REX American Resources Corporation (REX) Earnings Call Transcript & Summary

Hello and welcome to REX American Resources Annual Meeting 2020. Please note that today's meeting is being recorded. During the meeting, we'll have a question-and-answer session. You can submit questions or comments at any time by clicking on the message icon. It is now my pleasure to turn today's meeting over to Stuart Rose, Executive Chairman of the Board. Mr. Rose, the floor is yours.

Thank you so much. Good afternoon, ladies and gentlemen. I am Stuart Rose, Executive Chairman of the Board of REX American Resources Corporation. Due to the public health impact of the coronavirus outbreak the company decided that this annual meeting should be held virtually. The health and well-being of our employees and stockholders are of upmost importance to us. I'm pleased that all of you could participate in this Annual Meeting of the Stockholders of the company and declare the meeting and session. Before officially beginning the meeting, I would like to introduce the directors and officers of the company who are all participating today. Ed Kress, Director and Secretary; Charles A. Elcan, Director; David Harris, Director; Mervyn Alphonso, Director; Lee Fisher, Director; and Anne MacMillan, Director; Zafar Rizvi, Director and Chief Executive Officer and President; and Doug Bruggeman, Chief Financial Officer and Vice President of Finance. On March 26, 2020, the Board of Directors of the company called this meeting. On May 11, 2020, notice of this meeting together with the proxy statement relative to the actions to be taken in the proxy for the meeting were sent to each shareholder of record as of close on May 1, 2020. Doug Bruggeman is appointed as Inspector of Election to act at this meeting or any adjournments. I request the Inspector to determine and report whether a quorum is present.

Mr. Chairman, as the Inspector, I report that they are represented at this meeting, more than a majority of all shares entitled to vote at the meeting. The unofficial total of shares represented is 5,443,125 shares, which is approximately 87.6% of the 6,215,182 shares issued and outstanding as of the record date.

I declare a quorum present and the meeting ready for business. The meeting will now proceed to the election of 8 directors to serve for 1 year and until their successors are elected and qualified or until their earlier resignation, removal from office or death. All current directors of the company, including myself, Edward Kress, Charles Elcan, David Harris, Mervyn Alphonso, Lee Fisher, Zafar Rizvi, and Anne MacMillan have been nominated for reelection to the Board of Directors. Are there any further nominations? If not, do I hear a motion and a second that the nominations be closed.

So move, this is Lee Fisher.

Second, this is for Mervyn Alphonso.

I declare that Stuart A. Rose, Edward M. Kress, Charles A. Elcan, David S. Harris, Mervyn L. Alphonso, Lee Fisher, Zafar Rizvi and Anne MacMillan have each been duly elected directors of the company by a majority of votes cast for the period of 1 year and until their successors are elected and qualified or until their earlier resignation, removal from office or death.

Thank you, Doug. In terms of our business right now, we continue -- or we have already announced that we expect to lose money during the second quarter, the quarter we're currently in. We lost money during the first quarter. Three main reasons: corn supply was tight in one of our plants; oil prices pretty much collapsed as everyone knows; and most of all the coronavirus to our hope to get all our plants opening it up by the fall. One of them is already opened. And hopefully, we can get back to normal sometime either in the fall or shortly after the fall. I'll now leave the forum open for any questions. I see no questions. If there is no other business to come before the meeting, do I hear a motion and a second that we adjourn.

So move, Mervyn Alphonso.

Lee Fisher, second.

The meeting is adjourned. Thank you very much, everyone, for being on the call. Appreciate it very much. Bye.

That concludes the meeting. You may now disconnect.