REX American Resources Corporation (NYSE: REX) today reported financial results for its fiscal 2012 first quarter (“Q1 ‘12”) ended April 30, 2012. REX management will host a conference call and webcast today at 11:00 a.m. ET:
The webcast will be available for replay for 30 days
REX’s Q1 ‘12 results primarily reflect its alternative energy segment interests in seven operating ethanol production facilities. The operations of One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) are consolidated (on November 1, 2011, REX acquired an additional approximate 50% equity ownership interest in NuGen raising its equity ownership in the entity to approximately 98%) while those of its five other operating plants are reported as equity in income of unconsolidated ethanol affiliates. REX’s Q1 ‘12 net sales and revenue rose 86.1% to $151.0 million, from $81.2 million in Q1 ’11, primarily reflecting the consolidation of NuGen. REX recognizes certain results from its ethanol interests on a quarterly calendar basis, and as a result, REX’s Q1 includes results from ethanol operations for the period January 1, 2012 through March 31, 2012, with the exception of NuGen which is for the period February 1, 2012 through April 30, 2012.