<SEC-DOCUMENT>0000930413-17-003889.txt : 20171129
<SEC-HEADER>0000930413-17-003889.hdr.sgml : 20171129
<ACCEPTANCE-DATETIME>20171129083132
ACCESSION NUMBER:		0000930413-17-003889
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171129
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171129
DATE AS OF CHANGE:		20171129

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:		171226794

	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>c89815_8k.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
November 29, 2017</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-size: 10pt">001-09097</FONT></TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt">31-1095548</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File No.)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">of incorporation)</FONT></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>&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>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7720 Paragon Road, Dayton, Ohio</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">45459</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>


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    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">&nbsp;Item 2.02.</FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font-size: 10pt">Results of Operations and Financial Condition</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.3pt">On November 29, 2017, REX American Resources
Corporation issued a press release announcing financial results for the three month period ended October 31, 2017. The press release
is furnished as Exhibit 99 to this report.</P>

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

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    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Item 9.01.</FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font-size: 10pt">Financial Statements and Exhibits</FONT></TD>
    </TR>
</TABLE>

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<TR>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-size: 10pt">Exhibits. The following exhibits are furnished with this report:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">99 &nbsp;&nbsp;<A HREF="c89815_ex99.htm">Press Release dated November 29, 2017</A></FONT></TD></TR>
</TABLE>

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

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

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

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<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">REX AMERICAN RESOURCES CORPORATION</FONT></TD>
    <TD>&nbsp;</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 STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">Date: November 29, 2017</FONT></TD>
    <TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">/s/ DOUGLAS L. BRUGGEMAN</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 21%"><FONT STYLE="font-size: 10pt">Douglas L. Bruggeman</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President - Finance,</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">and Treasurer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="x1_c89815x4x1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&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: 50%; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>News Announcement</B></FONT></TD>
    <TD STYLE="width: 50%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For Immediate Release</B></FONT></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&rsquo; THIRD QUARTER</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DILUTED EPS RISE 47% TO $2.00</B></P>

<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: justify">Dayton, Ohio, (November 29, 2017) -- REX American
Resources Corporation <FONT STYLE="color: black">(NYSE American: REX) (&ldquo;REX&rdquo; or &ldquo;the Company&rdquo;) </FONT>today
reported financial results for its fiscal 2017 third quarter (&ldquo;Q3 &rsquo;17&rdquo;) ended October 31, 2017.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX American Resources&rsquo; Q3 &lsquo;17 results
principally reflect its interests in six ethanol production facilities and its refined coal operation. <FONT STYLE="color: black">One
Earth Energy, LLC (&ldquo;One Earth&rdquo;) and NuGen Energy, LLC (&ldquo;NuGen&rdquo;) are consolidated, while those of its four
remaining plants are reported as equity in income of unconsolidated ethanol affiliates</FONT>. REX&rsquo;s financial results for
the fiscal 2017 third quarter also reflect the refined coal entity acquired by the Company on August 10, 2017. REX expects revenues
from the sale of refined coal produced at the facility will be subsidized by federal production tax credits, subject to meeting
qualified emissions reductions as governed by Section 45 of the Internal Revenue Code. Beginning in the third quarter of fiscal
2017, the Company will report results for its two business segments, ethanol and by-products and refined coal.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX&rsquo;s Q3 &lsquo;17 net sales and revenue
increased 4.2% to $121.2 million, compared with $116.3 million in Q3 &lsquo;16, primarily attributable to higher revenues from
the Company&rsquo;s ethanol and by-products segment. Ethanol sales increased 6.2% primarily due to a 5.7% increase in gallons of
ethanol sold, which was partially offset by 14.6% reduction in dried distillers grains sales primarily due to an 11.4% decline
in pricing.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: black">Gross profit decreased
to $18.3 million from $20.2 million related to the Company&rsquo;s</FONT> ethanol and by-products operations<FONT STYLE="color: black">
during the third quarter</FONT>. Additionally, the Company reported a <FONT STYLE="color: black">$3.4 million gross loss from the
Company&rsquo;s refined coal operations. While gross profit was negatively impacted, the Company recognized benefits related to
its refined coal operations in the form of a lower effective tax rate. Equity in income of unconsolidated ethanol affiliates in
Q3 &lsquo;17 decreased to $1.1 million, from $1.8 million in Q3 &lsquo;16. As a result of these factors, income before income taxes
and non-controlling interests in Q3 &lsquo;17 decreased to $9.3 million from $17.2 million in Q3 &lsquo;16. Primarily reflecting
the company&rsquo;s recent investment in refined coal operations, REX recorded a $5.7 million income tax benefit in Q3 &lsquo;17,
versus a provision for income taxes of $5.7 million in Q3 &lsquo;16.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Net income attributable to REX common shareholders
in Q3 &lsquo;17 rose to $13.2 million or $2.00 per basic and diluted share compared to $8.9 million or $1.36 per share in Q3 &lsquo;16.
Net income attributable to non-controlling interests in Q3 &lsquo;17 was $1.8 million, compared with $2.5 million in Q3 &lsquo;16.
Per share results in Q3 &lsquo;17 and Q3 &lsquo;16 are based on 6,597,000 and 6,590,000 diluted weighted average shares outstanding,
respectively.</P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black"><B>REX American Resources Q3 &lsquo;17
    Results, 11/29/17</B></FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 2</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months<BR> Ended</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Nine Months<BR> Ended</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px">($ in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31,</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31,</TD><TD STYLE="padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 6pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net sales and revenue:</TD><TD STYLE="font-family: Arial Unicode MS">&nbsp;</TD>
    <TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS">&nbsp;</TD>
    <TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS">&nbsp;</TD>
    <TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS">&nbsp;</TD>
    <TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial Unicode MS; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%">Ethanol &amp; By-Products (1)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">120,971</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">116,283</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">342,858</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">332,212</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Refined coal (2) (3)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">193</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">193</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total net sales and revenues</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">121,164</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">116,283</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">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">343,051</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">332,212</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 6pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Gross profit (loss):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Ethanol &amp; By-Products (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">41,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Refined coal (2)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(3,390</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(3,390</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total gross profit</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">14,867</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">20,162</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">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">38,137</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">45,868</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 6pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Income (loss) before income taxes:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Ethanol &amp; By-Products (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,682</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">37,294</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">Refined coal (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,684</TD><TD STYLE="text-align: left">)</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">(5,684</TD><TD STYLE="text-align: left">)</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: 1px">Corporate and other</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(611</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(468</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(2,389</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(1,554</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Total income (loss) before income taxes</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">9,259</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">17,214</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">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">23,734</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">35,740</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Benefit (provision) for income taxes:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Ethanol &amp; By-Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,379</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5,917</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(9,712</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(12,331</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Refined coal (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,918</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,918</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; padding-bottom: 1px">Corporate and other</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">196</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">177</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">837</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">560</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 3px">Total benefit (provision) before income taxes</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">5,735</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">(5,740</TD><TD STYLE="text-align: left; padding-bottom: 3px">)</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,043</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">(11,771</TD><TD STYLE="text-align: left; padding-bottom: 3px">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Segment profit (loss):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Ethanol &amp; By-Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,665</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,901</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">Refined coal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,520</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,520</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: 1px">Corporate and other</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(410</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(271</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(1,532</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(949</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Net income attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">13,168</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">8,938</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">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">20,653</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">19,952</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%"><I>(1)</I></TD>
    <TD STYLE="width: 92%; text-align: justify"><I>Includes results attributable to non-controlling interests of approximately 25% for One Earth and
    approximately 1% for NuGen. </I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>(2)</I></TD>
    <TD STYLE="text-align: justify"><I>Includes results attributable to non-controlling interests of approximately 5%.</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>(3)</I></TD>
    <TD STYLE="text-align: justify"><I>Refined coal sales are reported net of the cost of coal.</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>(4)</I></TD>
    <TD STYLE="text-align: justify"><I>We record our tax provision/benefit based on an estimated annual rate adjusted for items recorded discretely. This
    estimate was significantly reduced beginning in the third quarter of the current year, as we began operating our recently
    acquired refined coal facility.&nbsp;&nbsp;This resulted in a disproportionate tax benefit recognized in the third quarter
    of fiscal year 2017 as the cumulative effect of the reduced annual rate was recorded in the third quarter of fiscal year 2017.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX American Resources&rsquo; Chief Executive
Officer, Zafar Rizvi, commented, &ldquo;REX delivered healthy third quarter results, including net income attributable to REX shareholders
of over $13.2 million, or $2.00 per share, marking a 47% year-over-year increase. We are pleased to report an increase in sales
based upon a 5.7% increase in our consolidated gallons of ethanol sold, offset by lower distillers grains pricing. As expected,
our recent investment in refined coal operations enabled us to recognize income tax benefits and was significantly accretive to
our earnings per share.&rdquo;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At October 31, 2017, REX had cash and cash equivalents
of $190.5 million, $63.5 million of which was at the parent company and $127.0 million of which was at its consolidated ethanol
production facilities. This compares with cash and cash equivalents of $188.6 million at January 31, 2017, $79.5 million of which
was at the parent company and $109.1 million of which was at its consolidated ethanol production facilities.</P>


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    <TD STYLE="width: 85%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black"><B>REX American Resources Q3 &lsquo;17
    Results, 11/29/17</B></FONT></TD>
    <TD STYLE="width: 15%; font-weight: bold; font-size: 10pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 3</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>The following table summarizes select data related to the Company&rsquo;s
consolidated ethanol interests:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1px solid; border-left: Black 1px solid; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1px solid; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-top: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; font-size: 10pt">Three
    Months <BR>Ended October 31,</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; font-size: 10pt">Nine
    Months <BR>Ended October 31,</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">2017</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">2016</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">2017</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2016</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 42%; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Average
                                                                                                                     selling price
                                                                                                                     per gallon
                                                                                                                     of ethanol</FONT></TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="width: 6%; color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">1.45</TD><TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">1.44</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 2%; color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="width: 6%; color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">1.45</TD><TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">1.42</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Average
                                                                                                          selling price per ton
                                                                                                          of dried distillers
                                                                                                          grains</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">108.34</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">122.34</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">101.44</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">127.27</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Average
                                                                                                          selling price per pound
                                                                                                          of non-food grade corn
                                                                                                          oil</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">0.30</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">0.29</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">0.29</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">0.27</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Average
                                                                                                          selling price per ton
                                                                                                          of modified distillers
                                                                                                          grains</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">41.64</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">45.17</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">41.53</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">54.49</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Average
                                                                                                          cost per bushel of grain</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3.35</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3.30</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3.39</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3.51</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Average
                                                                                                          cost of natural gas
                                                                                                          (per mmbtu)</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3.22</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3.31</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="color: black; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3.41</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt">3.08</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Supplemental Data Related to REX&rsquo;s Ethanol &amp; By-Products
Interests:</B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: White">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center; border: Black 1px solid"><P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><B>REX
                                                                                                                                                               American
                                                                                                                                                               Resources
                                                                                                                                                               Corporation</B><BR>
                                                                                                                                                               <B>Ethanol
                                                                                                                                                               Ownership
                                                                                                                                                               Interests/Effective
                                                                                                                                                               Annual
                                                                                                                                                               Gallons
                                                                                                                                                               Shipped
                                                                                                                                                               as
                                                                                                                                                               of
                                                                                                                                                               October
                                                                                                                                                               31,
                                                                                                                                                               2017</B><BR>
                                                                                                                                                               <B>(gallons
                                                                                                                                                               in
                                                                                                                                                               millions)</B></P>


</TD></TR>
<TR STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; width: 55%; padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>Entity</B></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; padding-top: 0.5pt; padding-right: 0; padding-left: 0; text-align: center; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>Trailing</B><BR>
    <B>Twelve</B><BR>
    <B>Months</B><BR>
    <B>Gallons</B><BR>
    <B>Shipped</B></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>Current
    </B><BR>
    <B>REX</B><BR>
    <B>Ownership</B><BR>
    <B>Interest</B></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: center; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1px solid"><B>REX&rsquo;s
    Current</B><BR>
    <B>Effective Ownership</B><BR>
    <B>of Trailing Twelve</B><BR>
    <B>Month Gallons</B><BR>
    <B>Shipped</B></TD></TR>
<TR STYLE="background-color: White; font-size: 10pt">
    <TD STYLE="padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>One
    Earth Energy, LLC</B> </FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Gibson City, IL)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 0; padding-left: 0; text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">123.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">75.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">92.7</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 10pt">
    <TD STYLE="padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NuGen
    Energy, LLC</B> </FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Marion, SD)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 0; padding-left: 0; text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">131.9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99.5%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">131.2</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 10pt">
    <TD STYLE="padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Big
    River Resources West Burlington, LLC</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(West Burlington, IA)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 0; padding-left: 0; text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">106.8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">11.0</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 10pt">
    <TD STYLE="padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Big
    River Resources Galva, LLC </B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Galva, IL)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 0; padding-left: 0; text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">124.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">12.8</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 10pt">
    <TD STYLE="padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Big
    River United Energy, LLC </B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Dyersville, IA)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 0; padding-left: 0; text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">129.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">7.4</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 10pt">
    <TD STYLE="padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Big
    River Resources Boyceville, LLC</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Boyceville, WI) </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 0; padding-left: 0; text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">57.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">5.9</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 10pt">
    <TD STYLE="vertical-align: top; padding-top: 0.5pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.5pt; padding-right: 0; padding-left: 0; text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>673.4</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-left: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>n/a</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>261.0</B></FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black"><B>REX American Resources Q3 &lsquo;17
    Results, 11/29/17</B></FONT></TD>
    <TD STYLE="width: 15%; font-weight: bold; font-size: 10pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 4</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Third Quarter Conference Call</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">REX will host
a conference call at 11:00 a.m. ET today. Senior management will discuss the <FONT STYLE="color: black">financial results and host
a question and answer session. The dial in number for the audio conference call is (212) 231-2935 (domestic and international callers).</FONT></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Participants
can also listen to a live webcast of the call on the Company&rsquo;s website, <u>www.rexamerican.com/Corp/Page4.aspx</u>.
A webcast replay will be available for 30 days following the live event at <u>www.rexamerican.com/Corp/Page4.aspx</u>.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REX American Resources has interests in six
ethanol production facilities, which in aggregate shipped approximately 673 million gallons of ethanol over the twelve month period
ended October 31, 2017. REX&rsquo;s effective ownership of the trailing twelve month gallons shipped (for the twelve months ended
October 31, 2017) by the ethanol production facilities in which it has ownership interests was approximately 261 million gallons.
In addition, the Company acquired a refined coal operation on August 10, 2017. Further information about REX is available at <u>www.rexamerican.com</u>.</P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This news announcement contains or may contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified
by use of forward-looking terminology such as &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, results of income tax audits, changes in income tax laws or regulations and the effects
of terrorism or acts of war. The Company does not intend to update publicly any forward-looking statements except as required by
law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 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) 276-3931</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 Arial, 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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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black"><B>REX American Resources Q3 &lsquo;17
    Results, 11/29/17</B></FONT></TD>
    <TD STYLE="width: 15%; font-weight: bold; font-size: 10pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Consolidated Statements of Operations</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months <BR> Ended</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Nine Months<BR> Ended</TD><TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">October 31,</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">October 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 60%; text-align: left">Net sales and revenue</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 5%; color: black; text-align: right">121,164</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">116,283</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 5%; color: black; text-align: right">343,051</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">332,212</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">Cost of sales</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">106,297</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">96,121</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">304,914</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">286,344</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Gross profit</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">14,867</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">38,137</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selling, general and administrative expenses</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(7,347</TD><TD STYLE="color: black; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,082</TD><TD STYLE="text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(17,528</TD><TD STYLE="color: black; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,315</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Equity in income of unconsolidated ethanol affiliates</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,094</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,931</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,257</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(Loss) gain on sale of investment</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; 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><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(13</TD><TD STYLE="color: black; text-align: left">)</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">(Loss) gain on disposal of property and equipment, net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(100</TD><TD STYLE="color: black; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(87</TD><TD STYLE="color: black; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">364</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Interest and other income</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">745</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">117</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">1,294</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">374</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Income before income taxes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">9,259</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">23,734</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,740</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Benefit (provision) for income taxes</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">5,735</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(5,740</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">1,043</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(11,771</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Net income</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">14,994</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">24,777</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,969</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net income attributable to non-controlling interests</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(1,826</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(2,536</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(4,124</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(4,017</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Net income attributable to REX common shareholders</TD><TD STYLE="color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">13,168</TD><TD STYLE="color: black; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">8,938</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">20,653</TD><TD STYLE="color: black; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">19,952</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 3px">Weighted average shares outstanding &ndash; basic and diluted</TD><TD STYLE="color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">6,597</TD><TD STYLE="color: black; 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">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">6,590</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">6,594</TD><TD STYLE="color: black; 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">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">6,591</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 3px">Basic and diluted net income per share attributable to REX common shareholders</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">2.00</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1.36</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">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">3.13</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">3.03</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt; text-align: left; text-indent: -13.5pt"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

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


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black"><B>REX American Resources Q3 &lsquo;17
    Results, 11/29/17</B></FONT></TD>
    <TD STYLE="width: 15%; font-weight: bold; font-size: 10pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 6</FONT></TD></TR>
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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October<BR>
 31, 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">January<BR>
 31, 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">ASSETS:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 0.75pt">Cash and cash equivalents</TD><TD STYLE="width: 3%; color: black; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 8%; color: black; font-weight: normal; text-align: right">190,460</TD><TD STYLE="width: 1%; color: black; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 8%; font-weight: normal; text-align: right">188,576</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Restricted cash</TD><TD STYLE="color: black; font-weight: normal">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right">230</TD><TD STYLE="color: black; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">130</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Accounts receivable</TD><TD STYLE="color: black; font-weight: normal">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right">9,801</TD><TD STYLE="color: black; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">11,901</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt">Inventory</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">24,145</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Refundable income taxes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">977</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,070</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Prepaid expenses and other</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">6,828</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,959</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 0.75pt; padding-bottom: 1px">Deferred taxes-net</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">824</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Total current assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">232,441</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,517</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Property and equipment-net</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">198,959</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,761</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Other assets</TD><TD STYLE="color: black; font-weight: normal">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: normal; text-align: right">7,190</TD><TD STYLE="color: black; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">6,913</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt; padding-bottom: 1px">Equity method investments</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">35,755</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">37,833</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt; padding-bottom: 3px">TOTAL ASSETS</TD><TD STYLE="color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">474,345</TD><TD STYLE="color: black; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">454,024</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.75pt">LIABILITIES AND EQUITY <BR>CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Accounts payable &ndash; trade</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">11,778</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt; padding-bottom: 1px">Accrued expenses and other current liabilities</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">11,223</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">13,348</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; padding-bottom: 1px">Total current liabilities</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">23,001</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">22,519</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">LONG TERM LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Deferred taxes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">34,629</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,135</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt; padding-bottom: 1px">Other long term liabilities</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">3,343</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,096</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; padding-bottom: 1px">Total long term liabilities</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">37,972</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">43,231</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">COMMITMENTS AND CONTINGENCIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt">EQUITY:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">REX shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Common stock, 45,000 shares authorized, 29,853 shares issued at par</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">299</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Paid in capital</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">146,887</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,767</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Retained earnings</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">528,860</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">508,207</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt; padding-bottom: 1px">Treasury stock, 23,287 and 23,292 shares</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">(313,650</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(313,838</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Total REX shareholders&rsquo; equity</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">362,396</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 0.75pt; padding-bottom: 1px">Non-controlling interests</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">50,976</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">47,839</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; padding-bottom: 1px">Total equity</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">413,372</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">388,274</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0.75pt; padding-bottom: 3px">TOTAL LIABILITIES AND EQUITY</TD><TD STYLE="color: black; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 3px double">474,345</TD><TD STYLE="color: black; text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">454,024</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, 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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="color: Black"><B>REX American Resources Q3 &lsquo;17
    Results, 11/29/17</B></FONT></TD>
    <TD STYLE="width: 15%; font-weight: bold; font-size: 10pt; text-align: right"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; color: black">page 7</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Nine Months Ended<BR> October 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2017</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">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: justify">Net income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">24,777</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">23,969</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Adjustments to reconcile net income to net cash</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: justify">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: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,567</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Income from equity method investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,931</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,257</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Dividends received from equity method investee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Loss (gain) on disposal of property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(364</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Loss (gain) on sale of investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(192</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Deferred income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,019</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Stock based compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">881</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">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: justify; padding-left: 10pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,686</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 10pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,039</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,305</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-left: 10pt">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(222</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 10pt">Accounts payable-trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,653</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1px; padding-left: 10pt">Other liabilities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(746</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,157</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1px; padding-left: 20pt">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">34,060</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">41,359</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">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: justify">Capital expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,315</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,836</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Acquisition of business, net of cash acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,049</TD><TD STYLE="text-align: left">)</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: justify">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Restricted investments and deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">460</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Proceeds from sale of investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</TD><TD STYLE="text-align: left">&nbsp;</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Proceeds from sale of property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,510</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1px">Other</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">19</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">17</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1px; padding-left: 20pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(31,189</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(7,566</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">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: justify">Dividend payments to and purchases of stock from non-controlling interests holders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,725</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,096</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Capital contributions from minority investor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">738</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: justify; padding-bottom: 1px">Treasury stock acquired</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(4,709</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1px; padding-left: 20pt">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(987</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(6,805</TD><TD STYLE="text-align: left; padding-bottom: 1px">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">NET INCREASE IN CASH AND CASH EQUIVALENTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,884</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,988</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1px">CASH AND CASH EQUIVALENTS-Beginning of period</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">188,576</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">135,765</TD><TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 3px">CASH AND CASH EQUIVALENTS-End of period</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">190,460</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">162,753</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 3px">Non cash investing activities &ndash; Accrued capital expenditures</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,049</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,183</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 3px">Non cash financing activities &ndash; Stock awards accrued</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">768</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">-</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 3px">Non cash financing activities &ndash; Stock awards issued</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,195</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double">$</TD><TD STYLE="text-align: right; border-bottom: Black 3px double">1,095</TD><TD STYLE="text-align: left; padding-bottom: 3px">&nbsp;</TD></TR>
</TABLE>

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