<SEC-DOCUMENT>0000930413-16-007294.txt : 20160602
<SEC-HEADER>0000930413-16-007294.hdr.sgml : 20160602
<ACCEPTANCE-DATETIME>20160602093629
ACCESSION NUMBER:		0000930413-16-007294
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160602
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160602
DATE AS OF CHANGE:		20160602

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:		161691308

	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
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>c85201_8k.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON, D.C. 20549</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
reported): June 2, 2016</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">Delaware</TD>
    <TD STYLE="width: 5%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">001-09097</TD>
    <TD STYLE="width: 5%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">31-1095548</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File No.)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<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: 65%; text-align: center">7720 Paragon Road, Dayton, Ohio</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">45459</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">Item 2.02.</TD>
    <TD>Results of Operations and Financial Condition</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">On June 2, 2016, REX American Resources
Corporation issued a press release announcing financial results for the three month period ended April 30, 2016. The press release
is furnished as Exhibit 99 to this report.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">Item 9.01.</TD>
    <TD>Financial Statements and Exhibits</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt">(c)</TD>
    <TD>Exhibits. The following exhibits are furnished with this report:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>99 &nbsp;&nbsp;Press Release dated June 2, 2016</TD></TR>
</TABLE>

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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">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: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 14.3pt">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">REX AMERICAN RESOURCES CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Date: June 2, 2016</TD>
    <TD>By:</TD>
    <TD COLSPAN="2">/s/ DOUGLAS L. BRUGGEMAN</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&nbsp;</TD>
    <TD STYLE="width: 25%">Douglas L. Bruggeman</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Vice President - Finance,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">and Treasurer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>c85201_ex99.htm
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 99</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="x1_c85201a001.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></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: 60%; text-align: left"><B>News Announcement</B></TD>
    <TD STYLE="width: 40%; text-align: right"><B>For Immediate Release</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>REX AMERICAN RESOURCES REPORTS FIRST QUARTER
</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DILUTED EPS OF $0.43</B></P>

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

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dayton, Ohio, (June 2, 2016) -- REX American
Resources Corporation (NYSE: REX) today reported financial results for its fiscal 2016 first quarter (&ldquo;Q1 &lsquo;16&rdquo;)
ended April 30, 2016. REX management will host a conference call and webcast today at 11:00 a.m. ET. to review the results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&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: 10%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 25%; font-size: 10pt; border-left: Black 1px solid; border-top: Black 1px solid; padding-left: 5pt; padding-bottom: 3pt"><B>Conference Call:</B></TD>
    <TD STYLE="width: 55%; font-size: 10pt; border-top: Black 1px solid; border-right: Black 1px solid; padding-bottom: 3pt">(303) 223-4398</TD>
    <TD STYLE="width: 10%; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-left: Black 1px solid; padding-left: 5pt"><B>Webcast / Replay URL:</B></TD>
    <TD STYLE="font-size: 10pt; border-right: Black 1px solid"><U>www.rexamerican.com/Corp/Page4.aspx</U></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-left: Black 1px solid; border-bottom: Black 1px solid; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-right: Black 1px solid; border-bottom: Black 1px solid">The webcast will be available for replay for 30 days</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 120%">REX American
Resources&rsquo; Q1 &lsquo;16 results principally reflect its interests in six ethanol production facilities. The operations of
One Earth Energy, LLC (&ldquo;One Earth&rdquo;) and </FONT>NuGen Energy, LLC<FONT STYLE="line-height: 120%"> (&ldquo;NuGen&rdquo;)
are consolidated</FONT>, <FONT STYLE="line-height: 120%">while those of its four remaining plants are reported as equity in income
of unconsolidated ethanol affiliates. During the fiscal 2015 second quarter the Company sold its </FONT>interest in Patriot Holdings,
LLC (&ldquo;Patriot&rdquo;). As such, subsequent to June 1, 2015, equity in income of unconsolidated ethanol affiliates includes
contributions from four <FONT STYLE="line-height: 120%">ethanol production facilities, compared with five in the comparable year-ago
period</FONT>.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX&rsquo;s Q1 &lsquo;16 net sales and
revenue were $100.2 million, compared with $105.2 million in Q1 &lsquo;15, principally reflecting a 6.4% decline in the average
price per gallon of ethanol and to a lesser degree a 13.1% decline in dried distiller grains pricing, which was partially offset
by an increase in ethanol volume. Primarily due to reduced distiller grains pricing, the Company&rsquo;s Q1 &lsquo;16 gross profit
was $8.4 million, compared with $9.1 million in the prior year period.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Equity in income of unconsolidated ethanol
affiliates in Q1 &lsquo;16 was $0.2 million, compared with $1.5 million in Q1 &lsquo;15 largely as a result of lower crush spreads
and reduced distiller grain pricing as well as the recognition of approximately $0.5 million less from the Company&rsquo;s interest
in Patriot versus the year-ago period. REX reported a gain of approximately $0.2 million in the first quarter of fiscal 2016 from
certain adjustments to the purchase price of its sale of Patriot. As a result, income before income taxes and non-controlling interests
in Q1 &lsquo;16 totaled $5.0 million, compared with $6.9 million in Q1 &lsquo;15.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Net income attributable to REX shareholders
in Q1 &lsquo;16 was $2.8 million, compared with $3.9 million in Q1 &lsquo;15, while Q1 &lsquo;16 diluted net income per share attributable
to REX common shareholders was $0.43 per share, compared to $0.50 per share in Q1 &lsquo;15. Per share results in Q1 &lsquo;16
and Q1 &lsquo;15 are based on 6,594,000 and 7,900,000 diluted weighted average shares outstanding, respectively.</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">-more-</P>


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<TD STYLE="width: 60%; text-align: left">REX American Resources Q1&rsquo; 16 Results, 6/2/16&#9;</TD><TD STYLE="text-align: right; width: 40%"><FONT STYLE="font-weight: normal">page
2</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX Chief Executive Officer, Zafar Rizvi,
commented, &ldquo;We are pleased with our ability to generate profitable operating results in our fiscal 2016 first quarter given
the challenging market environment during this time period. We believe these results reflect our ability to leverage our strategically
positioned ethanol plants and the disciplined manner in which we operate at both the plant and corporate level.&rdquo;</P>

<P STYLE="font: 8pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Balance Sheet and Share Repurchase Program</B></P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At April 30, 2016, REX had cash and cash
equivalents of $122.5 million, $52.0 million of which was at the parent company and $70.5 million of which was at its consolidated
ethanol production facilities. This compares with cash and cash equivalents of $135.8 million at January 31, 2016, $57.2 million
of which was at the parent company and $78.6 million of which was at its consolidated ethanol production facilities.</P>

<P STYLE="font: 8pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX repurchased 87,904 common shares in
Q1 &lsquo;16 at an average price of $49.52 per share. The Company is currently authorized to repurchase up to an additional 155,334
shares of common stock and has 6,560,527 shares outstanding.</P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>The following table summarizes select data related to the Company&rsquo;s
consolidated alternative energy interests:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; border-top: Black 1px solid; padding-left: 5pt"><B>&nbsp;</B></TD><TD COLSPAN="8" STYLE="padding-bottom: 1px; border: Black 1px solid; text-align: center"><B>Three Months <BR>Ended April 30,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt"><B>&nbsp;</B></TD><TD COLSPAN="4" STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: center"><B><U>2016</U></B></TD><TD COLSPAN="4" STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid; text-align: center; border-right: Black 1px solid"><B><U>2015</U></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 76%; padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt">Average selling price per gallon of ethanol</TD><TD STYLE="width: 4%; padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid; text-align: right">1.32</TD><TD STYLE="width: 4%; padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="width: 4%; padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid; text-align: right">1.41</TD><TD STYLE="width: 4%; padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt">Average selling price per ton of dried distillers grains</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">125.29</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">144.23</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt">Average selling price per pound of non-food grade corn oil</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">0.24</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">0.28</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt">Average selling price per ton of modified distillers grains</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">59.82</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">79.96</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt">Average cost per bushel of grain</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3.52</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3.67</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-left: 5pt">Average cost of natural gas (per mmbtu)</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3.22</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4.80</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Supplemental Data Related to REX&rsquo;s
Alternative Energy Interests:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; text-align: center; border: Black 1px solid">REX American Resources Corporation<BR>
    Ethanol Ownership Interests/Effective Annual Gallons Shipped as of April 30, 2016 <BR>(gallons in millions)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-left: Black 1px solid">Entity</TD><TD COLSPAN="4" STYLE="font-weight: bold; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: center">Trailing<BR> Twelve<BR> Months<BR> Gallons<BR> Shipped</TD><TD COLSPAN="4" STYLE="font-weight: bold; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: center">Current <BR>REX <BR>Ownership<BR> Interest</TD><TD COLSPAN="4" STYLE="font-weight: bold; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: center; border-right: Black 1px solid">REX&rsquo;s Current<BR> Effective&nbsp;Ownership<BR> of Trailing Twelve<BR> Month Gallons<BR> Shipped</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; text-align: left; padding-bottom: 1px; padding-left: 0.5pt; border-left: Black 1px solid; border-bottom: Black 1px solid"><B>One Earth Energy, LLC</B> <BR>(Gibson
    City, IL)</TD><TD STYLE="width: 3%; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 3%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">115.5</TD><TD STYLE="width: 5%; padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="width: 4%; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">74.9%</TD><TD STYLE="width: 5%; padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; vertical-align: middle">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">86.5</TD><TD STYLE="width: 7%; padding-bottom: 1px; text-align: left; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 0.5pt; border-left: Black 1px solid; border-bottom: Black 1px solid"><B>NuGen Energy, LLC</B> <BR>(Marion, SD)</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">119.6</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">99.5%</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; vertical-align: middle">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">119.0</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 0.5pt; border-left: Black 1px solid; border-bottom: Black 1px solid"><B>Big River Resources West Burlington, LLC</B><BR>
    (West Burlington, IA)</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">106.5</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">9.7%</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; vertical-align: middle">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">10.3</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 0.5pt; border-left: Black 1px solid; border-bottom: Black 1px solid"><B>Big River Resources Galva, LLC</B> <BR>(Galva, IL)</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">122.9</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">9.7%</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; vertical-align: middle">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">11.9</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 0.5pt; border-left: Black 1px solid; border-bottom: Black 1px solid"><B>Big River United Energy, LLC</B> <BR>(Dyersville,
    IA)</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">127.2</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">5.4%</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; vertical-align: middle">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">6.9</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 0.5pt; border-left: Black 1px solid; border-bottom: Black 1px solid"><B>Big River Resources Boyceville, LLC</B> <BR>(Boyceville,
    WI)</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">57.7</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">9.7%</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; vertical-align: middle">&nbsp;</TD><TD STYLE="padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: middle">5.6</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-right: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1px; padding-left: 0.5pt; border-left: Black 1px solid; border-bottom: Black 1px solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; vertical-align: middle">649.4</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; vertical-align: middle">n/a</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: right; border-bottom: Black 1px solid; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-left: Black 1px solid; border-bottom: Black 1px solid; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; vertical-align: middle">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; vertical-align: middle">240.2</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD></TR>
</TABLE>

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

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


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<TD STYLE="width: 60%; text-align: left">REX American Resources Q1&rsquo; 16 Results, 6/2/16&#9;</TD><TD STYLE="text-align: right; width: 40%"><FONT STYLE="font-weight: normal">page
3</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">About REX American Resources Corporation</P>

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX American Resources has interests in
six ethanol production facilities, which in aggregate shipped approximately 649 million gallons of ethanol over the twelve month
period ended April 30, 2016. REX&rsquo;s effective ownership of the trailing twelve month gallons shipped (for the twelve months
ended April 30, 2016) by the ethanol production facilities in which it has ownership interests was approximately 240 million gallons.
Further information about REX is available at <U>www.rexamerican.com</U>.</P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Garamond; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 &ldquo;may,&rdquo; &ldquo;expect,&rdquo;
&ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;anticipate&rdquo; or &ldquo;continue&rdquo; 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&rsquo;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 international, national or regional economies, weather, the effects of terrorism or acts of war
and the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements
except as required by</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"> law.</FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Contact:</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Douglas Bruggeman</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Joseph Jaffoni, Norberto Aja</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Financial Officer</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">JCIR</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(937) 276&#45;3931</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(212) 835-8500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><U>rex@jcir.com</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

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<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: 85%"><B>REX American Resources Q1&rsquo; 16 Results, 6/2/16</B></TD>
    <TD STYLE="width: 15%; text-align: right">page 4</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><B>Three Months <BR> Ended</B></TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1px solid"><B>April 30,</B></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid"><B>2016</B></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net sales and revenue</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">100,222</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">105,197</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">91,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">96,070</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; text-indent: -10pt; padding-left: 10pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Selling, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,027)</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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Equity in income of unconsolidated ethanol affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,480</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gain on sale of investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</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; text-indent: -10pt; padding-left: 10pt">Gain on disposal of property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">483</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest and other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">218</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; text-indent: -10pt; padding-left: 10pt">Income before income taxes and non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(1,514)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(2,416)</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; text-indent: -10pt; padding-left: 10pt">Net income including non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,466</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,439</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net income attributable to non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(628)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(512)</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; text-indent: -10pt; padding-left: 10pt">Net income attributable to REX common shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">2,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">3,927</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Weighted average shares outstanding &ndash; basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">6,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">7,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Basic net income per share attributable to REX common shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">$0.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">$0.50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Weighted average shares outstanding &ndash; diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">6,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">7,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Diluted net income per share attributable to REX common shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">$0.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">$0.50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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<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: 60%"><B>REX American Resources Q1&rsquo; 16 Results, 6/2/16</B></TD>
    <TD STYLE="width: 40%; text-align: right">page 5</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center"><B>April 30,<BR>2016</B></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center"><B>January 31,<BR>2016</B></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><B>ASSETS:</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">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 bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD bgcolor="#e5ffff" STYLE="width: 74%; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">122,450</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">135,765</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,416</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,666</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Refundable income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,731</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Prepaid expenses and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,407</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Deferred taxes-net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,036</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,170</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Property and equipment-net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,976</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,692</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,642</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">38,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">38,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">TOTAL ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">408,011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">414,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><B>LIABILITIES AND EQUITY:</B></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;">
  <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">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 bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts payable &ndash; trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,212</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Accrued expenses and other current
    liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">6,958</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">9,423</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">14,101</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">19,635</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">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 bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,304</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Other long term liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">987</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">987</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-bottom: 1pt">Total long term liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">39,291</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">39,291</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">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 bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">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;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">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 bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">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;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,844</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">478,712</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475,874</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Treasury stock, 23,292 and 23,204
    shares, respectively</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(314,104)</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(309,754)</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD bgcolor="#e5ffff" STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Total REX shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">311,263</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">44,856</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">44,496</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR bgcolor="#e5ffff" STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; padding-bottom: 1pt">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">354,619</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">355,759</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom;">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 3px">TOTAL LIABILITIES AND EQUITY</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">408,011</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">414,685</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
</TABLE>

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

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 60%; padding-left: 10pt; text-indent: -10pt"><B>REX American Resources Q1&rsquo; 16
    Results, 6/2/16</B></TD>
    <TD STYLE="vertical-align: bottom; width: 40%; text-align: right"><FONT STYLE="font-variant: normal">page
    6</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 324pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1px solid"><B>Three Months Ended<BR> April 30,</B></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid"><B>2016</B></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid"><B>2015</B></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES:</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="width: 74%; text-align: left">Net income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">3,466</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">4,439</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">Adjustments to reconcile net income to net cash (used in) <BR>
provided by operating activities:</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">Depreciation, impairment charges and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,812</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,956</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">Income from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(233)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,480)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on disposal of property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(483)</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">Dividends received from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,634</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on sale of investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(192)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</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">Stock based compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in assets and 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; padding-left: 10pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,833)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,133)</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">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,554)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,504)</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">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,075</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">Accounts payable-trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,284)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,629)</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: 1pt; padding-left: 10pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,465)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(3,587)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Net cash (used in) provided by operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(5,679)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">5,288</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES:</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">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,474)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,507)</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">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(466)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from sale of investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</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">Proceeds from sale of property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,402</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,659)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,099)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</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">Purchase of stock from noncontrolling interests holders</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Treasury stock acquired</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4,709)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4,977)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,315)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,189</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: 1pt">CASH AND CASH EQUIVALENTS-Beginning of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">135,765</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">137,697</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">CASH AND CASH EQUIVALENTS-End of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">122,450</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">141,886</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Non cash investing activities &ndash; Accrued capital expenditures</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">634</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center"># # #</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
