REX American Resources Reports Fiscal 2023 First Quarter Net Income Per Share Attributable to REX Common Shareholders Of $0.30
Publishes Inaugural Sustainability Report
Conference Call: |
212/231-2905 |
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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 ‘23 results principally reflect its interests in six ethanol production facilities.
REX’s Q1 ‘23 net sales and revenue rose 9.5% to
Net income attributable to REX shareholders was
REX American Resources’ Chief Executive Officer,
“We recently published REX’s inaugural Sustainability Report which is available on our website and highlights our commitment to addressing the sustainable economy and our social responsibilities. We continue to strategically invest in initiatives that we expect will generate attractive rates of return, including enhanced production and energy efficiency at our plants, which are intended to reduce the carbon intensity of our plants. In addition, we continue to advance our One Earth carbon capture project and remain excited by the significant opportunities this initiative holds. Our
“Our healthy financial foundation, company-wide focus on operational excellence and the effectiveness of our plant operations teams reinforce our confidence in our ability to extend our long track record of leading industry results. As we look to the balance of fiscal 2023 and beyond, we intend to continue our strategic investments in the efficiency and capacity of our plants and moving our carbon capture and sequestration initiatives forward.”
Balance Sheet
As of
The following table summarizes select data related to REX’s
consolidated alternative energy interests:
Three Months Ended | ||||||
2023 |
2022 |
|||||
Average selling price per gallon of ethanol |
$ |
2.21 |
$ |
2.28 |
||
Average selling price per ton of dried distillers grains |
$ |
244.85 |
$ |
218.90 |
||
Average selling price per pound of distillers corn oil |
$ |
0.63 |
$ |
0.63 |
||
Average selling price per ton of modified distillers grains |
$ |
127.58 |
$ |
118.09 |
||
Ethanol gallons sold (in millions) |
|
71.5 |
|
64.5 |
First 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 | ||||||||
2023 |
2022 |
|||||||
Net sales and revenue |
$ |
212,714 |
$ |
194,228 |
||||
Cost of sales |
|
197,685 |
|
182,316 |
||||
Gross profit |
|
15,029 |
|
11,912 |
||||
Selling, general and administrative expenses |
|
(10,632) |
|
(5,203) |
||||
Equity in income of unconsolidated ethanol affiliates |
|
1,490 |
|
1,951 |
||||
Interest and other income, net |
|
2,801 |
|
174 |
||||
Income before income taxes and noncontrolling interests |
|
8,688 |
|
8,834 |
||||
Provision for income taxes |
|
(1,988) |
|
(1,848) |
||||
Net income |
|
6,700 |
|
6,986 |
||||
Net income attributable to noncontrolling interests |
|
(1,464) |
|
(1,804) |
||||
Net income attributable to REX common shareholders |
$ |
5,236 |
$ |
5,182 |
||||
Weighted average shares outstanding - basic and diluted |
|
17,439 |
|
17,836 |
||||
Basic and diluted net income per share attributable to REX common shareholders |
$ |
0.30 |
$ |
0.29 |
- balance sheets follow -
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES |
|||||||||
Consolidated Balance Sheets |
|||||||||
(in thousands) |
|||||||||
Unaudited |
|||||||||
|
|
|
|
|
|
||||
ASSETS: |
2023 |
|
2023 |
||||||
CURRENT ASSETS: |
|
|
|
||||||
|
Cash and cash equivalents |
$ |
77,667 |
|
$ |
69,612 |
|||
|
Short-term investments |
|
188,143 |
|
|
211,331 |
|||
|
Restricted cash |
|
3,379 |
|
|
1,735 |
|||
|
Accounts receivable |
|
29,217 |
|
|
25,162 |
|||
|
Inventory |
|
41,299 |
|
|
48,744 |
|||
|
Refundable income taxes |
|
4,983 |
|
|
2,962 |
|||
|
Prepaid expenses and other |
|
16,268 |
|
|
13,098 |
|||
|
|
Total current assets |
|
360,956 |
|
|
372,644 |
||
Property and equipment, net |
|
135,125 |
|
|
135,497 |
||||
Operating lease right-of-use assets |
|
13,907 |
|
|
15,214 |
||||
Deferred taxes and other assets |
|
22,018 |
|
|
23,179 |
||||
Equity method investment |
|
34,535 |
|
|
33,045 |
||||
TOTAL ASSETS |
$ |
566,541 |
|
$ |
579,579 |
||||
LIABILITIES AND EQUITY: |
|
|
|
||||||
CURRENT LIABILITIES: |
|
|
|
||||||
|
Accounts payable - trade |
$ |
17,874 |
|
$ |
34,091 |
|||
|
Current operating lease liabilities |
|
5,142 |
|
|
5,180 |
|||
|
Accrued expenses and other current liabilities |
|
13,173 |
|
|
15,328 |
|||
|
|
Total current liabilities |
|
36,189 |
|
|
54,599 |
||
LONG-TERM LIABILITIES: |
|
|
|
||||||
|
Deferred taxes |
|
1,097 |
|
|
1,097 |
|||
|
Long-term operating lease liabilities |
|
8,696 |
|
|
9,855 |
|||
|
Other long-term liabilities |
|
3,158 |
|
|
3,034 |
|||
|
|
Total long-term liabilities |
|
12,951 |
|
|
13,986 |
||
EQUITY: |
|
|
|
||||||
REX shareholders' equity: |
|
|
|
||||||
|
Common stock |
|
299 |
|
|
299 |
|||
|
Paid-in capital |
|
940 |
|
|
578 |
|||
|
Retained earnings |
|
646,062 |
|
|
640,826 |
|||
|
|
|
(193,660) |
|
|
(193,721) |
|||
|
|
Total REX shareholders' equity |
|
453,641 |
|
|
447,982 |
||
Noncontrolling interests |
|
63,760 |
|
|
63,012 |
||||
|
|
Total equity |
|
517,401 |
|
|
510,994 |
||
TOTAL LIABILITIES AND EQUITY |
$ |
566,541 |
|
$ |
579,579 |
- statements of cash flows follow -
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES |
|||||||||
Consolidated Statements of Cash Flows |
|||||||||
(in thousands) |
|||||||||
Unaudited |
|||||||||
Three Months Ended | |||||||||
2023 |
2022 |
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income including noncontrolling interests |
$ |
6,700 |
$ |
6,986 |
|||||
Adjustments to reconcile net income to net cash | |||||||||
used in operating activities: | |||||||||
Depreciation |
|
4,420 |
|
4,459 |
|||||
Amortization of operating lease right-of-use assets |
|
1,334 |
|
1,430 |
|||||
Income from equity method investments |
|
(1,490) |
|
(1,951) |
|||||
Interest income from investments |
|
(2,052) |
|
(148) |
|||||
Deferred income taxes |
|
1,342 |
|
1,161 |
|||||
Stock based compensation expense |
|
612 |
|
218 |
|||||
(Gain) loss on sale of property and equipment - net |
|
(10) |
|
5 |
|||||
Changes in assets and liabilities: | |||||||||
Accounts receivable |
|
(4,055) |
|
381 |
|||||
Inventories |
|
7,445 |
|
(14,163) |
|||||
Refundable income taxes |
|
(2,021) |
|
581 |
|||||
Other assets |
|
(3,342) |
|
(3,529) |
|||||
Accounts payable - trade |
|
(16,066) |
|
(13,233) |
|||||
Other liabilities |
|
(3,444) |
|
124 |
|||||
Net cash used in operating activities |
|
(10,627) |
|
(17,679) |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Capital Expenditures |
|
(4,199) |
|
(1,462) |
|||||
Purchase of short-term investments |
|
(102,348) |
|
(161,599) |
|||||
Sale of short-term investments |
|
127,588 |
|
20,278 |
|||||
Deposits |
|
(9) |
|
- |
|||||
Proceeds from sale of real estate and property and equipment |
|
10 |
|
- |
|||||
Net cash provided by (used in) investing activities |
|
21,042 |
|
(142,783) |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Payments to noncontrolling interests holders |
|
(716) |
|
(1) |
|||||
Net cash used in financing activities |
|
(716) |
|
(1) |
|||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
9,699 |
|
(160,463) |
|||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period |
|
71,347 |
|
232,068 |
|||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period |
$ |
81,046 |
$ |
71,605 |
|||||
Non-cash financing activities - Stock awards accrued |
$ |
189 |
$ |
174 |
|||||
Non-cash investing activities - Accrued capital expenditures |
$ |
274 |
$ |
205 |
|||||
Right-of-use assets acquired and liabilities incurred upon lease execution |
$ |
97 |
$ |
3,460 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230525005186/en/
Chief Financial Officer
(937) 276‑3931
JCIR
(212) 835-8500 / rex@jcir.com
Source: