Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 85

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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 for various capital projects at our consolidated ethanol
plants, including $5.1 million for expansion and CI scoring reduction projects at the One Earth facility and $0.7 million for
the carbon sequestration project. During the first quarter of fiscal year 2025, we purchased short-term U.S. Treasury Bills of
approximately $41.4 million, while U.S. Treasury Bills of approximately $50.0 million matured. The U.S Treasury Bills had maturities
of less than one year and we classified them as short-term investments. Depending on the investment options available, we may
elect to retain the funds, or a portion thereof, in cash, short-term investments or long-term investments.

Cash of approximately $11.9 million was
provided by investing activities for the first quarter of fiscal year 2024. During the first quarter of fiscal year 2024, we had
capital expenditures of approximately $24.8 million, primarily for various capital projects at our consolidated ethanol plants,
including $10.1

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million for expansion and CI scoring reduction projects at the One Earth facility and $11.0 million for the carbon
sequestration project. During the first quarter of fiscal year 2024, we purchased U.S. Treasury Bills of approximately $85.0 million.
During the first quarter of fiscal year 2024 U.S. Treasury Bills of approximately $121.5 million matured. The U.S Treasury Bills
had maturities of less than one year and we classified them as short-term investments.

Cash of approximately $32.7 million was
used in financing activities in the first quarter of fiscal year 2025 for the repurchase of the Company’s stock. There were
no repurchases of Company stock in the first quarter of 2024. Additionally, $2.0 million was used in the first quarter of fiscal
year 2025 for payments to non-controlling interests holders, compared to approximately $1.8 million for the first quarter of fiscal
year 2024.

We are investigating various uses for our
excess cash and short-term investments. We expect total capital expenditures related to the construction at the One Earth facilities
to approximate $220 million to $230 million, inclusive of the carbon sequestration project and plant capacity expansion and ongoing
efforts to reduce CI scoring, which we currently plan to pay from our available cash. This estimate is subject to further refinement
as the project progresses. As of April 30, 202