REX American Resources Corporation (NYSE: REX) today reported results for its fiscal 2011 third quarter (“Q3 ‘11”) and nine months ended October 31, 2011. REX management will host a conference call and webcast today at 11:00 a.m. ET:
|Webcast / Replay URL:||www.rexamerican.com/Corp/Page4.aspx|
|The webcast will be available for replay for 30 days|
Net income attributable to REX shareholders in Q3 ‘11 was $6.5 million, or $0.70 per diluted share, compared with $4.3 million, or $0.44 per diluted share, in Q3 ‘10. Q3 ‘11 income from continuing operations net of tax attributable to REX shareholders was $6.0 million, or $0.65 per diluted share, compared with $3.7 million, or $0.38 per diluted share, in Q3 ‘10. REX recorded Q3 ’11 income from discontinued operations of $0.5 million, or $0.05 per diluted share, compared with $0.6 million, or $0.06 per diluted share, in Q3 ‘10. Per share results in Q3 ‘11 and Q3 ‘10 are based on 9,239,000 and 9,682,000 diluted weighted average shares outstanding, respectively. Reflecting all share repurchases to date REX currently has approximately 8,322,000 common shares outstanding.
REX’s Q3 ‘11 results primarily reflect its alternative energy segment interests in six operating ethanol production facilities. The operations of One Earth Energy, LLC (“One Earth”) are consolidated and those of the other five operating plants are reported as equity in income of unconsolidated ethanol affiliates. REX’s Q3 ‘11 net sales and revenue rose 20.3% to $84.5 million, from $70.3 million in Q3 ’10, primarily reflecting significant increases in ethanol and distillers grains pricing.
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