AMREP REPORTS FISCAL 2020 RESULTSadmin
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
Adrienne M. Uleau
Vice President, Finance and Accounting
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 $3,992,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
|Twelve Months Ended April 30,|
|Revenues||$ 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/).