Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 109

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 2
Chunk 109
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 first quarter of 2024 ($1.2 million).
We do not expect patronage income from this investment in a cooperative to be significant in future periods.

As a result of the foregoing, income before
income taxes was approximately $13.6 million and $16.0 million for the first quarters of fiscal year 2025 and 2024, respectively.

The Company applies an effective tax rate
to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting
the interim periods. Our income tax provision was approximately $3.0 million and $3.7 million
for the three months ended April 30, 2025 and 2024, respectively. 

As a result of the
foregoing, net income was approximately $10.7 million for the first quarter of fiscal year 2025 compared to approximately $12.3
million for the first quarter of fiscal year 2024. 

Net income attributable
to non-controlling interests was approximately $2.0 million for the first quarter of fiscal year 2025 and $2.1 million for the
first quarter of 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 first quarter of fiscal year 2025 was approximately
$8.7 million, compared to net income attributable to REX common shareholders of approximately
$10.2 million for the first quarter of fiscal year 2024.

Liquidity and Capital Resources 

Net cash used in operating activities was
approximately $3.5 million for the first quarter of fiscal year 2025, compared to net cash used in operating activities of approximately
$2.3 million for the first quarter of fiscal year 2024. For the first quarter of fiscal year 2025, cash was provided by net income
of approximately $10.7 million, adjusted upward for non-cash items of approximately $4.4 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. An increase in the balance of accounts receivable used
cash of approximately $6.5 million, primarily as a result of the timing of products shipped and the receipt of customer payments
at One Earth and NuGen. Inventories decreased over the first