Once an electronics retailer, REX has interests in six ethanol production facilities. Its first quarter net sales and revenue of $100.2 million compared with $105.2 million for the same quarter last year. That decline reflected a drop in the average price per gallon of gas, as well as a 13.1 percent decline in dried distiller grains pricing, the company said in a release.
“We are pleased with our ability to generate profitable operating results in our fiscal 2016 first quarter given the challenging market environment during this time period,” Zafar Rizvi, REX chief executive, said in a statement. “We believe these results reflect our ability to leverage our strategically positioned ethanol plants and the disciplined manner in which we operate at both the plant and corporate level.”