AMREP Reports Second Quarter Fiscal 2020 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 SECOND QUARTER FISCAL 2020 RESULTS

Plymouth Meeting, Pennsylvania, December 10, 2019 – AMREP Corporation (NYSE: AXR) today reported a net loss of $2,169,000, or $0.27 per share, for its 2020 fiscal second quarter ended October 31, 2019 compared to net income of $55,000, or $0.00 per share, for the same period of the prior year. For the first six months of 2020, AMREP had a net loss of $2,365,000, or $0.29 per share, compared to net income of $116,000, or $0.01 per share, for the same period of 2019. During the second quarter of 2020, AMREP recognized a non-cash pre-tax settlement charge of $2,929,000 due to AMREP’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees. The results of the second quarter of the prior year reflected a net loss from continuing operations of $580,000 and net income from discontinued operations of $635,000. The first six months of the prior year reflected a net loss from continuing operations of $1,242,000 and net income from discontinued operations of $1,358,000. 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

		Three Months Ended October 31, 2019
		2019		2018
Revenues		$3,960,000		$ 2,620,000
Net (loss) from continuing operations		$(2,169,000)		$ (580,000)
Net income from discontinued operations		–		$ 635,000
Net income		$(2,169,000)		$ 55,000
(Loss) per share from continuing operations – Basic and Diluted		$ (0.27)		$ (0.08)
Income per share from discontinued operations – Basic and Diluted		–		$ 0.08
Income per share – Basic and Diluted		$ (0.27)		$ 0.00
Weighted average number of common shares outstanding – basic		8,129,000		8,095,000
Weighted average number of common shares outstanding – diluted		8,129,000		8,146,000

 

		Six Months Ended October 31, 2019
		2019		2018
Revenues		$8,727,000		$ 6,858,000
Net (loss) from continuing operations		$(2,365,000)		$ (1,242,000)
Net income from discontinued operations		–		$ 1,358,000
Net income		$ (2,365,000)		$ 116,000
(Loss) per share from continuing operations – Basic and Diluted		$ (0.29)		$ (0.16)
Income per share from discontinued operations – Basic and Diluted		–		$ 0.17
Income per share – Basic and Diluted		$ (0.29)		$ 0.01
Weighted average number of common shares outstanding – basic		8,125,000		8,090,000
Weighted average number of common shares outstanding – diluted		8,125,000		8,135,000

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).