REX profitable, but earnings down

REX American Resources Corp. saw net income attributable to common shareholders of $2.8 million (or 43 cents per share) for the first quarter of 2016, down from $3.9 million (or 50 cents per share) for the first quarter of 2015, the Dayton-based company reported Thursday.

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.”

The production facilities in which REX has an interest shipped some 649 million gallons of ethanol over the 12-month period ending April 30, 2016.

As of April 30, the company had cash and cash equivalents of $122.5 million, $52 million of which was at the parent company and $70.5 million of which was at its production facilities.

That’s down from $135.8 million at Jan. 31, $57.2 million of which was at the parent company and $78.6 million in its facilities.