AMREP REPORTS THIRD QUARTER FISCAL 2021 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 THIRD QUARTER FISCAL 2021 RESULTS
Plymouth Meeting, Pennsylvania, March 11, 2021 – AMREP Corporation (NYSE:AXR) today reported net income of $2,093,000, or $0.29 per share, for its 2021 fiscal third quarter ended January 31, 2021 compared to net income of $338,000, or $0.04 per share, for the same period of the prior year. For the first nine months of 2021, AMREP had net income of $3,484,000, or $0.44 per share, compared to a net loss of $2,027,000, or $0.25 per share, for the same period of 2020.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
FINANCIAL HIGHLIGHTS
| Three Months Ended January 31, | ||||
| 2021 | 2020 | |||
| Revenues | $ 7,864,000 | $ 5,287,000 | ||
| Net income (loss) | $ 2,093,000 | $ 338,000 | ||
| Income (loss) per share – basic | $ 0.29 | $ 0.04 | ||
| Income (loss) per share – diluted | $ 0.28 | $ 0.04 | ||
| Weighted average number of common shares outstanding – basic | 7,343,000 | 8,138,000 | ||
| Weighted average number of common shares outstanding – diluted | 7,372,000 | 8,174,000 | ||
| Nine Months Ended January 31, | |||||
| 2021 | 2020 | ||||
| Revenues | $ 21,326,000 | $ 14,014,000 | |||
| Net income (loss) | $ 3,484,000 | $ (2,027,000) | |||
| Income (loss) per share – basic | $ 0.44 | $ (0.25) | |||
| Income (loss) per share – diluted | $ 0.44 | $ (0.25) | |||
| Weighted average number of common shares outstanding – basic | 7,872,000 | 8,129,000 | |||
| Weighted average number of common shares outstanding – diluted | 7,903,000 | 8,129,000 | |||
AMREP Corporation’s financial statements on Form 10-Q 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/).
