Company: REX
Filing Date: 2025-09-02
Form Type: 10-Q
Source: 0000930413-25-002856
Chunk: 43

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-09-02
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 2025 versus approximately $10.3 million for the first
six months of fiscal year 2024. The decrease is primarily related to decreased interest
income of $1.2 million and $2.4 million in the second quarter and first six months of fiscal year 2025, respectively, based upon
lower balances and yields on our excess cash and short-term investments in fiscal year 2025, compared to 2024. One of our consolidated
ethanol plants recognized $0.5 million less in patronage income from an investment in a cooperative in the first six months of
2025 ($0.7 million) compared to the first six months of 2024 ($1.2 million). We do not expect
patronage income from this investment in a cooperative to be significant in future periods.

As a result of the foregoing, income before
income taxes was approximately $12.1 million and $19.5 million for the second quarters of fiscal year 2025 and 2024, respectively.
Income before income taxes was approximately $25.7 million and $35.5 million for the first six months of fiscal year 2025 and 2024,
respectively. 

The Company applies an effective tax rate
to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting
the interim periods. Our income tax provision was approximately $2.8 million and $4.5 million for the three months ended July 31,
2025 and 2024, respectively. Our income tax provision was approximately $5.7 million and $8.2 million for the first six months
of fiscal year 2025 and 2024, respectively.

As a result of the foregoing, net income
was approximately $9.3 million for the second quarter of fiscal year 2025 compared to approximately $15.0 million for the second
quarter of fiscal year 2024. Net income was approximately $20.0 million for the first six months of fiscal year 2025 compared to
approximately $27.3 million for the first six months of fiscal year 2024.

35

Net income attributable to noncontrolling
interests was approximately $2.2 million for the second quarter of fiscal year 2025 and $2.6 million for the second quarter of
2024. Net income attributable to noncontrolling interests was approximately $4.2 million for the first six months of fiscal year
2025 and $4