AMREP REPORTS THIRD QUARTER FISCAL 2020 RESULTS

AMREP REPORTS THIRD QUARTER FISCAL 2020 RESULTS

FOR:                 AMREP Corporation

620 West Germantown Pike, Suite 175

Plymouth Meeting, Pennsylvania 19462

 

CONTACT:       James McMonagle

Vice President and Chief Financial Officer

(610) 487-0904

 

AMREP REPORTS THIRD QUARTER FISCAL 2020 RESULTS

Plymouth Meeting, Pennsylvania, March 6, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $338,000, or $0.04 per share, for its 2020 fiscal third quarter ended January 31, 2020 compared to a net loss of $32,000, or $0.00 per share, for the same period of the prior year. For the first nine months of 2020, AMREP had a net loss of $2,027,000, or $0.25 per share, compared to net income of $84,000, or $0.01 per share, for the same period of 2019.

The results of the third quarter of the prior year reflected a net loss from continuing operations of $1,455,000 and net income from discontinued operations of $1,423,000. The first nine months of the prior year reflected a net loss from continuing operations of $2,696,000 and net income from discontinued operations of $2,780,000. 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 January 31,
2020 2019
Revenues $    5,287,000 $    2,381,000
Net income (loss) from continuing operations $       338,000 $   (1,455,000)
Net income from discontinued operations $    1,423,000
Net income (loss) $       338,000 $       (32,000)
Income (loss) per share from continuing operations – Basic and Diluted $           0.04 $           (0.18)
Income per share from discontinued operations – Basic and Diluted $             0.18
Income (loss) per share – Basic and Diluted $           0.04 $           (0.00)
Weighted average number of common shares outstanding – basic      8,138,000      8,103,000
Weighted average number of common shares outstanding – diluted      8,174,000      8,103,000

 

Nine Months Ended January 31,
2020 2019
Revenues $    14,014,000 $      9,239,000
Net (loss) from continuing operations $   (2,027,000) $   (2,696,000)
Net income from discontinued operations $     2,780,000
Net (loss) income $   (2,027,000) $         84,000
(Loss) per share from continuing operations – Basic and Diluted $           (0.25) $            (0.33)
Income per share from discontinued operations – Basic and Diluted $              0.34
(Loss) income per share – Basic and Diluted $           (0.25) $             0.01
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      8,140,000

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).