AMREP REPORTS FISCAL 2020 RESULTS
FOR:
AMREP Corporation
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
CONTACT:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907
AMREP REPORTS FISCAL 2020 RESULTS
Plymouth Meeting, Pennsylvania, July 27, 2020 – AMREP Corporation (NYSE: AXR) today reported a net loss of $5,903,000, or $0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of $1,527,000, or $0.19 per share, for the prior year.
Results for 2020 included $8,600,000 of non-cash charges comprised of: (1) a non-cash pre-tax pension settlement charge of $2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and (2) net non-cash pre-tax impairment charges on other assets of $5,046,000 in connection with certain deemed consideration from the sale of the Company’s fulfillment services business. Results for 2019 reflected a net loss from continuing operations of $2,465,000 and net income from discontinued operations of $3,992,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.
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, | ||||
| 2020 | 2019 | |||
| Revenues | $ 18,783,000 | $ 12,754,000 | ||
| Net income (loss) from continuing operations | $ (5,903,000) | $ (2,465,000) | ||
| Net income from discontinued operations | – | $ 3,992,000 | ||
| Net income (loss) | $ (5,903,000) | $ 1,527,000 | ||
| (Loss) per share from continuing operations – Basic and Diluted | $ (0.73) | $ (0.30) | ||
| Income per share from discontinued operations – Basic and Diluted | $ – | $ 0.49 | ||
| (Loss) income per share – Basic and Diluted | $ (0.73) | $ 0.19 | ||
| Weighted average number of common shares outstanding – basic | 8,134,000 | 8,099,000 | ||
| Weighted average number of common shares outstanding – diluted | 8,134,000 | 8,145,000 | ||
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/sec-filings/).
