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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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AMREP REPORTS SECOND 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 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
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AMREP Reports First 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 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

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AMREP REPORTS THIRD 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 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/).

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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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AMREP REPORTS FIRST QUARTER FISCAL 2021 RESULTS AND ANNOUNCES DIRECTOR RESIGNATION

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 FIRST QUARTER FISCAL 2021 RESULTS AND
ANNOUNCES DIRECTOR RESIGNATION

Plymouth Meeting, Pennsylvania, September 9, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $593,000, or $0.07 per share, for its 2021 fiscal first quarter ended July 31, 2020 compared to a net loss of $196,000, or $0.02 per share, for the same period of the prior year.

In addition, AMREP reported that Theodore J. Gaasche has resigned as a director of AMREP for personal reasons and has withdrawn as a director nominee for consideration at the annual meeting of shareholders of AMREP to be held on September 10, 2020. Given this development, the board of directors has reduced the size of the board from four members to three members but will consider adding a new director in the near future.

AMREP’s Chairman, Edward B. Cloues, II, commented, “Ted served as the chief executive officer of AMREP from 2011 through 2013 and then as a director since 2013. On behalf of our board of directors, we thank Ted for his many contributions to AMREP while serving in these capacities and wish him the very best in the future.”

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

  Three Months Ended July 31,
  2020 2019
     
Revenues $   4,206,000 $  4,767,000
     
Net income (loss) $     593,000 $   (196,000)
     
Income (loss) per share – Basic and Diluted $           0.07 $         (0.02)
     
Weighted average number of common shares outstanding – basic 8,151,000 8,095,000
Weighted average number of common shares outstanding – diluted 8,182,000 8,095,000

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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AMREP REPORTS FISCAL 2020 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 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/).

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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).

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AMREP Reports Second Quarter Fiscal 2020 Results

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).
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AMREP REPORTS FIRST QUARTER FISCAL 2020 RESULTS

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 FIRST QUARTER FISCAL 2020 RESULTS

Plymouth Meeting, Pennsylvania, September 11, 2019 – AMREP Corporation (NYSE: AXR) today reported a net loss of $196,000, or $0.02 per share, for its 2020 fiscal first quarter ended July 31, 2019 compared to net income of $61,000, or $0.01 per share, for the same period of the prior year. The prior year’s results reflected a net loss from continuing operations of $662,000 and net income from discontinued operations of $723,000. 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 July 31,
2019 2018
Revenues $ 4,767,000 $ 4,238,000
Net (loss) from continuing operations $ (196,000) $ (662,000)
Net income from discontinued operations - $ 723,000
Net income $ (196,000) $ 61,000
(Loss) per share from continuing operations – Basic and Diluted $ (0.02) $ (0.08)
Income per share from discontinued operations – Basic and Diluted - $ 0.09
Income per share – Basic and Diluted $ (0.02) $ 0.01
Weighted average number of common shares outstanding - basic 8,095,000 8,086,000
Weighted average number of common shares outstanding - diluted 8,095,000 8,124,000
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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