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).
