REX American Resources Corporation

Good morning, and welcome to the REX American Resources fourth quarter and full fiscal year 2023 conference call. As a reminder, today's call is being recorded, and at this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. I would now like to turn the call over to Mr. Doug Bregman, Chief Financial Officer of REX American. Please go ahead.

Good morning, and thank you for joining REC's American Resources Q4 and full fiscal year 2023 conference call. I have joining me on the call Stuart Rose, Executive Chairman, and Zafar Rizvi, Chief Executive Officer. We'll get to our presentation and comments momentarily, as well as your questions and answer session, but first I will review the Safe Harbor Disclosure. In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements that involve risk and uncertainties within the meaning of the Private Security Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations and beliefs, but are not guarantees of future performance. As such, actual results may vary materially from expectations. The risk and uncertainties associated with the forward-looking statements are described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and 10-Q. Rex American Resources assumes no obligation to publicly update or revise any forward-looking statements. I would now like to turn the call over to Stuart Rose.

Good morning, and thank you again to everyone for joining us. Fiscal 2023 was a great year for Rex American. Our core business of ethanol and coproduct production was strong, with 285.9 million gallons of ethanol sold, an increase of more than 7% over 2022. We kicked off construction of the One Earth Energy Carbon Capture and Sequestration Project at our Gibson City, Illinois, location. We are also on track to complete the first phase of ethanol production capacity expansion to one earth energy facility. On the financial front, 2023 saw the most profitable quarter in the company's history from a net income per share perspective during the third quarter. I'm also proud to announce that both fourth quarter and full year 2023 were the second most profitable quarter in and full year in Rex's 39-year history as a public company. This is quite an achievement for our company. Across the board during 2023, the team at Rex American consistently looked over the horizon, identified and met challenges, proactively drove success throughout the year. I'd like to thank everyone in our company for their hard work and dedication to making Rex a successful and profitable company that it is. Our operational excellence has been the cornerstone of our success. Humans in the market every day monitoring and optimizing our contract positions to continue producing ethanol and coal products efficiently and profitably. Our commitment to innovation and sustainability has never been stronger, as evidenced by the ongoing construction and permitting process for our carbon capture project, which, if successful, will reduce Rex's carbon footprint and produce net income benefits. We expect the One Earth Energy CCS project to add significantly to our financial results once it is approved and up and running. This assumes we receive all necessary permits and approvals. As far as the additional avenues of growth, we're always looking at facilities that come on the market. Though at present, we do not see opportunities that fit within our standards of quality and which make economic sense to our portfolio. I'm proud of the work we have done and excited about the direction of our company as we look into the next several years. I now turn things over to CEO Zafar Rizvi to discuss the One Earth project in greater detail.