REX American Resources Reports Fiscal 2021 First Quarter Net Income Per Share Attributable to REX Common Shareholders of $1.30 Versus a Loss of $1.21 Per Share in the Year-Ago Period
REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) today reported financial results for its fiscal 2021 first quarter (“Q1 ‘21”) ended April 30, 2021. REX management will host a conference call and webcast today at 11:00 a.m. ET.
Conference Call: |
212/231-2911 |
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Webcast / Replay URL: |
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The webcast will be available for replay for 30 days. |
REX American Resources’ Q1 ‘21 results principally reflect its interests in six ethanol production facilities and its refined coal operation. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, as is the refined coal entity, while those of its four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates. The Company reports results for its two business segments as ethanol and by-products, and refined coal.
REX’s Q1 ‘21 net sales and revenue were
Net income attributable to REX shareholders in Q1 ‘21 was
Segment Income Statement Data:
|
Three Months Ended |
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($ in thousands) |
April 30, |
||||||
|
|
2021 |
|
|
|
2020 |
|
Net sales and revenue: |
|
|
|||||
Ethanol & By-Products (1) |
$ |
164,042 |
|
$ |
83,235 |
|
|
Refined coal (2) (3) |
|
62 |
|
|
15 |
|
|
Total net sales and revenue |
$ |
164,104 |
|
$ |
83,250 |
|
|
|
|
|
|||||
Gross profit (loss): |
|
|
|||||
Ethanol & By-Products (1) |
$ |
19,477 |
|
$ |
(8,223 |
) |
|
Refined coal (2) |
|
(1,675 |
) |
|
(1,107 |
) |
|
Total gross profit (loss) |
$ |
17,802 |
|
$ |
(9,330 |
) |
|
|
|
|
|||||
Income (loss) before income taxes: |
|
|
|||||
Ethanol & By-Products (1) |
$ |
11,082 |
|
$ |
(12,351 |
) |
|
Refined coal (2) |
|
(1,795 |
) |
|
(847 |
) |
|
Corporate and other |
|
(860 |
) |
|
(545 |
) |
|
Total income (loss) before income taxes |
$ |
8,427 |
|
$ |
(13,743 |
) |
|
(Provision) benefit for income taxes: |
|
|
|||||
Ethanol & By-Products |
$ |
(2,436 |
) |
$ |
4,161 |
|
|
Refined coal |
|
2,195 |
|
|
959 |
|
|
Corporate and other |
|
212 |
|
|
193 |
|
|
Total (provision) benefit for income taxes |
$ |
(29 |
) |
$ |
5,313 |
|
|
Net income (loss) attributable to REX common shareholders: |
|
|
|||||
Ethanol & By-Products |
$ |
7,952 |
|
$ |
(7,433 |
) |
|
Refined coal |
|
480 |
|
|
150 |
|
|
Corporate and other |
|
(648 |
) |
|
(352 |
) |
|
Net income (loss) attributable to REX common shareholders |
$ |
7,784 |
|
$ |
(7,635 |
) |
|
(1) |
Includes results attributable to non-controlling interests of approximately |
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(2) |
Includes results attributable to non-controlling interests of approximately |
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(3) |
Refined coal sales are reported net of the cost of coal. |
REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “The operating environment in the first quarter of fiscal 2021 was markedly better than the challenging environment we experienced throughout most of fiscal 2020, with significant improvements to demand and pricing across our ethanol and by-products segments. With all of our high-quality plants in operation, we were able to leverage our strategic locations across the corn belt and healthy liquidity position to generate first quarter net income of
Balance Sheet
At April 30, 2021, REX had cash and cash equivalents and short-term investments of
The following table summarizes select data related to REX’s
consolidated alternative energy interests:
|
Three Months Ended |
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|
April 30, |
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|
|
2021 |
|
|
2020 |
Average selling price per gallon of ethanol (net of hedging) |
$ |
1.79 |
$ |
1.25 |
|
Average selling price per ton of dried distillers grains |
$ |
208.92 |
$ |
145.64 |
|
Average selling price per pound of non-food grade corn oil |
$ |
0.33 |
$ |
0.25 |
|
Average selling price per ton of modified distillers grains |
$ |
71.54 |
$ |
65.82 |
|
Rex American Res
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