Rex Stores announces $5 million loss, confirms ethanol-focused strategy

In Ohio, Rex Stores announced losses of $5 million for the first quarter of 2009, and restated its goal of exiting the retail business and focusing on its two ethanol investments in the Levelland Hockley County Ethanol and One Earth Energy plants. The company said that it had recorded $4.3 million of realized and unrealized pre-tax losses from interest rate derivative financial instruments held by its consolidated ethanol entities.

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