REX American Resources Second Quarter Diluted EPS Rise 218% to $1.43 DAYTON, Ohio
REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”)
today reported financial results for its fiscal 2018 second quarter (“Q2
‘18”) ended July 31, 2018. REX management will host a conference call
and webcast today at 11:00 a.m. ET.
REX American Resources’ Q2 ‘18 results principally reflect its interests
in six ethanol production facilities and its refined coal operation. One
Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) are
consolidated, while those of its four other ethanol plants are reported
as equity in income of unconsolidated ethanol affiliates. REX
consolidates the refined coal entity acquired by the Company in fiscal
2017. The Company reports results for its two business segments as
ethanol and by-products, and refined coal.
REX’s Q2 ‘18 net sales and revenue were $128.8 million, compared with
$108.7 million in Q2 ‘17, primarily reflecting higher volumes of ethanol
gallons sold as well as higher average selling prices for dried and
modified distillers grains during the quarter, which more than offset
lower average selling prices for ethanol. The Company’s Q2 ‘18 gross
profit for its ethanol and by-products segment increased to $13.7
million, from $10.8 million in the comparable prior year period. In Q2
’18, equity in income of unconsolidated ethanol affiliates rose to $0.9
million, from $0.1 million in Q2 ’17. As a result, the ethanol and
by-products segment income before income taxes rose to $10.1 million in
Q2 ‘18, compared to $7.3 million in Q2 ‘17. The Company’s refined coal
operation incurred a $4.3 million gross loss and a $4.8 million loss
before income taxes in Q2 ’18 (the Company did not own the refined coal
entity in Q2’ 17). As a result, REX reported income from continuing
operations before income taxes and non-controlling interests in Q2 ‘18
of $4.9 million, compared with $6.5 million in Q2 ‘17. While the refined
coal operation impacted gross profit and income before income taxes, the
Company recognized a lower effective tax rate related to its refined
coal operation.
Net income attributable to REX shareholders in Q2 ‘18 rose more than
three-fold to $9.2 million, from $2.9 million in Q2 ‘17, primarily
reflecting the year-over-year profit improvement in the ethanol and
by-products segment as well as lower tax rates related to the Company’s
refined coal operation and the December 2017 passage of the 2017 Tax
Cuts and Jobs Act. Q2 ‘18 basic and diluted net income per share
attributable to REX common shareholders was $1.43 per share, compared to
$0.45 per share in Q2 ‘17.
Per share results in Q2 ‘18 and Q2 ‘17 are based on 6,466,000 and
6,593,000 diluted weighted average shares outstanding, respectively.
|
Segment Income Statement Data:
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
($ in thousands)
|
|
|
|
July 31,
|
|
|
July 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net sales and revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol & By-Products (1)
|
|
|
|
$
|
128,491
|
|
|
|
$
|
108,744
|
|
|
|
$
|
249,171
|
|
|
|
$
|
221,887
|
|
Refined coal (2) (3)
|
|
|
|
|
266
|
|
|
|
|
-
|
|
|
|
|
406
|
|
|
|
|
-
|
|
Total net sales and revenues
|
|
|
|
$
|
128,757
|
|
|
|
$
|
108,744
|
|
|
|
$
|
249,577
|
|
|
|
$
|
221,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol & By-Products (1)
|
|
|
|
$
|
13,669
|
|
|
|
$
|
10,781
|
|
|
|
$
|
27,215
|
|
|
|
$
|
23,270
|
|
Refined coal (2)
|
|
|
|
|
(4,270
|
)
|
|
|
|
-
|
|
|
|
|
(6,965
|
)
|
|
|
|
-
|
|
Total gross profit
|
|
|
|
$
|
9,399
|
|
|
|
$
|
10,781
|
|
|
|
$
|
20,250
|
|
|
|
$
|
23,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol & By-Products (1)
|
|
|
|
$
|
10,077
|
|
|
|
$
|
7,330
|
|
|
|
$
|
21,086
|
|
|
|
$
|
16,253
|
|
Refined coal (2)
|
|
|
|
|
(4,788
|
)
|
|
|
|
-
|
|
|
|
|
(7,647
|
)
|
|
|
|
-
|
|
Corporate and other
|
|
|
|
|
(430
|
)
|
|
|
|
(857
|
)
|
|
|
|
(931
|
)
|
|
|
|
(1,778
|
)
|
Total income (loss) before income taxes
|
|
|
|
$
|
4,859
|
|
|
|
$
|
6,473
|
|
|
|
$
|
12,508
|
|
|
|
$
|
14,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit (provision) for income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol & By-Products
|
|
|
|
$
|
(2,029
|
)
|
|
|
$
|
(2,675
|
)
|
|
|
$
|
(3,449
|
)
|
|
|
$
|
(5,380
|
)
|
Refined coal
|
|
|
|
|
7,597
|
|
|
|
|
-
|
|
|
|
|
11,596
|
|
|
|
|
-
|
|
Corporate and other
|
|
|
|
|
63
|
|
|
|
|
373
|
|
|
|
|
187
|
|
|
|
|
688
|
|
Total benefit (provision) for income taxes
|
|
|
|
$
|
5,631
|
|
|
|
$
|
(2,302
|
)
|
|
|
$
|
8,334
|
|
|
|
$
|
(4,692
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol & By-Products
|
|
|
|
$
|
6,561
|
|
|
|
$
|
3,419
|
|
|
|
$
|
15,150
|
|
|
|
$
|
8,561
|
|
Refined coal
|
|
|
|
|
3,018
|
|
|
|
|
-
|
|
|
|
|
4,289
|
|
|
|
|
-
|
|
Corporate and other
|
|
|
|
|
(362
|
)
|
|
|
|
(478
|
)
|
|
|
|
(726
|
)
|
|
|
|
(1,076
|
)
|
Net income attributable to REX common shareholders
|
|
|
|
$
|
9,217
|
|
|
|
$
|
2,941
|
|
|
|
$
|
18,713
|
|
|
|
$
|
7,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes results attributable to non-controlling interests of
approximately 25% for One Earth and approximately 1% for NuGen.
|
(2)
|
|
Includes results attributable to non-controlling interests of
approximately 5%.
|
(3)
|
|
Refined coal sales are reported net of the cost of coal.
|
|
|
|
REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented,
“Although challenging ethanol crush spread trends prevailed in the
fiscal second quarter, we generated 18.2% year-over-year growth in net
sales and revenue, a 26.8% rise in gross profit and a 37.5% increase in
income before taxes from our ethanol and by-products segment. These
gains reflect an increase in distillers grain pricing, the quality and
efficiencies of our plants and people, and our investments in expanding
the output of our consolidated plants which enabled us to increase the
volume of ethanol sold by 18.6% over last year’s second quarter. The
growth of our ethanol and by-products segment, combined with tax
benefits related to our refined coal operations and the enactment of the
Tax Cuts and Jobs Act, resulted in 213.4% growth in fiscal 2018 second
quarter net income attributable to REX common shareholders and a 217.8%
rise in EPS attributable to REX common shareholders.
“The fiscal second quarter again demonstrated the value of our ethanol
operations and disciplined operating practices and we remain confident
that our refined coal investment will continue to benefit our financial
results. With our debt-free balance sheet and healthy liquidity
position, including cash and short-term investments of $185.7 million,
we allocated approximately $7.5 million to share repurchases during the
quarter and we continue to evaluate other near- and long-term
opportunities to enhance shareholder value.”
Balance Sheet and Share Repurchase Program
At July 31, 2018, REX had cash and cash equivalents and short-term
investments of $185.7 million, $54.0 million of which was at the parent
company, and $131.7 million of which was at its consolidated production
facilities. This compares with cash and cash equivalents at January 31,
2018, of $191.0 million, $74.1 million of which was at the parent
company, and $116.9 million of which was at its consolidated ethanol
production facilities.
On March 20, 2018, REX’s Board of Directors approved an increase in the
share repurchase plan providing the Company with the authority to
repurchase up to an additional 500,000 shares of its common stock.
During the second quarter of fiscal 2018, the Company purchased 102,012
shares at an average cost of $73.72. REX is now authorized to repurchase
up to 427,181 shares of its common stock. The Company had 6,351,739
shares outstanding at July 31, 2018.
Repurchases by the Company will be subject to available liquidity,
general market and economic conditions, alternate uses for the capital
and other factors. Share repurchases may be made from time to time in
open market transactions, block trades or in private transactions in
accordance with applicable securities laws and regulations and other
legal requirements. There is no minimum number of shares that the
Company is required to repurchase and the repurchase program may be
suspended or discontinued at any time without prior notice. All shares
purchased will be held in the Company’s treasury for possible future use.
|
The following table summarizes select data related to the Company’s
consolidated alternative energy interests:
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
July 31,
|
|
|
July 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Average selling price per gallon of ethanol
|
|
|
|
$
|
1.38
|
|
|
$
|
1.45
|
|
|
$
|
1.35
|
|
|
$
|
1.45
|
Average selling price per ton of dried distillers grains
|
|
|
|
$
|
148.98
|
|
|
$
|
95.39
|
|
|
$
|
143.28
|
|
|
$
|
97.81
|
Average selling price per pound of non-food
grade corn oil
|
|
|
|
$
|
0.24
|
|
|
$
|
0.29
|
|
|
$
|
0.24
|
|
|
$
|
0.28
|
Average selling price per ton of modified distillers grains
|
|
|
|
$
|
63.72
|
|
|
$
|
41.00
|
|
|
$
|
67.81
|
|
|
$
|
41.47
|
Average cost per bushel of grain
|
|
|
|
$
|
3.60
|
|
|
$
|
3.38
|
|
|
$
|
3.55
|
|
|
$
|
3.47
|
Average cost of natural gas (per mmbtu)
|
|
|
|
$
|
2.86
|
|
|
$
|
3.30
|
|
|
$
|
3.16
|
|
|
$
|
3.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data Related to REX’s Alternative Energy Interests:
|
|
REX American Resources Corporation Ethanol Ownership
Interests/Effective Annual Gallons Shipped as of July 31, 2018
(gallons in millions)
|
Entity
|
|
|
Trailing Twelve Months Gallons Shipped
|
|
|
Current REX Ownership Interest
|
|
|
REX’s Current Effective Ownership of Trailing
Twelve Month Gallons Shipped
|
One Earth Energy, LLC (Gibson City, IL)
|
|
|
134.8
|
|
|
75.1%
|
|
|
101.2
|
NuGen Energy, LLC (Marion, SD)
|
|
|
138.4
|
|
|
99.5%
|
|
|
137.7
|
Big River Resources West Burlington, LLC (West
Burlington, IA)
|
|
|
108.6
|
|
|
10.3%
|
|
|
11.2
|
Big River Resources Galva, LLC (Galva, IL)
|
|
|
128.5
|
|
|
10.3%
|
|
|
13.2
|
Big River United Energy, LLC (Dyersville, IA)
|
|
|
129.8
|
|
|
5.7%
|
|
|
7.4
|
Big River Resources Boyceville, LLC (Boyceville, WI)
|
|
|
57.3
|
|
|
10.3%
|
|
|
5.9
|
Total
|
|
|
697.4
|
|
|
n/a
|
|
|
276.6
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Conference Call
REX will host a conference call at 11:00 a.m. ET today. Senior
management will discuss the financial results and host a question and
answer session. The dial in number for the audio conference call is
212/231-2910 (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 697 million gallons
of ethanol over the twelve month period ended July 31, 2018. REX’s
effective ownership of the trailing twelve month gallons shipped (for
the twelve months ended July 31, 2018) by the ethanol production
facilities in which it has ownership interests was approximately 277
million gallons. In addition, the Company acquired a refined coal
operation on August 10, 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 impact of legislative changes, the price volatility and availability
of corn, dried and modified distillers grains, ethanol, 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 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 -
|
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated
Statements of Operations (in thousands, except per
share amounts) Unaudited
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
July 31,
|
|
|
July 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net sales and revenue
|
|
|
|
$
|
128,757
|
|
|
|
$
|
108,744
|
|
|
|
$
|
249,577
|
|
|
|
$
|
221,887
|
|
Cost of sales
|
|
|
|
|
119,358
|
|
|
|
|
97,963
|
|
|
|
|
229,327
|
|
|
|
|
198,617
|
|
Gross profit
|
|
|
|
|
9,399
|
|
|
|
|
10,781
|
|
|
|
|
20,250
|
|
|
|
|
23,270
|
|
Selling, general and administrative expenses
|
|
|
|
|
(6,110
|
)
|
|
|
|
(4,779
|
)
|
|
|
|
(10,663
|
)
|
|
|
|
(10,181
|
)
|
Equity in income of unconsolidated ethanol affiliates
|
|
|
|
|
874
|
|
|
|
|
137
|
|
|
|
|
1,571
|
|
|
|
|
837
|
|
Interest and other income
|
|
|
|
|
696
|
|
|
|
|
334
|
|
|
|
|
1,350
|
|
|
|
|
549
|
|
Income from continuing operations before income taxes and
non-controlling interests
|
|
|
|
|
4,859
|
|
|
|
|
6,473
|
|
|
|
|
12,508
|
|
|
|
|
14,475
|
|
Benefit (provision) for income taxes
|
|
|
|
|
5,631
|
|
|
|
|
(2,302
|
)
|
|
|
|
8,334
|
|
|
|
|
(4,692
|
)
|
Net income including non-controlling interests
|
|
|
|
|
10,490
|
|
|
|
|
4,171
|
|
|
|
|
20,842
|
|
|
|
|
9,783
|
|
Net income attributable to non-controlling interests
|
|
|
|
|
(1,273
|
)
|
|
|
|
(1,230
|
)
|
|
|
|
(2,129
|
)
|
|
|
|
(2,298
|
)
|
Net income attributable to REX common shareholders
|
|
|
|
$
|
9,217
|
|
|
|
$
|
2,941
|
|
|
|
$
|
18,713
|
|
|
|
$
|
7,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – basic and diluted
|
|
|
|
|
6,466
|
|
|
|
|
6,593
|
|
|
|
|
6,517
|
|
|
|
|
6,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per share attributable to REX common
shareholders
|
|
|
|
$
|
1.43
|
|
|
|
$
|
0.45
|
|
|
|
$
|
2.87
|
|
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- balance sheets follow -
|
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated
Balance Sheets (in thousands) Unaudited
|
|
|
|
|
|
July 31,
|
|
|
Jan. 31,
|
ASSETS: ASSETS
|
|
|
|
2018
|
|
|
2018
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
73,761
|
|
|
|
$
|
190,988
|
|
Short-term investments
|
|
|
|
|
111,969
|
|
|
|
|
-
|
|
Restricted cash
|
|
|
|
|
778
|
|
|
|
|
354
|
|
Accounts receivable
|
|
|
|
|
14,648
|
|
|
|
|
12,913
|
|
Inventory
|
|
|
|
|
25,171
|
|
|
|
|
20,755
|
|
Refundable income taxes
|
|
|
|
|
8,371
|
|
|
|
|
6,612
|
|
Prepaid expenses and other
|
|
|
|
|
7,716
|
|
|
|
|
7,412
|
|
Total current assets
|
|
|
|
|
242,414
|
|
|
|
|
239,034
|
|
Property and equipment-net
|
|
|
|
|
190,823
|
|
|
|
|
197,827
|
|
Other assets
|
|
|
|
|
7,816
|
|
|
|
|
7,454
|
|
Equity method investments
|
|
|
|
|
35,117
|
|
|
|
|
34,549
|
|
TOTAL ASSETS
|
|
|
|
$
|
476,170
|
|
|
|
$
|
478,864
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Accounts payable – trade
|
|
|
|
$
|
11,595
|
|
|
|
$
|
8,149
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
10,555
|
|
|
|
|
13,716
|
|
Total current liabilities
|
|
|
|
|
22,150
|
|
|
|
|
21,865
|
|
LONG TERM LIABILITIES:
|
|
|
|
|
|
|
|
Deferred taxes
|
|
|
|
|
13,768
|
|
|
|
|
21,706
|
|
Other long term liabilities
|
|
|
|
|
4,004
|
|
|
|
|
3,367
|
|
Total long term liabilities
|
|
|
|
|
17,772
|
|
|
|
|
25,073
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
REX shareholders’ equity:
|
|
|
|
|
|
|
|
Common stock, 45,000 shares authorized, 29,853 shares issued at par
|
|
|
|
|
299
|
|
|
|
|
299
|
|
Paid in capital
|
|
|
|
|
148,212
|
|
|
|
|
146,923
|
|
Retained earnings
|
|
|
|
|
566,626
|
|
|
|
|
547,913
|
|
Treasury stock, 23,502 and 23,287 shares, respectively
|
|
|
|
|
(329,999
|
)
|
|
|
|
(313,643
|
)
|
Total REX shareholders’ equity
|
|
|
|
|
385,138
|
|
|
|
|
381,492
|
|
Non-controlling interests
|
|
|
|
|
51,110
|
|
|
|
|
50,434
|
|
Total equity
|
|
|
|
|
436,248
|
|
|
|
|
431,926
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
$
|
476,170
|
|
|
|
$
|
478,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- statements of cash flows follow -
|
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated
Statements of Cash Flows (in thousands) Unaudited
|
|
|
|
|
|
Six Months Ended July 31,
|
|
|
|
|
2018
|
|
|
2017
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
20,842
|
|
|
|
$
|
9,783
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
12,033
|
|
|
|
|
9,955
|
|
Income from equity method investments
|
|
|
|
|
(1,571
|
)
|
|
|
|
(837
|
)
|
Dividends received from equity method investments
|
|
|
|
|
1,003
|
|
|
|
|
2,005
|
|
Accrued interest income
|
|
|
|
|
(815
|
)
|
|
|
|
-
|
|
Deferred income tax
|
|
|
|
|
(7,938
|
)
|
|
|
|
537
|
|
Stock based compensation expense
|
|
|
|
|
443
|
|
|
|
|
350
|
|
Loss (gain) on disposal of property and equipment
|
|
|
|
|
104
|
|
|
|
|
(13
|
)
|
Loss on sale of investment
|
|
|
|
|
-
|
|
|
|
|
13
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(1,735
|
)
|
|
|
|
886
|
|
Inventory
|
|
|
|
|
(4,416
|
)
|
|
|
|
(5,034
|
)
|
Other assets
|
|
|
|
|
(2,443
|
)
|
|
|
|
(953
|
)
|
Accounts payable-trade
|
|
|
|
|
4,002
|
|
|
|
|
1,678
|
|
Other liabilities
|
|
|
|
|
(1,262
|
)
|
|
|
|
(4,828
|
)
|
Net cash provided by operating activities
|
|
|
|
|
18,247
|
|
|
|
|
13,542
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(5,813
|
)
|
|
|
|
(14,366
|
)
|
Purchase of short-term investments
|
|
|
|
|
(111,154
|
)
|
|
|
|
-
|
|
Other
|
|
|
|
|
18
|
|
|
|
|
219
|
|
Net cash used in investing activities
|
|
|
|
|
(116,949
|
)
|
|
|
|
(14,147
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Treasury stock acquired
|
|
|
|
|
(16,648
|
)
|
|
|
|
-
|
|
Payments to non-controlling interests holders
|
|
|
|
|
(1,699
|
)
|
|
|
|
(1,725
|
)
|
Capital contributions from minority investor
|
|
|
|
|
246
|
|
|
|
|
-
|
|
Net cash used in financing activities
|
|
|
|
|
(18,101
|
)
|
|
|
|
(1,725
|
)
|
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
|
|
(116,803
|
)
|
|
|
|
(2,330
|
)
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of year
|
|
|
|
|
191,342
|
|
|
|
|
188,706
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of year
|
|
|
|
$
|
74,539
|
|
|
|
$
|
186,376
|
|
Non cash investing activities – Accrued capital expenditures
|
|
|
|
$
|
469
|
|
|
|
$
|
744
|
|
Non cash financing activities – Stock awards accrued
|
|
|
|
$
|
335
|
|
|
|
$
|
281
|
|
Non cash investing activities – Stock awards issued
|
|
|
|
$
|
1,473
|
|
|
|
$
|
1,195
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180828005128/en/ Copyright Business Wire 2018
Source: Business Wire
(August 28, 2018 - 7:00 AM EDT)
News by QuoteMedia
www.quotemedia.com
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