Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 84

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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2.3 million for the first quarter of fiscal year 2024. For the first quarter of fiscal year 2024, cash was provided
by net income of approximately $12.3 million, adjusted upward for non-cash items of approximately $5.6 million, which consisted
of depreciation, amortization of operating lease right-of-use assets, income from equity method investments, interest income from
short-term investments, the deferred income tax provision, and stock-based compensation expense. A decrease in the balance of
accounts receivable provided cash of approximately $1.7 million, primarily 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 three months of fiscal year 2024.
An increase in the balance of other assets of approximately $3.8 million primarily related to prepayments on certain executed
lease agreements, offset by changes in the carrying value of forward purchase contracts and commodity futures positions recorded
at fair value. A decrease in the balance of refundable income taxes of approximately $1.1 million primarily relates to the accrual
of the federal taxes currently payable for first quarter of 2024. While the Company has tax credits available to offset all amounts
owed, the Company is limited to using tax credits for only 75% of federal taxes owed. A decrease in the balance of accounts payable
used cash of approximately $12.7 million, which was primarily a result of the timing of inventory receipts and vendor payments.
A decrease in the balance of other liabilities used cash of approximately $6.2 million, which was primarily caused by a decrease
in accrued payroll of approximately $5.4 million following the payment of fiscal year 2023 bonuses.

At April 30, 2025, working capital was
approximately $356.2 million, compared to $385.4 million at January 31, 2025. The ratio of current assets to current liabilities
was 9.4 to 1 at April 30, 2025 and 8.6 to 1 at January 31, 2025.

Cash of approximately $1.8 million was
provided by investing activities for the first quarter of fiscal year 2025, compared to cash provided by investing activities
of approximately $11.9 million during the first quarter of fiscal year 2024. During the first quarter of fiscal year 2025, the
Company had capital expenditures of approximately $6.9 million, primarily