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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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AMREP REPORTS FISCAL 2019 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 FISCAL 2019 RESULTS

Plymouth Meeting, Pennsylvania, July 26, 2019 - AMREP Corporation (NYSE: AXR) today reported net income of $1,527,000, or $0.19 per share, for its 2019 fiscal year ended April 30, 2019 compared to net income of $238,000, or $0.03 per share, for the prior year. These results reflect both continuing and discontinued operations. Discontinued operations resulted from the sale of AMREP's fulfillment services business in April 2019. AMREP reported a net loss from continuing operations of $2,465,000, or $0.30 per share, for its 2019 fiscal year ended April 30, 2019 compared to a net loss from continuing operations of $2,564,000, or $0.32 per share, for the prior year. Results for 2018 included a non-cash increase in income tax expense arising from certain federal tax law changes enacted during 2018.

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


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FINANCIAL HIGHLIGHTS

  Twelve Months Ended April 30,
  2019   2018
Revenues from continuing operations $ 12,831,000   $ 8,927,000
 
Net (loss) from continuing operations $ (2,465,000)   $ (2,564,000)
 
Net income from discontinued operations $ 3,992,000   $ 2,802,000
 
Net Income $ 1,527,000   $ 238,000
 
(Loss) per share from continuing operations - Basic and Diluted $ (0.30)   $ (0.32)
 
Income per share from discontinued operations - Basic and Diluted $ 0.49   $ 0.35
 
Income per share - Basic and Diluted $ 0.19   $ 0.03
 
Weighted average number of common shares outstanding - basic 8,099,000   8,073,000
Weighted average number of common shares outstanding - diluted 8,145,000   8,104,000
 
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/SECfiles.asp).
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AMREP SELLS ITS PALM COAST FULFILLMENT SERVICES BUSINESS

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 SELLS ITS PALM COAST FULFILLMENT SERVICES BUSINESS

Plymouth Meeting, Pennsylvania, April 26, 2019 - AMREP Corporation (NYSE: AXR) (the "Company") today reported that it has sold its Fulfillment Services business operated by Palm Coast Data to Studio Membership Services, LLC, a subsidiary of Irish Studio LLC. The closing of the sale occurred on April 26, 2019.

The buyer paid the Company $1.0 million in cash on the closing and entered into two long-term triple net leases as tenant for the Company's owned facilities in Palm Coast, Florida, which facilities aggregate approximately 204,000 square feet. The aggregate annual base rent for the ten year leases starts at $1.9 million in the first year, subject to a one-month waiver of base rent during the first year, and escalates to $2.5 million in the tenth year. Prior to the sale, Palm Coast Data distributed to the Company $3.1 million of cash during the fourth quarter of fiscal year 2019, which ends on April 30, 2019.

"With the sale of the magazine subscription fulfillment business, AMREP has completed its exit from the media services business. We are now focused squarely on our real estate business to drive shareholder value," said Edward B. Cloues, II, Chairman of the Company. "The cash we receive in connection with the transaction, including under the two leases, will help grow that business over the next several years."

Additional details on the sale transaction are provided in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 26, 2019.

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

Forward-Looking Statements - The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. The Company and its representatives may from time to time make written or oral statements that are "forward-looking", including statements contained in this news release. All statements that express expectations, estimates, forecasts or projections are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, other written or oral statements, which constitute forward-looking statements, may be made by or on behalf of the Company. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "projects", "forecasts", "may", "should", variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and contingencies that are difficult to predict. All forward-looking statements speak only as of the date of this news release or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are qualified by the cautionary statements in this section. Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements. The forward-looking statements contained in this news release include, but are not limited to, the use of the Company's assets in the future and the expected focus of the Company in the future. The Company undertakes no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of such forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.


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AMREP REPORTS THIRD QUARTER FISCAL 2019 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 2019 RESULTS

Plymouth Meeting, Pennsylvania, March 13, 2019 - AMREP Corporation (NYSE: AXR) today reported a net loss of $32,000, or $0.00 per share, for its 2019 third fiscal quarter ended January 31, 2019 compared to a net loss of $2,851,000, or $0.35 per share, for the same period of the prior year. For the first nine months of 2019, the Company had net income of $84,000, or $0.01 per share, compared to a net loss of $1,125,000, or $0.14 per share, for the same period of 2018. Net results for 2018 were unfavorably impacted by federal tax law changes enacted during the Company's third quarter of 2018 that reduced the value of the Company's deferred tax assets. Revenues were $9,340,000 and $30,663,000 for the third quarter and first nine months of 2019 compared to $10,379,000 and $30,880,000 for the same periods of the prior year.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of land and leading developer of real estate in New Mexico and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.


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FINANCIAL HIGHLIGHTS

Three Months Ended January 31,
  2019   2018
Revenues $ 9,340,000   $ 10,379,000
 
Net (loss): $ (32,000)   $ (2,851,000)
 
(Loss) per share - Basic and Diluted: $ (0.00)   $ (0.35)
 
Weighted average number of common shares outstanding - basic 8,103,000   8,075,000
Weighted average number of common shares outstanding - diluted 8,103,000   8,075,000
 
Nine Months Ended January 31,
  2019   2018
Revenues $ 30,663,000   $ 30,880,000
 
Net Income (loss): $ 84,000   $ (1,125,000)
 
Earnings (loss) per share - Basic and Diluted: $ 0.01   $ (0.14)
 
Weighted average number of common shares outstanding - basic 8,095,000   8,070,000
Weighted average number of common shares outstanding - diluted 8,140,000   8,070,000
 
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 the Company's website (www.amrepcorp.com/SECfiles).
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AMREP REPORTS SECOND QUARTER FISCAL 2019 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 SECOND QUARTER FISCAL 2019 RESULTS

Plymouth Meeting, Pennsylvania, December 11, 2018 - AMREP Corporation (NYSE: AXR) today reported net income of $55,000, or $0.00 per share, for its 2019 second fiscal quarter ended October 31, 2018 compared to net income of $278,000, or $0.03 per share, for the same period of the prior year. For the first six months of 2019, the Company had net income of $116,000, or $0.01 per share, compared to net income of $1,726,000, or $0.21 per share, for the same period of 2018. Revenues were $9,608,000 and $21,323,000 for the second quarter and first six months of 2019 compared to $9,175,000 and $20,501,000 for the same periods of the prior year.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of land and leading developer of real estate in New Mexico and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.


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FINANCIAL HIGHLIGHTS

Three Months Ended October 31,
  2018   2017
Revenues $ 9,608,000   $ 9,175,000
 
Net Income: $ 55,000   $ 278,000
 
Earnings per share - Basic and Diluted: $ 0.00   $ 0.03
 
Weighted average number of common shares outstanding - basic 8,095,000   8,070,000
Weighted average number of common shares outstanding - diluted 8,146,000   8,102,000
 
Six Months Ended October 31,
  2018   2017
Revenues $ 21,323,000   $ 20,501,000
 
Net Income: $ 116,000   $ 1,726,000
 
Earnings per share - Basic and Diluted: $ 0.01   $ 0.21
 
Weighted average number of common shares outstanding - basic 8,090,000   8,067,000
Weighted average number of common shares outstanding - diluted 8,135,000   8,096,000
 
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 the Company's website (www.amrepcorp.com/SECfiles).
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AMREP REPORTS FIRST QUARTER FISCAL 2019 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 2019 RESULTS

Plymouth Meeting, Pennsylvania, September 11, 2018 - AMREP Corporation (NYSE: AXR) today reported net income of $61,000, or $0.01 per share, for its 2019 first fiscal quarter ended July 31, 2018 compared to net income of $1,448,000, or $0.18 per share, for the same period of the prior year. Revenues were $11,715,000 for the first quarter of 2019 compared to $11,326,000 in 2018.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of land and leading developer of real estate in New Mexico and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.


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FINANCIAL HIGHLIGHTS

Three Months Ended July 31,
  2018   2017
Revenues $ 11,715,000   $ 11,326,000
 
Net Income: $ 61,000   $ 1,448,000
 
Earnings per share - Basic and Diluted: $ 0.01   $ 0.18
 
Weighted average number of common shares outstanding - basic 8,086,000   8,063,000
Weighted average number of common shares outstanding - diluted 8,124,000   8,083,000
 
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 the Company's website (www.amrepcorp.com/SECfiles.asp).
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AMREP REPORTS FISCAL 2018 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 FISCAL 2018 RESULTS

Plymouth Meeting, Pennsylvania, July 20, 2018 - AMREP Corporation (the "Company") (NYSE: AXR) today reported net income of $238,000, or $0.03 per share, for its 2018 fiscal year ended April 30, 2018 compared to a net loss of $15,000, or $0.00 per share, in 2017. Results for 2018 included a non-cash increase in income tax expense of $2,710,000, or $0.34 per share, arising from certain federal tax law changes enacted during 2018. The tax law changes required the Company to remeasure its deferred tax assets and liabilities based on the rates at which the deferred tax assets and liabilities are expected to reverse in the future. Results for 2017 included a pre-tax, non-cash impairment charge of $150,000 ($95,000 after tax, or $0.01 per share), reflecting the write-down of certain real estate inventory. Excluding the impact of tax law changes in 2018 and the impairment charge in 2017, results for 2018 were net income of $2,948,000, or $0.37 per share, compared to net income of $80,000, or $0.01 per share, for 2017. Revenues were $40,178,000 for 2018 compared to $42,368,000 for 2017.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.


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FINANCIAL HIGHLIGHTS

Twelve Months Ended April 30,
  2018   2017
Revenues $ 40,178,000   $ 42,368,000
 
Net Income (loss): $ 238,000   $ (15,000)
 
Earnings (loss) per share - Basic and Diluted: $0.03   $ (0.00)
 
Weighted average number of common shares outstanding - basic 8,073,000   8,052,000
Weighted average number of common shares outstanding - diluted 8,104,000   8,077,000
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 the Company's website (www.amrepcorp.com/SECfiles.asp).
Read more...

AMREP REPORTS THIRD QUARTER FISCAL 2018 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 THIRD QUARTER FISCAL 2018 RESULTS

Plymouth Meeting, Pennsylvania, March 19, 2018 - AMREP Corporation (NYSE: AXR) today reported a net loss of $2,851,000, or $0.35 per share, for its 2018 third fiscal quarter ended January 31, 2018 compared to net income of $174,000, or $0.02 per share, for the same period of 2017. For the first nine months of 2018, the Company had a net loss of $1,125,000, or $0.14 per share, compared to net income of $916,000, or $0.11 per share, for the same period of 2017. Net results for 2018 were unfavorably impacted by federal tax law changes enacted during the Company's third quarter that reduced the value of the Company's deferred tax assets. This reduction was the primary driver increasing the Company's income tax expense by $3,057,000, or $0.38 per share, for the third quarter and first nine months of 2018. Revenues were $10,379,000 and $30,880,000 for the third quarter and first nine months of 2018 compared to $9,777,000 and $33,450,000 for the same periods in the prior year.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.


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FINANCIAL HIGHLIGHTS

Three Months Ended January 31,
  2018   2017
Revenues $ 10,379,000   $ 9,777,000
Net Income (loss) $ (2,851,000)   $ 174,000
Earnings per share - Basic and Diluted $ (0.35)   $ 0.02
Weighted average number of common shares outstanding - basic 8,075,000   8,053,000
Weighted average number of common shares outstanding - diluted 8,075,000   8,080,000
 
Nine Months Ended January 31,
  2018   2017
Revenues $ 30,880,000   $ 33,450,000
Net Income (loss) $ (1,125,000)   $ 916,000
Earnings per share - Basic and Diluted $ (0.14)   $ 0.11
Weighted average number of common shares outstanding - basic 8,070,000   8,048,000
Weighted average number of common shares outstanding - diluted 8,070,000   8,074,000
 
AMREP Corporation's financial statements on Form 10-Q is expected to be filed jointly with this release and will be available on the Company's website (www.amrepcorp.com/SECfiles.asp).
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AMREP REPORTS SECOND QUARTER FISCAL 2018 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 2018 RESULTS

Plymouth Meeting, Pennsylvania, December 12, 2017 - AMREP Corporation (NYSE: AXR) today reported net income of $278,000, or $0.03 per share, for its 2018 second fiscal quarter ended October 31, 2017 compared to net income of $112,000, or $0.01 per share, for the same period of 2017. For the first six months of 2018, the Company had net income of $1,726,000, or $0.21 per share, compared to net income of $742,000, or $0.09 per share, for the same period of 2017. Revenues were $9,175,000 and $20,501,000 for the second quarter and first six months of 2018 compared to $11,465,000 and $23,673,000 for the same periods in the prior year.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.


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FINANCIAL HIGHLIGHTS

Three Months Ended October 31,
  2017   2016
Revenues $ 9,175,000   $ 11,465,000
Net Income $ 278,000   $ 112,000
Earnings per share - Basic and Diluted $0.03   $ 0.01
Weighted average number of common shares outstanding - basic 8,070,000   8,050,000
Weighted average number of common shares outstanding - diluted 8,102,000   8,077,000
 
Six Months Ended October 31,
  2017   2016
Revenues $ 20,501,000   $ 23,673,000
Net Income $ 1,726,000   $ 742,000
Earnings per share - Basic and Diluted $0.21   $ 0.09
Weighted average number of common shares outstanding - basic 8,067,000   8,046,000
Weighted average number of common shares outstanding - diluted 8,096,000   8,071,000
 
AMREP Corporation's financial statements on Form 10-Q is expected to be filed jointly with this release and will be available on the Company's website (www.amrepcorp.com/SECfiles.asp).
Read more...