AMREP REPORTS SECOND QUARTER FISCAL 2021 RESULTS

AMREP REPORTS SECOND 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 SECOND QUARTER FISCAL 2021 RESULTS

Plymouth Meeting, Pennsylvania, December 8, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $798,000, or $0.10 per share, for its 2021 fiscal second quarter ended October 31, 2020 compared to a net loss of $2,169,000, or $0.27 per share, for the same period of the prior year. For the first six months of 2021, AMREP had net income of $1,391,000, or $0.17 per share, compared to a net loss of $2,365,000, or $0.29 per share, for the same period of 2020.  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.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

  Three Months Ended October 31,
  2020 2019
     
Revenues $      9,256,000 $     3,960,000
     
Net income (loss) $         798,000 $  (2,169,000)
     
Income (loss) per share – Basic and Diluted $               0.10 $           (0.27)
     
Weighted average number of common shares outstanding – basic 8,122,000 8,129,000
Weighted average number of common shares outstanding – diluted 8,152,000 8,129,000
  Six Months Ended October 31,
  2020 2019
     
Revenues $    13,462,000 $      8,727,000
     
Net income (loss) $      1,391,000 $   (2,365,000)
     
Income (loss) per share – Basic and Diluted $               0.17 $            (0.29)
     
Weighted average number of common shares outstanding – basic 8,136,000 8,125,000
Weighted average number of common shares outstanding – diluted 8,168,000 8,125,000

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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