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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 SECOND QUARTER FISCAL 2022 RESULTS

Havertown, Pennsylvania, December 8, 2021 – AMREP Corporation (NYSE:AXR) today reported net income of $3,326,000, or $0.45 per diluted share, for its 2022 fiscal second quarter ended October 31, 2021 compared to net income of $798,000, or $0.10 per diluted share, for the same period of the prior year. For the first six months of 2022, AMREP had net income of $4,963,000, or $0.67 per diluted share, compared to net income of $1,391,000, or $0.17 per diluted share, for the same period of 2021. Revenues were $16,236,000 and $26,743,000 for the second quarter and first six months of 2022 and $9,256,000 and $13,462,000 for the second quarter and first six 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 October 31,
		2021		2020
Revenues		$   16,236,000		$     9,256,000
Net income (loss)		$     3,326,000		$        798,000
Income (loss) per share – basic		$              0.45		$              0.10
Income (loss) per share – diluted		$              0.45		$              0.10
Weighted average number of common shares outstanding – basic		7,361,000		8,122,000
Weighted average number of common shares outstanding – diluted		7,383,000		8,152,000

 

		Six Months Ended October 31,
		2021		2020
Revenues		$   26,743,000		$   13,462,000
Net income (loss)		$     4,963,000		$     1,391,000
Income (loss) per share – basic		$              0.67		$              0.17
Income (loss) per share – diluted		$              0.67		$              0.17
Weighted average number of common shares outstanding – basic		7,354,000		8,136,000
Weighted average number of common shares outstanding – diluted		7,378,000		8,168,000

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 FIRST QUARTER FISCAL 2022 RESULTS

Havertown, Pennsylvania, September 14, 2021 – AMREP Corporation (NYSE:AXR) today reported net income of $1,637,000, or $0.22 per diluted share, for its 2022 fiscal first quarter ended July 31, 2021 compared to net income of $593,000, or $0.07 per diluted share, for the same period of the prior year.  Revenues were $10,507,000 for the first quarter of 2022 and $4,206,000 for the first quarter of 2021.

More information about the Company’s financial performance for the first quarters of 2022 and 2021 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 July 31,
		2021		2020
Revenues		$    10,507,000		$      4,206,000
Net income (loss)		$      1,637,000		$      593,000
Income (loss) per share – basic		$              0.22		$              0.07
Income (loss) per share – diluted		$              0.22		$              0.07
Weighted average number of common shares outstanding – basic		7,346,000		8,151,000
Weighted average number of common shares outstanding – diluted		7,373,000		8,182,000

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 THIRD QUARTER FISCAL 2021 RESULTS

Plymouth Meeting, Pennsylvania, March 11, 2021 – AMREP Corporation (NYSE:AXR) today reported net income of $2,093,000, or $0.29 per share, for its 2021 fiscal third quarter ended January 31, 2021 compared to net income of $338,000, or $0.04 per share, for the same period of the prior year. For the first nine months of 2021, AMREP had net income of $3,484,000, or $0.44 per share, compared to a net loss of $2,027,000, or $0.25 per share, for the same period of 2020.

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,
		2021		2020
Revenues		$      7,864,000		$     5,287,000
Net income (loss)		$      2,093,000		$        338,000
Income (loss) per share – basic		$               0.29		$              0.04
Income (loss) per share – diluted		$               0.28		$              0.04
Weighted average number of common shares outstanding – basic		7,343,000		8,138,000
Weighted average number of common shares outstanding – diluted		7,372,000		8,174,000

 

 

		Nine Months Ended January 31,
		2021			2020
Revenues		$    21,326,000			$    14,014,000
Net income (loss)		$      3,484,000			$   (2,027,000)
Income (loss) per share – basic		$               0.44		$            (0.25)
Income (loss) per share – diluted		$               0.44		$            (0.25)
Weighted average number of common shares outstanding – basic		7,872,000			8,129,000
Weighted average number of common shares outstanding – diluted		7,903,000			8,129,000

 

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/).

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 FISCAL 2020 RESULTS

Plymouth Meeting, Pennsylvania, July 27, 2020 – AMREP Corporation (NYSE: AXR) today reported a net loss of $5,903,000, or $0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of $1,527,000, or $0.19 per share, for the prior year.

Results for 2020 included $8,600,000 of non-cash charges comprised of: (1) a non-cash pre-tax pension settlement charge of $2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and (2) net non-cash pre-tax impairment charges on other assets of $5,046,000 in connection with certain deemed consideration from the sale of the Company’s fulfillment services business. Results for 2019 reflected a net loss from continuing operations of $2,465,000 and net income from discontinued operations of $3,992,000. 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

		Twelve Months Ended April 30,
		2020		2019
Revenues		$   18,783,000		$ 12,754,000
Net income (loss) from continuing operations		$  (5,903,000)		$ (2,465,000)
Net income from discontinued operations		-		$   3,992,000
Net income (loss)		$  (5,903,000)		$   1,527,000
(Loss) per share from continuing operations – Basic and Diluted		$          (0.73)		$          (0.30)
Income per share from discontinued operations – Basic and Diluted		$                   -		$            0.49
(Loss) income per share – Basic and Diluted		$          (0.73)		$            0.19
Weighted average number of common shares outstanding - basic		8,134,000		8,099,000
Weighted average number of common shares outstanding - diluted		8,134,000		8,145,000

AMREP Corporation’s financial statements on Form 10-K 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/).

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).

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).