AMREP REPORTS FISCAL 2019 RESULTS

AMREP REPORTS FISCAL 2019 RESULTS

 


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

AMREP REPORTS FISCAL 2019 RESULTS

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.


#####


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).