Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Oct. 31, 2013 | Dec. 04, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'REX AMERICAN RESOURCES Corp | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 8,077,746 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000744187 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $93,399 | $69,073 |
Restricted cash | 500 | ' |
Accounts receivable | 11,274 | 11,567 |
Inventories | 16,306 | 24,919 |
Refundable income taxes | ' | 1,347 |
Prepaid expenses and other | 4,964 | 4,091 |
Deferred taxes, net | ' | 3,930 |
Total current assets | 126,443 | 114,927 |
Property and equipment, net | 210,361 | 223,180 |
Other assets | 4,690 | 7,264 |
Equity method investments | 69,211 | 59,959 |
Total assets | 410,705 | 405,330 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 10,370 | 15,623 |
Accounts payable, trade | 7,442 | 4,655 |
Deferred income | 37 | 627 |
Accrued real estate taxes | 1,174 | 2,651 |
Accrued payroll and related items | 2,380 | 302 |
Derivative financial instruments | 1,540 | 1,859 |
Deferred taxes | 4,467 | ' |
Other current liabilities | 3,823 | 5,742 |
Total current liabilities | 31,233 | 31,459 |
Long-term liabilities: | ' | ' |
Long-term debt | 78,039 | 91,306 |
Deferred taxes | 4,983 | 7,141 |
Derivative financial instruments | ' | 930 |
Other long-term liabilities | 2,105 | 211 |
Total long-term liabilities | 85,127 | 99,588 |
REX shareholders’ equity: | ' | ' |
Common stock | 299 | 299 |
Paid-in capital | 143,788 | 143,575 |
Retained earnings | 341,227 | 322,028 |
Treasury stock | -221,992 | -219,550 |
Total REX shareholders’ equity | 263,322 | 246,352 |
Noncontrolling interests | 31,023 | 27,931 |
Total equity | 294,345 | 274,283 |
Total liabilities and equity | $410,705 | $405,330 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Net sales and revenue | $166,505,000 | $178,849,000 | $520,867,000 | $482,912,000 |
Cost of sales | 148,327,000 | 175,108,000 | 482,609,000 | 466,709,000 |
Gross profit | 18,178,000 | 3,741,000 | 38,258,000 | 16,203,000 |
Selling, general and administrative expenses | -4,589,000 | -3,002,000 | -12,529,000 | -9,197,000 |
Equity in income of unconsolidated affiliates | 3,331,000 | 1,542,000 | 9,558,000 | 1,503,000 |
Interest and other income | 69,000 | 35,000 | 158,000 | 102,000 |
Interest expense | -968,000 | -1,197,000 | -3,051,000 | -3,702,000 |
Losses on derivative financial instruments, net | -23,000 | -140,000 | -29,000 | -366,000 |
Income from continuing operations before income taxes | 15,998,000 | 979,000 | 32,365,000 | 4,543,000 |
Provision for income taxes | -5,318,000 | -170,000 | -11,160,000 | -1,256,000 |
Income from continuing operations | 10,680,000 | 809,000 | 21,205,000 | 3,287,000 |
Income from discontinued operations, net of tax | 198,000 | 53,000 | 359,000 | 303,000 |
Gain on disposal of discontinued operations, net of tax | 600,000 | 31,000 | 732,000 | 84,000 |
Net income | 11,478,000 | 893,000 | 22,296,000 | 3,674,000 |
Net income attributable to noncontrolling interests | -1,611,000 | -484,000 | -3,097,000 | -1,526,000 |
Net income attributable to REX common shareholders | 9,867,000 | 409,000 | 19,199,000 | 2,148,000 |
Weighted average shares outstanding – basic (in Shares) | 8,140 | 8,226 | 8,154 | 8,311 |
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $1.11 | $0.04 | $2.22 | $0.21 |
Basic income per share from discontinued operations attributable to REX common shareholders (in Dollars per share) | $0.03 | $0.01 | $0.04 | $0.04 |
Basic income per share on disposal of discontinued operations attributable to REX common shareholders (in Dollars per share) | $0.07 | ' | $0.09 | $0.01 |
Basic net income per share attributable to REX common shareholders (in Dollars per share) | $1.21 | $0.05 | $2.35 | $0.26 |
Weighted average shares outstanding – diluted (in Shares) | 8,179 | 8,258 | 8,197 | 8,361 |
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $1.11 | $0.04 | $2.21 | $0.21 |
Diluted income per share from discontinued operations attributable to REX common shareholders (in Dollars per share) | $0.03 | $0.01 | $0.04 | $0.04 |
Diluted income per share on disposal of discontinued operations attributable to REX common shareholders (in Dollars per share) | $0.07 | ' | $0.09 | $0.01 |
Diluted net income per share attributable to REX common shareholders (in Dollars per share) | $1.21 | $0.05 | $2.34 | $0.26 |
Amounts attributable to REX common shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of tax | 9,069,000 | 325,000 | 18,108,000 | 1,761,000 |
Income from discontinued operations, net of tax | 798,000 | 84,000 | 1,091,000 | 387,000 |
Net income | $9,867,000 | $409,000 | $19,199,000 | $2,148,000 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements Of Equity (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Jan. 31, 2012 | $299 | ($215,105) | $142,994 | $324,323 | $29,332 | $281,843 |
Balance (in Shares) at Jan. 31, 2012 | 29,853,000 | 21,523,000 | ' | ' | ' | ' |
Net income | ' | ' | ' | 2,148 | 1,526 | 3,674 |
Treasury stock acquired | ' | -4,905 | ' | ' | ' | -4,905 |
Treasury stock acquired (in Shares) | ' | 246,000 | ' | ' | ' | 32,935 |
Noncontrolling interests distribution and other | ' | ' | ' | ' | -2,085 | -2,085 |
Stock options and related tax effects | ' | 999 | 673 | ' | ' | 1,672 |
Stock options and related tax effects (in Shares) | ' | -99,000 | ' | ' | ' | ' |
Balance at Oct. 31, 2012 | 299 | -219,011 | 143,667 | 326,471 | 28,773 | 280,199 |
Balance (in Shares) at Oct. 31, 2012 | 29,853,000 | 21,670,000 | ' | ' | ' | ' |
Balance at Jan. 31, 2013 | 299 | -219,550 | 143,575 | 322,028 | 27,931 | 274,283 |
Balance (in Shares) at Jan. 31, 2013 | 29,853,000 | 21,701,000 | ' | ' | ' | ' |
Net income | ' | ' | ' | 19,199 | 3,097 | 22,296 |
Treasury stock acquired | ' | -3,079 | ' | ' | ' | -3,079 |
Treasury stock acquired (in Shares) | ' | 123,000 | ' | ' | ' | ' |
Noncontrolling interests distribution and other | ' | ' | ' | ' | -5 | -5 |
Stock options and related tax effects | ' | 637 | 213 | ' | ' | 850 |
Stock options and related tax effects (in Shares) | ' | -62,000 | ' | ' | ' | ' |
Balance at Oct. 31, 2013 | $299 | ($221,992) | $143,788 | $341,227 | $31,023 | $294,345 |
Balance (in Shares) at Oct. 31, 2013 | 29,853,000 | 21,762,000 | ' | ' | ' | ' |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income including noncontrolling interests | $22,296 | $3,674 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 13,178 | 12,430 |
Impairment charges and other | ' | 279 |
Income from equity method investments | -9,558 | -1,503 |
(Gain) loss on disposal of real estate and property and equipment | -989 | 424 |
Dividends received from equity method investees | 200 | 2,005 |
Deferred income | -590 | -1,429 |
Derivative financial instruments | -1,249 | -1,009 |
Deferred income tax | 8,241 | 1,111 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 293 | -4,981 |
Inventories | 8,613 | 2,045 |
Other assets | 1,933 | 1,513 |
Accounts payable, trade | 2,589 | 3,030 |
Other liabilities | -1,529 | -4,357 |
Net cash provided by operating activities | 43,428 | 13,232 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -2,159 | -2,533 |
Restricted cash | -500 | ' |
Repayment of loan receivable | 681 | ' |
Restricted investments | 280 | 860 |
Proceeds from sale of real estate and property and equipment | 3,406 | 2,272 |
Net cash provided by investing activities | 1,708 | 599 |
Cash flows from financing activities: | ' | ' |
Payments of long-term debt | -18,520 | -15,179 |
Stock options exercised | 794 | 358 |
Noncontrolling interests distribution and other | -5 | -2,085 |
Treasury stock acquired | -3,079 | -3,833 |
Net cash used in financing activities | -20,810 | -20,739 |
Net increase (decrease) in cash and cash equivalents | 24,326 | -6,908 |
Cash and cash equivalents, beginning of period | 69,073 | 75,013 |
Cash and cash equivalents, end of period | 93,399 | 68,105 |
Non cash financing activities - Cashless exercise of stock options | ' | 1,072 |
Non cash investing activities – Accrued capital expenditures | $198 | $93 |
Consolidated_Condensed_Financi
Consolidated Condensed Financial Statements | 9 Months Ended |
Oct. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1. Consolidated Condensed Financial Statements | |
The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2013 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2013 (fiscal year 2012). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2013. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year. | |
Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of REX American Resources Corporation and its wholly and majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month. | |
Nature of Operations – The Company operates in two reportable segments, alternative energy and real estate. The Company substantially completed the exit of its retail business during the second quarter of fiscal year 2009, although it continues to recognize revenue and expense associated with administering extended service policies as discontinued operations. |
Accounting_Policies
Accounting Policies | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
Note 2. Accounting Policies | |||||||||
The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2012 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates. | |||||||||
Revenue Recognition | |||||||||
The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, upon shipment from its plant. Shipping and handling charges billed to customers are included in net sales and revenue. | |||||||||
The Company includes income from real estate leasing activities in net sales and revenue. The Company accounts for these leases as operating leases. Accordingly, minimum rental revenue is recognized on a straight-line basis over the term of the lease. | |||||||||
Prior to its exit of the retail business, the Company sold extended service policies covering periods beyond the normal manufacturers’ warranty periods, usually with terms of coverage (including manufacturers’ warranty periods) of between 12 to 60 months. Contract revenues and sales commissions are deferred and amortized on a straight-line basis over the life of the contracts after the expiration of applicable manufacturers’ warranty periods. The Company retains the obligation to perform warranty service and such costs are charged to operations as incurred. All related revenue and expense is classified as discontinued operations. | |||||||||
Cost of Sales | |||||||||
Alternative energy cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, shipping costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges. | |||||||||
Real estate cost of sales includes depreciation, real estate taxes, insurance, repairs and maintenance and other costs directly associated with operating the Company’s portfolio of real property. | |||||||||
Selling, General and Administrative Expenses | |||||||||
The Company includes non-production related costs from its alternative energy segment such as professional fees, selling charges and certain payroll in selling, general and administrative expenses. | |||||||||
The Company includes costs not directly related to operating its portfolio of real property from its real estate segment such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses. | |||||||||
The Company includes costs associated with its corporate headquarters such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses. | |||||||||
Interest Cost | |||||||||
Cash paid for interest for the three months ended October 31, 2013 and 2012 was approximately $900,000 and $1,044,000, respectively. Cash paid for interest for the nine months ended October 31, 2013 and 2012 was approximately $2,822,000 and $3,779,000, respectively. | |||||||||
Financial Instruments | |||||||||
The Company uses derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). The interest rate swap is recorded at its fair value and the changes in fair value are recorded as gain or loss on derivative financial instruments in the Consolidated Condensed Statements of Operations. The Company paid settlements of interest rate swaps of approximately $416,000 and $446,000 for the three months ended October 31, 2013 and 2012, respectively. The Company paid settlements of the interest rate swap of approximately $1,278,000 and $1,375,000 for the nine months ended October 31, 2013 and 2012, respectively. | |||||||||
Forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. | |||||||||
Income Taxes | |||||||||
The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $2,150,000 and $51,000 during the nine months ended October 31, 2013 and 2012, respectively. The Company received 0 refunds of income taxes during the nine months ended October 31, 2013. The Company received refunds of $1,000,000 during the nine months ended October 31, 2012. | |||||||||
As of October 31, 2013, total unrecognized tax benefits were approximately $1,710,000 and accrued penalties and interest were approximately $395,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $24,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. | |||||||||
Inventories | |||||||||
Inventories are carried at the lower of cost or market on a first-in, first-out basis. Alternative energy segment inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The write-down of inventory was approximately $35,000 and $466,000 at October 31, 2013 and January 31, 2013, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. The components of inventory at October 31, 2013 and January 31, 2013 are as follows (amounts in thousands): | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Ethanol and other finished goods | $ | 4,453 | $ | 7,306 | |||||
Work in process | 3,360 | 4,414 | |||||||
Grain and other raw materials | 8,493 | 13,199 | |||||||
Total | $ | 16,306 | $ | 24,919 | |||||
Property and Equipment | |||||||||
Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. | |||||||||
In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were 0 impairment charges in the first nine months of fiscal year 2013. There were approximately $0.3 million of impairment charges in the first nine months of fiscal year 2012. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. Fair value is estimated using expected future cash flows on a discounted basis or appraisals of specific properties as appropriate. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Given the nature of the Company’s business, events and changes in circumstances include, but are not limited to, a significant decline in estimated future cash flows, a sustained decline in market prices for similar assets, or a significant adverse change in legal or regulatory factors or the business climate. A significant decline in estimated future cash flows is represented by a greater than 25% annual decline in expected future cash flows (for asset groups in the real estate reportable segment) or a change in the spread between ethanol and grain prices that would result in greater than six consecutive months of estimated or actual significant negative cash flows (for asset groups in the alternative energy reportable segment). | |||||||||
The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups). | |||||||||
In the real estate reportable segment, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. The real estate reportable segment includes both income producing and non-income producing asset groups. | |||||||||
In the alternative energy reportable segment, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the following events as indicators: (i) the decision to suspend operations at a plant for at least a six month period and/or (ii) an expected or actual failure to maintain compliance with debt covenants. The alternative energy reportable segment includes only income producing asset groups. | |||||||||
Investments | |||||||||
The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. Investments in which the Company does not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) using the equity method of accounting and includes the results of these entities on a delayed basis of one month. | |||||||||
The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. | |||||||||
Accounting Changes and Recently Issued Accounting Standards | |||||||||
Effective February 1, 2013, the Company was required to adopt the amended guidance in ASC 220 “Comprehensive Income”. This amendment requires disclosure of additional information regarding reclassification adjustments out of accumulated other comprehensive income including presentation of the amounts and individual income statement line items affected. This amendment is in addition to ASC 220 guidance adopted on February 1, 2012, which increased the prominence of other comprehensive income in the financial statements by eliminating the option to present other comprehensive income in the statement of stockholders’ equity, and rather requiring comprehensive income to be reported in either a single continuous statement or in two separate but consecutive statements reporting net income and other comprehensive income. The adoption of this amended guidance did not impact the Company’s consolidated condensed financial statements. | |||||||||
Effective February 1, 2013, the Company was required to adopt the third phase of amended guidance in ASC 820 “Fair Value Measurements and Disclosures”. The amendment established common fair value measurement and disclosure requirements by improving comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and those prepared in conformity with International Financial Reporting Standards. The amended guidance clarified the application of existing requirements and requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The adoption of this amended guidance did expand disclosure related to fair value but, otherwise, did not impact the Company’s consolidated condensed financial statements. | |||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2013-11 (“ASU 2013-11”), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The update requires, unless certain conditions exists, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. ASU 2013-11 is effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted. Retrospective application is permitted. The Company is currently evaluating the impact of ASU 2013-11. |
Leases
Leases | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessor Disclosure [Text Block] | ' | ||||
Note 3. Leases | |||||
At October 31, 2013, the Company has lease agreements, as landlord, for four owned former retail stores and one owned former distribution center. We also have seasonal (temporary) lease agreements, as landlord, for two owned properties. All of the leases are accounted for as operating leases. The following table is a summary of future minimum rentals on such leases (amounts in thousands): | |||||
Years Ended January 31, | Minimum | ||||
Rentals | |||||
Remainder of 2014 | $ | 398 | |||
2015 | 1,400 | ||||
2016 | 838 | ||||
2017 | 796 | ||||
2018 | 542 | ||||
Thereafter | 255 | ||||
Total | $ | 4,229 | |||
The Company entered into a sale agreement for the entire distribution facility. Upon closing of the sale, which occurred in November 2013, minimum rentals will decline (from the amounts in the table above) by approximately $0.3 million in fiscal year 2013, approximately $1.1 million in fiscal year 2014, approximately $0.5 million in fiscal years 2015, 2016 and 2017 and approximately $0.3 million thereafter. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
Note 4. Fair Value | |||||||||||||||||
The Company applies ASC 820, Fair Value Measurements and Disclosures, (“ASC 820”) which provides a framework for measuring fair value under GAAP. This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820. ASC 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries cash equivalents, investment in cooperative, certain restricted investments and derivative liabilities at fair value. | |||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. | |||||||||||||||||
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally or corroborated by observable market data. | |||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methods, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Unobservable inputs shall be developed based on the best information available, which may include the Company’s own data. | |||||||||||||||||
The fair values of interest rate swaps are determined by using quantitative models that discount future cash flows using the LIBOR forward interest rate curve. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate. | |||||||||||||||||
The fair values of property and equipment, as applicable, are determined by using various models that discount future expected cash flows. Estimation risk is greater for vacant properties as the probability of expected cash flows from the use of vacant properties is difficult to predict. | |||||||||||||||||
To ensure the prudent application of estimates and management judgment in determining the fair values of derivative assets and liabilities and property and equipment, various processes and controls have been adopted, which include: model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; periodic review and substantiation of profit and loss reporting for all derivative instruments and property and equipment items. | |||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2013 are summarized below (amounts in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Cash equivalents | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||
Money market mutual fund (1) | 120 | — | — | 120 | |||||||||||||
Investment in cooperative (1) | — | — | 272 | 272 | |||||||||||||
Total assets | $ | 122 | $ | — | $ | 272 | $ | 394 | |||||||||
Interest rate swap derivative liability | $ | — | $ | 1,540 | $ | — | $ | 1,540 | |||||||||
Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2013 are summarized below (amounts in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Cash equivalents | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||
Money market mutual fund (1) | 300 | — | — | 300 | |||||||||||||
Investment in cooperative (1) | — | — | 252 | 252 | |||||||||||||
Total assets | $ | 302 | $ | — | $ | 252 | $ | 554 | |||||||||
Interest rate swap derivative liability | $ | — | $ | 2,789 | $ | — | $ | 2,789 | |||||||||
(1) The money market mutual fund and the investment in cooperative are included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. | |||||||||||||||||
The following table provides a reconciliation of the activity related to assets (investment in cooperative) measured at fair value on a recurring basis using Level 3 inputs (amounts in thousands): | |||||||||||||||||
Balance, January 31, 2013 | $ | 252 | |||||||||||||||
Current period activity | — | ||||||||||||||||
Balance, April 30, 2013 | 252 | ||||||||||||||||
Current period activity | 10 | ||||||||||||||||
Balance, July 31, 2013 | 262 | ||||||||||||||||
Current period activity | 10 | ||||||||||||||||
Balance, October 31, 2013 | $ | 272 | |||||||||||||||
There was 0 change in the fair value of the investment in cooperative during the nine months ended October 31, 2012. The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend, and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment. | |||||||||||||||||
There were 0 assets measured at fair value on a non-recurring basis subsequent to January 31, 2013. Assets measured at fair value on a non-recurring basis as of January 31, 2013 are summarized below (amounts in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Losses (1) | |||||||||||||||||
Property and equipment, net | $ | — | $ | — | $ | 2,096 | $ | 419 | |||||||||
-1 | Total losses include impairment charges and loss on disposal. | ||||||||||||||||
The fair value of the Company’s debt is approximately $88,424,000 and $106,972,000 at October 31, 2013 and January 31, 2013, respectively. The fair value was estimated with Level 2 inputs using a discounted cash flow analysis and the Company’s estimate of market rates of interest for similar loan agreements with companies that have a similar credit risk. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 5. Property and Equipment | |||||||||
The components of property and equipment at October 31, 2013 and January 31, 2013 are as follows (amounts in thousands): | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Land and improvements | $ | 23,059 | $ | 23,980 | |||||
Buildings and improvements | 35,263 | 38,056 | |||||||
Machinery, equipment and fixtures | 222,382 | 221,638 | |||||||
Construction in progress | 1,342 | 39 | |||||||
282,046 | 283,713 | ||||||||
Less: accumulated depreciation | (71,685 | ) | (60,533 | ) | |||||
$ | 210,361 | $ | 223,180 | ||||||
Other_Assets
Other Assets | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||
Note 6. Other Assets | |||||||||
The components of other assets at October 31, 2013 and January 31, 2013 are as follows (amounts in thousands): | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Deferred financing costs, net | $ | 462 | $ | 781 | |||||
Deposits | 1,014 | 2,064 | |||||||
Real estate taxes refundable | 2,614 | 2,614 | |||||||
Other | 600 | 1,805 | |||||||
Total | $ | 4,690 | $ | 7,264 | |||||
Long_Term_Debt_and_Interest_Ra
Long Term Debt and Interest Rate Swaps | 9 Months Ended | ||
Oct. 31, 2013 | |||
Disclosure Text Block [Abstract] | ' | ||
Long-term Debt [Text Block] | ' | ||
Note 7. Long Term Debt and Interest Rate Swaps | |||
One Earth Energy Subsidiary Level Debt | |||
In September 2007, One Earth entered into a $111,000,000 financing agreement consisting of a construction loan agreement for $100,000,000 together with a $10,000,000 annually renewable revolving loan and a $1,000,000 letter of credit with First National Bank of Omaha (“the Bank”). The construction loan was converted into a term loan on July 31, 2009. On September 3, 2013, One Earth entered into an amendment of its loan agreement with the Bank. The amendment included a refinance amount of approximately $44,101,000 (the remaining balance of the original loan) which bears interest at LIBOR plus 300 basis points (3.3% at October 31, 2013). Quarterly principal payments of approximately $2.0 million are due beginning January 8, 2014 and ending April 8, 2019. Principal payments equal to 20% of annual excess cash flows are also due. Such payments cannot exceed $6 million in a year or $18 million in the aggregate. This amendment did not change requirements regarding financial covenants. | |||
Borrowings are secured by all of the assets of One Earth. This debt is recourse only to One Earth and not to REX American Resources Corporation or any of its other subsidiaries. As of October 31, 2013, approximately $44.1 million was outstanding on the term loan. One Earth is also subject to certain financial covenants under the loan agreement, including debt service coverage ratio requirements and working capital requirements. One Earth was in compliance with these covenants, as applicable, at October 31, 2013. On March 13, 2013, One Earth entered into an amendment of its loan agreement with the Bank. This amendment included: | |||
1) | a permanent waiver, by the lender, of the requirement to maintain the fixed charge coverage ratio at December 31, 2012 and | ||
2) | a modification of the covenant regarding maintenance of the fixed charge coverage ratio to a requirement that One Earth maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 to be met annually beginning December 31, 2013. | ||
Based on the Company’s forecasts, which are primarily based on estimates of plant production, prices of ethanol, corn, distillers grains, non-food grade corn oil and natural gas as well as other assumptions management believes to be reasonable, management believes that One Earth will be able to maintain compliance with the covenants pursuant to its loan agreement with the Bank for the next 12 months. Management also believes that cash flow from operating activities together with working capital will be sufficient to meet One Earth’s liquidity needs. | |||
One Earth has paid approximately $1.4 million in financing costs. These costs are recorded as deferred financing costs and are amortized ratably over the term of the loan. | |||
The Company’s proportionate share of restricted net assets related to One Earth was approximately $83.3 million and $77.9 million at October 31, 2013 and January 31, 2013, respectively. Restricted net assets may not be paid in the form of dividends or advances to the parent company or other members of One Earth per the terms of the loan agreement with the Bank. | |||
As of the end of its third quarter, One Earth has 0 outstanding borrowings on the $10,000,000 revolving loan, which expires on July 31, 2014. | |||
One Earth entered into a forward interest rate swap in the notional amount of $50.0 million with the Bank. The swap settlements commenced as of July 31, 2009 and terminate on July 8, 2014. The swap fixed a portion of the variable interest rate of the term loan subsequent to the plant completion date at 7.9%. At October 31, 2013 and January 31, 2013, the Company recorded a liability of approximately $1.5 million and $2.8 million, respectively, related to the fair value of the swap. The change in fair value is recorded in the Consolidated Condensed Statements of Operations. | |||
NuGen Energy Subsidiary Level Debt | |||
In November 2011, NuGen entered into a $65,000,000 financing agreement consisting of a term loan for $55,000,000 and a $10,000,000 annually renewable revolving loan with First National Bank of Omaha (“the Bank”). The term loan bears interest at a variable interest rate of LIBOR plus 325 basis points, subject to a 4% floor (4% at October 31, 2013). Beginning with the first quarterly payment on February 1, 2012, payments are due in 19 quarterly payments of principal plus accrued interest with the principal portion calculated based on a 120 month amortization schedule. One final installment will be required on the maturity date (October 31, 2016) for the remaining unpaid principal balance with accrued interest. Principal payments equal to 40% of annual excess cash flows are also due. Such payments cannot exceed $5 million in a year. | |||
Borrowings are secured by all of the assets of NuGen. This debt is recourse only to NuGen and not to REX American Resources Corporation or any of its other subsidiaries. As of October 31, 2013, approximately $44.0 million was outstanding on the term loan. NuGen is also subject to certain financial covenants under the loan agreement, including debt service coverage ratio requirements and working capital requirements. NuGen was in compliance with these covenants, as applicable, at October 31, 2013. On March 13, 2013, NuGen entered into an amendment of its loan agreement with the Bank. This amendment included: | |||
1) | a permanent waiver, by the lender, of the requirement to maintain the fixed charge coverage ratio at January 31, 2013 and | ||
2) | a modification of the covenant regarding maintenance of the fixed charge coverage ratio to a requirement that NuGen maintain a fixed charge coverage ratio of not less than 1.10 to 1.00 to be met annually beginning January 31, 2014 and | ||
3) | a modification of the covenant regarding maintenance of working capital levels to a requirement that NuGen maintain minimum working capital of not less than $7.5 million measured at its quarters ending April 30, 2013, July 31, 2013, and October 31, 2013. As of January 31, 2014 and thereafter, NuGen shall maintain minimum working capital of not less than $10.0 million. | ||
Based on the Company’s forecasts, which are primarily based on estimates of plant production, prices of ethanol, corn, distillers grains, non-food grade corn oil and natural gas as well as other assumptions management believes to be reasonable, management believes that NuGen will be able to maintain compliance with the covenants pursuant to its loan agreement with the Bank for the next 12 months. Management also believes that cash flow from operating activities together with working capital will be sufficient to meet NuGen’s liquidity needs. | |||
NuGen has paid approximately $0.6 million in financing costs. These costs are recorded as deferred financing costs and are amortized ratably over the term of the loan. | |||
The Company’s proportionate share of restricted net assets related to NuGen was approximately $57.7 million and $49.5 million at October 31, 2013 and January 31, 2013, respectively. Restricted net assets may not be paid in the form of dividends or advances to the parent company or other members of NuGen per the terms of the loan agreement with the Bank. | |||
NuGen has 0 outstanding borrowings on the $10,000,000 revolving loan as of October 31, 2013 which expires on May 31, 2014. | |||
NuGen has issued letters of credit totaling $500,000 as of October 31, 2013. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Financial Instruments Disclosure [Text Block] | ' | ||||||||
Note 8. Financial Instruments | |||||||||
The Company uses an interest rate swap, which expires July 8, 2014, to manage its interest rate exposure at One Earth by fixing the interest rate on a portion of the entity’s variable rate debt. The Company does not engage in trading activities involving derivative contracts for which a lack of marketplace quotations would necessitate the use of fair value estimation techniques. The notional amount and fair value of the derivative, which is not designated as a cash flow hedge at October 31, 2013, are summarized in the table below (amounts in thousands): | |||||||||
Notional | Fair Value | ||||||||
Amount | Liability | ||||||||
Interest rate swap | $ | 34,563 | $ | 1,540 | |||||
As the interest rate swap is not designated as a cash flow hedge, the unrealized gain and loss on the derivative is reported in current earnings. The Company reported losses of $23,000 and $140,000 in the third quarter of fiscal years 2013 and 2012, respectively. The Company reported losses of $29,000 and $366,000 in the first nine months of fiscal years 2013 and 2012, respectively. |
Stock_Option_Plans
Stock Option Plans | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 9. Stock Option Plans | |||||||||||||||||
The Company has stock-based compensation plans under which stock options have been granted to directors, officers and key employees at the market price on the date of the grant. 0 options have been granted since fiscal year 2004. | |||||||||||||||||
The total intrinsic value of options exercised during the nine months ended October 31, 2013 and 2012 was approximately $0.5 million and $1.8 million, respectively, resulting in tax deductions of approximately $0.2 million and $0.3 million, respectively. The following table summarizes options granted, exercised and canceled or expired during the nine months ended October 31, 2013: | |||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual Term | Value | |||||||||||||||
Price | (in years) | (in thousands) | |||||||||||||||
Outstanding at January 31, 2013 | 168,755 | $ | 12.46 | ||||||||||||||
Exercised | (62,915 | ) | $ | 12.63 | |||||||||||||
Outstanding and exercisable at October 31, 2013 | 105,840 | $ | 12.37 | 0.6 | $ | 1,744 | |||||||||||
During the first nine months of fiscal year 2012, certain officers and directors of the Company tendered 32,935 shares of the Company’s common stock as payment of the exercise price of stock options exercised pursuant to the Company’s Stock-for-Stock and Cashless Option Exercise Rules and Procedures, adopted on June 4, 2001. The purchase price was $32.53 per share. At October 31, 2013, there was 0 unrecognized compensation cost related to nonvested stock options. |
Income_Per_Share_from_Continui
Income Per Share from Continuing Operations Attributable to REX Common Shareholders | 9 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||||||||||
Note 10. Income Per Share from Continuing Operations Attributable to REX Common Shareholders | |||||||||||||||||||||||||
The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts): | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
31-Oct-13 | 31-Oct-12 | ||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | ||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||
Basic income per share from continuing operations attributable to REX common shareholders | $ | 9,069 | 8,140 | $ | 1.11 | $ | 325 | 8,226 | $ | 0.04 | |||||||||||||||
Effect of stock options | — | 39 | — | 32 | |||||||||||||||||||||
Diluted income per share from continuing operations attributable to REX common shareholders | $ | 9,069 | 8,179 | $ | 1.11 | $ | 325 | 8,258 | $ | 0.04 | |||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
31-Oct-13 | 31-Oct-12 | ||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | ||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||
Basic income per share from continuing operations attributable to REX common shareholders | $ | 18,108 | 8,154 | $ | 2.22 | $ | 1,761 | 8,311 | $ | 0.21 | |||||||||||||||
Effect of stock options | — | 43 | — | 50 | |||||||||||||||||||||
Diluted income per share from continuing operations attributable to REX common shareholders | $ | 18,108 | 8,197 | $ | 2.21 | $ | 1,761 | 8,361 | $ | 0.21 | |||||||||||||||
For the three months and nine months ended October 31, 2013 and 2012, all shares subject to outstanding options were dilutive. |
Investments
Investments | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Investments And Deposits [Abstract] | ' | ||||||||||||||||
Investments And Deposits [Text Block] | ' | ||||||||||||||||
Note 11. Investments | |||||||||||||||||
The following table summarizes equity method investments at October 31, 2013 and January 31, 2013 (amounts in thousands): | |||||||||||||||||
Entity | Ownership | Carrying Amount | Carrying Amount | ||||||||||||||
Percentage | 31-Oct-13 | 31-Jan-13 | |||||||||||||||
Big River | 10 | % | $ | 36,549 | $ | 32,438 | |||||||||||
Patriot | 27 | % | 32,662 | 27,521 | |||||||||||||
Total Equity Method Investments | $ | 69,211 | $ | 59,959 | |||||||||||||
The following table summarizes income or (loss) recognized from equity method investments for the periods presented (amounts in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Big River | $ | 1,576 | $ | (496 | ) | $ | 4,312 | $ | 165 | ||||||||
Patriot | 1,755 | 2,038 | 5,246 | 1,338 | |||||||||||||
Total | $ | 3,331 | $ | 1,542 | $ | 9,558 | $ | 1,503 | |||||||||
Undistributed earnings of Big River and Patriot totaled approximately $30.6 million and $21.2 million at October 31, 2013 and January 31, 2013, respectively. During the first nine months of fiscal years 2013 and 2012, the Company received dividends from equity method investees of approximately $0.2 million and $2.0 million, respectively. | |||||||||||||||||
Summarized financial information for each of the Company’s equity method investees is presented in the following table for the three and nine months ended October 31, 2013 and 2012 (amounts in thousands): | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-Oct-13 | 31-Oct-12 | ||||||||||||||||
Patriot | Big River | Patriot | Big River | ||||||||||||||
Net sales and revenue | $ | 98,776 | $ | 339,720 | $ | 100,231 | $ | 306,808 | |||||||||
Gross profit (loss) | $ | 8,312 | $ | 30,957 | $ | 8,897 | $ | (14,116 | ) | ||||||||
Income (loss) from continuing operations | $ | 6,610 | $ | 16,235 | $ | 7,678 | $ | (5,109 | ) | ||||||||
Net income (loss) | $ | 6,610 | $ | 16,235 | $ | 7,678 | $ | (5,109 | ) | ||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
31-Oct-13 | 31-Oct-12 | ||||||||||||||||
Patriot | Big River | Patriot | Big River | ||||||||||||||
Net sales and revenue | $ | 295,250 | $ | 970,309 | $ | 271,620 | $ | 856,659 | |||||||||
Gross profit | $ | 24,500 | $ | 76,639 | $ | 10,105 | $ | 8,399 | |||||||||
Income from continuing operations | $ | 19,761 | $ | 44,415 | $ | 5,032 | $ | 1,677 | |||||||||
Net income | $ | 19,761 | $ | 44,415 | $ | 5,032 | $ | 1,677 | |||||||||
Patriot and Big River have debt agreements that limit and restrict amounts the companies can pay in the form of dividends or advances to owners. The restricted net assets of Patriot and Big River combined at October 31, 2013 and January 31, 2013 are approximately $361.7 million and $367.6 million, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Tax Disclosure [Text Block] | ' | ||||
Note 12. Income Taxes | |||||
The effective tax rate on consolidated pre-tax income from continuing operations was 33.2% for the three months ended October 31, 2013, and 17.4% for the three months ended October 31, 2012. The effective tax rate on consolidated pre-tax income from continuing operations was 34.5% for the nine months ended October 31, 2013, and 27.6% for the nine months ended October 31, 2012. The fluctuations in the effective tax rate primarily relate to the presentation of noncontrolling interests in the income of consolidated subsidiaries as noncontrolling interests are presented in the Consolidated Condensed Statements of Operations after the income tax provision or benefit. Net income attributable to noncontrolling interests was a higher percentage of income from continuing operations before income taxes in the third quarter and first nine months of fiscal year 2012 compared to the third quarter and first nine months of fiscal year 2013. | |||||
The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2010 and prior. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): | |||||
Unrecognized tax benefits, January 31, 2013 | $ | 2,157 | |||
Changes for prior years’ tax positions | (52 | ) | |||
Changes for current year tax positions | — | ||||
Unrecognized tax benefits, October 31, 2013 | $ | 2,105 | |||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||
Note 13. Discontinued Operations | |||||||||||||||||
During fiscal year 2009, the Company completed the exit of its retail business. Accordingly, all operations of the Company’s former retail segment and certain sold properties have been classified as discontinued operations for all periods presented. Once real estate property has been sold, and no continuing involvement is expected, the Company classifies the results of the operations as discontinued operations. The results of operations were previously reported in the Company’s real estate segment. Below is a table reflecting certain items of the Consolidated Condensed Statements of Operations that were reclassified as discontinued operations for the periods indicated (amounts in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Net sales and revenue | $ | 75 | $ | 535 | $ | 608 | $ | 1,759 | |||||||||
Cost of sales | (296 | ) | 300 | (190 | ) | 741 | |||||||||||
Income before income taxes | 325 | 88 | 589 | 504 | |||||||||||||
Provision for income taxes | (127 | ) | (35 | ) | (230 | ) | (201 | ) | |||||||||
Income from discontinued operations, net of tax | $ | 198 | $ | 53 | $ | 359 | $ | 303 | |||||||||
Gain on disposal | $ | 983 | $ | 52 | $ | 1,200 | $ | 140 | |||||||||
Provision for income taxes | (383 | ) | (21 | ) | (468 | ) | (56 | ) | |||||||||
Gain on disposal of discontinued operations, net of tax | $ | 600 | $ | 31 | $ | 732 | $ | 84 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 14. Commitments and Contingencies | |
The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluations of such actions, management is of the opinion that their outcome will not have a material effect on the Company’s consolidated condensed financial statements. | |
One Earth and NuGen have combined forward purchase contracts for approximately 9.6 million bushels of corn, the principal raw material for their ethanol plants. They expect to take delivery of the grain through December 2013. | |
One Earth and NuGen have combined sales commitments for approximately 43.9 million gallons of ethanol, approximately 193,000 tons of distillers grains and approximately 7.1 million pounds of non-food grade corn oil. They expect to deliver the ethanol, distillers grains and non-food grade corn oil through March 2014. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
Note 15. Segment Reporting | |||||||||||||||||
The Company has two segments: alternative energy and real estate. The Company evaluates the performance of each reportable segment based on segment profit. Segment profit excludes income taxes, indirect interest expense, discontinued operations, indirect interest income and certain other items that are included in net income determined in accordance with GAAP. Segment profit includes realized and unrealized gains and losses on derivative financial instruments. The following table summarizes segment and other results and assets (amounts in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales and revenue: | |||||||||||||||||
Alternative energy | $ | 166,039 | $ | 178,495 | $ | 519,653 | $ | 481,938 | |||||||||
Real estate | 466 | 354 | 1,214 | 974 | |||||||||||||
Total net sales and revenues | $ | 166,505 | $ | 178,849 | $ | 520,867 | $ | 482,912 | |||||||||
Segment gross profit (loss): | |||||||||||||||||
Alternative energy | $ | 18,002 | $ | 3,686 | $ | 37,918 | $ | 16,224 | |||||||||
Real estate | 176 | 55 | 340 | (21 | ) | ||||||||||||
Total gross profit | $ | 18,178 | $ | 3,741 | $ | 38,258 | $ | 16,203 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Segment profit (loss): | |||||||||||||||||
Alternative energy | $ | 16,491 | $ | 1,586 | $ | 34,231 | $ | 6,478 | |||||||||
Real estate | 115 | (6 | ) | 157 | (218 | ) | |||||||||||
Corporate expense, net | (608 | ) | (601 | ) | (2,023 | ) | (1,717 | ) | |||||||||
Income from continuing operations before income taxes and noncontrolling interests | $ | 15,998 | $ | 979 | $ | 32,365 | $ | 4,543 | |||||||||
October 31, | January 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Alternative energy | $ | 354,152 | $ | 337,857 | |||||||||||||
Real estate | 9,650 | 13,326 | |||||||||||||||
Corporate | 46,903 | 54,147 | |||||||||||||||
Total assets | $ | 410,705 | $ | 405,330 | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Sales of products alternative energy segment: | |||||||||||||||||
Ethanol | 76 | % | 74 | % | 75 | % | 76 | % | |||||||||
Dried distillers grains | 19 | % | 19 | % | 18 | % | 18 | % | |||||||||
Modified distillers grains | 2 | % | 4 | % | 4 | % | 3 | % | |||||||||
Other | 3 | % | 3 | % | 3 | % | 3 | % | |||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Sales of services real estate segment: | |||||||||||||||||
Lease revenue | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Certain corporate costs and expenses, including information technology, employee benefits and other shared services are allocated to the business segments. The allocations are generally amounts agreed upon by management and are based on a reasonable and systematic approach, which may differ from amounts that would be incurred if such services were purchased separately by the business segment. Corporate assets are primarily cash. | |||||||||||||||||
Cash, except for cash held by One Earth and NuGen, is considered to be fungible and available for both corporate and segment use depending on liquidity requirements. Cash of approximately $47.4 million held by One Earth and NuGen will be used by the subsidiaries primarily to fund liquidity requirements and maintain adequate working capital levels. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended |
Oct. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 16. Related-Party Transactions | |
During the third quarters of fiscal year 2013 and 2012, One Earth purchased approximately $57.6 million and $79.0 million, respectively, of corn from the Alliance Grain Elevator, an equity investor in One Earth. Such purchases totaled approximately $208.0 million and $199.9 million for the nine months ended October 31, 2013 and 2012, respectively. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition | |||||||||
The Company recognizes sales from the production of ethanol, distillers grains and non-food grade corn oil when title transfers to customers, upon shipment from its plant. Shipping and handling charges billed to customers are included in net sales and revenue. | |||||||||
The Company includes income from real estate leasing activities in net sales and revenue. The Company accounts for these leases as operating leases. Accordingly, minimum rental revenue is recognized on a straight-line basis over the term of the lease. | |||||||||
Prior to its exit of the retail business, the Company sold extended service policies covering periods beyond the normal manufacturers’ warranty periods, usually with terms of coverage (including manufacturers’ warranty periods) of between 12 to 60 months. Contract revenues and sales commissions are deferred and amortized on a straight-line basis over the life of the contracts after the expiration of applicable manufacturers’ warranty periods. The Company retains the obligation to perform warranty service and such costs are charged to operations as incurred. All related revenue and expense is classified as discontinued operations. | |||||||||
Cost of Sales, Policy [Policy Text Block] | ' | ||||||||
Cost of Sales | |||||||||
Alternative energy cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, shipping costs, other distribution expenses, warehousing costs, plant management, certain compensation costs, and general facility overhead charges. | |||||||||
Real estate cost of sales includes depreciation, real estate taxes, insurance, repairs and maintenance and other costs directly associated with operating the Company’s portfolio of real property. | |||||||||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | ' | ||||||||
Selling, General and Administrative Expenses | |||||||||
The Company includes non-production related costs from its alternative energy segment such as professional fees, selling charges and certain payroll in selling, general and administrative expenses. | |||||||||
The Company includes costs not directly related to operating its portfolio of real property from its real estate segment such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses. | |||||||||
The Company includes costs associated with its corporate headquarters such as certain payroll and related costs, professional fees and other general expenses in selling, general and administrative expenses. | |||||||||
Interest Expense, Policy [Policy Text Block] | ' | ||||||||
Interest Cost | |||||||||
Cash paid for interest for the three months ended October 31, 2013 and 2012 was approximately $900,000 and $1,044,000, respectively. Cash paid for interest for the nine months ended October 31, 2013 and 2012 was approximately $2,822,000 and $3,779,000, respectively. | |||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||
Financial Instruments | |||||||||
The Company uses derivative financial instruments to manage its balance of fixed and variable rate debt. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Interest rate swap agreements involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the notional amounts between the parties. The swap agreement was not designated for hedge accounting pursuant to Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). The interest rate swap is recorded at its fair value and the changes in fair value are recorded as gain or loss on derivative financial instruments in the Consolidated Condensed Statements of Operations. The Company paid settlements of interest rate swaps of approximately $416,000 and $446,000 for the three months ended October 31, 2013 and 2012, respectively. The Company paid settlements of the interest rate swap of approximately $1,278,000 and $1,375,000 for the nine months ended October 31, 2013 and 2012, respectively. | |||||||||
Forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of ASC 815 because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
Income Taxes | |||||||||
The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of $2,150,000 and $51,000 during the nine months ended October 31, 2013 and 2012, respectively. The Company received 0 refunds of income taxes during the nine months ended October 31, 2013. The Company received refunds of $1,000,000 during the nine months ended October 31, 2012. | |||||||||
As of October 31, 2013, total unrecognized tax benefits were approximately $1,710,000 and accrued penalties and interest were approximately $395,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $24,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventories | |||||||||
Inventories are carried at the lower of cost or market on a first-in, first-out basis. Alternative energy segment inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The write-down of inventory was approximately $35,000 and $466,000 at October 31, 2013 and January 31, 2013, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory at a given point in time. The components of inventory at October 31, 2013 and January 31, 2013 are as follows (amounts in thousands): | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Ethanol and other finished goods | $ | 4,453 | $ | 7,306 | |||||
Work in process | 3,360 | 4,414 | |||||||
Grain and other raw materials | 8,493 | 13,199 | |||||||
Total | $ | 16,306 | $ | 24,919 | |||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment is recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. | |||||||||
In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable, based on an analysis of undiscounted future expected cash flows from the use and ultimate disposition of the asset. There were 0 impairment charges in the first nine months of fiscal year 2013. There were approximately $0.3 million of impairment charges in the first nine months of fiscal year 2012. Impairment charges result from the Company’s management performing cash flow analysis and represent management’s estimate of the excess of net book value over fair value. Fair value is estimated using expected future cash flows on a discounted basis or appraisals of specific properties as appropriate. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Given the nature of the Company’s business, events and changes in circumstances include, but are not limited to, a significant decline in estimated future cash flows, a sustained decline in market prices for similar assets, or a significant adverse change in legal or regulatory factors or the business climate. A significant decline in estimated future cash flows is represented by a greater than 25% annual decline in expected future cash flows (for asset groups in the real estate reportable segment) or a change in the spread between ethanol and grain prices that would result in greater than six consecutive months of estimated or actual significant negative cash flows (for asset groups in the alternative energy reportable segment). | |||||||||
The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. The Company generally determines the fair value of the asset group using a discounted cash flow model based on market participant assumptions (for income producing asset groups) or by obtaining appraisals based on the market approach and comparable market transactions (for non-income producing asset groups). | |||||||||
In the real estate reportable segment, each individual real estate property represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual real estate properties for recoverability. The real estate reportable segment includes both income producing and non-income producing asset groups. | |||||||||
In the alternative energy reportable segment, each individual ethanol plant represents the lowest level for which identifiable cash flows are independent of the cash flows of other assets and liabilities. As such, the Company separately tests individual ethanol plants for recoverability. In addition to the general events and changes in circumstances noted above that indicate that an asset group may not be recoverable, the Company also considers the following events as indicators: (i) the decision to suspend operations at a plant for at least a six month period and/or (ii) an expected or actual failure to maintain compliance with debt covenants. The alternative energy reportable segment includes only income producing asset groups. | |||||||||
Investment, Policy [Policy Text Block] | ' | ||||||||
Investments | |||||||||
The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company consolidates the results of two majority owned subsidiaries, One Earth and NuGen. The results of One Earth are included on a delayed basis of one month. The Company accounts for investments in limited liability companies in which it may have a less than 20% ownership interest, using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Any unallocated excess is treated as goodwill and is recorded as a component of the carrying value of the equity method investee. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. Investments in which the Company does not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method. The Company accounts for its investments in Big River Resources, LLC (“Big River”) and Patriot Holdings, LLC (“Patriot”) using the equity method of accounting and includes the results of these entities on a delayed basis of one month. | |||||||||
The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Accounting Changes and Recently Issued Accounting Standards | |||||||||
Effective February 1, 2013, the Company was required to adopt the amended guidance in ASC 220 “Comprehensive Income”. This amendment requires disclosure of additional information regarding reclassification adjustments out of accumulated other comprehensive income including presentation of the amounts and individual income statement line items affected. This amendment is in addition to ASC 220 guidance adopted on February 1, 2012, which increased the prominence of other comprehensive income in the financial statements by eliminating the option to present other comprehensive income in the statement of stockholders’ equity, and rather requiring comprehensive income to be reported in either a single continuous statement or in two separate but consecutive statements reporting net income and other comprehensive income. The adoption of this amended guidance did not impact the Company’s consolidated condensed financial statements. | |||||||||
Effective February 1, 2013, the Company was required to adopt the third phase of amended guidance in ASC 820 “Fair Value Measurements and Disclosures”. The amendment established common fair value measurement and disclosure requirements by improving comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and those prepared in conformity with International Financial Reporting Standards. The amended guidance clarified the application of existing requirements and requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The adoption of this amended guidance did expand disclosure related to fair value but, otherwise, did not impact the Company’s consolidated condensed financial statements. | |||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2013-11 (“ASU 2013-11”), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The update requires, unless certain conditions exists, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. ASU 2013-11 is effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted. Retrospective application is permitted. The Company is currently evaluating the impact of ASU 2013-11. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | 'The components of inventory at October 31, 2013 and January 31, 2013 are as follows (amounts in thousands): | ||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Ethanol and other finished goods | $ | 4,453 | $ | 7,306 | |||||
Work in process | 3,360 | 4,414 | |||||||
Grain and other raw materials | 8,493 | 13,199 | |||||||
Total | $ | 16,306 | $ | 24,919 |
Leases_Tables
Leases (Tables) | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 'The following table is a summary of future minimum rentals on such leases (amounts in thousands): | ||||
Years Ended January 31, | Minimum | ||||
Rentals | |||||
Remainder of 2014 | $ | 398 | |||
2015 | 1,400 | ||||
2016 | 838 | ||||
2017 | 796 | ||||
2018 | 542 | ||||
Thereafter | 255 | ||||
Total | $ | 4,229 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 'Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2013 are summarized below (amounts in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Cash equivalents | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||
Money market mutual fund (1) | 120 | — | — | 120 | |||||||||||||
Investment in cooperative (1) | — | — | 272 | 272 | |||||||||||||
Total assets | $ | 122 | $ | — | $ | 272 | $ | 394 | |||||||||
Interest rate swap derivative liability | $ | — | $ | 1,540 | $ | — | $ | 1,540 | |||||||||
Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2013 are summarized below (amounts in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Cash equivalents | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||
Money market mutual fund (1) | 300 | — | — | 300 | |||||||||||||
Investment in cooperative (1) | — | — | 252 | 252 | |||||||||||||
Total assets | $ | 302 | $ | — | $ | 252 | $ | 554 | |||||||||
Interest rate swap derivative liability | $ | — | $ | 2,789 | $ | — | $ | 2,789 | |||||||||
(1) The money market mutual fund and the investment in cooperative are included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 'The following table provides a reconciliation of the activity related to assets (investment in cooperative) measured at fair value on a recurring basis using Level 3 inputs (amounts in thousands): | ||||||||||||||||
Balance, January 31, 2013 | $ | 252 | |||||||||||||||
Current period activity | — | ||||||||||||||||
Balance, April 30, 2013 | 252 | ||||||||||||||||
Current period activity | 10 | ||||||||||||||||
Balance, July 31, 2013 | 262 | ||||||||||||||||
Current period activity | 10 | ||||||||||||||||
Balance, October 31, 2013 | $ | 272 | |||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | 'Assets measured at fair value on a non-recurring basis as of January 31, 2013 are summarized below (amounts in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Losses (1) | |||||||||||||||||
Property and equipment, net | $ | — | $ | — | $ | 2,096 | $ | 419 | |||||||||
-1 | Total losses include impairment charges and loss on disposal. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | 'The components of property and equipment at October 31, 2013 and January 31, 2013 are as follows (amounts in thousands): | ||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Land and improvements | $ | 23,059 | $ | 23,980 | |||||
Buildings and improvements | 35,263 | 38,056 | |||||||
Machinery, equipment and fixtures | 222,382 | 221,638 | |||||||
Construction in progress | 1,342 | 39 | |||||||
282,046 | 283,713 | ||||||||
Less: accumulated depreciation | (71,685 | ) | (60,533 | ) | |||||
$ | 210,361 | $ | 223,180 |
Other_Assets_Tables
Other Assets (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Assets [Table Text Block] | 'The components of other assets at October 31, 2013 and January 31, 2013 are as follows (amounts in thousands): | ||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Deferred financing costs, net | $ | 462 | $ | 781 | |||||
Deposits | 1,014 | 2,064 | |||||||
Real estate taxes refundable | 2,614 | 2,614 | |||||||
Other | 600 | 1,805 | |||||||
Total | $ | 4,690 | $ | 7,264 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Notional Amounts and Fair Values of Derivatives Not Designated As Cash Flow Hedges [Table Text Block] | 'The notional amount and fair value of the derivative, which is not designated as a cash flow hedge at October 31, 2013, are summarized in the table below (amounts in thousands): | ||||||||
Notional | Fair Value | ||||||||
Amount | Liability | ||||||||
Interest rate swap | $ | 34,563 | $ | 1,540 |
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 'The following table summarizes options granted, exercised and canceled or expired during the nine months ended October 31, 2013: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual Term | Value | |||||||||||||||
Price | (in years) | (in thousands) | |||||||||||||||
Outstanding at January 31, 2013 | 168,755 | $ | 12.46 | ||||||||||||||
Exercised | (62,915 | ) | $ | 12.63 | |||||||||||||
Outstanding and exercisable at October 31, 2013 | 105,840 | $ | 12.37 | 0.6 | $ | 1,744 |
Income_Per_Share_from_Continui1
Income Per Share from Continuing Operations Attributable to REX Common Shareholders (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'The following table reconciles the computation of basic and diluted net income per share from continuing operations for the periods presented (in thousands, except per share amounts): | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
31-Oct-13 | 31-Oct-12 | ||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | ||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||
Basic income per share from continuing operations attributable to REX common shareholders | $ | 9,069 | 8,140 | $ | 1.11 | $ | 325 | 8,226 | $ | 0.04 | |||||||||||||||
Effect of stock options | — | 39 | — | 32 | |||||||||||||||||||||
Diluted income per share from continuing operations attributable to REX common shareholders | $ | 9,069 | 8,179 | $ | 1.11 | $ | 325 | 8,258 | $ | 0.04 | |||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
31-Oct-13 | 31-Oct-12 | ||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | ||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||
Basic income per share from continuing operations attributable to REX common shareholders | $ | 18,108 | 8,154 | $ | 2.22 | $ | 1,761 | 8,311 | $ | 0.21 | |||||||||||||||
Effect of stock options | — | 43 | — | 50 | |||||||||||||||||||||
Diluted income per share from continuing operations attributable to REX common shareholders | $ | 18,108 | 8,197 | $ | 2.21 | $ | 1,761 | 8,361 | $ | 0.21 |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Investments And Deposits [Abstract] | ' | ||||||||||||||||
Equity Method Investments [Table Text Block] | 'The following table summarizes equity method investments at October 31, 2013 and January 31, 2013 (amounts in thousands): | ||||||||||||||||
Entity | Ownership | Carrying Amount | Carrying Amount | ||||||||||||||
Percentage | 31-Oct-13 | 31-Jan-13 | |||||||||||||||
Big River | 10 | % | $ | 36,549 | $ | 32,438 | |||||||||||
Patriot | 27 | % | 32,662 | 27,521 | |||||||||||||
Total Equity Method Investments | $ | 69,211 | $ | 59,959 | |||||||||||||
Schedule of Income Loss Recognized From Equity Method Investments [Table Text Block] | 'The following table summarizes income or (loss) recognized from equity method investments for the periods presented (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Big River | $ | 1,576 | $ | (496 | ) | $ | 4,312 | $ | 165 | ||||||||
Patriot | 1,755 | 2,038 | 5,246 | 1,338 | |||||||||||||
Total | $ | 3,331 | $ | 1,542 | $ | 9,558 | $ | 1,503 | |||||||||
Schedule of Financial Information for Equity Method Investments [Table Text Block] | 'Summarized financial information for each of the Company’s equity method investees is presented in the following table for the three and nine months ended October 31, 2013 and 2012 (amounts in thousands): | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-Oct-13 | 31-Oct-12 | ||||||||||||||||
Patriot | Big River | Patriot | Big River | ||||||||||||||
Net sales and revenue | $ | 98,776 | $ | 339,720 | $ | 100,231 | $ | 306,808 | |||||||||
Gross profit (loss) | $ | 8,312 | $ | 30,957 | $ | 8,897 | $ | (14,116 | ) | ||||||||
Income (loss) from continuing operations | $ | 6,610 | $ | 16,235 | $ | 7,678 | $ | (5,109 | ) | ||||||||
Net income (loss) | $ | 6,610 | $ | 16,235 | $ | 7,678 | $ | (5,109 | ) | ||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
31-Oct-13 | 31-Oct-12 | ||||||||||||||||
Patriot | Big River | Patriot | Big River | ||||||||||||||
Net sales and revenue | $ | 295,250 | $ | 970,309 | $ | 271,620 | $ | 856,659 | |||||||||
Gross profit | $ | 24,500 | $ | 76,639 | $ | 10,105 | $ | 8,399 | |||||||||
Income from continuing operations | $ | 19,761 | $ | 44,415 | $ | 5,032 | $ | 1,677 | |||||||||
Net income | $ | 19,761 | $ | 44,415 | $ | 5,032 | $ | 1,677 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 'A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): | ||||
Unrecognized tax benefits, January 31, 2013 | $ | 2,157 | |||
Changes for prior years’ tax positions | (52 | ) | |||
Changes for current year tax positions | — | ||||
Unrecognized tax benefits, October 31, 2013 | $ | 2,105 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 'Below is a table reflecting certain items of the Consolidated Condensed Statements of Operations that were reclassified as discontinued operations for the periods indicated (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Net sales and revenue | $ | 75 | $ | 535 | $ | 608 | $ | 1,759 | |||||||||
Cost of sales | (296 | ) | 300 | (190 | ) | 741 | |||||||||||
Income before income taxes | 325 | 88 | 589 | 504 | |||||||||||||
Provision for income taxes | (127 | ) | (35 | ) | (230 | ) | (201 | ) | |||||||||
Income from discontinued operations, net of tax | $ | 198 | $ | 53 | $ | 359 | $ | 303 | |||||||||
Gain on disposal | $ | 983 | $ | 52 | $ | 1,200 | $ | 140 | |||||||||
Provision for income taxes | (383 | ) | (21 | ) | (468 | ) | (56 | ) | |||||||||
Gain on disposal of discontinued operations, net of tax | $ | 600 | $ | 31 | $ | 732 | $ | 84 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information Profit Loss And Revenue Percentage [Table Text Block] | 'The following table summarizes segment and other results and assets (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales and revenue: | |||||||||||||||||
Alternative energy | $ | 166,039 | $ | 178,495 | $ | 519,653 | $ | 481,938 | |||||||||
Real estate | 466 | 354 | 1,214 | 974 | |||||||||||||
Total net sales and revenues | $ | 166,505 | $ | 178,849 | $ | 520,867 | $ | 482,912 | |||||||||
Segment gross profit (loss): | |||||||||||||||||
Alternative energy | $ | 18,002 | $ | 3,686 | $ | 37,918 | $ | 16,224 | |||||||||
Real estate | 176 | 55 | 340 | (21 | ) | ||||||||||||
Total gross profit | $ | 18,178 | $ | 3,741 | $ | 38,258 | $ | 16,203 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Segment profit (loss): | |||||||||||||||||
Alternative energy | $ | 16,491 | $ | 1,586 | $ | 34,231 | $ | 6,478 | |||||||||
Real estate | 115 | (6 | ) | 157 | (218 | ) | |||||||||||
Corporate expense, net | (608 | ) | (601 | ) | (2,023 | ) | (1,717 | ) | |||||||||
Income from continuing operations before income taxes and noncontrolling interests | $ | 15,998 | $ | 979 | $ | 32,365 | $ | 4,543 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Sales of products alternative energy segment: | |||||||||||||||||
Ethanol | 76 | % | 74 | % | 75 | % | 76 | % | |||||||||
Dried distillers grains | 19 | % | 19 | % | 18 | % | 18 | % | |||||||||
Modified distillers grains | 2 | % | 4 | % | 4 | % | 3 | % | |||||||||
Other | 3 | % | 3 | % | 3 | % | 3 | % | |||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Sales of services real estate segment: | |||||||||||||||||
Lease revenue | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Schedule of Segment Reporting Information Assets [Table Text Block] | ' | ||||||||||||||||
October 31, | January 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Alternative energy | $ | 354,152 | $ | 337,857 | |||||||||||||
Real estate | 9,650 | 13,326 | |||||||||||||||
Corporate | 46,903 | 54,147 | |||||||||||||||
Total assets | $ | 410,705 | $ | 405,330 |
Consolidated_Condensed_Financi1
Consolidated Condensed Financial Statements (Details) | 9 Months Ended |
Oct. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Number of Reportable Segments | 2 |
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | |
Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Interest Paid | $900,000 | $1,044,000 | $2,822,000 | $3,779,000 | ' |
Derivative Settlement on Interest Rate Swap | 416,000 | 446,000 | 1,278,000 | 1,375,000 | ' |
Income Taxes Paid | ' | ' | 2,150,000 | 51,000 | ' |
Proceeds from Income Tax Refunds | ' | ' | 0 | 1,000,000 | ' |
Unrecognized Tax Benefit | 1,710,000 | ' | 1,710,000 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 395,000 | ' | 395,000 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 24,000 | ' | 24,000 | ' | ' |
Inventory Write-down | ' | ' | 35,000 | ' | 466,000 |
Property, Plant and Equipment, Depreciation Methods | ' | ' | 'Depreciation is computed using the straight-line method | ' | ' |
Impairment of Real Estate | ' | ' | $0 | $300,000 | ' |
Estimated Cash Flow Percentage | ' | ' | 25.00% | ' | ' |
Estimated Future Cash Flows Terms | ' | ' | 'six | ' | ' |
Plant Operation Suspension | ' | ' | '6 months | ' | ' |
Number of Majority Owned Subsidiaries | ' | ' | 2 | ' | ' |
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting | ' | ' | 20.00% | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | '15 | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | '40 | ' | ' |
Fixtures And Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | '3 | ' | ' |
Fixtures And Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | '20 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Extended Period of Warranty | ' | ' | '12 months | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' |
Extended Period of Warranty | ' | ' | '60 months | ' | ' |
Accounting_Policies_Details_Sc
Accounting Policies (Details) - Schedule of components of inventory (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of components of inventory [Abstract] | ' | ' |
Ethanol and other finished goods | $4,453 | $7,306 |
Work in process | 3,360 | 4,414 |
Grain and other raw materials | 8,493 | 13,199 |
Total | $16,306 | $24,919 |
Leases_Details
Leases (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
Leases (Details) [Line Items] | ' |
Number of Owned Properties Subject to Seasonal Operating Lease | 2 |
Decrease in Operating Leases Future Minimum Payments Receivable Remainder of Fiscal Year | $0.30 |
Decrease in Operating Leases Future Minimum Payments Receivable in Two Year | 1.1 |
Decrease in Operating Leases Future Minimum Payments Receivable in Three Year | 0.5 |
Decrease in Operating Leases Future Minimum Payments Receivable in Four Year | 0.5 |
Decrease in Operating Leases Future Minimum Payments Receivable in Five Year | 0.5 |
Decrease in Operating Leases Future Minimum Payments Receivable Thereafter | $0.30 |
Retail Site [Member] | ' |
Leases (Details) [Line Items] | ' |
Number of Owned Properties Subject to Operating Lease | 4 |
Distribution Centre [Member] | ' |
Leases (Details) [Line Items] | ' |
Number of Owned Properties Subject to Operating Lease | 1 |
Leases_Details_Schedule_of_Fut
Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases (USD $) | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | ' |
Remainder of 2014 | $398 |
2015 | 1,400 |
2016 | 838 |
2017 | 796 |
2018 | 542 |
Thereafter | 255 |
Total | $4,229 |
Fair_Value_Details
Fair Value (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Jul. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | |
Investment in Cooperative [Member] | ||||
Fair Value (Details) [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | $10,000 | $10,000 | ' | $0 |
Number of Fair Value Assets Measured on Nonrecurring Basis | 0 | ' | ' | ' |
Debt Instrument, Fair Value Disclosure | $88,424,000 | ' | $106,972,000 | ' |
Fair_Value_Details_Schedule_of
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $) | Oct. 31, 2013 | Jan. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Cash equivalents | $2 | $2 | ||
Money market mutual fund | 120 | [1] | 300 | [1] |
Investment in cooperative | 272 | [1] | 252 | [1] |
Total assets | 394 | 554 | ||
Interest rate swap derivative liability | 1,540 | 2,789 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 2 | 2 | ||
Money market mutual fund | 120 | [1] | 300 | [1] |
Total assets | 122 | 302 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Interest rate swap derivative liability | 1,540 | 2,789 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Investment in cooperative | 272 | [1] | 252 | [1] |
Total assets | $272 | $252 | ||
[1] | The money market mutual fund and the investment in cooperative are included in "Other assets" on the accompanying Consolidated Condensed Balance Sheets. |
Fair_Value_Details_Fair_Value_
Fair Value (Details) - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ' | ' | ' | ' |
Balance | $272 | $262 | $252 | $252 |
Current period activity | $10 | $10 | ' | ' |
Fair_Value_Details_Assets_meas
Fair Value (Details) - Assets measured at fair value on a non-recurring basis (Assets Measured At Fair Value On A Non Recurring Basis Subsequent [Member], USD $) | Jan. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Fair Value (Details) - Assets measured at fair value on a non-recurring basis [Line Items] | ' | |
Property and equipment, net | $419 | [1] |
Fair Value, Inputs, Level 3 [Member] | ' | |
Fair Value (Details) - Assets measured at fair value on a non-recurring basis [Line Items] | ' | |
Property and equipment, net | $2,096 | |
[1] | Total losses include impairment charges and loss on disposal. |
Property_and_Equipment_Details
Property and Equipment (Details) - Schedule of Property Plant and Equipment (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Property Plant and Equipment [Abstract] | ' | ' |
Land and improvements | $23,059 | $23,980 |
Buildings and improvements | 35,263 | 38,056 |
Machinery, equipment and fixtures | 222,382 | 221,638 |
Construction in progress | 1,342 | 39 |
282,046 | 283,713 | |
Less: accumulated depreciation | -71,685 | -60,533 |
$210,361 | $223,180 |
Other_Assets_Details_Schedule_
Other Assets (Details) - Schedule of Other Assets (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Other Assets [Abstract] | ' | ' |
Deferred financing costs, net | $462 | $781 |
Deposits | 1,014 | 2,064 |
Real estate taxes refundable | 2,614 | 2,614 |
Other | 600 | 1,805 |
Total | $4,690 | $7,264 |
Long_Term_Debt_and_Interest_Ra1
Long Term Debt and Interest Rate Swaps (Details) (USD $) | 9 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2009 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2008 | Jan. 31, 2008 | Oct. 31, 2013 | Jan. 31, 2008 | Oct. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2008 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2012 | Oct. 31, 2013 | Jan. 31, 2012 | Oct. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2012 | Oct. 31, 2013 | Jan. 31, 2014 | Jul. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Interest Rate Swap One [Member] | Interest Rate Swap One [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | First National Bank [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | Nu Gen Energy [Member] | |||
One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | One Earth Energy [Member] | Construction Loans [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Term Loan [Member] | Term Loan [Member] | Maximum [Member] | Minimum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||
Long Term Debt and Interest Rate Swaps (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Bank Debt | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $10,000,000 | ' | $1,000,000 | ' | ' | $111,000,000 | ' | ' | ' | ' | $10,000,000 | $10,000,000 | $55,000,000 | ' | ' | $65,000,000 | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Type of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The construction loan was converted into a term loan on July 31, 2009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Refinanced Amount | 44,101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Refinanced Amount Interest Rate | 'LIBOR plus 300 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | 3.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Quarterly Principal Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt Maturities Quarterly Principal Payment Due Beginning Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt Maturities Quarterly Principal Payment Due Ending Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Apr-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Principal Payments as Percentage of Annual Excess Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Annual Principal Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Maximum Payment Aggregate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 1.00% |
Period Of Loan Agreement To Maintain Compliance With Covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,300,000 | 77,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 57,700,000 | 49,500,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-14 | ' | 31-Oct-16 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Notional Amount | ' | ' | ' | 50,000,000 | ' | ' | 34,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Swap Termination Date | ' | ' | 'July 8, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 7.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability | 1,540,000 | 2,789,000 | ' | ' | 1,500,000 | 2,800,000 | 1,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 325 basis points | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Libor Floor Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19 quarterly payments | ' | ' | ' | ' | ' |
Long Term Debt Principal Portion Amortization Schedule | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 months | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Working Capital Regarding Modification Of The Covenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,500,000 | $10,000,000 | $7,500,000 | $7,500,000 | ' | ' |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | ($23,000) | ($140,000) | ($29,000) | ($366,000) |
Financial_Instruments_Details_
Financial Instruments (Details) - Schedule of Notional Amounts and fair Values (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Instruments (Details) - Schedule of Notional Amounts and fair Values [Line Items] | ' | ' |
Interest rate swap | $1,540 | $2,789 |
Interest Rate Swap [Member] | ' | ' |
Financial Instruments (Details) - Schedule of Notional Amounts and fair Values [Line Items] | ' | ' |
Interest rate swap | 34,563 | ' |
Interest rate swap | $1,540 | ' |
Stock_Option_Plans_Details
Stock Option Plans (Details) (USD $) | 9 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $500,000 | $1,800,000 |
Deferred Tax Expense from Stock Options Exercised | 200,000 | 300,000 |
Treasury Stock, Shares, Acquired (in Shares) | ' | 32,935 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share) | $12.63 | $32.53 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $0 | ' |
Stock_Option_Plans_Details_Sch
Stock Option Plans (Details) - Schedule of Share-Based Compensation (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Schedule of Share-Based Compensation [Abstract] | ' | ' |
Outstanding at January 31, 2013 | 168,755 | ' |
Outstanding at January 31, 2013 (in Dollars per share) | $12.46 | ' |
Exercised | -62,915 | ' |
Exercised (in Dollars per share) | $12.63 | $32.53 |
Outstanding and exercisable at October 31, 2013 | 105,840 | ' |
Outstanding and exercisable at October 31, 2013 (in Dollars per share) | $12.37 | ' |
Outstanding and exercisable at October 31, 2013 | '219 days | ' |
Outstanding and exercisable at October 31, 2013 (in Dollars) | $1,744 | ' |
Income_Per_Share_from_Continui2
Income Per Share from Continuing Operations Attributable to REX Common Shareholders (Details) - Schedule of Earnings Per Share Basic and Diluted (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Schedule of Earnings Per Share Basic and Diluted [Abstract] | ' | ' | ' | ' |
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars) | $9,069 | $325 | $18,108 | $1,761 |
Basic income per share from continuing operations attributable to REX common shareholders | 8,140 | 8,226 | 8,154 | 8,311 |
Basic income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $1.11 | $0.04 | $2.22 | $0.21 |
Effect of stock options | 39 | 32 | 43 | 50 |
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars) | $9,069 | $325 | $18,108 | $1,761 |
Diluted income per share from continuing operations attributable to REX common shareholders | 8,179 | 8,258 | 8,197 | 8,361 |
Diluted income per share from continuing operations attributable to REX common shareholders (in Dollars per share) | $1.11 | $0.04 | $2.21 | $0.21 |
Investments_Details
Investments (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 |
Investments (Details) [Line Items] | ' | ' | ' |
Retained Earnings, Undistributed Earnings from Equity Method Investees | $30.60 | ' | $21.20 |
Proceeds from Equity Method Investment, Dividends or Distributions | 0.2 | 2 | ' |
Patriot And Big River [Member] | ' | ' | ' |
Investments (Details) [Line Items] | ' | ' | ' |
Proportionate Share of Restricted Net Assets | $361.70 | ' | $367.60 |
Investments_Details_Schedule_o
Investments (Details) - Schedule of Equity Method Investments (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Total Equity Method Securities, Carrying Amount | $69,211 | $59,959 |
Big River [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Securities, Ownership percentage | 10.00% | ' |
Total Equity Method Securities, Carrying Amount | 36,549 | 32,438 |
Patriot [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Securities, Ownership percentage | 27.00% | ' |
Total Equity Method Securities, Carrying Amount | $32,662 | $27,521 |
Investments_Details_Schedule_o1
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investments (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investments [Line Items] | ' | ' | ' | ' |
Income Loss From Equity Method Investments | $3,331 | $1,542 | $9,558 | $1,503 |
Big River [Member] | ' | ' | ' | ' |
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investments [Line Items] | ' | ' | ' | ' |
Income Loss From Equity Method Investments | 1,576 | -496 | 4,312 | 165 |
Patriot [Member] | ' | ' | ' | ' |
Investments (Details) - Schedule of Income Loss Recognized From Equity Method Investments [Line Items] | ' | ' | ' | ' |
Income Loss From Equity Method Investments | $1,755 | $2,038 | $5,246 | $1,338 |
Investments_Details_Schedule_o2
Investments (Details) - Schedule of Financial Information For Equity Method Investment (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Patriot [Member] | ' | ' | ' | ' |
Investments (Details) - Schedule of Financial Information For Equity Method Investment [Line Items] | ' | ' | ' | ' |
Net sales and revenue | $98,776 | $100,231 | $295,250 | $271,620 |
Gross profit (loss) | 8,312 | 8,897 | 24,500 | 10,105 |
Income (loss) from continuing operations | 6,610 | 7,678 | 19,761 | 5,032 |
Net income (loss) | 6,610 | 7,678 | 19,761 | 5,032 |
Big River [Member] | ' | ' | ' | ' |
Investments (Details) - Schedule of Financial Information For Equity Method Investment [Line Items] | ' | ' | ' | ' |
Net sales and revenue | 339,720 | 306,808 | 970,309 | 856,659 |
Gross profit (loss) | 30,957 | -14,116 | 76,639 | 8,399 |
Income (loss) from continuing operations | 16,235 | -5,109 | 44,415 | 1,677 |
Net income (loss) | $16,235 | ($5,109) | $44,415 | $1,677 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | 33.20% | 17.40% | 34.50% | 27.60% |
Income_Taxes_Details_Schedule_
Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ' |
Unrecognized tax benefits, January 31, 2013 | $2,157 |
Changes for prior years’ tax positions | -52 |
Unrecognized tax benefits, October 31, 2013 | $2,105 |
Discontinued_Operations_Detail
Discontinued Operations (Details) - Schedule of Disposal Groups Including Discontinued Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Schedule of Disposal Groups Including Discontinued Operations [Abstract] | ' | ' | ' | ' |
Net sales and revenue | $75 | $535 | $608 | $1,759 |
Cost of sales | -296 | 300 | -190 | 741 |
Income before income taxes | 325 | 88 | 589 | 504 |
Provision for income taxes | -127 | -35 | -230 | -201 |
Income from discontinued operations, net of tax | 198 | 53 | 359 | 303 |
Gain on disposal | 983 | 52 | 1,200 | 140 |
Provision for income taxes | -383 | -21 | -468 | -56 |
Gain on disposal of discontinued operations, net of tax | $600 | $31 | $732 | $84 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (One Earth Energy And Nu Gen Energy [Member]) | 9 Months Ended |
Oct. 31, 2013 | |
lb | |
bu | |
gal | |
T | |
One Earth Energy And Nu Gen Energy [Member] | ' |
Commitments and Contingencies (Details) [Line Items] | ' |
Quantity of Bushels under Forward Purchase Contract (in US Bushels) | 9,600,000 |
Quantity of Ethanol under Sales Commitment (in US Gallons) | 43,900,000 |
Quantity of Distillers Grains Under Sales Commitment (in US Tons) | 193,000 |
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) | 7,100,000 |
Supply Commitment Expected Period of Delivery | 'through March 2014 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
Segment Reporting (Details) [Line Items] | ' |
Number of Reportable Segments | 2 |
One Earth Energy And Nu Gen Energy [Member] | ' |
Segment Reporting (Details) [Line Items] | ' |
Cash (in Dollars) | 47.4 |
Segment_Reporting_Details_Sche
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage [Line Items] | ' | ' | ' | ' |
Net sales and revenue | $166,505 | $178,849 | $520,867 | $482,912 |
Gross profit | 18,178 | 3,741 | 38,258 | 16,203 |
Income from continuing operations before income taxes | 15,998 | 979 | 32,365 | 4,543 |
Alternative Energy Segment [Member] | Ethanol [Member] | ' | ' | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage [Line Items] | ' | ' | ' | ' |
Sale of Product | 76.00% | 74.00% | 75.00% | 76.00% |
Alternative Energy Segment [Member] | Dried Distillers Grains [Member] | ' | ' | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage [Line Items] | ' | ' | ' | ' |
Sale of Product | 19.00% | 19.00% | 18.00% | 18.00% |
Alternative Energy Segment [Member] | Modified Distillers Grains [Member] | ' | ' | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage [Line Items] | ' | ' | ' | ' |
Sale of Product | 2.00% | 4.00% | 4.00% | 3.00% |
Alternative Energy Segment [Member] | Other Products [Member] | ' | ' | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage [Line Items] | ' | ' | ' | ' |
Sale of Product | 3.00% | 3.00% | 3.00% | 3.00% |
Alternative Energy Segment [Member] | ' | ' | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage [Line Items] | ' | ' | ' | ' |
Net sales and revenue | 166,039 | 178,495 | 519,653 | 481,938 |
Gross profit | 18,002 | 3,686 | 37,918 | 16,224 |
Income from continuing operations before income taxes | 16,491 | 1,586 | 34,231 | 6,478 |
Sale of Product | 100.00% | 100.00% | 100.00% | 100.00% |
Real Estate Segment [Member] | ' | ' | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage [Line Items] | ' | ' | ' | ' |
Net sales and revenue | 466 | 354 | 1,214 | 974 |
Gross profit | 176 | 55 | 340 | -21 |
Income from continuing operations before income taxes | 115 | -6 | 157 | -218 |
Lease revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Corporate Segment [Member] | ' | ' | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information, Profit Loss and Revenue Percentage [Line Items] | ' | ' | ' | ' |
Income from continuing operations before income taxes | ($608) | ($601) | ($2,023) | ($1,717) |
Segment_Reporting_Details_Sche1
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets [Line Items] | ' | ' |
Assets | $410,705 | $405,330 |
Alternative Energy Segment [Member] | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets [Line Items] | ' | ' |
Assets | 354,152 | 337,857 |
Real Estate Segment [Member] | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets [Line Items] | ' | ' |
Assets | 9,650 | 13,326 |
Corporate Segment [Member] | ' | ' |
Segment Reporting (Details) - Schedule of Segment Reporting Information Assets [Line Items] | ' | ' |
Assets | $46,903 | $54,147 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
One Earth Energy [Member] | One Earth Energy [Member] | |||
Related-Party Transactions (Details) [Line Items] | ' | ' | ' | ' |
Related Party Transaction, Purchases from Related Party | $208 | $199.90 | $57.60 | $79 |