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ENERGY & UTILITIES | Renewables / Bio-energy
nugenmarion.com

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Stage

Acquired | Acquired

Total Raised

$19.7M

About NuGen Energy

NuGen Energy is an owner and operater of an ethanol plant.In November 2011, NuGen Energy was acquired by REX American Resources. The valuation of NuGen Energy was undisclosed. Other terms of the deal were not released.

NuGen Energy Headquarter Location

27283 - 447th Avenue

Marion, South Dakota, 57043,

United States

605-648-2100

Latest NuGen Energy News

REX American Resources Reports Fiscal 2020 Second Quarter Results

Aug 26, 2020

August 26, 2020 07:00 AM Eastern Daylight Time DAYTON, Ohio--( BUSINESS WIRE )--REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) today reported financial results for its fiscal 2020 second quarter (“Q2 ‘20”) ended July 31, 2020. REX management will host a conference call and webcast today at 11:00 a.m. ET. Conference Call: The webcast will be available for replay for 30 days. REX American Resources’ Q2 ‘20 results principally reflect its interests in six ethanol production facilities and its refined coal operation. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, as is the refined coal entity, while those of its four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates. The Company reports results for its two business segments as ethanol and by-products, and refined coal. REX’s Q2 ‘20 net sales and revenue were $39.3 million, compared with $105.9 million in Q2 ‘19. The year-over-year net sales and revenue decline was primarily due to lower ethanol production levels as the Company temporarily idled its NuGen Energy and One Earth Energy plants, which led to a 56% decrease in ethanol gallons sold. The Q2 ‘20 net sales and revenue also reflects an 11% decline in ethanol pricing on a year-over-year basis. Primarily reflecting these factors, Q2 ‘20 gross profit for the Company’s ethanol and by-products segment declined to $0.6 million, compared with $6.2 million in Q2 ‘19. As a result, the ethanol and by-products segment incurred a loss before income taxes of $3.3 million in Q2 ‘20, compared to income of $3.1 million in Q2 ‘19. The Company’s refined coal operation incurred a $1.9 million gross loss and a $2.1 million loss before income taxes in Q2 ‘20, compared to a $2.2 million gross loss and a loss before income taxes of $2.0 million in Q2 ‘19. REX reported a Q2 ‘20 loss before income taxes and non-controlling interests of $6.1 million, compared with income before income taxes and non-controlling interests of $0.7 million in the comparable year ago period. While the refined coal operation negatively impacted gross profit and income before income taxes, it contributed a tax benefit of $2.9 million and $3.2 million for Q2 ‘20 and Q2 ‘19, respectively. Net loss attributable to REX shareholders in Q2 ‘20 was $1.7 million, compared to net income of $2.3 million in Q2 ‘19. Q2 ‘20 basic and diluted net loss per share attributable to REX common shareholders was $0.28, compared to net income per share of $0.36 in Q2 ‘19. Per share results in Q2 ‘20 and Q2 ‘19 are based on 6,216,000 and 6,318,000 diluted weighted average shares outstanding, respectively. Segment Income Statement Data: Refined coal sales are reported net of the cost of coal. REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “As we indicated at the time we reported the fiscal 2020 first quarter, the second quarter saw a continuation of the challenging operating environment due to the severe disruptions related to the COVID-19 pandemic and its impact on fuel demand and the economy at large. In order to preserve our financial liquidity and flexibility, we made the strategic decision to temporarily idle our two consolidated plants thus significantly reducing our ethanol output while mitigating operating losses. “As we enter the second half of fiscal 2020, the operating environment has improved and we’ve re-opened the NuGen Energy and One Earth Energy plants based on the increase in ethanol demand. However, we expect ethanol crush spread margins and distillers grains pricing to remain volatile.“ Balance Sheet At July 31, 2020, REX had cash and cash equivalents and short-term investments of $185.4 million, $55.9 million of which was at the parent company, and $129.5 million of which was at its consolidated production facilities. This compares with cash, cash equivalents and short-term investments at January 31, 2020, of $205.7 million, $62.3 million of which was at the parent company, and $143.4 million of which was at its consolidated ethanol production facilities. The following table summarizes select data related to REX’s consolidated alternative energy interests:   Second Quarter Conference Call REX will host a conference call at 11:00 a.m. ET today. Senior management will discuss the quarterly financial results and host a question and answer session. The dial in number for the audio conference call is 212/231-2900 (domestic and international callers). Participants can also listen to a live webcast of the call on the Company’s website, www.rexamerican.com/Corp/Page4.aspx . A webcast replay will be available for 30 days following the live event at www.rexamerican.com/Corp/Page4.aspx . About REX American Resources Corporation REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 576 million gallons of ethanol over the twelve-month period ended July 31, 2020. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended April 30, 2020) by the ethanol production facilities in which it has ownership interests was approximately 194 million gallons. In addition, the Company acquired a refined coal operation in August 2017. Further information about REX is available at www.rexamerican.com . 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 “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” 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’s filings with the Securities and Exchange Commission and include among other things: the effect of pandemics such as COVID-19 on the Company’s business operations, including impacts on supplies, demand, personnel and other factors, the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, non-food grade corn oil, gasoline and natural gas, ethanol and refined coal 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, the impact of U.S. foreign trade policy, changes in foreign currency exchange rates 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. - statements of operations follow -

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