Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 44

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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EX common shareholders from the first nine months of fiscal year 2025 was approximately $39.2 million,
compared to net income attributable to REX common shareholders of approximately $47.1 million for the first nine months of fiscal
year 2024.

Liquidity and Capital Resources

Summary of Cash Flows and Working Capital (in thousands)

    Nine Months Ended October 31, 

    2025  
    2024 

    Net cash provided by operating activities 
    $64,047  
    $39,106 

    Net cash provided by investing activities 
    $47,455  
    $37,630 

    Net cash used in financing activities 
    $(35,753)  
    $(1,884) 

    October 31, 2025  
    January 31, 2025 

    Working capital 
    $354,182  
    $385,376 

    Current ratio 
     7.2x  
     8.6x 

36

Operating Activities

Net cash provided by operating activities
was $64.0 million for the first nine months of fiscal 2025, compared to $39.1 million for the prior year period.

Operating cash flows for the nine-month
period ended October 31, 2025 reflected net income of $47.5 million and non-cash adjustments of $17.2 million, consisted of depreciation,
amortization of right-of-use assets, income from equity method investments, interest income from short-term investments, the deferred
income tax provision, stock-based compensation expense, and loss on disposal of property and equipment. Additionally, Big River
paid dividends of approximately $2.5 million during the first nine months of fiscal year 2025. These inflows were partially offset
by various changes to working capital of $3.2 million during the first nine months of 2025, most significantly including:

●Use of cash of approximately $9.0 million from the decrease in other
liabilities as a result a reduction in the lease liability of $4.6 million from payments made during the year, a decrease in accrued
payroll of approximately $3.2 million primarily related to the payment of the cash portion of the 2024 incentive bonuses, offset
partially by the accrual of the 2025 incentive bonuses to be paid in 2026, and a decrease in both accrued utilities and accrued