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									                                           NYSE: REX

                               STUART ROSE
                    CHAIRMAN & CHIEF EXECUTIVE OFFICER

                        Singular Research – 5th Annual
                     “Best of the Uncovereds” Conference
                               November 4, 2010
This presentation contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements can
be identified by use of forward-looking terminology such as “project,” “may,” “expect,” “estimate,”
“anticipate” or “continue” or the negative thereof or other variations thereon or comparable
terminology. You are cautioned that there are certain risks and uncertainties that could cause actual
events or results to differ materially from those referred to in such forward-looking statements. These
risks and uncertainties are described in our filings with the Securities and Exchange Commission.
                                                                                                       1
REX Overview
 Successful alternative energy investor since 1998
    Synfuel investments of $6M yielded ~$178M return over 10 years
    Ethanol investments initiated in 2006
    REX recorded a profit of $24M in FY‟07 on a $14M investment in one of our earliest
     ethanol investments
 Discontinued consumer electronics retail operations in FY‟09 to focus on
  alternative energy
    Significant portion of real estate holdings converted to cash in 2007
    Changed name and stock symbol in June 2010
 Now has ownership interests in seven ethanol production facilities
    Investments of ~$120M through equity and debt
    Ownership of 191.6 million gallons of annual production
    1H „10 alternative energy revenues from consolidated plants grew to $135.8M vs. $30.9M
     in 1H „09
 Robust balance sheet to fund future opportunities (as of 7/31/10)
    Unrestricted cash of $74.0M                          (~$7.40/share)
    Net book value of retail real estate $28.3M          (~$2.83/share)
    Net deferred tax assets of $13.5M                    (~$1.35/share)
    Anticipated 1/31/10 tax refund of $5.8M              (~$0.58/share)
    10.0 million diluted shares outstanding at 7/31/10 (~$12.16/share)
 Management‟s asset allocation discipline prioritizes ROE
    13% average ROE since 1993
    Ongoing share repurchase program
    Insider ownership of approximately 30%
                                                                                              2
Real Estate Assets

 Previously operated 260+ store consumer electronics chain
    Built significant portfolio of store locations and 2 warehouse/distribution centers
    Fully discontinued retail operations in FY ‟09
    Continue to recognize deferred income from retail service contracts in
     discontinued operations

 Monetized real estate as industry dynamics challenged retail operations
    Reduced store count using disciplined financial criteria for each location
    Sold 86 company-owned retail sites in 2007 for $74.5 million in cash
       $14.8 million gain; paid off $16.1 million in mortgages

 Real estate holdings as of 7/31/10:
    37 owned store locations (~470,000 square feet)
    2 warehouse/distribution centers (~600,000 square feet)
    Carrying value $30.7 million at 7/31/10, with ~$2.4 million of debt
    Lease agreements on all or parts of 11 of 37 stores and part of one distribution
     center




                                                                                           3
Alternative Energy Investments

 FY ‟98: Invested in two synthetic fuel limited partnerships
    Earned federal income tax credits based on the tonnage and content of solid
      synthetic fuel produced and sold to unrelated parties
    REX sold its interests in both partnerships and received quarterly income subject to
      production levels and phase outs through calendar 2007

 FY ‟02: Purchased a third synthetic fuel facility which was sold in FY „04

 FY ‟98 – FY ‟08: Recognized total investment income of approximately
  $130M from the sale of partnership interests; was allocated income tax
  credits of approximately $48 million

 FY ‟06: Began making commitments to invest in ethanol production
  facilities to offset YE „07 phase out of synthetic fuel income
    FY ‟07: Sold interest in one of its earliest ethanol projects resulting in a pre-tax
      gain of approximately $24.0 million

 FY ‟10: REX has interests in seven operating ethanol production facilities
  representing ownership of approximately 192mgy



                                                                                            4
REX Ethanol Strategy
 Align with farmers, farm cooperatives and farming communities as
  co-investors and owners of ethanol production facilities
    Facilitates access to grain supply, local community support
 Locate plants close to rail access
 Utilize state-of-the-art ethanol production technology
    Dry mill corn-processing method
    All plants are Fagen, Inc. and/or ICM, Inc. design and construction
         Fagen is a large, respected U.S. green energy design-builder
         ICM engineers, builds, and supports renewable fuel bio-refineries. ICM
           process technology produces ~6.6 billion gallons of ethanol
    Fagen/ICM plants are highly efficient
 Disciplined investment criteria
    Invest only if project meets strategic and financial criteria
    Focus on bottom line (profit per gallon) - not top line
 Match grain prices with ethanol sales on majority owned plants
    Forward grain purchases and ethanol sales contracts generally  two month duration
    Derivative contracts are generally not employed to hedge commodity price risks
 REX does not have exclusive marketing agreements on majority owned plants


                                                                                          5
    1H‟10 Operating Results Summary

             $ in millions, except per share data                        Six Months Ended                  Year Ended
                                                                              July 31,                     January 31,
          Net sales and revenue:                                          2010         2009                   2010
          Alternative energy (1)                                         $135.8            $30.9               $169.2
          Real estate                                                       0.6              0.5                  1.1
          Total net sales and revenue                                   $136.4            $31.4               $170.3
          Segment profit (loss):
          Alternative energy (1)                                           $10.7            $(2.4)               $17.8
          Real estate                                                       (1.1)            (0.1)                (2.4)
          Corporate expense                                                 (1.5)            (0.9)                (1.7)
          Interest expense                                                  (0.1)            (0.3)                (0.4)
          Interest income                                                    0.2              0.2                  0.3
          Income (loss) from continuing operations
          before taxes and non-controlling interests                        $8.2           $(3.4)               $13.6
          Income (loss) from continuing operations
          net of taxes and non-controlling interests                        $4.0           $(1.7)                 $5.2
          Net income (loss) per share from continuing
          operations net of taxes and non-controlling
          interests                                                         $0.39          $(0.18)                $0.54
          Net income (loss) per share                                       $0.54          $(0.10)                $0.91
          Weighted average diluted shares outstanding                       10.0              9.3                   9.6


(1) Includes results attributable to non-controlling interest of 44% for Levelland Hockley and 26% for One Earth Energy .
                                                                                                                            6
 Sales Mix

    Three Months Ended 7/31/10                     Three Months Ended 7/31/09

   Alternative Energy - $64.8M (100%)            Alternative Energy - $16.8M (99%)
   Real Estate - $0.3 million (0%)               Real Estate - $0.3M (1%)




          Ethanol 83%                                   Ethanol 78%




                   Dried distiller grains 14%                        Dried distiller grains 9%
         Wet distiller grains 3%                            Wet distiller grains 11%
Real estate 0%                                  Real estate 2%

                                                                                           7
Strong Balance Sheet

   $ in millions                                                7/31/10     1/31/10

   Cash and Cash Equivalents                                    $ 89.6      $ 100.4
   Total Current Assets                                          $ 119.9    $ 140.1
   Property & Equipment, net                                        237.6       246.9
   Deferred Taxes, net                                               13.5        14.8
   Equity Method Investments                                         61.1        44.1
   Total Assets                                                 $436.4      $451.5
   Current Debt                                                 $    13.8   $    13.3
   Total Current Liabilities                                         35.0        38.9
   Deferred Income                                                    9.8        14.2
   Long term debt - non recourse (ethanol plants) 106.3                         124.1
   Long-term debt - recourse                                          2.1         2.6
   Total REX Equity      (excludes non-controlling interests)   $250.1      $246.6




                                                                                        8
Ethanol Crush Spread
 Crush Spread is the price of one gallon of ethanol less the cost of corn to
  produce one gallon of ethanol
    One bushel of corn makes ~2.8 gallons of ethanol…
    …crush spread = Ethanol price – (Bushel of corn price / 2.8)
 Crush spread excludes other production costs, transportation or other
  costs




                      2009                                    2010
                  Calculated using CBOT monthly average prices
                                                                                9
    Ethanol Industry Challenges

    $0.45 per gallon VEETC (blender‟s credit) will expire Dec. 31, 2010 unless
     renewed

    E15 only allowed for 2007 and later models for now
       Implementation challenge for gas stations.
       EPA still testing cars for the 2001 to 2006 model years; results
        expected by year end

    Price of ethanol versus gasoline does not currently provide incentive for
     use of ethanol

    Industry hope is that mandate will still support the ethanol industry
     despite these potential issues



Background:
As of Jan 2010 there were 231 million vehicles* of the model year 1981 or later
 35 million (15%) are 2007 or later models
 85 million (37%) are in years 2001 to 2006
 Newer vehicles driven more miles and burn a disproportionate share of fuel

*Source R.L. Polk/The New York Times
                                                                                  10
REX: Ethanol Portfolio
                                                Nameplate              REX Equity/            %               RSC Capacity
  Entity/Location                             Capacity (mgy)              Debt             Ownership          Owned (mgy)

 One Earth Energy
 Gibson City, IL                                     100           $50.8/$0.0                74%*                 74.0
 Levelland Hockley (1)
 Hockley County, TX                                   40           $16.5/$7.4                56%*                 22.4
 NuGen Energy, LLC
 Marion, SD (2)                                      100            $9.2/$0.0                 48%                 48.0
 Patriot Renewable Fuels
 Annawan, IL                                         100           $16.0/$0.0                 23%                 23.0
  Big River Resources
  West Burlington, IA (3)                             92                                       10%                 9.2
  Big River Resources
  Galva, IL (3)                                      100            $20.0/$0.0                 10%                10.0
  Big River United Energy
  Dyersville, IA (3)                                 100                                        5%                 5.0

   TOTAL                                             632          $112.5/$7.4                  n/a               191.6
(1) REX has a funding commitment of $1.5 million as part of a $4.0 million line of credit.
(2) Acquired effective 6/30/10; REX has committed to pay up to an additional $6.5 million based on future profitability.
(3) Rex has a 10% interest in Big River Resources which owns 100% of W. Burlington & Glava and 50.5% of Dyersville.
 * The One Earth Energy & Levelland Hockley County facilities are consolidated in REX‟s financial reporting.                 11
Capital Allocation Priorities
 Ethanol plants and other industrial investments
 Share repurchases below book value
    4.3 million shares repurchased for an average price of $13.58 since end of FY ‟07
    Repurchased 415,000 shares to date in FY 2010 at an average price of $16.06
    Authorized to repurchase 573,000 shares as of 10/12/10




                                                                                         12
  REX Summary

 Successful alternative energy investor since 1998
 Interests in seven ethanol production facilities
    ~192 million gals of production capacity/year
 Growth opportunities in ethanol and other industrial sectors
    TTM (7/31/10) alternative energy revenue grew 275% to $274.1M
    TTM (7/31/10) alternative energy gross profit rose to $34.3M from $1.6M
    Opportunity to expand ownership of existing facilities
    Opportunities to consider other industrial projects requiring similar skill sets
 Proven management team with asset allocation discipline
    13% average ROE since 1993
    Long-term share repurchases below book value
    Insider ownership of ~30%
 Strong asset base: Shareholders‟ equity $250.1M (~$25.01 share) at 7/31/10
    Unrestricted cash of ~$74.0M
    Net real estate of ~$28.3M
    Net deferred tax asset of $13.5M at 7/31/10
    Approximately 10.0 million diluted shares outstanding at 7/31/10



                                                                                        13
        REX AMERICAN RESOURCES CORPORATION
                             NYSE: REX
                         www.rexamerican.com

Investor Relations Contacts:
Joseph Jaffoni or David Collins
Jaffoni & Collins
212/835-8500
REX@jcir.com
                                               14
One Earth Energy, LLC Summary


 REX has a 74% ownership interest in One Earth

 Operates dry mill corn-processing ethanol plant in Gibson City, IL
 100 mgy ethanol capacity; 320,000 tons of dried distiller grains
    Plant capital costs: ~$153 million
    10/07: REX funded $50.8 million to secure a 74% ownership
    7/09: Plant commenced operation

 Fagen and ICM provided construction, process design and
  engineering
 Strong partners, location and corn supply
    Alliance Grain and Cooperative is a farmer-owned elevator system established in
     1991 located directly in front of the ethanol plant
    Five operational elevators near the plant all of which are rail load-out accessible via
     Alliances Bloomer Line Rail Company, offering transportation savings for corn and feed
    Two major rail services available: Canadian National and Norfolk Southern
    ~54 million bushels of grain can be stored at three of the nearest elevator locations
    ~200 million bushels of corn are produced annually in surrounding counties


                                                                                               15
Levelland Hockley County
Ethanol, LLC Summary

 REX has a 56% ownership interest in Levelland Hockley
    Opportunity to increase stake to 70%

 Operates dry mill corn/sorghum processing ethanol plant in Hockley
  County, Texas; south edge of massive cattle feedlot industry
    Interchangeable design allows use of sorghum crop in region

 40 mgy ethanol capacity; and 130,000 tons of dried distiller grains
    Plant capital costs: ~$70 million
    9/06: Acquired 47.1% of membership units for $11.5 million
    12/06: Purchased $5M conv. secured promissory note; converted to equity 7/07
    2/08: Purchased $5 million conv. secured promissory note
         Allows REX to increase ownership by 6%
    3/08: Plant commenced operation
    2/09: Agreed to provide $2 million line of credit; issued $1 million letter of credit
         Granted warrants which would allow increase of ownership by additional 6%
    8/10: Expanded line of credit to $4 million and canceled $1 million letter of credit.
         Granted warrants which would allow increase of ownership by additional 2%

 ICM provided construction, process design and engineering services
                                                                                             16
NuGen Energy, LLC
Summary

 REX has a 48% ownership interest in NuGen Energy, LLC
    Acquired effective 6/30/10

 Operates dry mill corn processing ethanol plant in Marion, SD
    In partnership with Central Farmers Cooperative, LLC, one of the largest and most
     successful grain and corn procurement entities and grain terminals in the region.

 REX previously owned a 33.92% interest in the plant acquired for
  $14 million
    REX sold its interests in the plant in 2007 to U.S. BioEnergy for ~$24 million profit

 100 mgy ethanol capacity; and 320,000 tons of dried distiller grains
    Plant commenced construction October 2006; commenced production Feb. 2008
    6/30/10: REX re-acquired 48% interest for $9.2 million and commitment to pay up
     to an additional $6.5 million based on future profitability.
 Fagen, Inc. and ICM, Inc. provided construction, process design and
  engineering services



                                                                                             17
Patriot Renewable Fuels, LLC
Summary


 REX has a 23% ownership interest in Patriot

 Operates dry mill corn-processing ethanol plant in Annawan, Illinois

 100 mgy ethanol capacity; 320,000 tons of dried distiller grains
    Capital costs: ~ $155 million
    12/06: Acquired 23% of Patriot for $16.0 million
    9/08: Plant commenced operation

 Fagen and ICM provided construction, process design and
  engineering

 Plant strategically located near rail access, in heart of Illinois corn
  production
    Access to ample grain supplies at competitive prices



                                                                            18
Big River Resources, LLC Summary

 Big River was formed to develop/acquire ethanol facilities
    Big River is a holding company for several entities
    Owns 5 elevators with ~10,000,000 bushels of grain storage

 REX acquired a 10% ownership interest in Big River for $20 million

 Big River Facilities:
    92 mgy plant in West Burlington, IA (expanded from 52 mgy)
        Commenced operation in 2004 (REX interest is 10%)
    100 mgy plant in Galva, IL
        Commenced operation 5/09 (REX interest is 10%)
    Acquired 50% stake in 100 mgy plant in Dyersville, IA in 8/09
        (REX interest is 5%)

 Fagen/ICM provided construction, process design and engineering
  for all plants

 All plants in close proximity to rail and highway transportation
 REX has received dividends of $2.9 million through 7/31/10

                                                                       19

								
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