AMREP REPORTS FISCAL 2019 RESULTS

By admin 2019 Press Releases Comments Off

FOR:	AMREP Corporation 620 West Germantown Pike, Suite 175 Plymouth Meeting, Pennsylvania 19462

CONTACT:	James M. McMonagle Vice President and Chief Financial Officer (610) 487-0904

Plymouth Meeting, Pennsylvania, July 26, 2019 – AMREP Corporation (NYSE: AXR) today reported net income of $1,527,000, or $0.19 per share, for its 2019 fiscal year ended April 30, 2019 compared to net income of $238,000, or $0.03 per share, for the prior year. These results reflect both continuing and discontinued operations. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019. AMREP reported a net loss from continuing operations of $2,465,000, or $0.30 per share, for its 2019 fiscal year ended April 30, 2019 compared to a net loss from continuing operations of $2,564,000, or $0.32 per share, for the prior year. Results for 2018 included a non-cash increase in income tax expense arising from certain federal tax law changes enacted during 2018.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

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FINANCIAL HIGHLIGHTS

	Twelve Months Ended April 30,
	2019	2018
Revenues from continuing operations	$ 12,831,000	$ 8,927,000

Net (loss) from continuing operations	$ (2,465,000)	$ (2,564,000)

Net income from discontinued operations	$ 3,992,000	$ 2,802,000

Net Income	$ 1,527,000	$ 238,000

(Loss) per share from continuing operations – Basic and Diluted	$ (0.30)	$ (0.32)

Income per share from discontinued operations – Basic and Diluted	$ 0.49	$ 0.35

Income per share – Basic and Diluted	$ 0.19	$ 0.03

Weighted average number of common shares outstanding – basic	8,099,000	8,073,000
Weighted average number of common shares outstanding – diluted	8,145,000	8,104,000

AMREP Corporation’s financial statements on Form 10-K are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on AMREP’s website (www.amrepcorp.com/SECfiles.asp).

AMREP REPORTS FISCAL 2019 RESULTS

AMREP REPORTS FISCAL 2019 RESULTS

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