AMREP REPORTS THIRD QUARTER FISCAL 2022 RESULTS

AMREP REPORTS THIRD QUARTER FISCAL 2022 RESULTS

FOR:                      AMREP Corporation

                                850 West Chester Pike, Suite 205

Havertown, PA 19083

CONTACT:          Adrienne M. Uleau

                                Vice President, Finance and Accounting

                                (610) 487-0907

AMREP REPORTS THIRD QUARTER FISCAL 2022 RESULTS

Havertown, Pennsylvania, March 10, 2022 – AMREP Corporation (NYSE:AXR) today reported net income of $910,000, or $0.12 per diluted share, for its 2022 fiscal third quarter ended January 31, 2022 compared to net income of $2,093,000, or $0.28 per diluted share, for the same period of the prior year. For the first nine months of 2022, AMREP had net income of $5,873,000, or $0.80 per diluted share, compared to net income of $3,484,000, or $0.44 per diluted share, for the same period of 2021. Revenues were $9,816,000 and $36,559,000 for the third quarter and first nine months of 2022 and $7,864,000 and $21,326,000 for the third quarter and first nine months of 2021.

More information about the Company’s financial performance may be found in AMREP Corporation’s financial statements on Form 10-Q which have today been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).

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

FINANCIAL HIGHLIGHTS

    Three Months Ended January 31,
    2022   2021
Revenues   $     9,816,000     $     7,864,000  
Net income (loss)   $        910,000     $     2,093,000  
Income (loss) per share – basic   $              0.12    $              0.29 
Income (loss) per share – diluted   $              0.12    $              0.28 
Weighted average number of common shares outstanding – basic   7,363,000   7,343,000
Weighted average number of common shares outstanding – diluted   7,385,000   7,372,000
    Nine Months Ended January 31,
    2022   2021
Revenues   $   36,559,000     $   21,326,000  
Net income (loss)   $     5,873,000         $     3,484,000  
Income (loss) per share – basic   $              0.80    $              0.44 
Income (loss) per share – diluted   $              0.80    $              0.44 
Weighted average number of common shares outstanding – basic   7,357,000   7,872,000
Weighted average number of common shares outstanding – diluted   7,380,000   7,903,000

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