AMREP REPORTS THIRD QUARTER FISCAL 2021 RESULTS

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/).

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