REX American Resources Corporation (NYSE:REX) today reported strong financial results for its fiscal 2013 third quarter (“Q3 ‘13”) ended October 31, 2013. REX management will host a conference call and webcast today at 11:00 a.m. ET.
|Conference Call:||(212) 231-2929|
|Webcast / Replay URL:||www.rexamerican.com/Corp/Page4.aspx|
|The webcast will be available for replay for 30 days|
REX American Resources’ Q3 ‘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.
REX’s Q3 ‘13 net sales and revenue were $166.5 million compared with $178.8 million in Q3 ’12. Primarily reflecting significantly higher ethanol crush spread margins in Q3’ 13, the Company’s gross profit rose 386% to $18.2 million from $3.7 million in the prior year period. Reflecting the improved industry environment, Q3 ‘13 equity in income of unconsolidated ethanol affiliates more than doubled to $3.3 million, compared with $1.5 million in Q3 ‘12. The substantial rise in the gross profit and income of unconsolidated ethanol affiliates drove a $15.0 million increase in net income from continuing operations before income taxes and non-controlling interests to $16.0 million in Q3 ’13, compared with $1.0 million in Q3 ’12.
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