REX Q1 Net Income Per Share Increases To $0.42 From A Loss Of $0.19

REX Stores Corporation (NYSE: RSC) today announced improved financial results for its fiscal 2010 first quarter (“Q1 ‘10”) ended April 30, 2010.

Summary Consolidated Operating Results and Balance Sheet Review

REX reported net sales and revenue of $71.3 million in Q1 ‘10 compared with net sales and revenue of $14.2 million in Q1 ‘09. For Q1 ‘10, REX recorded income from continuing operations before income taxes and non-controlling interests of $7.4 million compared with a $2.4 million loss in the comparable prior year period. The Q1 ’10 pre-tax income from continuing operations is inclusive of $2.8 million of equity in income of unconsolidated ethanol affiliates compared with a $0.3 million loss from unconsolidated ethanol affiliates in Q1 ‘09. In the quarter ended April 30, 2010, REX generated income from continuing operations net of taxes and non-controlling interests of $3.5 million, or $0.35 per diluted share, compared with a loss net of taxes and non-controlling interests of $1.1 million, or $0.11 per diluted share, in the comparable prior year period.

For Q1 ‘10 REX generated net income attributable to common shareholders of $4.2 million, or $0.42 per diluted share, versus a net loss attributable to common shareholders of $1.7 million, or $0.19 per diluted share, in Q1 ‘09. Per share results are based on 10,045,000 and 9,298,000 diluted weighted average shares outstanding for the Q1 ‘10 and Q1 ‘09 quarters, respectively.

Stuart Rose, Chairman and Chief Executive Officer commented on the results, “REX got off to a strong start in fiscal 2010 with Q1 operating results reflecting our transition over the last several years to focus on alternative energy. Fiscal 2010 Q1 comparisons benefited from the start of ethanol production last year at the One Earth Energy facility as well as a year-over-year improvement in crush spreads for the first three months of calendar 2010.”