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

Hello, and welcome to the REX American Resources Corporation Annual Shareholders Meeting. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Mr. Stuart Rose, the Executive Chairman of the Board. Mr. Rose, the floor is yours.

Thank you very 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 has decided that this annual meeting will be held virtually. The health and well-being of our employees and stockholders are of utmost importance to us. I am pleased that all of you could participate in this annual meeting of the shareholders of the company. I declare the meeting in session. Before officially beginning the meeting, I would like to introduce the directors and officers of the company who are participating today: Edward Kress, Director and Secretary; Charles Elcan, Director; David Harris, Director; Mervyn Alphonso, Director; Lee Fisher, Director; Anne MacMillan, Director; Zafar Rizvi, Director and Chief Executive Officer and President; Douglas Bruggeman, Chief Financial Officer and Vice President of Finance. Also participating in this meeting are Natalie Stein and Tony Puckett of Deloitte & Touche LLP, the company's independent public accountants, who will be available later to answer appropriate questions. On March 22, 2022, the Board of Directors called this meeting. On May 6, 2022, notice of this meeting together with the proxy statement relative to the action to be taken and the proxy for the meeting were sent to each shareholder of record as of the close of business on April 27, 2022. Doug Bruggeman is appointed as the inspector of election to act at this meeting or at any adjournments. I request the inspector to determine and report whether a quorum is present.

As the inspector, I report that there are represented at this meeting, more than a majority of all shares entitled to vote at the meeting. The unofficial total shares represented is 4,973,567, which is approximately 84.01% of the 5,920,351 shares issued and outstanding as of the record date.

I declare a quorum present and the meeting ready for business. 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 are closed?

So moved.

Second.

I declare that Stuart Rose, Edward Kress, Charles Elcan, David Harris, Mervyn 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 business, business continues to be up and down. We're in the commodity business. Natural gas prices are up. Corn prices are up over last year. Ethanol, however, in our favor, is up over last year. So it's very much a commodity business. Each month is different. We'll see what happens. We also are working on a carbon capture project, and we hope in the next year, they have much more to tell our shareholders about that. If there's any other questions related to our business or anything I can help you with, please submit those questions now. Doug, questions?

We have no questions currently, Stuart.

There is no other business to come before the meeting. Do I hear a motion and a second that we adjourn?

So moved.

I second.

The meeting is adjourned. Thank you very much, everyone, for coming. Appreciate it.