REX American Resources Corporation (NYSE:REX) today reported financial results for its fiscal 2013 second quarter (“Q2 ‘13”) ended July 31, 2013. REX management will host a conference call and webcast today at 11:00 a.m. ET.
Webcast / Replay URL:
|The webcast will be available for replay for 30 days|
REX American Resources’ Q2 ‘13 results principally reflect its alternative energy segment interests in seven ethanol production facilities. The operations of One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) are consolidated, while those of its five other plants are reported as equity in income of unconsolidated ethanol affiliates.
Reflecting improved ethanol crush spread margins since the beginning of calendar 2013 as well as higher year-over-year prices for ethanol and dried and modified distillers grains, Q2 ‘13 net income attributable to REX shareholders rose 623% to $5.8 million, compared with $0.8 million in Q2 ‘12, while Q2 ’13 diluted net income per share attributable to REX common shareholders rose 610% to $0.71, from $0.10 in Q2 ’12.
REX’s Q2 ‘13 net sales and revenue rose 15% to $175.7 million, from $153.2 million in Q2 ’12. Reflecting the improved ethanol production industry environment, REX generated gross profit of $11.0 million in Q2’ 13, compared with $7.0 million in Q2’ 12. In Q2 ‘13, equity in income of unconsolidated ethanol affiliates rose to $4.6 million, compared with a $0.5 million loss in Q2 ‘12. REX’s Q2 ‘13 income from continuing operations before income taxes and non-controlling interests was $10.4 million, compared with $1.7 million in Q2 ’12. Q2 ’13 income from continuing operations attributable to REX shareholders net of tax was $5.8 million, or $0.71 per diluted share, compared with $0.7 million, or $0.08 per diluted share, in Q2 ’12. Per share results in Q2 ‘13 and Q2 ‘12 are based on 8,204,000 and 8,385,000 diluted weighted average shares outstanding, respectively.
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