Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 82

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 8
Chunk 82
---
 quarter of fiscal year 2024. Our investment in Big River, which has interests in four ethanol production
plants, represents an effective ownership of approximately 39.2 million gallons of ethanol shipped in the trailing twelve months
ended April 30, 2025. Due to the inherent volatility of commodity prices within the

32

ethanol industry, we cannot predict the likelihood of future
operating results from Big River being similar to historical results.

Interest and other income was approximately
$4.2 million for the first quarter of fiscal year 2025 versus approximately $5.9 million for the first quarter of fiscal year
2024. The decrease is primarily related to decreased interest income
of $1.3 million in the current year 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 quarter of 2025 ($0.7 million) compared to the first quarter 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 $13.6 million and $16.0 million for the first quarters 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 $3.0 million and $3.7 million
for the three months ended April 30, 2025 and 2024, respectively. 

As a result of the
foregoing, net income was approximately $10.7 million for the first quarter of fiscal year 2025 compared to approximately $12.3
million for the first quarter of fiscal year 2024. 

Net income attributable
to non-controlling interests was approximately $2.0 million for the first quarter of fiscal year 2025 and $2.1 million for the
first quarter of 2024. These amounts represent the other owners’ share of the income of
NuGen and One Earth. 

As a result of the foregoing, net income
attributable to REX common shareholders for the first quarter of fiscal year 2025 was approximately
$8.7 million,