8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 15, 2010

REX STORES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-09097	31-1095548
(State or other jurisdiction	(Commission File No.)	(IRS Employer Identification No.)
of incorporation)

2875 Needmore Road, Dayton, Ohio	45414
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (937) 276-3931

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.   Results of Operations and Financial Condition

On April 15, 2010, REX Stores Corporation issued a press release announcing financial results for the three month and twelve month periods ended January 31, 2010. The press release is furnished as Exhibit 99 to this report.

Item 9.01.   Financial Statements and Exhibits
	(c)	Exhibits. The following exhibits are furnished with this report: 99   Press Release dated April 15, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	REX STORES CORPORATION
Date: April 15, 2010	By:	/s/ DOUGLAS L. BRUGGEMAN
		----------------------------------------------------
		Name: Douglas L. Bruggeman
		Title:   Vice President - Finance,
		Chief Financial Officer
		and Treasurer

EX-99

Exhibit 99

News Announcement	For Immediate Release
For further information contact:
Douglas Bruggeman	Joseph N. Jaffoni/David Collins
Chief Financial Officer	Jaffoni & Collins Incorporated
937/276-3931	212/835-8500 or rsc@jcir.com

REX REPORTS Q4 INCOME FROM CONTINUING

OPERATIONS OF $0.54 PER DILUTED SHARE

- Reports Fiscal 2009 Fourth Quarter Net Income Attributable to

Common Shareholders of $7.3 Million or $0.75 Per Diluted Share -

- Plans to Change Company Name to REX American Resources Corporation

Subject to Shareholder Approval -

Dayton, Ohio (April 15, 2010) – REX Stores Corporation (NYSE: RSC) today announced financial results for its fiscal 2009 fourth quarter (“Q4 ‘09”) ended January 31, 2010. REX will host a conference call and webcast today at 11:00 a.m. ET to review the results:

Conference Call Dial-In:	212/231-2915
Webcast / Replay URL:	www.rextv.com/Corp/Page4.aspx
	The webcast will be available for replay for 30 days

REX plans to change the Company’s name to REX American Resources Corporation and its stock trading symbol to “REX.” The name change will be subject to shareholder approval at REX’s Annual Meeting on June 9 and, if approved, the symbol change will occur thereafter.

Summary Consolidated Operating Results and Balance Sheet Review

REX reported net sales and revenue of $77.2 million in Q4 ‘09 compared with net sales and revenue of $19.9 million in Q4 ‘08. For Q4 ‘09, REX recorded income from continuing operations before income taxes and non-controlling interests of $13.2 million compared with a $5.3 million loss in the comparable prior year period. The pre-tax income from continuing operations is inclusive of a $0.9 million and $4.3 million loss on derivative financial instruments in Q4 ‘09 and Q4 ‘08, respectively. In the quarter ended January 31, 2010, REX generated income from continuing operations net of taxes and non-controlling interests of $5.2 million, or $0.54 per diluted share, compared with a loss net of taxes and non-controlling interests of $2.5 million, or $0.26 per diluted share, in the comparable prior year period.

For Q4 ‘09 REX generated net income attributable to common shareholders of $7.3 million, or $0.75 per diluted share, versus a net loss attributable to common shareholders of $5.4 million, or a $0.57 per diluted share loss, in Q4 ‘08. Per share results are based on 9,707,000 and 9,516,000 diluted weighted average shares outstanding for the Q4 ‘09 and Q4 ‘08 quarters, respectively.

-more-

REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 page 2

REX reported fiscal 2009 net sales and revenue of $170.3 million compared with net sales and revenue of $68.6 million in fiscal 2008. For fiscal 2009 REX generated net income attributable to common shareholders of $8.6 million, or $0.91 per diluted share, versus a net loss attributable to common shareholders of $3.3 million, or a $0.32 per diluted share loss, in fiscal 2008. Per share results are based on 9,551,000 and 10,170,000 diluted weighted average shares outstanding for the fiscal 2009 and fiscal 2008, respectively.

At January 31, 2010, REX had cash and cash equivalents of $100.4 million, including $82.5 million of cash at the parent company (exclusive of approximately $17.9 million of cash at consolidated ethanol production facilities), compared with cash and cash equivalents of $92.0 million at January 31, 2009 including $90.0 million of cash at the parent company (exclusive of approximately $2.0 million of cash at consolidated ethanol production facilities).

REX repurchased 597,000 shares and 62,000 shares of its common stock in open market transactions in fiscal 2009 and Q4 ‘09, respectively. Reflecting its current repurchase authorization, REX is presently authorized to repurchase up to 481,000 shares of its common stock.

Segment Income Statement Data

REX’s financial results primarily reflect its interests in six ethanol production facilities, including the consolidation of its investments in two ethanol affiliates, Levelland Hockley County Ethanol, LLC (“Levelland Hockley”) and One Earth Energy, LLC (“One Earth”).

At January 31, 2010, REX had lease or sub-lease agreements, as landlord for all or parts of 10 former retail store locations (including one property that REX leases and sub-leases). REX also has 31 former retail stores and one former distribution center that were vacant at January 31, 2010 which it is marketing to lease or sell. In addition one former distribution center is partially leased, partially occupied for the REX corporate office and partially vacant. The Q4 ‘09 real estate revenue reflects rental income derived from these sites.

REX exited its retail operations earlier in fiscal 2009 and the retail operations results are classified as discontinued operations. Certain amounts differ from those previously reported as a result of retail operations and certain real estate assets being reclassified as discontinued operations.

In Q4 ‘09 REX recorded $0.8 million of income from discontinued operations, net of tax compared with a $3.0 million loss from discontinued operations, net of tax in Q4‘08. In Q4 ‘09 REX recorded $1.3 million of income, net of tax related to gains on the disposal of discontinued operations, primarily related to the disposal of three properties formerly used in its retail operations compared with $0.1 million of income, net of tax related to the disposal of discontinued operations in the same period last fiscal year.

The table below summarizes net sales and revenue from REX’s alternative energy and real estate segments and income (loss) from continuing operations for the three and twelve month periods ended January 31, 2010 and January 31, 2009.

-more-

REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 page 3

	Three Months Ended						Twelve Months Ended
($in thousands)	January 31,						January 31,
	2010			2009			2010			2009
Net sales and revenue:
Alternative energy (1)	$	76,879		$	19,755		$	169,175		$	68,223
Real estate		295			111			1,089			415
Total net sales and revenues	$	77,174		$	19,866		$	170,264		$	68,638
Segment gross profit (loss):
Alternative energy (1)	$	14,691		$	2,560		$	21,923		$	807
Real estate		(1,806	)		111			(2,190	)		398
Total gross profit	$	12,885		$	2,671		$	19,733		$	1,205
Segment profit (loss):
Alternative energy (1)	$	15,604		$	(5,223	)	$	17,811		$	(8,992	)
Real estate		(1,877	)		50			(2,373	)		116
Corporate expense		(491	)		(438	)		(1,721	)		(2,038	)
Interest expense		(59	)		(96	)		(369	)		(387	)
Interest income		33			433			263			1,788
Income from synthetic fuel investments		—			—			—			691
Income (loss) from continuing operations before income taxes and non-controlling interests	$	13,210		$	(5,274	)	$	13,611		$	(8,822	)

(1) Includes results attributable to non-controlling interest of approximately 44% for Levelland Hockley and 26% for One Earth Energy.

Supplemental Data Related to REX’s Alternative Energy Interests

At January 31, 2010 REX had interests in the following ethanol production facilities:

Entity	REX’s Capital Investment ($ in millions)	REX’s Ownership Interest		Debt Investment ($ in millions)			Production Nameplate Capacity (millions of gallons)	Contingent Commitment ($ in millions)
Levelland Hockley County Ethanol, LLC	$16.5	56	%		$	6.3	40		$	1.5
Patriot Renewable Fuels, LLC	$16.0	23	%		$	1.0	100			—
One Earth Energy, LLC	$50.8	74	%			—	100			—
Big River Resources, LLC-W. Burlington		10	%			—	92			—
Big River Resources, LLC-Galva	$20.0	10	%			—	100			—
Big River United Energy, LLC (Dyersville) (1)		5	%			—	100			—

(1) In August 2009, Big River Resources acquired a 50.5% interest in an ethanol production facility in Dyersville, Iowa. Reflecting REX’s 10% ownership interest in Big River Resources, LLC, REX has an ownership interest in this entity.

The following table summarizes select data related to the Company’s alternative energy interests:

($ in thousands)	Three Months Ended January 31,								Twelve Months Ended January 31,
	2010				2009				2010				2009
Sales of Products:
Alternative Energy Segment
Ethanol	$	65,335	85	%	$	15,633	79	%	$	140,443	83	%	$	55,989	82	%
Dried distiller grains		9,314	12	%		1,839	10	%		20,223	12	%		6,478	10	%
Wet distiller grains		2,092	3	%		2,127	11	%		7,953	5	%		5,449	8	%
Other		138	—	%		156	—	%		556	—	%		307	—	%
TOTAL ALTERNATIVE ENERGY SALES	$	76,879	100	%	$	19,755	100	%	$	169,175	100	%	$	68,223	100	%

-more-

REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 page 4

The following table summarizes selected operating data from Levelland Hockley and One Earth, the Company’s consolidated ethanol production facilities:

	Three Months Ended January 31,				Twelve Months Ended January 31,
	2010		2009		2010		2009
Average selling price per gallon of ethanol	$	1.80	$	1.79	$	1.68	$	2.14
Average selling price per ton of dried distiller grains	$	111.16	$	170.93	$	112.29	$	180.42
Average selling price per ton of wet distiller grains	$	31.26	$	54.24	$	41.53	$	51.74
Average cost per bushel of grain	$	3.53	$	3.81	$	3.58	$	4.82
Average cost of natural gas (per mmbtu)	$	4.42	$	6.64	$	4.28	$	9.01

This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, sorghum, dried distiller grains, ethanol, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather, the effects of terrorism or acts of war, changes in real estate market conditions and the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except as required by law.

-tables follow-

REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 page 5

REX STORES CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements of Operations

(in thousands, except per share amounts)

Unaudited

	Three Months Ended						Twelve Months Ended
	January 31,						January 31,
	2010			2009			2010			2009
Net sales and revenue	$	77,174		$	19,866		$	170,264		$	68,638
Costs of sales		64,289			17,195			150,531			67,433
Gross profit		12,885			2,671			19,733			1,205
Selling, general and administrative expenses		(2,210	)		(867	)		(6,025	)		(6,640	)
Interest income		89			438			445			2,044
Interest expense		(1,494	)		(1,117	)		(4,741	)		(3,174	)
Other income		(18	)		—			748			—
Loss on early termination of debt		—			—			(89	)		—
Equity in income of unconsolidated ethanol affiliates		4,883			(2,117	)		6,027			849
Income from synthetic fuel investments		—			—			—			691
Losses on derivative financial instruments		(925	)		(4,282	)		(2,487	)		(3,797	)
Income (loss) from continuing operations before income taxes, and non-controlling interests		13,210			(5,274	)		13,611			(8,822	)
(Provision) benefit for income taxes		(4,274	)		2,049			(4,553	)		2,747
Income (loss) from continuing operations including non-controlling interests		8,936			(3,225	)		9,058			(6,075	)
Income (loss) from discontinued operations, net of tax		791			(3,014	)		2,120			(2,176	)
Gains on disposal of discontinued operations, net of tax		1,251			135			1,374			1,798
Net income (loss) including non-controlling interests		10,978			(6,104	)		12,552			(6,453	)
Net (income) loss attributable to non-controlling interests		(3,705	)		725			(3,900	)		3,156
Net income (loss) attributable to REX common shareholders	$	7,273		$	(5,379	)	$	8,652		$	(3,297	)
Weighted average shares outstanding - basic		9,326			9,516			9,254			10,170
Basic income (loss) per share from continuing operations*	$	0.56		$	(0.26	)	$	0.55		$	(0.29	)
Basic income (loss) per share from discontinued operations*		0.09			(0.32	)		0.23			(0.21	)
Basic income per share on disposal of discontinued operations*		0.13			0.01			0.15			0.18
Basic net income (loss) per share attributable to REX common shareholders	$	0.78		$	(0.57	)	$	0.93		$	(0.32	)
Weighted average shares outstanding – diluted		9,707			9,516			9,551			10,170
Diluted income (loss) per share from continuing operations*	$	0.54		$	(0.26	)	$	0.54		$	(0.29	)
Diluted income (loss) per share from discontinued operations*		0.08			(0.32	)		0.22			(0.21	)
Diluted income per share on disposal of discontinued operations*		0.13			0.01			0.15			0.18
Diluted net income (loss) per share attributable to REX common shareholders	$	0.75		$	(0.57	)	$	0.91		$	(0.32	)

^*  Attributable to REX common shareholders

Amounts differ from those previously reported as a result of retail operations and certain real estate assets being reclassified as discontinued operations.

- balance sheet follows -

REX Reports Fiscal 2009 Fourth Quarter Results, 4/15/10 page 6

REX STORES CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(in thousands) Unaudited

	January 31, 2010			January 31, 2009			January 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	100,398		$	91,991		$	127,716
Accounts receivable-net		9,123			4,197			1,877
Inventory-net		8,698			24,374			49,933
Refundable income taxes		12,813			7,790			1,522
Prepaid expenses and other		2,691			1,063			1,543
Deferred taxes-net		6,375			13,230			10,599
Total current assets		140,098			142,645			193,190
Property and equipment-net		246,874			235,454			136,505
Other assets		8,880			12,414			14,803
Goodwill		—			—			1,322
Deferred taxes-net		8,468			18,697			21,929
Equity method investments		44,071			38,861			38,748
Investment in debt instruments		1,014			933			—
Restricted investments		2,100			2,284			2,481
Total assets	$	451,505		$	451,288		$	408,978
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Current portion of long-term debt and capital lease obligations-alternative energy	$	12,935		$	5,898		$	1,790
Current portion of long-term debt-other		371			1,576			2,311
Accounts payable - trade		6,976			24,917			27,253
Deferred income - extended warranties		7,818			11,952			14,448
Accrued restructuring charges		511			4,171			—
Deferred gain on sale and leaseback		—			1,558			1,436
Derivative financial instruments		1,829			1,996			293
Accrued real estate taxes		2,968			1,002			709
Other current liabilities		5,442			5,199			12,908
Total current liabilities		38,850			58,269			61,148
Long Term Liabilities
Long-term mortgage debt and capital lease obligations-alternative energy		124,093			94,003			22,072
Long-term mortgage debt and capital lease obligations		2,596			9,936			13,152
Deferred income - extended warranties		6,396			13,796			17,172
Deferred gain on sale and leaseback		—			3,467			4,493
Derivative financial instruments		4,055			4,032			2,308
Other		419			4,152			4,313
Total long-term liabilities		137,559			129,386			63,510
SHAREHOLDERS’ EQUITY:
Common stock		299			299			298
Paid-in capital		141,698			142,486			141,357
Retained earnings		290,984			282,332			285,629
Treasury stock		(186,407	)		(186,057	)		(170,693	)
Accumulated other comprehensive income, net of tax		49			—			—
Total REX shareholders’ equity		246,623			239,060			256,591
Non-controlling interests		28,473			24,573			27,729
Total equity		275,096			263,633			284,320
Total liabilities and shareholders’ equity	$	451,505		$	451,288		$	408,978

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