Company: REX
Filing Date: 2025-09-02
Form Type: 10-Q
Source: 0000930413-25-002856
Chunk: 44

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-09-02
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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.7 million for the first six months of fiscal year 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 second quarter of fiscal year 2025 was approximately $7.1 million, compared to
net income attributable to REX common shareholders of approximately $12.4 million for the second quarter of fiscal year 2024. Net
income attributable to REX common shareholders from the first six months of fiscal year 2025 was approximately $15.8 million, compared
to net income attributable to REX common shareholders of approximately $22.6 million for the first six months of fiscal year 2024.

Liquidity and Capital Resources 

Net cash provided by operating activities
was approximately $12.8 million for the first six months of fiscal year 2025, compared to net cash provided by operating activities
of approximately $5.7 million for the first six months of fiscal year 2024.

For the first six months of fiscal year 2025,
cash was provided by net income of approximately $20.0 million, adjusted upward for non-cash items of approximately $11.4 million,
which 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. Big River paid dividends to REX of approximately $2.5 million during the first six months of fiscal year 2025. An increase
in the balance of accounts receivable used cash of approximately $3.3 million, primarily as a result of the timing of products
shipped and the receipt of customer payments at One Earth and NuGen. Inventories were nearly flat over the first six months of
fiscal year 2025. An increase in the balance of other assets of approximately $0.6 million primarily related to increases in spare
parts and in prepayments for certain fixed assets, offset by decreases in prepaid insurance and changes in the carrying value of
forward purchase contracts and commodity futures positions recorded at fair value. An increase in the balance of refundable income
taxes of approximately $2.0 million primarily relates to the accrual of the federal taxes currently payable being less than estimated
federal tax payments made to date. While the Company has tax credits available to offset all amounts owed, the