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): April 15, 2010
REX STORES CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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001-09097 |
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31-1095548 |
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(State or other jurisdiction |
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(Commission File No.) |
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(IRS Employer Identification No.) |
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of incorporation) |
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2875 Needmore Road, Dayton, Ohio |
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45414 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant's telephone number, including area code: (937) 276-3931
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition |
On April 15, 2010, REX Stores Corporation issued a press release announcing financial results for the three month and twelve month periods ended January 31, 2010. The press release is furnished as Exhibit 99 to this report.
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Item 9.01. Financial Statements and Exhibits |
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(c) |
Exhibits. The following exhibits are furnished with this report:
99 Press Release dated April 15, 2010 | |
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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.
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REX STORES CORPORATION |
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Date: April 15, 2010 |
By: |
/s/ DOUGLAS L. BRUGGEMAN |
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---------------------------------------------------- | |
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Name: Douglas L. Bruggeman | |
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Title: Vice President - Finance, | |
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Chief Financial Officer | |
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and Treasurer | |
Exhibit 99
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News Announcement |
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For Immediate Release |
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For further information contact: |
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Douglas Bruggeman |
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Joseph N. Jaffoni/David Collins |
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Chief Financial Officer |
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Jaffoni & Collins Incorporated |
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937/276-3931 |
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212/835-8500 or rsc@jcir.com |
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REX REPORTS Q4 INCOME FROM CONTINUING |
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OPERATIONS OF $0.54 PER DILUTED SHARE |
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- Reports Fiscal 2009 Fourth Quarter Net Income Attributable to |
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Common Shareholders of $7.3 Million or $0.75 Per Diluted Share - |
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- Plans to Change Company Name to REX American Resources Corporation |
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Subject to Shareholder Approval - |
Dayton, Ohio (April 15, 2010) – REX Stores Corporation (NYSE: RSC) today announced financial results for its fiscal 2009 fourth quarter (“Q4 ‘09”) ended January 31, 2010. REX will host a conference call and webcast today at 11:00 a.m. ET to review the results:
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Conference Call Dial-In: |
212/231-2915 |
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Webcast / Replay URL: |
www.rextv.com/Corp/Page4.aspx |
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The webcast will be available for replay for 30 days |
REX plans to change the Company’s name to REX American Resources Corporation and its stock trading symbol to “REX.” The name change will be subject to shareholder approval at REX’s Annual Meeting on June 9 and, if approved, the symbol change will occur thereafter.
Summary Consolidated Operating Results and Balance Sheet Review
REX reported net sales and revenue of $77.2 million in Q4 ‘09 compared with net sales and revenue of $19.9 million in Q4 ‘08. For Q4 ‘09, REX recorded income from continuing operations before income taxes and non-controlling interests of $13.2 million compared with a $5.3 million loss in the comparable prior year period. The pre-tax income from continuing operations is inclusive of a $0.9 million and $4.3 million loss on derivative financial instruments in Q4 ‘09 and Q4 ‘08, respectively. In the quarter ended January 31, 2010, REX generated income from continuing operations net of taxes and non-controlling interests of $5.2 million, or $0.54 per diluted share, compared with a loss net of taxes and non-controlling interests of $2.5 million, or $0.26 per diluted share, in the comparable prior year period.
For Q4 ‘09 REX generated net income attributable to common shareholders of $7.3 million, or $0.75 per diluted share, versus a net loss attributable to common shareholders of $5.4 million, or a $0.57 per diluted share loss, in Q4 ‘08. Per share results are based on 9,707,000 and 9,516,000 diluted weighted average shares outstanding for the Q4 ‘09 and Q4 ‘08 quarters, respectively.
-more-
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REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 |
page 2 |
REX reported fiscal 2009 net sales and revenue of $170.3 million compared with net sales and revenue of $68.6 million in fiscal 2008. For fiscal 2009 REX generated net income attributable to common shareholders of $8.6 million, or $0.91 per diluted share, versus a net loss attributable to common shareholders of $3.3 million, or a $0.32 per diluted share loss, in fiscal 2008. Per share results are based on 9,551,000 and 10,170,000 diluted weighted average shares outstanding for the fiscal 2009 and fiscal 2008, respectively.
At January 31, 2010, REX had cash and cash equivalents of $100.4 million, including $82.5 million of cash at the parent company (exclusive of approximately $17.9 million of cash at consolidated ethanol production facilities), compared with cash and cash equivalents of $92.0 million at January 31, 2009 including $90.0 million of cash at the parent company (exclusive of approximately $2.0 million of cash at consolidated ethanol production facilities).
REX repurchased 597,000 shares and 62,000 shares of its common stock in open market transactions in fiscal 2009 and Q4 ‘09, respectively. Reflecting its current repurchase authorization, REX is presently authorized to repurchase up to 481,000 shares of its common stock.
Segment Income Statement Data
REX’s financial results primarily reflect its interests in six ethanol production facilities, including the consolidation of its investments in two ethanol affiliates, Levelland Hockley County Ethanol, LLC (“Levelland Hockley”) and One Earth Energy, LLC (“One Earth”).
At January 31, 2010, REX had lease or sub-lease agreements, as landlord for all or parts of 10 former retail store locations (including one property that REX leases and sub-leases). REX also has 31 former retail stores and one former distribution center that were vacant at January 31, 2010 which it is marketing to lease or sell. In addition one former distribution center is partially leased, partially occupied for the REX corporate office and partially vacant. The Q4 ‘09 real estate revenue reflects rental income derived from these sites.
REX exited its retail operations earlier in fiscal 2009 and the retail operations results are classified as discontinued operations. Certain amounts differ from those previously reported as a result of retail operations and certain real estate assets being reclassified as discontinued operations.
In Q4 ‘09 REX recorded $0.8 million of income from discontinued operations, net of tax compared with a $3.0 million loss from discontinued operations, net of tax in Q4‘08. In Q4 ‘09 REX recorded $1.3 million of income, net of tax related to gains on the disposal of discontinued operations, primarily related to the disposal of three properties formerly used in its retail operations compared with $0.1 million of income, net of tax related to the disposal of discontinued operations in the same period last fiscal year.
The table below summarizes net sales and revenue from REX’s alternative energy and real estate segments and income (loss) from continuing operations for the three and twelve month periods ended January 31, 2010 and January 31, 2009.
-more-
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REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 |
page 3 |
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Three Months Ended |
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Twelve Months Ended |
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($in thousands) |
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January 31, |
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January 31, |
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2010 |
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2009 |
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2010 |
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2009 |
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Net sales and revenue: |
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Alternative energy (1) |
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$ |
76,879 |
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$ |
19,755 |
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$ |
169,175 |
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$ |
68,223 |
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Real estate |
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295 |
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111 |
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1,089 |
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415 |
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Total net sales and revenues |
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$ |
77,174 |
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$ |
19,866 |
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$ |
170,264 |
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$ |
68,638 |
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Segment gross profit (loss): |
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Alternative energy (1) |
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$ |
14,691 |
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$ |
2,560 |
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$ |
21,923 |
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$ |
807 |
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Real estate |
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(1,806 |
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111 |
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(2,190 |
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398 |
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Total gross profit |
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$ |
12,885 |
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$ |
2,671 |
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$ |
19,733 |
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$ |
1,205 |
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Segment profit (loss): |
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Alternative energy (1) |
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$ |
15,604 |
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$ |
(5,223 |
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$ |
17,811 |
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$ |
(8,992 |
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Real estate |
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(1,877 |
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50 |
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(2,373 |
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116 |
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Corporate expense |
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(491 |
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(438 |
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(1,721 |
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(2,038 |
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Interest expense |
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(59 |
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(96 |
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(369 |
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(387 |
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Interest income |
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33 |
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433 |
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263 |
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1,788 |
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Income from synthetic fuel investments |
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— |
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— |
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— |
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691 |
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Income (loss) from continuing operations before income taxes and non-controlling interests |
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$ |
13,210 |
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$ |
(5,274 |
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$ |
13,611 |
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$ |
(8,822 |
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(1) |
Includes results attributable to non-controlling interest of approximately 44% for Levelland Hockley and 26% for One Earth Energy. |
Supplemental Data Related to REX’s Alternative Energy Interests
At January 31, 2010 REX had interests in the following ethanol production facilities:
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Entity |
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REX’s |
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REX’s |
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Debt |
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Production |
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Contingent |
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Levelland Hockley County Ethanol, LLC |
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$16.5 |
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56 |
% |
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$ |
6.3 |
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40 |
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$ |
1.5 |
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Patriot Renewable Fuels, LLC |
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$16.0 |
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23 |
% |
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$ |
1.0 |
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100 |
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— |
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One Earth Energy, LLC |
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$50.8 |
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74 |
% |
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— |
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100 |
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— |
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Big River Resources, LLC-W. Burlington |
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10 |
% |
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— |
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92 |
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— |
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Big River Resources, LLC-Galva |
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$20.0 |
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10 |
% |
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— |
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100 |
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— |
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Big River United Energy, LLC (Dyersville) (1) |
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5 |
% |
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— |
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100 |
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— |
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(1) |
In August 2009, Big River Resources acquired a 50.5% interest in an ethanol production facility in Dyersville, Iowa. Reflecting REX’s 10% ownership interest in Big River Resources, LLC, REX has an ownership interest in this entity. |
The following table summarizes select data related to the Company’s alternative energy interests:
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($ in thousands) |
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Three Months Ended |
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Twelve Months Ended |
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2010 |
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2009 |
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2010 |
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2009 |
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Sales of Products: |
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Alternative Energy Segment |
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Ethanol |
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$ |
65,335 |
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85 |
% |
$ |
15,633 |
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79 |
% |
$ |
140,443 |
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83 |
% |
$ |
55,989 |
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82 |
% |
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Dried distiller grains |
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9,314 |
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12 |
% |
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1,839 |
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10 |
% |
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20,223 |
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12 |
% |
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6,478 |
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10 |
% |
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Wet distiller grains |
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2,092 |
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3 |
% |
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2,127 |
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11 |
% |
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7,953 |
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5 |
% |
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5,449 |
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8 |
% |
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Other |
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138 |
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— |
% |
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156 |
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— |
% |
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556 |
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— |
% |
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307 |
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— |
% |
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TOTAL ALTERNATIVE ENERGY SALES |
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$ |
76,879 |
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100 |
% |
$ |
19,755 |
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100 |
% |
$ |
169,175 |
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100 |
% |
$ |
68,223 |
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100 |
% |
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-more-
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REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 |
page 4 |
The following table summarizes selected operating data from Levelland Hockley and One Earth, the Company’s consolidated ethanol production facilities:
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Three Months Ended |
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Twelve Months Ended |
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2010 |
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2009 |
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2010 |
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2009 |
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Average selling price per gallon of ethanol |
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$ |
1.80 |
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$ |
1.79 |
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$ |
1.68 |
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$ |
2.14 |
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Average selling price per ton of dried distiller grains |
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$ |
111.16 |
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$ |
170.93 |
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$ |
112.29 |
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$ |
180.42 |
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Average selling price per ton of wet distiller grains |
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$ |
31.26 |
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$ |
54.24 |
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$ |
41.53 |
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$ |
51.74 |
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Average cost per bushel of grain |
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$ |
3.53 |
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$ |
3.81 |
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$ |
3.58 |
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$ |
4.82 |
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Average cost of natural gas (per mmbtu) |
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$ |
4.42 |
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$ |
6.64 |
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$ |
4.28 |
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$ |
9.01 |
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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 Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, sorghum, dried distiller grains, ethanol, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather, 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.
-tables follow-
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REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 |
page 5 |
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REX STORES CORPORATION AND SUBSIDIARIES |
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Consolidated Condensed Statements of Operations |
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(in thousands, except per share amounts) |
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Unaudited |
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Three Months Ended |
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Twelve Months Ended |
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January 31, |
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January 31, |
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2010 |
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2009 |
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2010 |
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2009 |
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Net sales and revenue |
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$ |
77,174 |
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$ |
19,866 |
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$ |
170,264 |
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$ |
68,638 |
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Costs of sales |
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64,289 |
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|
17,195 |
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|
150,531 |
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|
67,433 |
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Gross profit |
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12,885 |
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|
2,671 |
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|
19,733 |
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|
1,205 |
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Selling, general and administrative expenses |
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|
(2,210 |
) |
|
(867 |
) |
|
(6,025 |
) |
|
(6,640 |
) |
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Interest income |
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|
89 |
|
|
438 |
|
|
445 |
|
|
2,044 |
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Interest expense |
|
|
(1,494 |
) |
|
(1,117 |
) |
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(4,741 |
) |
|
(3,174 |
) |
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Other income |
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|
(18 |
) |
|
— |
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|
748 |
|
|
— |
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Loss on early termination of debt |
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|
— |
|
|
— |
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|
(89 |
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|
— |
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Equity in income of unconsolidated ethanol affiliates |
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|
4,883 |
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(2,117 |
) |
|
6,027 |
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|
849 |
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Income from synthetic fuel investments |
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|
— |
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|
— |
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|
— |
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|
691 |
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|
Losses on derivative financial instruments |
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|
(925 |
) |
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(4,282 |
) |
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(2,487 |
) |
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(3,797 |
) |
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Income (loss) from continuing operations before income taxes, and non-controlling interests |
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13,210 |
|
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(5,274 |
) |
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13,611 |
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|
(8,822 |
) |
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(Provision) benefit for income taxes |
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(4,274 |
) |
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2,049 |
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(4,553 |
) |
|
2,747 |
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Income (loss) from continuing operations including non-controlling interests |
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8,936 |
|
|
(3,225 |
) |
|
9,058 |
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|
(6,075 |
) |
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Income (loss) from discontinued operations, net of tax |
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|
791 |
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|
(3,014 |
) |
|
2,120 |
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|
(2,176 |
) |
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Gains on disposal of discontinued operations, net of tax |
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|
1,251 |
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|
135 |
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|
1,374 |
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|
1,798 |
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Net income (loss) including non-controlling interests |
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10,978 |
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(6,104 |
) |
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12,552 |
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(6,453 |
) |
|
Net (income) loss attributable to non-controlling interests |
|
|
(3,705 |
) |
|
725 |
|
|
(3,900 |
) |
|
3,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to REX common shareholders |
|
$ |
7,273 |
|
$ |
(5,379 |
) |
$ |
8,652 |
|
$ |
(3,297 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
9,326 |
|
|
9,516 |
|
|
9,254 |
|
|
10,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share from continuing operations* |
|
$ |
0.56 |
|
$ |
(0.26 |
) |
$ |
0.55 |
|
$ |
(0.29 |
) |
|
Basic income (loss) per share from discontinued operations* |
|
|
0.09 |
|
|
(0.32 |
) |
|
0.23 |
|
|
(0.21 |
) |
|
Basic income per share on disposal of discontinued operations* |
|
|
0.13 |
|
|
0.01 |
|
|
0.15 |
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share attributable to REX common shareholders |
|
$ |
0.78 |
|
$ |
(0.57 |
) |
$ |
0.93 |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – diluted |
|
|
9,707 |
|
|
9,516 |
|
|
9,551 |
|
|
10,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per share from continuing operations* |
|
$ |
0.54 |
|
$ |
(0.26 |
) |
$ |
0.54 |
|
$ |
(0.29 |
) |
|
Diluted income (loss) per share from discontinued operations* |
|
|
0.08 |
|
|
(0.32 |
) |
|
0.22 |
|
|
(0.21 |
) |
|
Diluted income per share on disposal of discontinued operations* |
|
|
0.13 |
|
|
0.01 |
|
|
0.15 |
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share attributable to REX common shareholders |
|
$ |
0.75 |
|
$ |
(0.57 |
) |
$ |
0.91 |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Attributable to REX common shareholders
Amounts differ from those previously reported as a result of retail operations and certain real estate assets being reclassified as discontinued operations.
- balance sheet follows -
|
|
|
|
REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 |
page 6 |
REX STORES CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, |
|
January 31, |
|
January 31, |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
100,398 |
|
$ |
91,991 |
|
$ |
127,716 |
|
|
Accounts receivable-net |
|
|
9,123 |
|
|
4,197 |
|
|
1,877 |
|
|
Inventory-net |
|
|
8,698 |
|
|
24,374 |
|
|
49,933 |
|
|
Refundable income taxes |
|
|
12,813 |
|
|
7,790 |
|
|
1,522 |
|
|
Prepaid expenses and other |
|
|
2,691 |
|
|
1,063 |
|
|
1,543 |
|
|
Deferred taxes-net |
|
|
6,375 |
|
|
13,230 |
|
|
10,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
140,098 |
|
|
142,645 |
|
|
193,190 |
|
|
Property and equipment-net |
|
|
246,874 |
|
|
235,454 |
|
|
136,505 |
|
|
Other assets |
|
|
8,880 |
|
|
12,414 |
|
|
14,803 |
|
|
Goodwill |
|
|
— |
|
|
— |
|
|
1,322 |
|
|
Deferred taxes-net |
|
|
8,468 |
|
|
18,697 |
|
|
21,929 |
|
|
Equity method investments |
|
|
44,071 |
|
|
38,861 |
|
|
38,748 |
|
|
Investment in debt instruments |
|
|
1,014 |
|
|
933 |
|
|
— |
|
|
Restricted investments |
|
|
2,100 |
|
|
2,284 |
|
|
2,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
451,505 |
|
$ |
451,288 |
|
$ |
408,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt and capital lease obligations-alternative energy |
|
$ |
12,935 |
|
$ |
5,898 |
|
$ |
1,790 |
|
|
Current portion of long-term debt-other |
|
|
371 |
|
|
1,576 |
|
|
2,311 |
|
|
Accounts payable - trade |
|
|
6,976 |
|
|
24,917 |
|
|
27,253 |
|
|
Deferred income - extended warranties |
|
|
7,818 |
|
|
11,952 |
|
|
14,448 |
|
|
Accrued restructuring charges |
|
|
511 |
|
|
4,171 |
|
|
— |
|
|
Deferred gain on sale and leaseback |
|
|
— |
|
|
1,558 |
|
|
1,436 |
|
|
Derivative financial instruments |
|
|
1,829 |
|
|
1,996 |
|
|
293 |
|
|
Accrued real estate taxes |
|
|
2,968 |
|
|
1,002 |
|
|
709 |
|
|
Other current liabilities |
|
|
5,442 |
|
|
5,199 |
|
|
12,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
38,850 |
|
|
58,269 |
|
|
61,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Term Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Long-term mortgage debt and capital lease obligations-alternative energy |
|
|
124,093 |
|
|
94,003 |
|
|
22,072 |
|
|
Long-term mortgage debt and capital lease obligations |
|
|
2,596 |
|
|
9,936 |
|
|
13,152 |
|
|
Deferred income - extended warranties |
|
|
6,396 |
|
|
13,796 |
|
|
17,172 |
|
|
Deferred gain on sale and leaseback |
|
|
— |
|
|
3,467 |
|
|
4,493 |
|
|
Derivative financial instruments |
|
|
4,055 |
|
|
4,032 |
|
|
2,308 |
|
|
Other |
|
|
419 |
|
|
4,152 |
|
|
4,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
137,559 |
|
|
129,386 |
|
|
63,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
299 |
|
|
299 |
|
|
298 |
|
|
Paid-in capital |
|
|
141,698 |
|
|
142,486 |
|
|
141,357 |
|
|
Retained earnings |
|
|
290,984 |
|
|
282,332 |
|
|
285,629 |
|
|
Treasury stock |
|
|
(186,407 |
) |
|
(186,057 |
) |
|
(170,693 |
) |
|
Accumulated other comprehensive income, net of tax |
|
|
49 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total REX shareholders’ equity |
|
|
246,623 |
|
|
239,060 |
|
|
256,591 |
|
|
Non-controlling interests |
|
|
28,473 |
|
|
24,573 |
|
|
27,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
275,096 |
|
|
263,633 |
|
|
284,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
451,505 |
|
$ |
451,288 |
|
$ |
408,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
# # #