650.5 million, increasing from $642.5 million the previous year, representing growth of 1.2% year over year.“REX American delivered record earnings per share in fiscal 2025,” said Zafar Rizvi, Chief Executive Officer. “We strengthened our record of profitable operations, advanced our ethanol production expansion, and continued working closely with government officials to drive progress on our carbon capture initiative.”The company reported consolidated ethanol sales volumes of 70.1 million gallons for the fourth quarter and 290.0 million gallons for the full fiscal year.REX also maintained a strong financial position, ending January 31, 2026 with $375.8 million in cash, cash equivalents and short-term investments, and no bank debt.During fiscal 2025, the company repurchased approximately 1.65 million shares for a total of $32.9 million.Rex American Resources stock price

Original: REX American Resources tops Q4 profit forecasts as tax credits boost results

REX American Resources Reports Record High Full Fiscal Year 2025 Net Income Per Share Attributable to REX Common Shareholders of $2.50March 26, 2026 7:30 AM
Business Wire

Generated $1.32 of net income per share in fourth quarter and $2.50 of net income per share in Full Fiscal Year ‘25



Reported gross profit of $28.9 million for fourth quarter and $93.7 million for Full Fiscal Year ‘25



Reported net sales and revenue of $158.0 million for fourth quarter and $650.5 million for Full Fiscal Year ’25



Reported consolidated ethanol sales volumes of 70.1 million gallons for fourth quarter and 290.0 million gallons for Full Fiscal Year ’25



REX American Resources Corporation (“REX” or the “Company”) (NYSE: REX), a leading ethanol production company, today announced financial and operational results for the Company’s full year and fiscal fourth quarter 2025.


REX American Resources’ Q4 and full fiscal year 2025 results principally reflect its interests in six ethanol production facilities. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates.


Full Fiscal Year 2025 Results


For the full fiscal year 2025, REX reported net sales and revenue of $650.5 million, compared with $642.5 million for full fiscal year 2024. The year-over-year net sales and revenue increase primarily reflects improved ethanol and corn oil pricing. Full fiscal year 2025 gross profit for the Company was $93.7 million, compared with $91.5 million in full fiscal year 2024, primarily reflecting better crush margins. Gross profit margin for fiscal year 2025 remained steady at 14% compared to fiscal year 2024. Full fiscal year 2025 income before income taxes and non-controlling interests was $88.6 million, compared with $92.9 million in the prior year period.


Net income attributable to REX shareholders in full fiscal year 2025 was $83.0 million, compared to $58.2 million in full fiscal year 2024. Full fiscal year diluted net income per share attributable to REX common shareholders was $2.50, compared to $1.65 per share in full fiscal year 2024. Per share results for full fiscal years 2025 and 2024 are based on 33,208,000 and 35,272,000 diluted weighted average shares outstanding, respectively.


Fourth Quarter 2025 Results


REX reported Q4 ’25 net sales and revenue of $158.0 million, compared to Q4 ‘24 net sales and revenue of $158.2 million. Fourth quarter 2025 gross profit for the Company was $28.9 million, compared with $17.6 million in Q4 ’24, a result of improved ethanol pricing and lower corn costs, the two largest drivers of gross profit. This led to Q4 ‘25 income before income taxes and non-controlling interests of $27.4 million, compared with $17.9 million in Q4 ’24.


During Q4 ’25, the Company recognized approximately $28.1 million in 45Z tax credits as a reduction to income tax expense. 45Z tax credits became available for production and sales beginning January 1, 2025.


Net income attributable to REX shareholders in Q4 ‘25 was $43.7 million, compared to $11.1 million in Q4 ’24. Q4 ‘25 diluted net income per share attributable to REX common shareholders was $1.32, compared to $0.31 per share in Q4 ’24. Per share results for Q4 ’25 and Q4 ’24 are based on 33,037,000 and 35,261,000 diluted weighted average shares outstanding, respectively.


Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects


REX is nearing completion of the expansion of ethanol production at the One Earth facility. The Company expects testing and commissioning to begin upon completion, with the facility becoming fully operational during fiscal 2026.


The Company’s carbon capture and sequestration project continues to await permitting for the Class VI injection well and associated carbon dioxide pipeline. REX remains actively engaged with the U.S. EPA and the Illinois Commerce Commission throughout both processes.


Capital expenditures to-date related to the One Earth Energy carbon capture and sequestration project and related expansion of ethanol production capacity at the Gibson City location totaled $166 million. The Company continues to budget a total of $220-$230 million for these projects.


Share Repurchases


During Fiscal Year 2025, the Company repurchased approximately 1,651,252 shares, for total consideration of $32.9 million. After these repurchases, a total of 2,357,186 shares remained available to purchase under existing board authorization.


Balance Sheet


As of January 31, 2026, REX had $375.8 million of cash, cash equivalents, and short-term investments available and no bank debt.


Management Commentary


“REX American delivered record earnings per share in fiscal 2025. We strengthened our record of profitable operations, advanced our ethanol production expansion, and continued working closely with government officials to drive progress on our carbon capture initiative,” said Zafar Rizvi, Chief Executive Officer of REX. “At the same time, we remain fully focused on our core operations and revenue-generating activities, while pursuing qualifications for the 45Z tax credit program to enhance profitability. The REX team continues to execute at a high level, positioning the company for sustainable growth and creating increasing value for our shareholders.”


Conference Call Information


REX will host a conference call at 11:00 a.m. ET today to discuss the Company’s full fiscal year and fourth quarter 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 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 13758494. The replay will be available for 30 days after the call.


About REX American Resources Corporation

REX American Resources Corporation has interests in six ethanol production facilities, which in aggregate have production capacity totaling approximately 730 million gallons per year. REX’s effective ownership of annual volumes is approximately 300 million gallons. Further information about REX is available at www.rexamerican.com.


Forward-Looking Statements


This press release contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” 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’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, distillers corn oil, gasoline and natural gas, commodity market risk, 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 such as the One Big Beautiful Bill, the impact of U.S. foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects of terrorism, wars and other conflicts, and the effect of pandemics on the Company’s business operations, including impacts on supplies, demand, personnel and other factors. The Company does not intend to update publicly any forward-looking statements except as required by law.




REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except per share amounts)

Unaudited










 



 






Three Months Ended





 

Years Ended








 






January 31,





 

January 31,








 






 






2026






 





 

 






2025






 





 

 






2026






 





 

 






2025






 








Net sales and revenue






$






157,959






 





 

$






158,228






 





 

$






650,487






 





 

$






642,491






 








Cost of sales






 






129,046






 





 

 






140,656






 





 

 






556,781






 





 

 






551,014






 








Gross profit






 






28,913






 





 

 






17,572






 





 

 






93,706






 





 

 






91,477






 








Selling, general and administrative expenses






 






(12,257






)





 

 






(6,171






)





 

 






(32,616






)





 

 






(27,148






)








Equity in income of unconsolidated affiliates






 






6,200






 





 

 






2,299






 





 

 






12,485






 





 

 






9,385






 








Interest and other income, net






 






4,536






 





 

 






4,208






 





 

 






14,997






 





 

 






19,158






 








Income before income taxes






 






27,392






 





 

 






17,908






 





 

 






88,572






 





 

 






92,872






 








Benefit (provision) for income taxes






 






20,213






 





 

 






(3,805






)





 

 






6,502






 





 

 






(21,386






)








Net Income






 






47,605






 





 

 






14,103






 





 

 






95,074






 





 

 






71,486






 








Net Income attributable to noncontrolling interests






 






(3,856






)





 

 






(3,004






)





 

 






(12,123






)





 

 






(13,319






)








Net income attributable to REX common shareholders






$






43,749






 





 

$






11,099






 





 

$






82,951






 





 

$






58,167






 








Weighted average shares outstanding – basic and diluted






 






33,037






 





 

 






35,261






 





 

 






33,208






 





 

 






35,272






 








Basic and diluted net income per share attributable to REX common shareholders






$






1.32






 





 

$






0.31






 





 

$






2.50






 





 

$






1.65






 









REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands)

Unaudited










 



 






January 31,






 






January 31,








 






2026







2025








ASSETS






 






 






 








CURRENT ASSETS:






 






 






 








Cash and cash equivalents






$






188,734






 






$






196,255








Short-term investments






 






187,048






 






 






162,820








Accounts receivable






 






14,682






 






 






21,511








Inventory






 






28,422






 






 






31,676








Refundable income taxes






 






12,374






 






 






6,445








Prepaid expenses and other






 






16,568







 






17,112








Total current assets






 






447,828






 






 






435,819








Property and equipment, net






 






272,029






 






 






210,683








Operating lease right-of-use assets






 






17,594






 






 






20,985








Finance lease right-of-use assets






 






17,558






 






 






-








Other assets






 






4,963






 






 






16,721








Equity method investment






 






37,759







 






35,800








TOTAL ASSETS






$






797,731







$






720,008








LIABILITIES AND EQUITY






 






 






 








CURRENT LIABILITIES:






 






 






 








Accounts payable – trade






$






38,400






 






$






28,337








Current operating lease liabilities






 






6,921






 






 






5,746








Current finance lease liabilities






 






469







 






-








Accrued expenses and other current liabilities






 






29,587







 






16,360








Total current liabilities






 






75,377







 






50,443








LONG-TERM LIABILITIES:






 






 






 








Deferred taxes






 






4,065






 






 






3,562








Long-term operating lease liabilities






 






11,148






 






 






15,367








Long-term finance lease liabilities






 






2,731







 






-








Long-term taxes payable






 






-







 






4,334








Other long-term liabilities






 






2,405







 






2,700








Total long-term liabilities






 






20,349






 






 






25,963








EQUITY:






 






 






 








REX shareholders’ equity:






 






 






 








Common stock






 






329






 






 






344








Paid-in capital






 






66






 






 






-








Retained earnings






 






610,317






 






 






559,993








Total REX shareholders’ equity






 






610,712







 






560,337








Noncontrolling interests






 






91,293







 






83,265








Total equity






 






702,005







 






643,602








TOTAL LIABILITIES AND EQUITY






$






797,731







$






720,008









REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)

Unaudited








 



 






Years Ended








 






January 31,






 






January 31,








 






2026







2025








CASH FLOWS FROM OPERATING ACTIVITIES:






 






 






 








Net Income






$






95,074






 






 






$






71,486






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 








Depreciation






 






15,340






 






 






 






15,927






 








Noncash operating lease expense






 






6,398






 






 






 






5,788






 








Amortization of finance lease right-of-use asset






 






1,424






 






 






 






-






 








Income from equity method investments






 






(12,485






)






 






 






(9,385






)








Dividends received from equity method investments






 






10,526






 






 






 






8,521






 








Interest income from investments






 






(4,842






)






 






 






(5,576






)








Deferred income tax






 






(3,472






)






 






 






9,802






 








Stock-based compensation expense






 






4,205






 







 






3,638






 








Loss on disposal of real estate and property and equipment






 






192






 






 






 






50






 








Changes in assets and liabilities:






 






 






 








Accounts receivable






 






6,829






 






 






 






1,674






 








Inventory






 






3,254






 






 






 






(4,692






)








Prepaid expenses and other assets






 






(289






)







 






(14,946






)








Income tax refundable






 






(5,929






)







 






(717






)








Accounts payable – trade






 






8,395






 






 






 






(14,724






)








Long-term taxes payable






 






(4,334






)






 






 






4,334






 








Accrued expenses and other liabilities






 






(2,457






)






 






 






(6,988






)








Net cash provided by operating activities






 






117,829






 






 






 






64,192






 








CASH FLOWS FROM INVESTING ACTIVITIES:






 






 






 








Capital expenditures






 






(68,439






)







 






(71,318






)








Purchase of short-term investments






 






(296,386






)







 






(372,341






)








Maturity of short-term investments






 






277,000






 






 






 






370,357






 








Proceeds from disposal of real estate and property and




equipment






 




 






 




7






 




 






 






 




 






 




262






 




 








Deposits






 






127






 






 






 






180






 








Net cash used in investing activities:






 






(87,691






)







 






(72,860






)








CASH FLOWS FROM FINANCING ACTIVITIES:






 










Treasury stock acquired






 






(33,383






)






 






 






(14,741






)








Capital contributions from minority investor






 






9






 






 






 






-






 








Payments to noncontrolling interests holders






 






(4,104






)






 






 






(3,733






)








Principal paid on finance lease liabilities






 






(181






)






 






 






-






 








Net cash used in financing activities






 






(37,659






)






 






 






(18,474






)








 






 






 






 








NET DECREASE IN CASH AND CASH EQUIVALENTS






 






(7,521






)






 






 






(27,142






)








CASH AND CASH EQUIVALENTS – Beginning of period






 






196,255






 







 






223,397






 








CASH AND CASH EQUIVALENTS – End of period






$






188,734






 






 






$






196,255






 








 






 










Non-cash investing activities – Accrued capital expenditures






$






8,758






 







$






1,152






 








Non-cash investing activities – Capital additions transferred from prepaid expenses






$






839








$






217









Non-cash financing activities – Stock awards accrued






$






3,896






 







$






2,037






 








Non-cash financing activities – Stock awards issued






$






-






 







$






2,172






 








Non-cash financing activities – Stock repurchases accrued






$






-






 







$






781






 








Operating right-of-use assets acquired and liabilities incurred upon lease commencement






$






3,007








$






13,734









Finance right-of-use assets acquired and liabilities incurred upon lease commencement






$






3,381






 







$






-






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260326725483/en/
Investor

Douglas Bruggeman

Chief Financial Officer
Caldwell Bailey

ICR, Inc.

rexamerican@icrinc.com


Original: REX American Resources Reports Record High Full Fiscal Year 2025 Net Income Per Share Attributable to REX Common Shareholders of $2.50

REX American Resources to Report Q4 and Full Fiscal Year 2025 Results and Host a Conference Call and Webcast on March 26, 2026March 12, 2026 7:30 AM
Business Wire
REX American Resources Corporation (“REX” or the “Company”) (NYSE: REX), a leading ethanol production company, announced today that it will report its fiscal fourth quarter and full fiscal year 2025 operational and financial results on Thursday, March 26, 2026 pre-market and will host a conference call and webcast at 11:00 a.m. ET that morning to review the results.


To access the conference call, interested parties may dial (877) 269-7751 (US) or (201) 389-0908 (international). Participants can also listen to a live webcast of the call by going to the Investors section on the REX website at www.rexamerican.com. 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 13758494. The replay will be available for 30 days after the call.


About REX American Resources Corporation

REX American Resources Corporation has interests in six ethanol production facilities, which in aggregate have production capacity totaling approximately 730 million gallons per year. REX’s effective ownership of annual volumes is approximately 300 million gallons. Further information about REX is available at www.rexamerican.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312015287/en/
Investor Contacts:



Douglas Bruggeman

Chief Financial Officer
Caldwell Bailey

ICR, Inc.

RexAmerican@icrinc.com


Original: REX American Resources to Report Q4 and Full Fiscal Year 2025 Results and Host a Conference Call and Webcast on March 26, 2026

GERS Receives Offer To Restart Litigation Against REX...


CleanTech subsequently received an opinion of counsel that its remaining seven of twelve corn oil extraction patents are clearly valid and enforceable, along with a contingency-based offer to restart the infringement litigation from scratch. We are evaluating our rights and remedies in connection with all applicable matters, and we are unable to characterize or evaluate the probability of any outcome at this time




Further, in connection with ongoing patent filings, the USPTO allowed CleanTech’s new corn oil extraction patents after considering the very information that the District Court found to have been withheld, and upon which the bulk of the District Court’s rulings were based. All of the information alleged to have been “knowingly withheld” from the USPTO in connection with the patents in suit was provided to and considered by the USPTO prior to issuance of several additional patents that are not covered by the District Court’s prior rulings (the “New Patents”). The USPTO subsequently disagreed that deception of any kind occurred when, on February 21, 2020, it issued another patent to us after reviewing the very evidence that was allegedly “withheld,” along with everything the defendants ever submitted and claimed, as well as the District Court’s 2014 and 2016 rulings – all in light of the facts that were never presented to a jury. Significantly, the new patent was allowed by the same examiner that the District Court said was deceived. In other words, the same patent examiner that was allegedly deceived looked at the purported evidence and claims of deception, and disagreed that she had ever been deceived. Thus, in issuing that patent, the examiner concluded that the inventive process was not “ready for patenting” in July 2003, that an invalidating “offer for sale” did not occur in July 2003, and that the “ready for patenting” and “offer for sale” information that the District Court determined to have been “deliberately withheld” from the USPTO was immaterial to patentability.


https://cleantech-alpha.com/technologies/

Good Luck To All!$!

GERS Takes Lawsuit Against REX To Supreme Court...

https://www.supremecourt.gov/DocketPDF/20/20-769/161945/20201127111859745_20-%20Petition%20for%20Writ%20of%20Certiorari.pdf

The District Court's decision was based on the misguided, misleading and false premise that had the USPTO known of the offer to test letter, the patents wouldn't have issued.

This inconvenient truth was barred by the District Court. This begs the question: would a jury determine the USPTO had been deceived when the USPTO denies it?

Would a jury determine the July, 2003, testing a success when the test gyro clogged? Would a jury find the parameters of the patented methods were practiced when the syrup sample sat, settled and cooled before a (non substantial/few milliliters) portion of oil was separated in a non-continuous fashion?

Lastly, would a jury see GS's non-disclosure/confidential testing as an offer to sell? Or would they be convinced by other evidence? Specifically, GS's statement that Agri-Energy was their testing partner. That the results of the test were to be kept confidential until GS knew it worked for it's intended purpose in an operating ethanol plant, in real-time, without fouling the test centrifuge. That GS wanted to keep it confidential until they were ready to solicit the entire industry at once (Which happened shortly after the 2004 test). That in early 2004, Agri-Energy was still testing centrifuging thin stillage (not syrup).

This invention is worth $20 billion in corn oil for the life of the patents. Yet the judge on the federal circuit panel couldn't even pronounce the inventors name (Winsness is easy to pronounce). He couldn't take the time to learn the pronunciation of a name. Did he take the time to review the facts under proper procedures?

The District Court determined that had the USPTO been aware of the offer to test letter, that the patent would never had issued. The very same examiner, supposedly deceived by GS, reviewed the offer letter and determined she was not deceived at all.

This evidence was barred by the district court. Why?

It’s obvious a jury could rule in GS’s favor and GS was robbed of their constitutional right to trial by jury. The Court’s findings have been proven false. Another patent was issued to GS in May of 2020. The USPTO did a complete review. The Court refused to admit their faults, barred evidence and violated GS’s 7th amendment rights.

If there was ever a case the Supremes should review, it's this travesty of so called justice.


Good Luck To All$!$

REX And GERS To Settle Patent Lawsuit!$!$!$

Finally, after many years of litigation over REX's unlicensed use of GERS' corn oil extraction patents, the parties appear poised to settle the dispute.

The parties have until October 27, 2017 to "work out remaining details of a settlement between them."

https://drive.google.com/file/d/0B_ch8gAs4lCcS1B3LUc0azZlVTA/view

It's nice to see that REX and GERS are ready to work together!

Back To The Basics: ICM Abandons The AOS...

ICM sold REX their oil extraction system.

It appears the Advanced Oil System has been pulled off the market. Could this be settlement related?

www.icminc.com/products/advanced-oil-separation-system.html

The AOS is no longer a product offering.

http://www.icminc.com/products/base-tricanter-system.html

A small caption in this link states "information updated 9/12/17"

http://www.icminc.com/images/pdfs/product_sheets_international/Base%20Tricanter%20System.pdf

Also, no mention of the AOS in this recent Biodiesel Magazine article.

http://www.biodieselmagazine.com/articles/2516107/spotlight-here-to-serve-the-biodiesel-industry

Good Luck To All!$!$!$

I haven't followed REX for well over a year, due to busy-ness with other market sectors and various personal projects. As should be well-known, the market in the past has discounted REX's solid business fundamentals by selling off the stock when the oil/energy markets sour. That's the larger reality at present, so i don't expect to see much strength in REX's shareprice, regardless of whatever earnings are posted.

I would normally say that if REX's s/price fell far enough with an energy sector sell-off, i would be a buyer. I almost bought around $49 early last year, and we saw that REX soared to around $100 later in the year.

But now we live in a new era-- the Trump era. And who knows what craziness he and his cronies may try to enact vis-a-vis the ethanol sector.

These cashflow models imply REX American Resources $REX has 15% upside before earnings Friday:

Fair Value Source

I'm amazed that this one still trades at such a high forward P/E.

Annualizing for 2016 the earnings from Q4, on the basis of the lower new share-count, would make for EPS in the 2.20s for 2016 according to my quick math calculation. How can that support a shareprice in the $50s?

People here will know i love the company, but the fundamentals on supply/demand for oilprices and, by extension, gasoline prices, and therefore ethanol prices, mean that all will likely stay low for most of 2016.

At some point, likely in late 2016 or more likely during 2017 oilprices will rebound as supply & demand balance out, and we should see gasoline and ethanol prices rise again. But that point is a long way off, it seems.

It's interesting that the stockprice has been going up, despite the weakness in profit margins for the ethanol industry:

http://www.card.iastate.edu/research/bio/tools/hist_eth_gm.aspx

http://www.dtnprogressivefarmer.com/dtnag/common/link.do;jsessionid=0950E1D4EC6850D60CC6A7D224FDB783.agfreejvm2?symbolicName=/free/news/template1&product=/ag/news/ethanol/commentary&vendorReference=0702BB21&paneContentId=35&paneParentId=0

Likely the company has been fulfilling its promise to keep buying back its own shares after the sale of the Patriot plant.

$REX recent news/filings

bullish 60.59
bullish divergence

## source: finance.yahoo.com

Thu, 26 Nov 2015 16:17:09 GMT ~ Is Nobilis Health Corp (HLTH) A Good Stock To Buy?


read full: http://www.insidermonkey.com/blog/is-nobilis-health-corp-hlth-a-good-stock-to-buy-390191/
*********************************************************

Tue, 24 Nov 2015 15:00:00 GMT ~ REX American Resources to Report Q3 Results and Host Conference Call and Webcast on Wednesday, December 2

[Business Wire] - REX American Resources Corporation , a leading ethanol company, announced today that it will report its fiscal 2015 third quarter financial results on Wednesday, December 2, 2015 pre-market and will host a conference call and webcast at 11:00 a.m.

read full: http://finance.yahoo.com/news/rex-american-resources-report-q3-150000029.html
*********************************************************

Fri, 20 Nov 2015 12:45:00 GMT ~ What's Moving the Markets - Research on Aegean Marine, REX American Resources, SciClone and Blue Nile

[Accesswire] - NEW YORK, NY / ACCESSWIRE / November 20, 2015 / Moments ago, Trader's Choice released new research updates concerning several important developing situations including the following equities: Aegean Marine ...

read full: http://finance.yahoo.com/news/whats-moving-markets-research-aegean-124500762.html
*********************************************************

Tue, 10 Nov 2015 12:45:00 GMT ~ Moving Ahead of Averages, Technical Review - Research on Celadon Group, IXYS, REX American Resources and Resource Capital

[Accesswire] - NEW YORK, NY / ACCESSWIRE / November 10, 2015 / Moments ago, Trader's Choice released new research updates concerning several important developing situations including the following equities: Celadon Group ...

read full: http://finance.yahoo.com/news/moving-ahead-averages-technical-review-124500626.html
*********************************************************

Thu, 05 Nov 2015 13:15:00 GMT ~ Where Opportunity is Found - Research on Sanchez Energy, Xenoport, Aegean Marine Petroleum and REX American Resources

[Accesswire] - NEW YORK, NY / ACCESSWIRE / November 5, 2015 / Moments ago, Trader's Choice released new research updates concerning several important developing situations including the following equities: Sanchez Energy ...

read full: http://finance.yahoo.com/news/where-opportunity-found-research-sanchez-131500985.html
*********************************************************

$REX charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$REX company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/REX/company-info
Ticker: $REX
OTC Market Place: Not Available
CIK code: 0000744187
Company name: REX American Resources Corp.
Company website: http://www.rexstores.com
Incorporated In: DE, USA

$REX share structure

## source: otcmarkets.com

Market Value: $403,056,115 a/o Nov 25, 2015
Shares Outstanding: 6,905,193 a/o Aug 30, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01

$REX extra dd links

Company name: REX American Resources Corp.
Company website: http://www.rexstores.com

## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/REX/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/REX/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=REX+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=REX+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=REX+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/REX/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/REX/news - http://finance.yahoo.com/q/h?s=REX+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/REX/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/REX/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/REX/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/REX/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/REX/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/REX/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/REX/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/REX/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=REX+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/REX
DTCC (dtcc.com): http://search2.dtcc.com/?q=REX+American+Resources+Corp.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=REX+American+Resources+Corp.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=REX+American+Resources+Corp.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.rexstores.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.rexstores.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.rexstores.com

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/REX/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/REX
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/REX/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/REX/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/REX/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000744187&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/REX/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/REX/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/REX/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/REX/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=REX&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=REX
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/REX/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=REX+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=REX+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=REX
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=REX
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=REX+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/REX/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=REX+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/REX.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=REX
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/REX/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/REX/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/REX/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/REX/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/REX
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/REX
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/REX:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=REX
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=REX



$REX DD Notes ~ http://www.ddnotesmaker.com/REX

Here's the conf call transcript from S.Alpha... sorry for the general lack of proper spacing in cutting & pasting here [i put in just a few paragraph spaces]. You can read the original transcript at S.A.

Stuart Rose wasn't very bullish on guidance at all for this present qtr... I'm surprised the shareprice held up so strongly, especially given that most of the reported 2.16 EPS was income from the one-time sale of the Patriot plant. I think the fact that oilprice had a big jump today helped juice things... I wonder how many people just saw the "2.16 EPS" figure and bought without delving into the fine print. If so, this could come crashing back down into the $40s....



REX American Resources' (REX) CEO Zafar Rizvi on Q2 2015 Results - Earnings Call Transcript
REX American Resources Corporation (NYSE:REX)
Q2 2015 Results Earnings Conference Call
August 27, 2015 11:00 AM ET

Executives
Doug Bruggeman - Chief Financial Officer
Stuart Rose - Executive Chairman
Zafar Rizvi - Chief Executive Officer
Analysts
Jeremy Hellman - Singular Research
Katja Jancic - Sidoti & Company
David Koenig - Candlewood Investment Group

Operator
Ladies and gentlemen, thank you for standing by. Welcome to the REX American Resources Second Quarter Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions]
I would now like to turn the conference over to Doug Bruggeman, Chief Financial Officer. Please go ahead, sir.

Doug Bruggeman - Chief Financial Officer
Good morning and thank you for joining REX American Resources fiscal 2015 second quarter conference call. We’ll get to our presentation and comments momentarily, as well as your Q&A session, but first I’ll review the Safe Harbor disclosure. In addition to historical facts or statements of current conditions, today’s conference call contains forward-looking statements […]
I have joining me on the call today Stuart Rose, Executive Chairman of the Board and Zafar Rizvi, Chief Executive Officer. I’ll first review our financial performance and then turn the call over to Stuart for his commentary.
REX is pleased to report another strong earnings report for its fiscal 2015 second quarter relative to industry dynamics. Sales for the quarter did decline approximately 24% for the quarter, 29% for the first half of the year, primarily reflecting lower ethanol and DDG pricing. Sales for the quarter were based upon 57.9 million gallons this year versus 54.5 million gallons of ethanol in the prior year.
Gross profit declined from $38.8 million to $18.3 million for the second quarter as the crush spread was approximately $0.22 in the current year versus approximately $0.61 in the prior year. Gross profit for the first half of fiscal 2015 was $27.4 million versus $75.5 million in the prior year and the crush spread was approximately $0.18 this year versus approximately $0.60 last year.
SG&A increased in the current year second quarter, primarily due to higher percentage of incentive compensation caps being hit in the first quarter of last year, resulting in more of that compensation being recognized in this year’s second quarter. We recognized a pretax gain of $10.4 million from the sale of the Patriot plant, which includes $4.4 million of estimated receivables from escrowed funds. The final determination of escrowed payment is expected by the end of 2016. Equity method income was $5.1 million versus $7.2 million for the second quarter and $6.5 million versus $15.5 million for the first half of the fiscal year. We stopped recognizing equity method income on the Patriot plant as of May 31, 2015 upon the closing of that sale.
Our net income for the quarter was $16.4 million versus $21.9 million in the prior year and $20.3 million for the first half of the year versus $43.6 million in the prior year. Our earnings per share for the quarter were $2.16 versus $2.68 last year and for the first half of the year $2.62 versus $5.35 in the prior year. Earnings per share for the second quarter did begin to benefit from our recent aggressive share repurchase program.
I’ll now turn the call over to Stuart for his commentary.

Stuart Rose - Executive Chairman
Thank you, Doug. On the positive side, margins improved versus the first quarter. The rise was primarily due to a larger crush spread which had to do with a little bit higher price for the ethanol that we saw during the first quarter and higher DDG pricing than the first quarter. The sale of the interest in Patriot, of course increased their earnings per share; they gained on that and also decline in natural gas prices helped us.
DDG prices during the second quarter actually were above the -- on a price per ton basis above the price of corn and it benefitted from demand from China. Again, we proved as we do almost every quarter that we have the -- among the best plants in the industry, we have Fagen/ICM technology, good rail and good corn access. And it continues to allow us to outperform what other -- what a typical plant in our industry does.

Going forward, our earnings per share for the next quarter are tracking slightly above our first quarter and below our second quarter. Crush margins are being hurt by oil prices. They continue to decline. And that puts a cap on or at least does not help the price that we can sell our ethanol for and it’s something that could be an issue as -- if oil prices continue to decline and wholesale gasoline becomes cheaper than ethanol, it’s something we worry about.

We also have the political season opponents [ph] through Iowa; most Republicans aren’t adamantly against ethanol, they don’t necessarily or in most cases don’t support ethanol but aren’t adamantly against this. So, we don’t expect any legislation to come out, certainly not before Iowa and certainly not while the Democrats are in power. Hillary Clinton seems to support ethanol. So, we’ll see what happens there.

On the DDG side, China demand, China as everyone knows is not the market it was earlier in the year and their -- demand for DDG from China seems to be falling off. That could be an issue.

On the flip side, we have a lot of cash. We actually, even with the buybacks had a little bit more cash at the end of the quarter due to earnings and the sale of the Patriot plant than we had during the beginning of the quarter. We as of this date, have completed two 500,000 share buybacks and have authorized another 500,000 share buyback. Our stock is selling significantly below the asset replacement value. And we think this is -- we believe this is a good use of corporate capital. We continue to look for other opportunities in alternative energy.

We are the only one that we have found today that’s heavy oil steaming. We hope to have a permit from Californian test [ph] this fiscal year. Let’s see what happens. Even testing at today’s oil prices, they won’t be in the imminent -- it won’t be something that brings imminent returns to our shareholders and we’re going very-very slow on that.

We’ve decided not to spend our capital on a new [ethanol] plant and instead are working to gradually increase the existing capacity of our current plants. We believe we can do this at a much lower cost per gallon basis. And it’s an industry we know; these are plants we know and we feel very comfortable trying to increase the capacity of our current plants.

In terms of the major use of our capital, our board continues to believe there’s nothing better than buying in shares. Each time we buy in shares, as we continue to make money, we increase our earnings per share. And it’s our way of giving back our earnings to our shareholders.
In conclusion, we have the best plants; in our opinion, we have great locations; technology is very, very good; good rail; and most importantly, we have great people. They’ve allowed us to -- all these things together have allowed us to continue to outperform the industry in a time that at least relative to oil prices, a very, very difficult time.
I’ll leave now podium open to questions.

Question-and-Answer Session
Operator
[Operator Instructions] So, our first question comes from the line of Jeremy Hellman with Singular Research. Please proceed with your question.
Jeremy Hellman - Singular Research
Mainly wanted to touch on one of your comments there towards the end Stuart in terms of the decision to discontinue pursuit of a new build and was curious for some more color on that. And then also if that has any implications for potential purchase of existing plants that the market for those has changed favorably.
Stuart Rose - Executive Chairman
I’d add to your first question. When we first pursued a new build, margins were significantly higher than they are today. We also in the meantime have received some approvals, not all the approvals we need but some approvals. And we think we’re on track to increase the size of our existing plants. So, it’s as simple as one is significantly less, significantly less risk to our shareholders. And to be honest, buying in shares at current prices is a much more attractive option to our board and to me than building a brand new plant from scratch and all the risk involved in doing that. We can increase our earnings per share using the same capital buying in shares and expanding our plants. So, we chose at this time to go that route.
In terms of opportunities, I -- we have not seen any new opportunities. Most people in the industry don’t have a lot of debt; there’s no urgency to sell plants -- sell good plants. We wouldn’t buy bad plants. No urgency to sell good plants. So, we have not seen anything on that front to-date. Nothing has been presented to us new that would be of interest. That doesn’t mean that won’t happen in the future but to-date nothing, we have nothing to report on that.
Jeremy Hellman - Singular Research
And then just to follow up on the share buyback efforts. Do you have -- trying to think of the best way to frame the question; is there kind of a point where you say yourself that the resulting illiquidity in the marketplace becomes a concern? Do you kind of have a kind of target share count level or anything like that in mind or is it more just kind of opportunistic as the days…
Stuart Rose - Executive Chairman
It’s absolutely opportunistic and it’s funny that you say that. A few years ago when our share count was much higher, our stock was trading maybe 20,000-25,000 shares a day -- at a much, much lower price today it trades on 150,000 today and there’s a lot of liquidity out there. We’re cleaning some of it up but there’s a lot of liquidity. It has not been an issue. Even though we have less shares, it’s actually much bigger float than there was few years ago. And to answer your question directly, there’s no limit. If we look at the stock as a value and we have the cash and it’s a dip, my opinion is -- and almost always inevitably when there’s a dip like that there’s float. My opinion is it helps the shareholder, the existing shareholders to buy their shares in; it helps the people that want to sell their shares. In all ways, it’s a good thing for shareholders and we do not limit ourselves by float.
Operator
Our next question comes from the line of Katja Jancic with Sidoti & Company. Please proceed with your question.
Katja Jancic - Sidoti & Company
Stuart, you mentioned upgrading your facilities to increase the capacity. Can you talk a little bit more about that? How much you can increase, how much that will cost?
Stuart Rose - Executive Chairman
Zafar, do you want to answer that question?
Zafar Rizvi - Chief Executive Officer
Yes. We plan to spend somewhere between $10 million to $20 million over next 12 months. We think we can increase our capacity somewhere 10% to 15% of capacity. So, we’re expecting that we will be able to produce close to 135 million gallon in each location.
Doug Bruggeman - Chief Financial Officer
When Zafar speaking about each location, we’re talking about consolidated.
Katja Jancic - Sidoti & Company
So, this will be -- the $10 million to $20 million will be in the next 12 months, correct?
Zafar Rizvi - Chief Executive Officer
That’s correct.
Katja Jancic - Sidoti & Company
Now just going -- you are able to generate very strong free cash flow even during the tough times. You have a lot of cash on the balance sheet. What’s really beyond just share buybacks? Are there any other plans beyond…?
Stuart Rose - Executive Chairman
We’re always looking at other alternative energy things to look at but with oil prices where they are, it’s hard to find anything that’s great today. We have our heavy oil business that we’ve been trying to get permitted in California and hope to have that permitted, and we have a made little progress on that; hope to have that permitted. But again, that won’t be a money maker.
The best thing that we can see, if the industry stays tough, there might be that opportunity to buy an existing plant at a price that we consider reasonable. If that happens, we have the money to do it; we have the liquidity to do it. Other than that, expanding our plants and buying in shares really gives you the same effect. We took basically money that we received on selling the minority interest in Patriot and reinvested it in REX. And certainly as we’re making money, we expect it to increase our earnings per share forever basic one.
Katja Jancic - Sidoti & Company
Is there a chance you could create an MLP?
Stuart Rose - Executive Chairman
I have seen other people create MLPs and I would say -- to answer your question, I think the buyback is our way of returning. I’m not saying it’s good or bad in MLP but buyback in my mind is a best way to return capital to shareholders when you are a small company. You can’t do 50 different things and this is -- you are better off focusing on one thing whether it’s paying dividends, buyback or doing an MLP whatever. We look at this as the best. The board has historically looked at this as a best way of spending our excess capital. And it may change in the future, but that’s where we are today.
Operator
[Operator Instructions] Our next question comes from the line of Clayton Vernon [ph] with Vector Capital. Please proceed.
Unidentified Analyst
Mr. Rose, going forward, where can we expect the SG&A expenses on a quarterly basis today? They were up $2 million this quarter as you explained, hitting some performance bounces. But on a consolidated basis, the company is a bit smaller than it was last quarter. Can we expect these to be under $4 million on a quarterly basis?
Doug Bruggeman - Chief Financial Officer
They should be relatively stable throughout the year. The only thing that -- only variability you really get in that of any significance is when we book that incentive compensation. So, it should be relatively consistent subject to company profitability.
Unidentified Analyst
And second question, you mentioned excellent rail Mr. Rose. But by one metric, the basis the price you’re receiving for the ethanol versus the swaps that are created on the stream, that is continued to drift down a bit. Are you facing increased costs from the rail or any other logistical difficulties or does this simply reflect some form of a premium that’s built into the stream that’s available to producers as yourself?
Stuart Rose - Executive Chairman
Zafar, do you want to answer that?
Zafar Rizvi - Chief Executive Officer
I think it certainly depends on also which location we are shipping from. It is the transportation involved. So, that’s the reason -- if we’re shipping from new NuGen plant, certainly there is a transportation involved. And if we’re shipping from One Earth Energy, at Illinois, transportation is very cheap. That’s the reason it reflects that way.
Operator
Our next question comes from the line of David Koenig with Candlewood Investment Group. Please proceed.
David Koenig - Candlewood Investment Group
I had a quick question. You guys have sold an asset at a $1.65 on a per gallon basis. You guys are trading significantly below that, which I see is why you guys are doing the share buybacks. But where would you be interested in acquiring assets, what sort of context? And secondly, looking at some of your competitors, they seem to be trading at a significant discount to your stock. So, is your stock the right thing to be buying or is it some of the competitors?
Stuart Rose - Executive Chairman
We feel we have by far the -- relative to the public competitors, our plants are -- we consider our plants premium, we consider ourselves to be best of breed in ethanol and are -- depends on what metric you use on an earnings per share basis. I don’t think we are -- I think we’re probably -- I don’t think we’re -- I don’t know their stocks are well on that closely but I believe historically and probably now on an earnings per share basis, we sell at a lower -- we’re the best company and I believe our earnings per share basis is probably lower than theirs. So, I don’t know what metric maybe on a per gallon basis, we sell at a little higher price. But again we showed we have really, really good gallons and our earnings show that we have great plants.
The question on what price we would pay for a plant. Historically, we’ve always been bargain hunters in this industry; it’s tendency to also react and on the downside. So, the opportunity comes up. I can’t tell you what price the board would authorize paying for a plant. I just don’t know. But again, we felt on the selling side that we received a very good price for a minority interest; what price we would pay on the buying side, I can’t tell you today.
David Koenig - Candlewood Investment Group
And do you always look at things on earnings per share basis? Because we tend to look at things just on a per gallon basis of what you’re paying for the plants and that’s the discount that I am looking at…
Stuart Rose - Executive Chairman
Yes, and we, because we -- so if I were other people who had a lot of gallons not making much money, I would look it as a per gallon basis but since our plants make really -- relative to the industry do very well and always have done very well, we look at it on an earnings per share basis. I think most financial people in the general financial community probably look at it on an earnings per share basis whereas analysts dig a little deeper, use per gallon as one of their metrics, certainly not their only metric, but one of their metric. Another thing that we look at is book value per share. And like you mentioned earlier, we were able to buy our shares at significantly below replacement value for these plants and have done so.
David Koenig - Candlewood Investment Group
And on earnings per share basis and this is the final question… on earnings per share basis, you’re including the gain on sale of investment. Obviously that’s not going to be recurring sort of business, so there is no sort of multiple applied to it. So, doesn’t it seem a little bit high right with a 2.16 per share because you’re including that?
Stuart Rose - Executive Chairman
Again that’s up for you guys to decide. So, we put the numbers on the table. And if you want to be in the ethanol industry, we strongly feel we have a great company, great plants, great people and have done very, very well relative to the industry consistently.
David Koenig - Candlewood Investment Group
I agree with you completely. I see some of the public comps out there trading at $0.70 per gallon. So, it’s attractive at these levels. Thank you for the time.
Operator
There are no further questions at this time. I’ll turn the call back over to you. Please continue with your presentation or closing remarks.
Stuart Rose - Executive Chairman
We’d like to thank everyone for their support and we appreciate it very much. And thank you for listening. Bye.

REX American Resources (NYSE:REX): Q2 EPS of $2.16 beats by $0.73.

Revenue of $113.5M (-24.4% Y/Y) misses by $4.46M.

REX earnings report out this a.m.-- note that EPS was juiced up by sale of Patriot plant. There has been an amazing amount of share buybacks going on; as of this morning, they report only 6.9M shares after almost 1million shares bought in just the past 4 months (the share-count was 8.2M a year ago). Moreover, the board authorized a new capacity to buy up to 500,000 more shares.

http://seekingalpha.com/pr/14512256-rex-american-resources-reports-second-quarter-diluted-eps-of-2_16


REX American Resources Reports Second Quarter Diluted EPS of $2.16
Thu August 27, 2015 7:01 AM|Business Wire | About: REX


-Announces New 500,000 Share Repurchase Program-

DAYTON, Ohio--(BUSINESS WIRE)-- REX American Resources Corporation (REX) today reported financial results for its fiscal 2015 second quarter (Q2 15) ended July 31, 2015. REX management will host a conference call and webcast today at 11:00 a.m. ET to review the results.


Conference Call:
(212) 231-2930


Webcast / Replay URL:


www.rexamerican.com/Corp/Page4.aspx
The webcast will be available for replay for 30 days


REX American Resources Q2 15 results principally reflect its interests in seven ethanol production facilities. The operations of One Earth Energy, LLC (One Earth) and NuGen Energy, LLC (NuGen) are consolidated, while those of its five other plants are reported as equity in income of unconsolidated ethanol affiliates. During the fiscal 2015 second quarter the Company recorded a $10.4 million pre-tax gain related to the June sale of its 26.6% interest in Patriot Holdings, LLC (Patriot). As such, equity in income of unconsolidated ethanol affiliates for the quarter ended July 31, 2015 includes two months contribution from REXs prior interest in Patriot.

REXs Q2 15 net sales and revenue totaled $113.5 million, compared with $150.2 million in Q2 14, principally reflecting reduced ethanol and distillers grains pricing. As a result of the tightening of ethanol crush spread margins and decline in distiller grains pricing, the Companys Q2 15 gross profit was $18.3 million, compared with $38.8 million in the prior year period. Again reflecting the current operating environment, Q2 15 equity in income of unconsolidated ethanol affiliates was $5.1 million, compared with $7.2 million in Q2 14. As a result, income from continuing operations before income taxes and non-controlling interests in Q2 15 were $27.4 million, compared with $40.7 million in Q2 14.

Net income attributable to REX shareholders in Q2 15 was $16.4 million, compared with $21.9 million in Q2 14, while Q2 15 diluted net income per share attributable to REX common shareholders was $2.16 per share, compared to $2.68 per share in Q2 14. Per share results in Q2 15 and Q2 14 are based on 7,580,000 and 8,182,000 diluted weighted average shares outstanding, respectively.

REXs Executive Chairman of the Board, Stuart Rose, commented, The second quarter operating environment improved from earlier in the year, yet remained challenging as we continued to experience lower production margins compared to last year. REX again leveraged the strategic location of our plants and our overall business model to continue to generate profitable operating results.

Additionally, in June we received approximately $45 million representing the cash consideration related to our interest in the Patriot plant following its sale. We allocated after-tax proceeds and cash to repurchase approximately 998,000 REX shares in fiscal 2015 to date.

During the Companys fiscal second quarter, REX purchased 764,339 shares of its common stock (at an average price of $60.43 per share). Subsequent to the end of the fiscal second quarter, the Company repurchased an additional 233,243 shares (at an average price of $49.78 per share), thus completing the previously announced share repurchase program. Reflecting all purchases to date, REX presently has 6,905,193 shares of common stock outstanding.

In addition, on August 26, 2015, REXs Board of Directors approved a new share repurchase plan providing the Company with the authority to repurchase up to 500,000 shares of its common stock. Share repurchases will be made from time to time in open market or private transactions at prevailing market prices, and all shares purchased will be held in the Companys treasury for possible future use.

Balance Sheet

At July 31, 2015, REX had cash and cash equivalents of $138.1 million, $68.5 million of which was at the parent company and $69.6 million of which was at its consolidated ethanol production facilities. This compares with cash and cash equivalents of $137.7 million at January 31, 2015, $82.9 million of which was at the parent company and $54.8 million of which was at its consolidated ethanol production facilities.

The following table summarizes select data related to the Companys consolidated alternative energy interests:

Three Months

Ended
Six Months

Ended
July 31, July 31,


2015


2014


2015


2014
Average selling price per gallon of ethanol

$


1.50


$


2.18


$


1.46


$


2.16

Average selling price per ton of dried distillers grains

$


169.31


$


192.77


$


156.16


$


201.57

Average selling price per pound of non-food grade corn oil

$


0.28


$


0.36


$


0.28


$


0.34

Average selling price per ton of modified distillers grains

$


73.95


$


68.49


$


78.48


$


81.88

Average cost per bushel of grain $ 3.64 $ 4.47 $ 3.65 $ 4.41

Average cost of natural gas (per mmbtu)

$


3.42


$


5.14


$


4.13


$


7.27


Supplemental Data Related to REXs Alternative Energy Interests:

REX American Resources Corporation
Ethanol Ownership Interests/Effective Annual Gallons Shipped as of July 31, 2015

(gallons in millions)

Entity


Trailing
Twelve
Months
Gallons
Shipped


Current
REX
Ownership
Interest


REXs Current Effective
Ownership of Trailing
Twelve Month Gallons
Shipped

One Earth Energy, LLC
(Gibson City, IL)
112.7 74.6% 84.1

NuGen Energy, LLC
(Marion, SD)
117.3 99.5% 116.7

Big River Resources West Burlington, LLC
(West Burlington, IA)
105.8 9.7% 10.3

Big River Resources Galva, LLC
(Galva, IL)
115.9 9.7% 11.2

Big River United Energy, LLC
(Dyersville, IA)
123.8 4.9% 6.1

Big River Resources Boyceville, LLC
(Boyceville, WI)
57.7 9.7% 5.6
Total 633.2 n/a 234.0


About REX American Resources Corporation

REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 633 million gallons of ethanol over the twelve month period ended July 31, 2015. REXs effective ownership of the trailing twelve month gallons shipped (for the twelve months ended July 31, 2015) by the ethanol production facilities in which it currently has ownership interests was approximately 234 million gallons. Further information about REX is available at www.rexamerican.com.

This 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 may, expect, believe, estimate, anticipate or continue 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 Companys filings with the Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, dried and modified distillers grains, ethanol, corn oil, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather, transportation delays, the effects of terrorism or acts of war, changes in real estate market conditions and the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except as required by law.



REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share amounts)
Unaudited

Three Months

Ended
Six Months

Ended


July 31,


July 31,


2015


2014


2015


2014
Net sales and revenue $ 113,480 $ 150,231 $ 218,677 $ 306,156
Cost of sales 95,204 111,391 191,274 230,681
Gross profit 18,276 38,840 27,403 75,475
Selling, general and administrative expenses (6,456 ) (4,839 ) (10,909 ) (11,010 )
Gain on sale of investment 10,385 - 10,385 -
Equity in income of unconsolidated ethanol affiliates 5,063 7,245 6,543 15,542
Gain on disposal of property and equipment, net 12 - 495 -
Interest and other income 107 87 325 135
Interest expense - (591 ) - (1,283 )
Income from continuing operations before income taxes and non-controlling interests

27,387


40,742


34,242


78,859

Provision for income taxes (8,676 ) (14,017 ) (11,092 ) (27,937 )
Income from continuing operations including non-controlling interests

18,711


26,725


23,150


50,922

Loss from discontinued operations, net of tax - (12 ) - (9 )
Gain on disposal of discontinued operations, net of tax

-


5
- 5
Net income including non-controlling interests 18,711 26,718 23,150 50,918
Net income attributable to non-controlling interests (2,344 ) (4,811 ) (2,856 ) (7,269 )
Net income attributable to REX common shareholders $ 16,367 $ 21,907 $ 20,294 $ 43,649

Weighted average shares outstanding basic 7,580 8,182 7,737 8,150

Basic net income per share attributable to REX common shareholders

$


2.16


$


2.68


$


2.62


$


5.36


Weighted average shares outstanding diluted 7,580 8,182 7,737 8,166

Diluted net income per share attributable to REX common shareholders

$


2.16


$


2.68


$


2.62


$


5.35


Amounts attributable to REX common shareholders:
Income from continuing operations, net of tax $ 16,367 $ 21,914 $ 20,294 $ 43,653
Loss from discontinued operations, net of tax

-


(7


)
- (4 )
Net income $ 16,367 $ 21,907 $ 20,294 $ 43,649



REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands) Unaudited


ASSETS:


July 31,
2015


January 31,
2015
CURRENT ASSETS:
Cash and cash equivalents $ 138,107 $ 137,697
Restricted cash 203 -
Accounts receivable 13,736 8,794
Inventory 23,250 18,062
Refundable income taxes 2,958 3,019
Prepaid expenses and other 5,854 5,810
Deferred taxes-net

2,363


2,363

Total current assets 186,471 175,745
Property and equipment-net 189,056 194,447
Other assets 8,118 6,366
Equity method investments 41,778 80,389
TOTAL ASSETS $ 425,423 $ 456,947
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Accounts payable trade $ 11,975 $ 9,210
Accrued expenses and other current liabilities

8,223


10,347

Total current liabilities

20,198


19,557

LONG TERM LIABILITIES:
Deferred taxes 34,999 42,768
Other long term liabilities 797 1,658
Total long term liabilities

35,796


44,426

COMMITMENTS AND CONTINGENCIES
EQUITY:
REX shareholders equity:
Common stock, 45,000 shares authorized, 29,853 shares issued at par 299 299
Paid in capital 144,801 144,791
Retained earnings 464,732 444,438
Treasury stock, 22,715 shares

(285,745


)


(239,557


)
Total REX shareholders equity 324,087 349,971
Non-controlling interests 45,342 42,993
Total equity

369,429


392,964

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $ 425,423 $ 456,947



REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands) Unaudited



Six Months Ended
July 31,


2015


2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 23,150 $ 50,918
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, impairment charges and amortization 9,430 8,350
Income from equity method investments (6,543 ) (15,542 )
Gain on sale of investment (10,385 ) -
Gain on disposal of property and equipment, net (495 ) (3 )
Dividends received from equity method investments 5,638 8,592
Derivative financial instruments - (770 )
Deferred income tax (8,644 ) 5,323
Stock based compensation expense 10 -
Excess tax benefit from stock option exercises - (441 )
Changes in assets and liabilities:
Accounts receivable (2,754 ) 2,494
Inventories (5,188 ) 2,083
Other assets 192 463
Accounts payable-trade 261 (198 )
Other liabilities (2,110 ) 353
Net cash provided by operating activities 2,562 61,622
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (5,865 ) (3,402 )
Restricted cash (203 ) 500
Restricted investment and deposits 250 273
Proceeds from sale of investment 45,476 -
Proceeds from sale of real estate and property and equipment, net 1,935 487
Other 12 -
Net cash provided by (used in) investing activities 41,605 (2,142 )
CASH FLOWS FROM FINANCING ACTIVITIES:

Payments of long term debt
- (13,726 )
Stock options exercised - 931
Payments to noncontrolling interests holders (507 ) (39 )
Excess tax benefit from stock option exercises - 441
Treasury stock acquired (43,250 ) -
Net cash used in financing activities (43,757 ) (12,393 )
NET INCREASE IN CASH AND CASH EQUIVALENTS 410 47,087
CASH AND CASH EQUIVALENTS-Beginning of year 137,697 105,149
CASH AND CASH EQUIVALENTS-End of year $ 138,107 $ 152,236
Non cash investing activities Accrued capital expenditures $ 370 $ 239
Non cash financing activities Accrued treasury stock purchases $ 2,938 $ -








http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150827005170r1&sid=acqr7&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20150827005170/en/

REX American Resources Corporation
Douglas Bruggeman, 937-276-3931
Chief Financial Officer
or
JCIR
Joseph Jaffoni, Norberto Aja
212-835-8500
rex@jcir.com

Source: REX American Resources Corporation

REX American Resources to Report Q2 Results and Host Conference Call and Webcast on Thursday, August 27
10:01 : Thursday 20 August 2015


Note: i'm still not buying shares of REX for, as i've been saying since early in the year, the price of oil could go lower. In late June i was convinced the oil rally was over and would be plunging and indeed it has. I wish i'd committed significant funds to shorting oil with the 3X leveraged ETN DWTI (up from $60 in late June to as high as $190 recently).... I almost bought DWTI at $60 but instead decided (given the irrational buying support oil had been getting) to put too much money on a few pos biotech plays.......


Maybe oil prices will finally rebound in 2016 assuming demand from India (and China?) and elsewhere continues to rise and finally surpasses the supply glut.... Otherwise ethanol prices will likely wallow....

REX joins the S&P600:

http://seekingalpha.com/news/2628845-syna-rex-fnbc-higher-on-s-and-p-index-changes?uprof=44#email_link

Wow!--they didn't waste any time this quarter in repurchasing shares, with authorization to buy back another 500k... This will certainly help EPS in subsequent quarters.
Despite the great news, I'm still not going to be in this stock until i'm more sure about oilprices. The recent Saudi news of producing to the max and GS and Citibank's warnings about oil glut have me thinking oilprices could go south again.... Jmo...

REX American Resources Authorizes Repurchase of Additional 500,000 Shares

Today : Wednesday 24 June 2015

- Repurchased 466,444 Common Shares in Fiscal Second Quarter to Date -


REX American Resources Corporation (NYSE:REX) announced today that its Board of Directors approved a 500,000 share increase in the number of shares in its common stock repurchase plan. When combined with the 31,138 shares remaining from a previous authorization, the Company now has the authority to repurchase up to 531,138 shares of its common stock. During the Company’s fiscal second quarter to date (ends July 31, 2015), REX has purchased 466,444 shares (at an average price of $62.53 per share). Reflecting all purchases to date, REX presently has 7,436,331 shares of common stock outstanding.

Share repurchases will be made from time to time in open market or private transactions at prevailing market prices, and all shares purchased will be held in the Company’s treasury for possible future use.

About REX American Resources Corporation

REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 632 million gallons of ethanol over the twelve month period ended April 30, 2015. REX’s effective ownership of the trailing twelve month gallons shipped (for the twelve months ended April 30, 2015) by the ethanol production facilities in which it has ownership interests was approximately 231 million gallons. Further information about REX is available at www.rexamerican.com.

REX American Resources Names Zafar Rizvi Chief Executive Officer

Thursday 4 June 2015

Stuart Rose to Serve as Executive Chairman of the Board
REX Completes Sale of Interest in Patriot Holdings, LLC

REX American Resources Corporation (NYSE:REX) announced today that the Board of Directors named Zafar Rizvi, 65, Chief Executive Officer. Mr. Rizvi assumes the CEO role from Stuart Rose who will serve as the Executive Chairman of the Board of Directors with a focus on strategic development and financial community relations. Mr. Rizvi has served as REX’s President and Chief Operating Officer since 2010 and will continue to serve as President. Mr. Rizvi’s appointment acknowledges his significant contributions in establishing and generating value from REX’s alternative energy interests. REX also announced today that the Company’s Board of Directors, acting pursuant to the Company’s Bylaws, appointed Mr. Rizvi to the Board.

Mr. Rizvi has served REX in various roles since 1991 and for the last seventeen years has overseen the Company’s alternative energy interests. In his capacity of overseeing REX’s alternative energy investments, Mr. Rizvi has served since 2006 as President of Farmers Energy Incorporated, the Company’s alternative energy investment subsidiary. Reflecting his responsibility for REX’s alternative energy investments and operations Mr. Rizvi serves as Director of NuGen Energy, L.L.C., Big River Resources West Burlington, LLC and One Earth Energy LLC.

Stuart Rose, commented, “Zafar has contributed greatly to REX’s long-term record of success in the alternative energy sector. As a result, today REX has interests in six state-of-the-art ethanol production facilities with ownership of approximately 231 million gallons of ethanol per year. With the success of our alternative energy investments and operations we have built a robust balance sheet and we look forward to the continued benefit of Zafar’s contributions as we seek to build value for REX shareholders.”

Sale of Interest in Patriot Holdings, LLC

On June 1, 2015 a subsidiary of CHS Inc. (“CHS”) completed the previously announced acquisition of 100% of the ownership interests in Patriot Holdings, LLC (“Patriot”). With total merger consideration of approximate $196 million, REX’s 26.6% interest in Patriot resulted in a cash payment of approximately $45.5 million at the closing and an additional amount of approximately $5.0 million within 18 months assuming the full payment of the escrow holdbacks.

About REX American Resources Corporation

REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 632 million gallons of ethanol over the twelve month period ended April 30, 2015. REX’s effective ownership of the trailing twelve month gallons shipped (for the twelve months ended April 30, 2015) by the ethanol production facilities in which it has ownership interests was approximately 231 million gallons. Further information about REX is available at www.rexamerican.com.

It didn't turn out to be such a bad day afterall. I think the CC did put everyting a bit more in perspective.

In the CC, my question was asked by someone and fully answered about why REX wasn't buying more shares-- it's because they themselves were also bidding on buying out the Patriot plant....

Here's CEO Stuart Rose's reply to the Q:

Q: I guess I’m really surprised that you guys weren’t more aggressive in buying shares back, I mean, I guess could you help me understand?

Stuart Rose - Chairman and Chief Executive Officer
It was ... because we’re bidding on Patriot at that time and could very well have had to write – [...] close to $200 million on that and we were prepared to write a $200 million check, but we had to be able to have the ability to close quickly.....

REX Q1 2015 Earnings Conference Call

http://seekingalpha.com/article/3203506-rex-american-resources-rex-ceo-stuart-rose-on-q1-2015-results-earnings-call-transcript?part=single

May 21, 2015 11 AM ET

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the REX American Resources First Quarter Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Mr. Doug Bruggeman, Chief Financial Officer. Please go ahead, sir.
Doug Bruggeman - Chief Financial Officer

Thank you, operator. I’m joined on the call this morning by Stuart Rose, Chairman of the Board and Zafar Rizvi, Chief Operating Officer.

We’ll get to our presentation and comments momentarily, as well as your Q&A, but first I’ll review the Safe Harbor disclosure. In addition to historical facts or statements of current conditions, today’s conference call contains forward-looking statements that involve risk and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company’s current expectations and beliefs, but are not guarantees of future performance. As such, actual results may vary materially from expectations.

The risks and uncertainties associated with the forward-looking statements are described in today’s news announcement and in the company’s filings with the Securities and Exchange Commission, including the company’s reports on Form 10-K and 10-Q. REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.

I’d now like to give a brief overview of our first quarter financial performance. We’re pleased to report earnings per share $0.50 for the first quarter during a period of lower crush margins for the industry which has since moderated. Sales declined approximately 33% due to lower ethanol and DDG pricing, gallons this year were 55.8 million versus 55.6 million last year for our two consolidated plants. Crush spreads this year were $0.11 versus $0.58 last year. When we’re talking about crush spread we’re just referring to the spread between ethanol and corn pricing.

SG&A was down mostly due to lower incentive compensation cost based upon lower profitability in the first quarter this year. Equity income from non-consolidated plants decreased from $8.3 million to $1.5 million, consistent with industry conditions. [indiscernible] all of the ethanol plants we’re involved in for the first quarter were profitable....


For the complete transcript: http://seekingalpha.com/article/3203506-rex-american-resources-rex-ceo-stuart-rose-on-q1-2015-results-earnings-call-transcript?part=single

I was surprised by the low prices for DDGs-- i have not been following the ethanol industry story as closely since i got out of REX and PEIX months ago, but in Dec. China had renewed their buying of DDGs and price had gone back up to ~$200. I guess REX had lingering low prices from prior contracts but i'm surprised by the price weakness.

Also, i would have thought their ethanol selling prices would have come up a bit.

And i'm also curious why REX wasn't buying more of their own shares when the s/price dipped badly on oilprice weakness in Q1. They could have easily bought another 300k-400k. Are they expecting s/prices much lower?

I'll likely wait until tonight to read the transcript of the CC, won't have time to listen to the call. If CEO Rose is too conservative about guidance, i think REX may drop back into $50s, especially if oilprice pulls back to mid-$50s.

A big question i have, likely to get asked by analysts if it's not in the prepared remarks, is What is REX going to do with that $44M (likely $49M) from the buyout of their 27% interest in Patriot plant?

Uggghh, the Saudi price-war over oil really wrought its damage throughout the energy sector.

Sad to see that REX's gorgeously high trailing 12-month (ttm) EPS has now fallen with the drop-off of last year's wonderful 2.55 EPS posted for Q1 and the substitution of this measly EPS of 0.50, which, incidentally, is obviously still WAY BETTER than GPRE's or PEIX's.

Now REX trades around a P/E of 8 instead of around just 6.

REX American Resources misses by $0.59, misses on revenue

REX Q1 EPS of $0.50 misses by $0.59
Revenue of $105.2M (-32.5% Y/Y) misses by $25.79M.

Source: http://seekingalpha.com/news/2537786-rex-american-resources-misses-by-0_59-misses-on-revenue

Doesn't sound to good

Didn't know earnings where today. Did they change the moments the quarters end? Q4 ended at the end of January

Here's the 8K filing about the recent buyout of Patriot ethanol plant-- REX will likely get $49M out of the deal given their partial ownership.

Mgmt has repurchased shares with a lot of their cash since last Fall when the s/price tanked during the oilprice war and energy-sector slumped. Unless there is some other better use of the money, there's no reason that REX couldn't use these funds to judiciously buy more shares of their own company (they would need the BOD to raise the limit of re-purchasable shares). At present s/price, with $49M they could buy back over 760,000 shares, or more than 1/10th their outstanding shares, which would of course increase their quarterly EPS on all subsequent earnings.

I'm not sure how all the math works out.... Patriot was supplying 12.8% of their production, according to the basic production table at their website, but i don't know if the math worked out to Patriot providing the same percentage of EPS to REX's bottom line. It would be great if REX could buy back an amount of their own shares that equals or surpasses the percentage of EPS that Patriot was providing, but i don't know how to figure that....

~~~~~~~~~~~~~~~~~~~~~~~~~~
Current Report Filing (8-k)
Date : 05/11/2015 @ 9:30AM
Source : Edgar (US Regulatory)
Stock : Rex American Resources Corp (REX)
Quote : 64.4 1.03 (1.63%) @ 4:03PM

Current Report Filing (8-k)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 11, 2015

REX AMERICAN RESOURCES CORPORATION

[...]
Item 8.01. Other Events

On April 23, 2015, the Board of Directors of Patriot Holdings, LLC (“Patriot”) approved a merger agreement with a subsidiary of CHS Inc. (“CHS”) that would result in CHS acquiring 100% of the ownership interest in Patriot. REX American Resources Corporation owns a 26.6% interest in Patriot. The merger agreement is subject to approval by the members of Patriot and normal and customary conditions to closing.

The total merger consideration is $196 million in cash, subject to certain adjustments relating to Patriot’s net working capital (targeted at $6.4 million) and cash and cash equivalents at the closing of the merger and certain escrow holdbacks and less the amounts of certain transaction expenses, outstanding indebtedness of Patriot and the estimated costs of completion of certain capital expenditure projects, if incomplete at closing.

REX expects to receive a cash payment of approximately $44 million at the closing. Assuming the full payment of the escrow holdbacks, REX would receive an additional amount of approximately $5 million. The closing of the merger is expected to occur on or about June 1, 2015 subject to the satisfaction or waiver of the closing conditions.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

REX AMERICAN RESOURCES CORPORATION
Date: May 11, 2015 By: /s/ DOUGLAS L. BRUGGEMAN
----------------------------------------------------
Name: Douglas L. Bruggeman
Title: Vice President - Finance,
Chief Financial Officer
and Treasurer

New proxy statement on pp 21-2 contains latest insider and 5%+ ownership data. I don't have time to take out all the extra space-- bottom line is Dimensional Fund and JPMorgan are biggest holders of REX shares on the institutional side:

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT

The following table sets forth, as of April 21, 2015 (the record date for the Annual Meeting), certain information with respect to the beneficial ownership of REX Common Stock by each director and nominee for director, each named executive officer, all directors and executive officers as a group and those persons or groups known by us to own more than 5% of our Common Stock.

For purposes of this table, a person is considered to “beneficially own” any shares if the person, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has (or has the right to acquire within 60 days after April 21, 2015) sole or shared power (i) to vote or to direct the voting of the shares or (ii) to dispose or to direct the disposition of the shares. Unless otherwise indicated, voting power and investment power are exercised solely by the named person or shared with members of his household.















Name and Address


Common Stock
Beneficially Owned


Number


Percent(1)

Stuart A. Rose(2)








650,758








8.2


%




7720 Paragon Road













Dayton, Ohio 45459













Lawrence Tomchin








156,000








2.0


%




7720 Paragon Road













Dayton, Ohio 45459













Robert Davidoff








294,574








3.7


%




900 Third Avenue, 33rd Floor













New York, New York 10022













Edward M. Kress(3)








63,008








*


1100 Courthouse Plaza S.W.













Dayton, Ohio 45402













Charles A. Elcan








14,960








*


3100 West End Avenue, Suite 500













Nashville, Tennessee 37203













David S. Harris








—








—


24 Avon Road













Bronxville, New York 10708













Mervyn L. Alphonso








1,000








*


5 Royal Birkdale Drive













Springboro, Ohio 45066













Lee Fisher








—








—


PO Box 22388













Cleveland, Ohio 44122













J. Dennis Hastert








—








—


1825 Eye Street NW













Washington DC 20006













Douglas L. Bruggeman








33,000








*


7720 Paragon Road













Dayton, Ohio 45459













Zafar A. Rizvi








50,860








*


7720 Paragon Road













Dayton, Ohio 45459













All directors and executive officers as a group (11 persons)








1,264,160








16.0


%




Dimensional Fund Advisors LP(4)








692,497








8.8


%




Palisades West, Building One













6300 Bee Cave Road













Austin, Texas 78746


























21

















Name and Address


Common Stock
Beneficially Owned


Number


Percent(1)

JPMorgan Chase & Co.(5)








402,033








5.1


%




270 Park Avenue













New York, New York 10017