Exhibit 99

 

 

(REX LOGO)

 

 

News Announcement

For Immediate Release

 

 

REX AMERICAN RESOURCES’ Q4 REVENUE ROSE 21.8% TO $93.9 MILLION;

WRITE-DOWN OF LEVELLAND HOCKLEY RESULTED IN Q4 LOSS PER

SHARE OF $0.49 INCLUSIVE OF $1.19 PER SHARE IN ONE-TIME CHARGES

 

- Reports Fiscal 2010 Net Income of $5.1 Million and

Diluted EPS of $0.52 Inclusive of One-Time Charges -

Dayton, Ohio, (March 29, 2011) — REX American Resources Corporation (NYSE: REX) today announced financial results for its fiscal 2010 fourth quarter (“Q4 ‘10”) and year ended January 31, 2011. REX will host a conference call and webcast today at 11:00 a.m. ET.

 

 

 

 

Conference Call:

212/231-2930

 

Webcast / Replay URL:

www.rexamerican.com/Corp/Page4.aspx

 

 

The webcast will be available for replay for 30 days

 

 

 

REX’s Q4 ‘10 net sales and revenue rose 21.8% to $93.9 million, primarily reflecting ethanol pricing increases, from $77.1 million in Q4 ‘09. REX recognizes results from its ethanol interests on a quarterly calendar basis, and as a result, REX’s Q4 ‘10 includes ethanol results from October 1, 2010 through December 31, 2010. REX’s Q4 ‘10 results primarily reflect its interests in seven ethanol production facilities (alternative energy segment). Through January 31, 2011 REX consolidated the results of Levelland Hockley County Ethanol (“LHCE”) and One Earth Energy facilities. The remaining five facilities are reported as equity in income of unconsolidated ethanol affiliates.

 

Deconsolidation of Levelland Hockley Operations

As a result of ongoing operating challenges at LHCE, effective January 31, 2011, REX sold a portion of its equity interest in LHCE for nominal consideration reducing its ownership in the facility to 49% from 56%. As a result, the operations of LHCE are consolidated in the Company’s income statement and statement of cash flows for the quarter and year ended January 31, 2011 but deconsolidated from the balance sheet. In conjunction with the deconsolidation, REX reduced the carrying value of its remaining non-controlling equity interest and notes receivable from LHCE to zero, resulting in a one-time pre-tax charge of $18.4 million ($11.2 million, after tax), or approximately $1.19 and $1.16 per basic share (after-tax) for the quarter and fiscal year ended January 31, 2011, respectively. Reflecting the deconsolidation, REX will use the equity method of accounting prospectively for its share of the earnings or loss from LHCE and the results from this facility will be reported as equity in income of unconsolidated ethanol affiliates.

 

Exclusive of the charge, in the fiscal year-ended January 31, 2011 LHCE, including the non-controlling interests, incurred a pre-tax net loss of $5.9 million as recognized in REX’s income (loss) from continuing operations. The LHCE losses in fiscal 2010 impacted REX’s net income by approximately $1.6 million after tax and non-controlling interests, or $0.17 per basic share.

-more-


The following information was filed by Rex American Resources Corp (REX) on Tuesday, March 29, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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