REX American Resources Reports Fiscal 2020 Fourth Quarter Results
DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) today reported financial results for its fiscal 2020 fourth quarter (“Q4 ‘20”) ended January 31, 2021. REX management will host a conference call and webcast today at 11:00 a.m. ET.
“Fiscal 2020 proved to be a challenging year with the impact of Covid, however we are pleased to report earnings per share of $0.59 for the fourth quarter on the back of a profitable third quarter, reflecting the resiliency of our business and the efficiency of our plants and operations.”
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Conference Call: |
212/231-2920 |
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Webcast / Replay URL: |
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The webcast will be available for replay for 30 days. |
REX American Resources’ Q4 ‘20 results principally reflect its interests in six ethanol production facilities and its refined coal operation. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, as is the refined coal entity, while those of its four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates. The Company reports results for its two business segments as ethanol and by-products, and refined coal.
REX’s Q4 ‘20 net sales and revenue were $126.0 million, compared with $120.9 million in Q4 ‘19. The year-over-year net sales and revenue increase was primarily due to higher pricing of dried distillers grains and modified distillers grains, as well as higher ethanol production levels, which more than offset lower ethanol pricing. Primarily reflecting these factors, Q4 ‘20 gross profit for the Company’s ethanol and by-products segment increased to $8.3 million, compared with $8.1 million in Q4 ‘19. As a result, the ethanol and by-products segment had income before income taxes of $5.3 million in Q4 ‘20, compared to income of $5.0 million in Q4 ‘19. The Company’s refined coal operation incurred a $1.4 million gross loss and a $1.6 million loss before income taxes in Q4 ‘20, compared to a $1.5 million gross loss and a loss before income taxes of $1.4 million in Q4 ‘19. REX reported Q4 ‘20 income before income taxes and non-controlling interests of $3.2 million, compared with income before income taxes and non-controlling interests of $2.8 million in the comparable year-ago period. While the refined coal operation negatively impacted gross profit and income before income taxes, it contributed a tax benefit of $1.7 million and $1.5 million for Q4 ‘20 and Q4 ‘19, respectively.
Net income attributable to REX shareholders in Q4 ‘20 was $3.5 million, compared to net income of $4.4 million in Q4 ‘19. Q4 ‘20 basic and diluted net income per share attributable to REX common shareholders was $0.59, compared to net income per share of $0.70 in Q4 ‘19. Per-share results in Q4 ‘20 and Q4 ‘19 are based on 6,008,000 and 6,320,000 diluted weighted average shares outstanding, respectively.
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Segment Income Statement Data: |
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Three Months Ended |
Twelve Months Ended |
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($ in thousands) |
January 31, |
January 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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Net sales and revenue: |
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Ethanol & By-Products (1) |
$ |
125,970 |
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$ |
120,874 |
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$ |
372,664 |
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$ |
417,700 |
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Refined coal (2) (3) |
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48 |
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46 |
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182 |
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334 |
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Total net sales and revenue |
$ |
126,018 |
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$ |
120,920 |
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$ |
372,846 |
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$ |
418,034 |
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Gross profit (loss): |
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Ethanol & By-Products (1) |
$ |
8,274 |
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$ |
8,090 |
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$ |
19,533 |
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$ |
20,402 |
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Refined coal (2) |
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(1,431 |
) |
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(1,497 |
) |
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(5,672 |
) |
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(7,917 |
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Total gross profit |
$ |
6,843 |
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$ |
6,593 |
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$ |
13,861 |
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$ |
12,485 |
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Income (loss) before income taxes: |
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Ethanol & By-Products (1) |
$ |
5,299 |
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$ |
4,979 |
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$ |
6,696 |
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$ |
8,469 |
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Refined coal (2) |
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(1,591 |
) |
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(1,428 |
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(5,826 |
) |
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(7,778 |
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Corporate and other |
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(479 |
) |
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(714 |
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(2,352 |
) |
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(1,860 |
) |
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Total income (loss) before income taxes |
$ |
3,229 |
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$ |
2,837 |
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$ |
(1,482 |
) |
$ |
(1,169 |
) |
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Benefit (provision) for income taxes: |
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Ethanol & By-Products |
$ |
(14 |
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$ |
1,688 |
$ |
(31 |
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$ |
1,528 |
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Refined coal |
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1,691 |
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1,546 |
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6,554 |
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10,828 |
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Corporate and other |
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116 |
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178 |
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577 |
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457 |
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Total benefit for income taxes |
$ |
1,793 |
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$ |
3,412 |
$ |
7,100 |
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$ |
12,813 |
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Segment profit (loss): |
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Ethanol & By-Products |
$ |
3,739 |
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$ |
4,756 |
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$ |
3,788 |
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$ |
5,439 |
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Refined coal |
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167 |
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182 |
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988 |
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3,391 |
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Corporate and other |
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(363 |
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(536 |
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(1,775 |
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(1,403 |
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Net income attributable to REX common shareholders |
$ |
3,543 |
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$ |
4,402 |
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$ |
3,001 |
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$ |
7,427 |
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