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Posted: 11:57 a.m. Wednesday, Dec. 5, 2012

REX American profits fall 93 percent

Ethanol producer REX American Resources Corp. on Wednesday reported that its third-quarter profit to shareholders plunged 93 percent to just over $400,000.

REX Chief Executive Stuart Rose cited a “challenging industry environment” in comments on the results.

The Dayton-based company said it earned $409,000, or 5 cents per diluted share, for the three-month period that ended Oct. 31, compared with $6.5 million, or 70 cents per diluted share, during the same period last year.

Revenues for the quarter more than doubled from $84.1 million to $178.4 million.

REX has interests in seven ethanol plants.

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