Company: REX
Filing Date: 2025-09-02
Form Type: 10-Q
Source: 0000930413-25-002856
Chunk: 42

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-09-02
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 conjunction with certain of our corn procurement activities and commodity marketing
activities.

SG&A
expenses were approximately $6.2 million for the second quarter of fiscal year 2025, compared to approximately $6.4 million of
expenses for the second quarter of fiscal year 2024. SG&A
expenses were approximately $12.1 million for the first six months of fiscal year 2025, compared to 

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approximately $12.6 million
for the first six months of fiscal year 2024. The decreases compared to the prior year are due primarily to a decrease in performance
bonus expense of $0.8 million and $1.0 million in the second quarter of fiscal year 2025 and the first six months of fiscal year
2025, respectively, from the comparable periods of fiscal year 2024. Additionally, there was a decrease in stock compensation expense
of approximately $0.2 million and $0.5 million in the second quarter of fiscal year 2025 and the first six months of fiscal year
2025, respectively, from the comparable periods of fiscal year 2024 subsequent to the completion of the restricted stock units
performance period on December 31, 2024. These decreases were partially offset by an increase in rail car lease expense due to
higher rates realized upon lease renewals.

During the second quarter of fiscal year
2025, we recognized income from our equity investment in Big River of approximately $0.9 million compared to income of approximately
$1.7 million for the second quarter of fiscal year 2024. During the first six months of fiscal year 2025, we recognized income
from our equity investment in Big River of approximately $1.9 million compared to income of approximately $3.5 million during the
first six months of fiscal year 2024. Our investment in Big River, which has interests in four ethanol production plants, represents
an effective ownership of approximately 38.0 million gallons of ethanol shipped in the trailing twelve months ended July 31, 2025.
Due to the inherent volatility of commodity prices within the 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 $3.1 million for the second quarter of fiscal year 2025 versus approximately $4.4 million for
the second quarter of fiscal year 2024. Interest
and other income was approximately $7.3 million for the first six months of