REX Stores Corp. (RSC, Financial) filed Quarterly Report for the period ended 2011-10-31.
Rex Stores Corp. has a market cap of $115.8 million; its shares were traded at around $0 with a P/E ratio of 5.7.
Net sales and revenue increased $14.2 million to approximately $84.1 million primarily a result of higher prices realized from ethanol and dried distillers grains sales. Ethanol sales increased from approximately $58.4 million in the prior year to approximately $69.5 million in the current year. The average selling price per gallon of ethanol increased from $1.71 in the prior year to $2.70 in the current year. Our ethanol sales were based upon approximately 25.6 million gallons in the current year compared to 34.1 million gallons in the prior year. The decline in gallons of ethanol sold resulted primarily from including the results of Levelland Hockley in the prior year but not in the current year after deconsolidation. In addition, One Earth had approximately 1.9 million fewer gallons of ethanol sold in the current year compared to the prior year. This decline resulted primarily from a scheduled shut down at the plant for routine maintenance and a decline in the production rate as One Earth was attempting to optimize the supply of affordable feedstock. Distillers grains sales increased from approximately $11.5 million in the prior year to approximately $14.7 million in the current year. The average selling price per ton of dried distillers grains increased from $118.88 in the prior year to $203.13 in the current year. Our dried distillers grains sales were based upon approximately 71,000 tons in the current year compared to approximately 81,000 tons in the prior year. The decline in tons of dried distillers grains sold results primarily from the reduced production at One Earth. Reflecting the consolidation of NuGen, effective November 1, 2011, we expect that net sales and revenue in future periods will be based upon production of approximately 200 million to 230 million gallons of ethanol and 600,000 to 640,000 tons of dried distillers gains per year. This expectation assumes that One Earth and NuGen will operate at or near nameplate capacity, which is dependent upon the crush spread realized and operational factors.
year which was approximately $0.35 per gallon of ethanol sold. This trend was partially offset by the higher selling prices realized for dried distillers grains. In addition, gross profit increased, in part as a result of including the results of Levelland Hockley in the prior year but not in the current year after deconsolidation. Grain accounted for approximately 84.4% ($63.7 million) of our cost of sales during the current year compared to approximately 75.4% ($47.4 million) during the prior year. Natural gas accounted for approximately 4.7% ($3.5 million) of our cost of sales during the current year compared to approximately 7.1% ($4.5 million) during the prior year.
Gross profit from these sales was approximately $14.7 million (6.2% of net sales and revenue) during the current year compared to $21.0 million (10.2% of net sales and revenue) during the prior year. The crush spread for the current year was approximately $0.05 per gallon of ethanol sold compared to the prior year which was approximately $0.35 per gallon of ethanol sold. This trend was partially offset by the higher selling prices realized for dried distillers grains. In addition, gross profit increased, in part as a result of including the results of Levelland Hockley in the prior year but not in the current year after deconsolidation. Grain accounted for approximately 84.9% ($189.5 million) of our cost of sales during the current year compared to 74.6% ($137.9 million) during the prior year. Natural gas accounted for approximately 4.6% ($10.3 million) of our cost of sales during the current year compared to 7.8% ($14.4 million) during the prior year. Given the inherent volatility in ethanol, distillers grains and grain prices, we cannot predict the likelihood that the spread between ethanol, distillers grains and grain prices in future periods will remain favorable or consistent compared to historical periods.
Net cash provided by operating activities was approximately $18.2 million for the first nine months of fiscal year 2010. For the first nine months of fiscal year 2010, cash was provided by net income of approximately $11.8 million, adjusted for non-cash items of approximately $5.4 million, which consisted of depreciation and amortization, impairment charges, income from equity method investments, gain on disposal of real estate and property and equipment, deferred income, losses on derivative financial instruments and the deferred income tax provision. Dividends received from our equity method investees were approximately $1.1 million in the first nine months of fiscal year 2010. In addition, prepaid expense and other current and long term assets provided cash of approximately $5.7 million, primarily a result of federal income tax refunds received. Accounts receivable and inventory used cash of approximately $3.1 million and approximately $1.9 million, respectively, a result of normal variations in production and sales levels. A decrease in other liabilities also used cash of approximately $0.8 million which is the result of paying certain real estate taxes.
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Rex Stores Corp. has a market cap of $115.8 million; its shares were traded at around $0 with a P/E ratio of 5.7.
Highlight of Business Operations:
Selling, general and administrative expenses for the third quarter of fiscal year 2011 were $2.3 million (2.8% of net sales and revenue), an increase of $0.5 million from $1.8 million (2.6% of net sales and revenue) for the third quarter of fiscal year 2010. The increase was primarily caused by higher expenses in our alternative energy segment of $0.5 million. Selling, general and administrative expenses were $6.6 million (2.8% of net sales and revenue) for the first nine months of fiscal year 2011 representing an increase of $0.8 million from $5.8 million (2.8% of net sales and revenue) for the first nine months of fiscal year 2010. The increase was primarily caused by higher expenses in our alternative energy segment of $1.1 million.Net sales and revenue increased $14.2 million to approximately $84.1 million primarily a result of higher prices realized from ethanol and dried distillers grains sales. Ethanol sales increased from approximately $58.4 million in the prior year to approximately $69.5 million in the current year. The average selling price per gallon of ethanol increased from $1.71 in the prior year to $2.70 in the current year. Our ethanol sales were based upon approximately 25.6 million gallons in the current year compared to 34.1 million gallons in the prior year. The decline in gallons of ethanol sold resulted primarily from including the results of Levelland Hockley in the prior year but not in the current year after deconsolidation. In addition, One Earth had approximately 1.9 million fewer gallons of ethanol sold in the current year compared to the prior year. This decline resulted primarily from a scheduled shut down at the plant for routine maintenance and a decline in the production rate as One Earth was attempting to optimize the supply of affordable feedstock. Distillers grains sales increased from approximately $11.5 million in the prior year to approximately $14.7 million in the current year. The average selling price per ton of dried distillers grains increased from $118.88 in the prior year to $203.13 in the current year. Our dried distillers grains sales were based upon approximately 71,000 tons in the current year compared to approximately 81,000 tons in the prior year. The decline in tons of dried distillers grains sold results primarily from the reduced production at One Earth. Reflecting the consolidation of NuGen, effective November 1, 2011, we expect that net sales and revenue in future periods will be based upon production of approximately 200 million to 230 million gallons of ethanol and 600,000 to 640,000 tons of dried distillers gains per year. This expectation assumes that One Earth and NuGen will operate at or near nameplate capacity, which is dependent upon the crush spread realized and operational factors.
year which was approximately $0.35 per gallon of ethanol sold. This trend was partially offset by the higher selling prices realized for dried distillers grains. In addition, gross profit increased, in part as a result of including the results of Levelland Hockley in the prior year but not in the current year after deconsolidation. Grain accounted for approximately 84.4% ($63.7 million) of our cost of sales during the current year compared to approximately 75.4% ($47.4 million) during the prior year. Natural gas accounted for approximately 4.7% ($3.5 million) of our cost of sales during the current year compared to approximately 7.1% ($4.5 million) during the prior year.
Gross profit from these sales was approximately $14.7 million (6.2% of net sales and revenue) during the current year compared to $21.0 million (10.2% of net sales and revenue) during the prior year. The crush spread for the current year was approximately $0.05 per gallon of ethanol sold compared to the prior year which was approximately $0.35 per gallon of ethanol sold. This trend was partially offset by the higher selling prices realized for dried distillers grains. In addition, gross profit increased, in part as a result of including the results of Levelland Hockley in the prior year but not in the current year after deconsolidation. Grain accounted for approximately 84.9% ($189.5 million) of our cost of sales during the current year compared to 74.6% ($137.9 million) during the prior year. Natural gas accounted for approximately 4.6% ($10.3 million) of our cost of sales during the current year compared to 7.8% ($14.4 million) during the prior year. Given the inherent volatility in ethanol, distillers grains and grain prices, we cannot predict the likelihood that the spread between ethanol, distillers grains and grain prices in future periods will remain favorable or consistent compared to historical periods.
Net cash provided by operating activities was approximately $18.2 million for the first nine months of fiscal year 2010. For the first nine months of fiscal year 2010, cash was provided by net income of approximately $11.8 million, adjusted for non-cash items of approximately $5.4 million, which consisted of depreciation and amortization, impairment charges, income from equity method investments, gain on disposal of real estate and property and equipment, deferred income, losses on derivative financial instruments and the deferred income tax provision. Dividends received from our equity method investees were approximately $1.1 million in the first nine months of fiscal year 2010. In addition, prepaid expense and other current and long term assets provided cash of approximately $5.7 million, primarily a result of federal income tax refunds received. Accounts receivable and inventory used cash of approximately $3.1 million and approximately $1.9 million, respectively, a result of normal variations in production and sales levels. A decrease in other liabilities also used cash of approximately $0.8 million which is the result of paying certain real estate taxes.
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