Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 130

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 2
Chunk 130
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 decreases compared to the prior year were due primarily
to a decrease in performance bonus expense of $0.3 million and $1.3 million in the third quarter of fiscal year 2025 and the first
nine 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 $0.6 million and $1.1 million in the third quarter of fiscal year 2025 and the first
nine 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 payments due to higher rates realized upon lease renewals.

During the third quarter of fiscal year 2025,
we recognized income from our equity investment in Big River of approximately $4.4 million compared to income of approximately
$3.6 million for the third quarter of fiscal year 2024. During the first nine months of fiscal year 2025, we recognized income
from our equity investment in Big River of approximately $6.3 million compared to income of approximately $7.1 million during the
first nine months of fiscal year 2024. Our investment in Big River, which has interests in four ethanol production plants, represents
an effective ownership of approximately 39.0 million gallons of ethanol shipped in the trailing twelve months ended October 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
$3.2 million for the third quarter of fiscal year 2025 versus approximately $4.6 million for the third quarter of fiscal year 2024.
Interest and other income was approximately $10.5 million for the first nine months of 2025 versus approximately $15.0 million
for the first nine months of fiscal year 2024. The decrease is primarily related to decreased
interest income of $1.4 million and $3.8 million in the third quarter and first nine months of fiscal year 2025, respectively,
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