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SEGMENT REPORTING

9 Months Ended

Oct. 31, 2017

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note 16. Segment Reporting

In the third quarter of fiscal year 2017, the Company began reporting the results of its refined coal operations as a new segment as a result of the refined coal acquisition (see Note 3.) The Company has two segments: ethanol and by-products and refined coal. Historical amounts have been reclassified to conform to the current year segment reporting presentation. The Company evaluates the performance of each reportable segment based on net income attributable to REX common shareholders. The following table summarizes segment and other results and assets (amounts in thousands):

		Three Months Ended								Nine Months Ended
		October 31,								October 31,
		2017				2016				2017				2016
Net sales and revenue:
Ethanol and by-products		$	120,971			$	116,283			$	342,858			$	332,212
Refined coal ¹			193				-				193				-
Total net sales and revenue		$	121,164			$	116,283			$	343,051			$	332,212

Segment gross profit (loss):
Ethanol and by-products		$	18,257			$	20,162			$	41,527			$	45,868
Refined coal			(3,390	)			-				(3,390	)			-
Total gross profit		$	14,867			$	20,162			$	38,137			$	45,868

		Three Months Ended								Nine Months Ended
		October 31,								October 31,
		2017				2016				2017				2016
Income (loss) before income taxes:
Ethanol and by-products		$	15,554			$	17,682			$	31,807			$	37,294
Refined coal			(5,684	)			-				(5,684	)			-
Corporate and other			(611	)			(468	)			(2,389	)			(1,554	)
Total income (loss) before income taxes		$	9,259			$	17,214			$	23,734			$	35,740

Benefit (provision) for income taxes:
Ethanol and by-products		$	(4,379	)		$	(5,917	)		$	(9,712	)		$	(12,331	)
Refined coal ²			9,918				-				9,918				-
Corporate and other			196				177				837				560
Total benefit (provision) for income taxes		$	5,735			$	(5,740	)		$	1,043			$	(11,771	)

Segment profit (loss):
Ethanol and by-products		$	9,058			$	9,209			$	17,665			$	20,901
Refined coal			4,520				-				4,520				-
Corporate and other			(410	)			(271	)			(1,532	)			(949	)
Net income attributable to REX common shareholders		$	13,168			$	8,938			$	20,653			$	19,952

		October 31, 2017				January 31, 2017
Assets:
Ethanol and by-products		$	396,927			$	371,465				-				-
Refined coal			11,937				-				-				-
Corporate and other			65,481				82,559				-				-
Total assets		$	474,345			$	454,024				-				-

^{1 The
Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the
customer to which refined coal is sold.}

^{2
The Company records its tax provision/benefit based on an estimated annual rate adjusted for items recorded discretely which it
estimates to be approximately negative 4%. As a result of the timing of the refined coal acquisition on August 10, 2017, the Company’s
effective tax rate for the quarter ended October 31, 2017 was a benefit of approximately 62%, which then results in a year to date
effective rate of a benefit of approximately 4%.}

		Three Months Ended								Nine Months Ended
		October 31,								October 31,
		2017				2016				2017				2016
Sales of products, ethanol and by-products segment:
Ethanol		$	96,296			$	90,702			$	276,553			$	259,266
Dried distillers grains			16,703				19,551				45,325				55,551
Non-food grade corn oil			6,041				5,074				15,359				13,658
Modified distillers grains			1,889				853				5,557				3,400
Other			42				103				64				337
Total		$	120,971			$	116,283			$	342,858			$	332,212

Sales of products, refined coal segment:

Refined coal		$	193			$	-			$	193			$	-