REX American Resources Corporation (NYSE: REX) today reported financial results for its fiscal 2011 fourth quarter (“Q4 ‘11”) and twelve months ended January 31, 2012. 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 Q4 ‘11 was $14.8 million, or $1.76 per diluted share, compared with a net loss of $4.6 million, or $0.49 per diluted share, in Q4 ‘10. Q4 ‘11 income from continuing operations net of tax attributable to REX shareholders was $14.4 million, or $1.72 per diluted share, compared with a loss of $5.0 million, or $0.53 per diluted share, in Q4 ‘10. The Q4 ’11 results reflect a one-time pre-tax benefit of $3.5 million ($2.1 million, after tax), or approximately $0.25 per diluted share (after-tax) to account for the net bargain purchase gain associated with REX’s November 1, 2011 acquisition of an additional approximate 50% equity ownership interest in NuGen Energy, LLC, ("NuGen") which raised its equity ownership in the entity to approximately 98%. The Q4 ’10 results were impacted by the deconsolidation of Levelland Hockley County Ethanol (“LHCE”) which resulted in a one-time pre-tax charge of $18.4 million ($11.2 million, after tax), or approximately $1.19 per diluted share (after-tax) in the quarter ended January 31, 2011. REX recorded income from discontinued operations of $0.4 million, or $0.04 per diluted share for both the Q4 ’11 and Q4 ’10 periods. Per share results in Q4 ‘11 and Q4 ‘10 are based on 8,398,000 and 9,438,000 diluted weighted average shares outstanding, respectively.
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