Rex American Resources Files Q3 2024 10-Q

Ticker: REX · Form: 10-Q · Filed: Dec 5, 2024 · CIK: 744187

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

REX files 10-Q for Q3 2024. Financials and ops update.

AI Summary

Rex American Resources Corporation filed its 10-Q for the quarterly period ended October 31, 2024. The filing details the company's financial performance and operational updates. Rex American Resources Corporation is incorporated in Delaware and its fiscal year ends on January 31.

Why It Matters

This 10-Q filing provides investors and stakeholders with an update on Rex American Resources Corporation's financial health and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Players & Entities

FAQ

What is the exact name of the registrant as specified in its charter?

The exact name of the registrant is REX AMERICAN RESOURCES CORPORATION.

In which state was REX AMERICAN RESOURCES CORPORATION incorporated or organized?

REX AMERICAN RESOURCES CORPORATION was incorporated or organized in Delaware.

What is the Commission File Number for REX AMERICAN RESOURCES CORPORATION?

The Commission File Number for REX AMERICAN RESOURCES CORPORATION is 001-09097.

For what quarterly period is this Form 10-Q being filed?

This Form 10-Q is being filed for the quarterly period ended October 31, 2024.

What is the IRS Employer Identification Number for REX AMERICAN RESOURCES CORPORATION?

The IRS Employer Identification Number for REX AMERICAN RESOURCES CORPORATION is 31-1095548.

Filing Stats: 4,509 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2024-12-05 15:39:07

Key Financial Figures

Filing Documents

Financial Statements

Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Equity 5 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets Unaudited (In Thousands) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 298,249 $ 223,397 Short-term investments 66,826 155,260 Accounts receivable 22,331 23,185 Inventory 29,127 26,984 Refundable income taxes 5,556 5,728 Prepaid expenses and other 14,408 17,549 Total current assets 436,497 452,103 Property and equipment, net 200,496 155,587 Operating lease right-of-use assets 22,580 13,038 Other assets 17,074 9,138 Equity method investment 39,015 34,936 Total assets $ 715,662 $ 664,802 Liabilities and equity Current liabilities: Accounts payable – trade (includes $ 1.2 million and $ 5.8 million with related parties at October 31, 2024 and January 31, 2024, respectively) $ 22,220 $ 42,073 Current operating lease liabilities 5,857 4,469 Accrued expenses and other current liabilities 15,883 19,717 Total current liabilities 43,960 66,259 Long-term liabilities: Deferred taxes 5,694 1,598 Long-term operating lease liabilities 16,761 8,378 Other long-term liabilities 2,647 970 Total long-term liabilities 25,102 10,946 Equity REX shareholders' equity: Common stock 299 299 Paid-in capital 6,254 3,769 Retained earnings 748,830 701,761 Treasury stock ( 190,892 ) ( 191,911 ) Total REX shareholders' equity 564,491 513,918 Noncontrolling interests 82,109 73,679 Total equity 646,600 587,597 Total liabilities and equity $ 715,662 $ 664,802 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations Unaudited (In Thousands, Except Per Share Amounts) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Net sales and revenue $ 174,

financial statements

financial statements. 4 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Equity For the Three and Nine Months Ended October 31, 2024 and 2023 Unaudited (In Thousands) REX Shareholders Common Shares Issued Treasury Paid-in Retained Noncontrolling Total Shares Amount Shares Amount Capital Earnings Interests Equity Balance at July 31, 2024 29,853 $ 299 12,286 $ ( 190,957 ) $ 5,961 $ 724,330 $ 76,553 $ 616,186 Net income 24,500 5,603 30,103 Noncontrolling interests distribution and other ( 47 ) ( 47 ) Issuance of equity awards and stock based compensation expense - - - 65 293 - - 358 Balance at October 31, 2024 29,853 $ 299 12,286 $ ( 190,892 ) $ 6,254 $ 748,830 $ 82,109 $ 646,600 Balance at January 31, 2024 29,853 $ 299 12,350 $ ( 191,911 ) $ 3,769 $ 701,761 $ 73,679 $ 587,597 Net income 47,069 10,314 57,383 Noncontrolling interests distribution and other ( 1,884 ) ( 1,884 ) Issuance of equity awards and stock based compensation expense - - ( 64 ) 1,019 2,485 - - 3,504 Balance at October 31, 2024 29,853 $ 299 12,286 $ ( 190,892 ) $ 6,254 $ 748,830 $ 82,109 $ 646,600 Continued on the following page 5 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Equity Unaudited (In Thousands) Continued from the previous page REX Shareholders Common Shares Issued Treasury Paid-in Retained Noncontrolling Total Shares Amount Shares Amount Capital Earnings Interests Equity Balance at July 31, 2023 29,853 $ 299 12,350 $ ( 192,037 ) $ 3,181 $ 655,117 $ 66,989 $ 533,549 Net income 26,076 5,566 31,642 Issuance of equity awards and stock based compensation expense - - - 63 294 - - 357 Balance at October 31, 2023 29,853 $ 299 12,350 $ ( 191,974 ) $ 3,475 $ 681,193 $ 72,555 $ 565,548 Balance at January 31, 2023 29,853 $ 299 12,463 $ ( 193,721 ) $ 578 $ 64

financial statements

financial statements. 6 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows Unaudited (In Thousands) Nine Months Ended October 31, 2024 2023 Cash flows from operating activities: Net income including noncontrolling interests $ 57,383 $ 50,626 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 12,433 13,371 Amortization of operating lease right-of-use assets 4,192 3,766 Income from equity method investments ( 7,086 ) ( 9,275 ) Dividends received from equity method investments 3,007 5,513 Interest income from investments ( 4,219 ) ( 6,950 ) Deferred income tax 11,934 10,048 Stock based compensation expense 2,980 5,146 Loss on disposal of property and equipment – net 45 205 Changes in assets and liabilities: Accounts receivable 854 ( 4,976 ) Inventories ( 2,143 ) 11,229 Refundable income taxes 172 ( 1,486 ) Other assets ( 12,639 ) ( 1,312 ) Accounts payable, trade ( 21,629 ) ( 5,622 ) Other liabilities ( 6,178 ) ( 4,819 ) Net cash provided by operating activities 39,106 65,464 Cash flows from investing activities: Capital expenditures ( 55,428 ) ( 22,359 ) Purchase of short-term investments ( 210,328 ) ( 378,381 ) Maturity of short-term investments 302,981 337,490 Proceeds from sale of real estate and property and equipment 210 10 Deposits 195 ( 27 ) Net cash provided by (used in) investing activities 37,630 ( 63,267 ) Cash flows from financing activities: Payments to noncontrolling interests holders ( 1,884 ) ( 716 ) Net cash used in financing activities ( 1,884 ) ( 716 ) Net increase in cash and cash equivalents 74,852 1,481 Cash and cash equivalents, beginning of period 223,397 71,347 Cash and cash equivalents, end of period $ 298,249 $ 72,828 Non cash investing activities – Accrued capital expenditures $ 3,275 $ 722 Non cash investing activities – Ca

financial statements

financial statements. 7 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS October 31, 2024 Note 1. Consolidated Financial Statements References to the Company – References to "REX" or the "Company" in the consolidated financial statements and in these notes to the consolidated financial The consolidated financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2024 included in these financial statements has been derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended January 31, 2024 (fiscal year 2023). These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended January 31, 2024. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year. Basis of Consolidation – The consolidated financial statements in this report include the operating results and financial position of the Company. All intercompany bal

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