<SEC-DOCUMENT>0000930413-14-003798.txt : 20140827
<SEC-HEADER>0000930413-14-003798.hdr.sgml : 20140827
<ACCEPTANCE-DATETIME>20140827085719
ACCESSION NUMBER:		0000930413-14-003798
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140827
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140827
DATE AS OF CHANGE:		20140827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REX AMERICAN RESOURCES Corp
		CENTRAL INDEX KEY:			0000744187
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				311095548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09097
		FILM NUMBER:		141066859

	BUSINESS ADDRESS:	
		STREET 1:		7720 PARAGON ROAD
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45459
		BUSINESS PHONE:		9372763931

	MAIL ADDRESS:	
		STREET 1:		7720 PARAGON ROAD
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45459

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REX STORES CORP
		DATE OF NAME CHANGE:	19930915

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUDIO VIDEO AFFILIATES INC
		DATE OF NAME CHANGE:	19920703
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>c78610_8k.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
August 27, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">REX AMERICAN RESOURCES CORPORATION<BR>
(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="color: black">Delaware</FONT></TD>
    <TD STYLE="width: 5%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="color: black">001-09097</FONT></TD>
    <TD STYLE="width: 5%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="color: black">31-1095548</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(State or other jurisdiction</FONT><BR>
<FONT STYLE="color: black">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="color: black">(Commission File No.)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="color: black">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 65%; padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="color: black">7720 Paragon Road, Dayton, Ohio</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="color: black">45459</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="color: black">(Address of principal executive offices)</FONT></TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including area
code: (937) 276-3931</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 4%"><FONT STYLE="color: black"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="color: black">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD><FONT STYLE="color: black">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD><FONT STYLE="color: black">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD><FONT STYLE="color: black">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="color: black">Item 2.02.</FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="color: black">Results of Operations and Financial Condition</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt">On August 27, 2014, REX American Resources
Corporation issued a press release announcing financial results for the three month period ended July 31, 2014. The press release
is furnished as Exhibit 99 to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="color: black">Item 9.01.</FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="color: black">Financial Statements and Exhibits</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 36pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 36pt"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 36pt; vertical-align: top"><FONT STYLE="color: black">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">Exhibits. The following exhibits are furnished with this report:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">99&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated August 27, 2014</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top"><FONT STYLE="color: black">REX AMERICAN RESOURCES CORPORATION</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 45%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">Date: August 27, 2014</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1px solid"><FONT STYLE="color: black">/s/ DOUGLAS L. BRUGGEMAN</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;"><FONT STYLE="color: black">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom;"><FONT STYLE="color: black"> Douglas L. Bruggeman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">Title:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom;"><FONT STYLE="color: black">Vice President - Finance,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;"><FONT STYLE="color: black">Chief Financial Officer and Treasurer</FONT></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>c78610_ex99.htm
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="x1_c78610a001.jpg" ALT=""></P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: left"><B>News Announcement</B></td>
    <TD STYLE="width: 52%; text-align: right"><B>For Immediate Release</B></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>REX AMERICAN RESOURCES SECOND QUARTER</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>DILUTED EPS RISE 277% TO A RECORD $2.68</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Second Quarter Gross Profit More than
Triples to $38.8 Million Leading to a 276%<BR>
 Increase In Net Income Attributable to REX Common Shareholders of $21.9 Million</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Diluted EPS for the Six Months Ended July
31, 2014 Rise to $5.35</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dayton, Ohio, (August 27, 2014) -- REX American
Resources Corporation (NYSE: REX) today reported record financial results for its fiscal 2014 second quarter (&ldquo;Q2 &lsquo;14&rdquo;)
ended July 31, 2014. REX management will host a conference call and webcast today at 11:00 a.m. ET.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Conference Call:</b></font></td>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">212/231-2933</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="width: 20%"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Webcast / Replay URL:</b></font></td>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 37%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>www.rexamerican.com/Corp/Page4.aspx</U></FONT></TD>
    <TD STYLE="width: 39%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The webcast will be available for replay for 30 days</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX American Resources&rsquo; Q2 &lsquo;14
results principally reflect its alternative energy segment interests in seven ethanol production facilities. <FONT STYLE="color: black">The
operations of One Earth Energy, LLC (&ldquo;One Earth&rdquo;) and NuGen Energy, LLC (&ldquo;NuGen&rdquo;) are consolidated, while
those of its five remaining plants are reported as equity in income of unconsolidated ethanol affiliates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">REX&rsquo;s Q2
&lsquo;14 net sales and revenue were $150.2 million, compared with $175.4 million in Q2 &rsquo;13, principally due to </FONT>reduced
ethanol and distillers grains pricing<FONT STYLE="color: black">. Reflecting the continued strength of ethanol crush spread margins
in Q2 &rsquo;14, the Company&rsquo;s gross profit rose to $38.8 million, from $10.9 million in the prior year period. As a result
of the ongoing healthy ethanol industry metrics, Q2 &lsquo;14 equity in income of unconsolidated ethanol affiliates increased to
$7.2 million, compared with $4.6 million in Q2 &rsquo;13, leading to net income from continuing operations before income taxes
and non-controlling interests in Q2 &lsquo;14 of $40.7 million, compared with $10.3 million in Q2 &rsquo;13.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Net income attributable to REX shareholders
in Q2 &rsquo;14 rose to $21.9 million, compared with $5.8 million in Q2 &lsquo;13, while Q2 &rsquo;14 diluted net income per share
attributable to REX common shareholders rose to a record $2.68 per share, compared to $0.71 per share in Q2 &rsquo;13. Per share
results in Q2 &lsquo;14 and Q2 &lsquo;13 are based on 8,182,000 and 8,204,000 diluted weighted average shares outstanding, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX CEO, Stuart Rose, commented, &ldquo;Favorable
market dynamics combined with the efficiency of our plants, led to record second quarter net income and diluted EPS. The second
quarter results further strengthened our already solid financial foundation, as cash and cash equivalents rose 45% to approximately
$152.2 million, compared to the fiscal 2013 year-end levels six months prior.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-more-</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 2</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>REX American Resources Q2&rsquo; 14 Results, 8/27/14</B></FONT> <FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">&ldquo;During
the second quarter, we also made significant strides in further improving our balance sheet and liquidity as we continued to allocate
cash from operations to reduce consolidated</FONT> plant-level debt by 18% to approximately $62 million versus <FONT STYLE="color: black">January
31, 2014</FONT>, lowering our interest expense by over 42%, compared to Q2 &lsquo;13, and bringing our debt-to-capital ratio to
a healthy 16%, versus 21% at <FONT STYLE="color: black">January 31, 2014.</FONT>&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Balance Sheet</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At July 31, 2014, REX had cash and cash
equivalents of $152.2 million, $50.4 million of which was at the parent company and $101.8 million of which was at its consolidated
ethanol production facilities. This compares with cash and cash equivalents of $105.1 million at January 31, 2014, $63.3 million
of which was at the parent company and $41.8 million of which was at its consolidated ethanol production facilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At July 31, 2014, REX had lease agreements,
as landlord for five former retail store locations. In addition, REX has five owned former retail stores that were vacant at July
31, 2014, which it is marketing to either lease or sell. The current net book value for the Company&rsquo;s remaining real estate
holdings is approximately $4.0 million. The real estate segment revenue reflects rental income derived from these sites.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Segment Income Statement Data:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months<BR>
 Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Six Months <BR>Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">July 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">July 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">($ in thousands)&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center">2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: center; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center">2013</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: center; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center">2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: center; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center">2013</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Net sales and revenue:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS">&nbsp;</TD>
    <TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; padding-left: 10pt; text-indent: -10pt">Alternative energy (1)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">150,133</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">175,290</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">305,960</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">353,614</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Real estate (2)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">98</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">99</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">207</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">199</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total net sales and revenues</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">150,231</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">175,389</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">306,167</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">353,813</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Gross profit (loss):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Alternative energy (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">38,820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,916</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Real estate (2)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(12</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">9</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(40</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total gross profit</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">38,818</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">10,878</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">75,443</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">19,876</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Segment profit (loss):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Alternative energy segment (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">41,509</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,740</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Real estate segment (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(74</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(163</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Corporate expense, net</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(761</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(722</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,514</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,413</TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Income from continuing operations before income taxes and non-controlling interests (2)</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">40,720</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">10,318</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">78,827</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">16,164</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 3%"><I>(1)</I></td>
    <TD STYLE="width: 92%"><I>Includes results attributable to non-controlling interests of approximately 26% for One Earth and
    approximately 1% for NuGen.</I></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><I>(2)</I></td>
    <TD><I>Certain amounts differ from those previously reported as a result of certain sold real estate assets being reclassified
    as discontinued operations.</I></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-more-</P>

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<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"> <FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">page 3</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">REX American Resources Q2&#8217; 14 Results, 8/27/14 </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>The following table summarizes select
data related to the Company&#8217;s consolidated alternative energy interests:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months<BR> Ended<BR> July 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Six Months<BR> Ended<BR> July 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2013</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2013</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 52%">Average selling price per gallon of ethanol</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2.18</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2.38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2.16</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2.36</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average selling price per ton of dried distillers grains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">192.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">243.49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">201.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">253.52</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Average selling price per ton of modified distillers grains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">68.49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">108.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">81.88</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">123.51</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average cost per bushel of grain</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Average cost of natural gas (per mmbtu)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Segment Balance Sheet Data:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">July&nbsp;31,&nbsp;2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">January&nbsp;31,&nbsp;2014</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Assets:</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left">Alternative energy</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">413,883</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">356,589</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Real estate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">Corporate</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">51,496</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">66,557</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Total assets</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">469,520</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">427,868</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Supplemental Data Related to REX&#8217;s
Alternative Energy Interests:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">REX American Resources Corporation<BR> Ethanol Ownership Interests/Effective Annual Gallons Shipped as of July 31, 2014<BR> (gallons in millions)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Entity</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Trailing<BR> Twelve<BR> Months<BR> Gallons<BR> Shipped</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Current<BR> REX<BR> Ownership<BR> Interest</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">REX&rsquo;s Current Effective<BR> Ownership of Trailing Twelve <BR> Month Gallons Shipped</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 47%; text-align: left; padding-left: 0.5pt"><B>One Earth Energy, LLC</B> <BR> (Gibson City, IL)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">110.1</TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">74</TD><TD STYLE="width: 4%; text-align: left">%</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">81.5</TD><TD STYLE="width: 11%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>NuGen Energy, LLC</B> <BR> (Marion, SD)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Patriot Holdings, LLC</B> <BR> (Annawan, IL)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Big River Resources West Burlington, LLC</B> <BR> (West Burlington, IA)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Big River Resources Galva, LLC</B> <BR> (Galva, IL)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Big River United Energy, LLC</B> <BR> (Dyersville, IA)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.5pt"><B>Big River Resources Boyceville, LLC</B><BR> (Boyceville, WI)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">56.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">5.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; padding-left: 0.5pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">752.2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>n/a</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">262.2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">-more-</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">page 4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q2&#8217; 14 Results, 8/27/14</B></FONT></P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">About REX American Resources Corporation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">REX American Resources has interests in
seven ethanol production facilities, which in aggregate shipped approximately 752 million gallons of ethanol over the twelve month
period ended July 31, 2014. REX&#8217;s effective ownership of the trailing twelve month gallons shipped (for the twelve months
ended July 31, 2014) by the ethanol production facilities in which it has ownership interests was approximately 262 million gallons.
Further information about REX is available at <I>www.rexamerican.com</I>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This news announcement contains or may contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified
by use of forward-looking terminology such as &#8220;may,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221;
&#8220;anticipate&#8221; or &#8220;continue&#8221; or the negative thereof or other variations thereon or comparable terminology.
Readers are cautioned that there are 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 include the risk factors set forth from time
to time in the Company&#8217;s filings with the Securities and Exchange Commission and include among other things: the impact of
legislative changes, the price volatility and availability of corn, dried and modified distillers grains, ethanol, corn oil, gasoline
and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional
economies, weather, transportation delays, the effects of terrorism or acts of war, changes in real estate market conditions and
the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except
as required by law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Contact:</B></FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Douglas Bruggeman</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Joseph Jaffoni, Norberto Aja</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">JCIR</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(937) 276&#45;3931</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(212) 835-8500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><U>rex@jcir.com</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">- statements of operations follow -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">page 5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q2&#8217; 14 Results, 8/27/14</B></FONT></P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES</B></P>

<P STYLE="margin: 0pt 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">Consolidated Statements of Operations</P>

<P STYLE="margin: 0pt 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">(in thousands, except per share amounts)</P>

<P STYLE="margin: 0pt 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">Unaudited</P>

<P STYLE="margin: 0pt 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; font-family: Arial, Helvetica, Sans-Serif">Three Months <BR> Ended</TD><TD STYLE="font-weight: bold; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; font-family: Arial, Helvetica, Sans-Serif">Six Months <BR> Ended</TD><TD STYLE="font-weight: bold; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">July 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">July 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">2013</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">2013</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 40%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Net sales and revenue</TD><TD STYLE="width: 3%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="width: 10%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">150,231</TD><TD STYLE="width: 1%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="width: 3%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="width: 10%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">175,389</TD><TD STYLE="width: 1%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="width: 3%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="width: 10%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">306,167</TD><TD STYLE="width: 1%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="width: 3%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="width: 10%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">353,813</TD><TD STYLE="width: 1%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">Cost of sales</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">111,413</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">164,511</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">230,724</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">333,937</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Gross profit</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">38,818</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,878</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">75,443</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">19,876</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Selling, general and administrative expenses</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">(4,839</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">(4,194</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">(11,010</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">(7,935</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Equity in income of unconsolidated ethanol affiliates</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,245</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,628</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">15,542</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,227</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Interest and other income</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">88</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">45</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">140</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">86</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Interest expense</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">(591</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">(1,029</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">(1,283</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">(2,084</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">Losses on derivative financial instruments,
    net</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(1</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(10</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(5</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(6</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Income from continuing operations before income taxes
    and non-controlling interests</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">40,720</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,318</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">78,827</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">16,164</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">Provision for income taxes</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(14,009</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(3,694</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(27,925</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(5,763</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Income from continuing operations including non-controlling
    interests</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">26,711</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,624</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">50,902</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,401</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Income from discontinued operations, net of tax</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">120</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">11</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">285</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">Gain on disposal of discontinued
    operations, net of tax</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">5</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">1</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">5</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">132</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Net income including non-controlling interests</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">26,718</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,745</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">50,918</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,818</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">Net income attributable to non-controlling
    interests</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(4,811</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(920</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(7,269</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">(1,486</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">Net income attributable to REX common
    shareholders</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">21,907</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">5,825</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">43,649</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">9,332</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">Weighted average shares outstanding &ndash; basic</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">8,182</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">8,164</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">8,150</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">8,161</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Basic income per share from continuing operations</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2.68</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">0.70</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5.36</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1.09</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Basic income per share from discontinued operations</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">0.01</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">0.03</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">Basic income per share on disposal
    of discontinued operations</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">0.02</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">Basic net income per share attributable
    to REX common shareholders</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">2.68</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">0.71</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">5.36</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">1.14</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">Weighted average shares outstanding &ndash; diluted</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">8,182</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">8,204</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">8,166</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">8,204</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Diluted income per share from continuing operations</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2.68</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">0.70</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5.35</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1.09</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Diluted income per share from discontinued operations</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">0.01</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">0.03</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">Diluted income per share on disposal
    of discontinued operations</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">0.02</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">Diluted net income per share attributable
    to REX common shareholders</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">2.68</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">0.71</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">5.35</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">1.14</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Amounts attributable to REX common shareholders:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: Arial, Helvetica, Sans-Serif">Income from continuing operations, net of tax</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">21,900</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,704</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">43,633</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,915</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">Income from discontinued operations,
    net of tax</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">7</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">121</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">16</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-family: Arial, Helvetica, Sans-Serif">417</TD><TD STYLE="text-align: left; padding-bottom: 1px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">Net income</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">21,907</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">5,825</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">43,649</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double; font-family: Arial, Helvetica, Sans-Serif">9,332</TD><TD STYLE="text-align: left; padding-bottom: 3px; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-weight: normal"><I>Certain amounts differ from those
previously reported as a result of certain real estate assets being reclassified as discontinued operations.</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">page 6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q2&#8217; 14 Results, 8/27/14</B></FONT></P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES<BR>
Consolidated Balance Sheets<BR>
(in thousands) Unaudited</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1px"></TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>July 31,</B></FONT><BR> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>January 31,</B></FONT><BR> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">ASSETS:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 70%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: normal; text-align: right">152,236</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: normal; text-align: right">105,149</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Restricted cash</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">&mdash;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">500</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Accounts receivable</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">13,992</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">16,486</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Refundable income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepaid expenses and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,891</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px">Deferred taxes-net</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,146</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188,928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,810</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Property and equipment-net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,235</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,258</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other assets</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,288</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,388</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Restricted investments and deposits</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">223</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">469,520</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">427,868</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current portion of long term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Accounts payable &ndash; trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">371</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,141</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Accrued expenses and other current liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">12,472</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,147</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">46,910</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">32,140</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">LONG TERM LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Long term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,613</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Other long term liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,890</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,862</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt">Total long term liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">59,487</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">84,975</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">COMMITMENTS AND CONTINGENCIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>EQUITY:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">REX shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Common stock, 45,000 shares authorized, 29,853 shares issued at par</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,051</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357,101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Treasury stock, 21,678 and 21,753 shares, respectively</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;(221,419</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">) </TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;(222,170</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total REX shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">324,421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279,281</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px">Non-controlling interests</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">38,702</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">31,472</TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt">Total equity</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">363,123 </FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">310,753 </FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">469,520</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">427,868</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">- statements
of cash flows follow -</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">page 7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>REX American Resources Q2&#8217; 14 Results, 8/27/14</B></FONT></P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES<BR>
Consolidated Statements of Cash Flows<BR>
(in thousands) Unaudited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Garamond; text-align: justify; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Six Months Ended July 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Garamond; text-align: justify; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2013</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">50,918</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,818</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Adjustments to reconcile net income to net cash</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">provided by operating activities:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Depreciation, impairment charges and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,811</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Income from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,542</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,227</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Gain on disposal of real estate and property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Dividends received from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Deferred income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(484</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(770</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(856</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Deferred income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,323</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,410</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Excess tax benefit from stock option exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(441</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Changes in assets and liabilities:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 20pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,842</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 20pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,083</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,453</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 20pt">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">463</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 20pt">Accounts payable-trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(198</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,310</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 20pt; padding-bottom: 1px">Accrued expenses and other liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">353</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(363</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 30pt; padding-bottom: 1px">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">61,622</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">8,482</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">CASH FLOWS FROM INVESTING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,402</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(252</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(500</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Restricted investments and deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Proceeds from sale of real estate and property and equipment</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">487</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">463</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 30pt; padding-bottom: 1px">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(2,142</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(109)</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">CASH FLOWS FROM FINANCING ACTIVITIES:</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond">&nbsp;</TD>
    <TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: right">&nbsp;</TD><TD STYLE="font-family: Garamond; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Payments of long term debt Loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,726</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,629</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Stock options exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">794</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Payments to noncontrolling interests holders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Excess tax benefit from stock option exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">Treasury stock acquired</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(856</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 30pt; padding-bottom: 1px">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(12,393</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(8,691</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(318</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1px">CASH AND CASH EQUIVALENTS-Beginning of year</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">105,149</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">69,073</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">CASH AND CASH EQUIVALENTS-End of year</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">152,236</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">68,755</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Non cash investing activities &ndash; Accrued capital expenditures</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">239</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 3px; text-align: left">&nbsp;</TD></TR>
</TABLE>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
