REX American Resources Reports Fiscal 2022 Fourth Quarter Net Income Per Share Attributable to Rex Common Shareholders Of $0.47
REX American Resources Corporation (NYSE: REX) reported its fiscal 2022 Q4 results, highlighting net sales of $200.2 million, a decrease from $212.0 million in Q4 ‘21. This drop was attributed to lower sales volumes of ethanol and by-products, coupled with increased input costs. Q4 '22 gross profit fell to $14.9 million from $38.8 million, with net income attributable to REX shareholders at $8.2 million, down from $21.3 million year-over-year. Despite these challenges, REX maintained a strong liquidity position with $281 million in cash and short-term investments and no debt, showcasing operational resilience amid rising commodity prices and disruptions.
- Strong liquidity with $281 million in cash and short-term investments.
- No debt position enhances financial stability.
- Average selling price of ethanol increased to $2.31 per gallon.
- Net sales decreased 5% year-over-year.
- Gross profit dropped 62% compared to Q4 '21.
- Net income attributable to shareholders decreased 61% year-over-year.
Conference Call: | 212/231-2904 |
Webcast / Replay URL: |
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The webcast will be available for replay for 30 days. |
REX American Resources’ Q4 ‘22 results principally reflect its interests in six ethanol production facilities.
REX’s Q4 ‘22 net sales and revenue were
Net income attributable to REX shareholders from continuing operations in Q4 ‘22 was
REX American Resources’ Chief Executive Officer,
“We exited fiscal 2022 with a robust liquidity position, with approximately
“Looking ahead, we are excited by the many opportunities in front of us and remain confident in the value proposition that ethanol brings to consumers and the environment. We are also encouraged by the potentially compelling financial benefits of our carbon capture and sequestration initiatives on the back of the recently enacted Inflation Reduction Act and believe our efforts will yield significant financial benefits for our employees, partners and shareholders.”
Balance Sheet
As of
The following table summarizes select data related to REX’s
consolidated alternative energy interests:
Three Months Ended | Twelve Months Ended | ||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||
Average selling price per gallon of ethanol | $ |
2.31 |
$ |
2.36 |
$ |
2.44 |
$ |
2.21 |
|
Average selling price per ton of dried distillers grains | $ |
234.39 |
$ |
192.20 |
$ |
232.98 |
$ |
197.86 |
|
Average selling price per pound of non-food grade corn oil | $ |
0.75 |
$ |
0.60 |
$ |
0.71 |
$ |
0.50 |
|
Average selling price per ton of modified distillers grains | $ |
139.84 |
$ |
89.99 |
$ |
123.66 |
$ |
85.19 |
|
Average cost per bushel of grain | $ |
7.10 |
$ |
5.83 |
$ |
7.24 |
$ |
5.99 |
|
Average cost of natural gas (per MmBtu) | $ |
6.57 |
$ |
5.85 |
$ |
6.66 |
$ |
4.27 |
Fourth Quarter Conference Call
REX will host a conference call at
About
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 Company’s filings with the
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share amounts) Unaudited |
|||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Net sales and revenue | $ |
200,167 |
|
$ |
212,016 |
|
$ |
855,000 |
|
$ |
774,802 |
|
|||
Cost of sales |
|
185,268 |
|
|
173,239 |
|
|
800,269 |
|
|
677,242 |
|
|||
Gross profit |
|
14,899 |
|
|
38,777 |
|
|
54,731 |
|
|
97,560 |
|
|||
Selling, general and administrative expenses |
|
(6,719 |
) |
|
(6,032 |
) |
|
(28,956 |
) |
|
(28,476 |
) |
|||
Equity in income of unconsolidated ethanol affiliates |
|
2,535 |
|
|
3,861 |
|
|
8,745 |
|
|
6,624 |
|
|||
Interest and other income, net |
|
2,621 |
|
|
13 |
|
|
12,959 |
|
|
130 |
|
|||
Income before income taxes and noncontrolling interests |
|
13,336 |
|
|
36,619 |
|
|
47,479 |
|
|
75,838 |
|
|||
Provision for income taxes |
|
(2,168 |
) |
|
(10,702 |
) |
|
(9,542 |
) |
|
(19,031 |
) |
|||
Net income from continuing operations |
|
11,168 |
|
|
25,917 |
|
|
37,937 |
|
|
56,807 |
|
|||
Net income attributable to noncontrolling interests (continuing operations) |
|
(3,007 |
) |
|
(4,650 |
) |
|
(10,240 |
) |
|
(9,235 |
) |
|||
Net income attributable to REX common shareholders (continuing operations) |
|
8,161 |
|
|
21,267 |
|
|
27,697 |
|
|
47,572 |
|
|||
Net income from discontinued operations, net of tax |
|
- |
|
|
132 |
|
|
- |
|
|
4,395 |
|
|||
Net loss attributable to noncontrolling interests (discontinued operations) |
|
- |
|
|
27 |
|
|
- |
|
|
397 |
|
|||
Net income attributable to REX common shareholders (discontinued operations) |
|
- |
|
|
159 |
|
|
- |
|
|
4,792 |
|
|||
Net income attributable to REX common shareholders | $ |
8,161 |
|
$ |
21,426 |
|
$ |
27,697 |
|
$ |
52,364 |
|
|||
Weighted average shares outstanding - basic and diluted |
|
17,416 |
|
|
17,818 |
|
|
17,638 |
|
|
17,946 |
|
|||
Basic and diluted net income per share from continuing operations attributable to REX common shareholders | $ |
0.47 |
|
$ |
1.19 |
|
$ |
1.57 |
|
$ |
2.65 |
|
|||
Basic and diluted net income per share from discontinued operations attributable to REX common shareholders |
|
- |
|
|
0.01 |
|
|
- |
|
|
0.27 |
|
|||
Basic and diluted net income per share attributable to REX common shareholders | $ |
0.47 |
|
$ |
1.20 |
|
$ |
1.57 |
|
$ |
2.92 |
|
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (in thousands) Unaudited |
|||||||||
ASSETS: |
|
2023 |
|
|
2022 |
|
|||
CURRENT ASSETS: | |||||||||
Cash and cash equivalents | $ |
69,612 |
|
$ |
229,846 |
|
|||
Short-term investments |
|
211,331 |
|
|
25,877 |
|
|||
Restricted cash |
|
1,735 |
|
|
2,222 |
|
|||
Accounts receivable |
|
25,162 |
|
|
25,821 |
|
|||
Inventory |
|
48,744 |
|
|
42,225 |
|
|||
Refundable income taxes |
|
2,962 |
|
|
6,677 |
|
|||
Prepaid expenses and other |
|
13,098 |
|
|
12,499 |
|
|||
Total current assets |
|
372,644 |
|
|
345,167 |
|
|||
Property and equipment, net |
|
135,497 |
|
|
137,554 |
|
|||
Operating lease right-of-use assets |
|
15,214 |
|
|
11,221 |
|
|||
Deferred taxes and other assets |
|
23,179 |
|
|
25,853 |
|
|||
Equity method investment |
|
33,045 |
|
|
30,566 |
|
|||
TOTAL ASSETS | $ |
579,579 |
|
$ |
550,361 |
|
|||
LIABILITIES AND EQUITY: | |||||||||
CURRENT LIABILITIES: | |||||||||
Accounts payable - trade | $ |
34,091 |
|
$ |
32,266 |
|
|||
Current operating lease liabilities |
|
5,180 |
|
|
4,600 |
|
|||
Accrued expenses and other current liabilities |
|
15,328 |
|
|
13,617 |
|
|||
Total current liabilities |
|
54,599 |
|
|
50,483 |
|
|||
LONG-TERM LIABILITIES: | |||||||||
Deferred taxes |
|
1,097 |
|
|
3,132 |
|
|||
Long-term operating lease liabilities |
|
9,855 |
|
|
6,390 |
|
|||
Other long-term liabilities |
|
3,034 |
|
|
2,794 |
|
|||
Total long-term liabilities |
|
13,986 |
|
|
12,316 |
|
|||
EQUITY: | |||||||||
REX shareholders' equity: | |||||||||
Common stock |
|
299 |
|
|
299 |
|
|||
Paid-in capital |
|
578 |
|
|
- |
|
|||
Retained earnings |
|
640,826 |
|
|
611,607 |
|
|||
|
(193,721 |
) |
|
(181,114 |
) |
||||
Total REX shareholders' equity |
|
447,982 |
|
|
430,792 |
|
|||
Noncontrolling interests |
|
63,012 |
|
|
56,770 |
|
|||
Total equity |
|
510,994 |
|
|
487,562 |
|
|||
TOTAL LIABILITIES AND EQUITY | $ |
579,579 |
|
$ |
550,361 |
|
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) Unaudited |
|||||||||
Twelve Months Ended | |||||||||
|
2023 |
|
|
2022 |
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net income including noncontrolling interests | $ |
37,937 |
|
$ |
61,202 |
|
|||
Net income from discontinued operations, net of tax |
|
- |
|
|
4,395 |
|
|||
Net income from continuing operations |
|
37,937 |
|
|
56,807 |
|
|||
Adjustments to reconcile net income to net cash | |||||||||
provided by operating activities: | |||||||||
Depreciation |
|
17,976 |
|
|
18,031 |
|
|||
Amortization of operating lease right-of-use assets |
|
5,328 |
|
|
5,560 |
|
|||
Income from equity method investments |
|
(8,745 |
) |
|
(6,624 |
) |
|||
Dividends received from equity method investments |
|
6,266 |
|
|
5,514 |
|
|||
Interest income from investments |
|
(2,839 |
) |
|
(43 |
) |
|||
Deferred income taxes |
|
915 |
|
|
12,730 |
|
|||
Stock based compensation expense |
|
1,930 |
|
|
1,753 |
|
|||
(Gain) loss on sale of property and equipment - net |
|
(102 |
) |
|
30 |
|
|||
Changes in assets and liabilities: | |||||||||
Accounts receivable |
|
659 |
|
|
(6,108 |
) |
|||
Inventories |
|
(6,519 |
) |
|
(4,799 |
) |
|||
Income taxes refundable |
|
3,715 |
|
|
(1,103 |
) |
|||
Other assets |
|
(452 |
) |
|
199 |
|
|||
Accounts payable - trade |
|
1,478 |
|
|
16,005 |
|
|||
Other liabilities |
|
(2,752 |
) |
|
475 |
|
|||
Net cash provided by operating activities from continuing operations |
|
54,795 |
|
|
98,427 |
|
|||
Net cash used in operating activities from discontinued operations |
|
- |
|
|
(6,716 |
) |
|||
Net cash provided by operating activities |
|
54,795 |
|
|
91,711 |
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Capital Expenditures |
|
(15,578 |
) |
|
(5,126 |
) |
|||
Purchase of short-term investments |
|
(399,350 |
) |
|
(88,949 |
) |
|||
Sale of short-term investments |
|
216,735 |
|
|
99,309 |
|
|||
Deposits |
|
(319 |
) |
|
- |
|
|||
Other |
|
5 |
|
|
60 |
|
|||
Net cash (used in) provided by investing activities |
|
(198,507 |
) |
|
5,294 |
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
|
(13,012 |
) |
|
(6,627 |
) |
||||
Payments to noncontrolling interests holders |
|
(3,997 |
) |
|
(4,772 |
) |
|||
Net cash used in financing activities from continuing operations |
|
(17,009 |
) |
|
(11,399 |
) |
|||
Net cash provided by financing activities from discontinued operations |
|
- |
|
|
304 |
|
|||
Net cash used in financing activities |
|
(17,009 |
) |
|
(11,095 |
) |
|||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(160,721 |
) |
|
85,910 |
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of year |
|
232,068 |
|
|
146,158 |
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of year | $ |
71,347 |
|
$ |
232,068 |
|
|||
Non-cash financing activities - Stock awards accrued | $ |
965 |
|
$ |
1,580 |
|
|||
Non-cash financing activities - Stock awards issued | $ |
1,539 |
|
$ |
100 |
|
|||
Non-cash investing activities - Accrued capital expenditures | $ |
425 |
|
$ |
78 |
|
|||
Right-of-use assets acquired and liabilities incurred upon lease execution | $ |
9,321 |
|
$ |
4,103 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230323005236/en/
Chief Financial Officer
(937) 276‑3931
JCIR
835-8500 / rex@jcir.com
Source:
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