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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).
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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).
Read more...

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).
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AMREP ANNOUNCES APPOINTMENTS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

FOR: AMREP Corporation
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
 
CONTACT: James McMonagle
Vice President and Chief Financial Officer
(610) 487-0902

AMREP ANNOUNCES APPOINTMENTS OF
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

Plymouth Meeting, Pennsylvania, September 18, 2017 - AMREP Corporation (the "Company") (NYSE: AXR) today announced that Christopher Vitale has been appointed as President and Chief Executive Officer of AMREP. In addition, James McMonagle, Jr. has been appointed as Vice President and Chief Financial Officer of AMREP, with Robert Wisniewski retiring as Chief Financial Officer of AMREP.

Mr. Vitale had been AMREP's Executive Vice President, Chief Administrative Officer and General Counsel since September 2014 and was AMREP's Vice President and General Counsel from 2013 to 2014. In commenting on Mr. Vitale's promotion, Edward B. Cloues, II, Chairman of AMREP, said that the Board of Directors believes that Mr. Vitale is well qualified to assume the leadership role at the Company. "Chris has been managing AMREP's operations since 2014 as our principal executive officer and has been at the center of our efforts to restructure and simplify our business portfolio and balance sheet. He has effectuated continuing positive change at AMREP and, with AMREP now in a position to begin expanding its operations and grow its business, the Board is confident that Chris will successfully lead us through the next stage of our business growth."

Prior to being appointed Vice President and Chief Financial Officer of AMREP, Mr. McMonagle had been Vice President, Finance of the Company since February 2017. Prior to joining AMREP, Mr. McMonagle had been Director of Finance of The Lloyd Group, Inc., a technology services firm, and Vice President, Finance of SnapOne, Inc., a cloud-based mobile software company. Mr. McMonagle has held various other senior accounting and financial positions for private and publicly traded companies in multiple industries earlier in his career.

"Jim has demonstrated strong leadership during his time with AMREP and is ready to assume the full oversight of our finance and accounting function," said Mr. Cloues. "He was recruited to join AMREP by Bob Wisniewski, who had worked with him previously. Chris, Bob and I believe that Jim will be a great asset to AMREP as we further streamline the finance and accounting function and expand the operations of the Company. We thank Bob for assuming the role of Chief Financial Officer during the past year and for his experienced guidance in many areas, and we wish him well in his retirement."

About AMREP - 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 and its affiliates provides subscription fulfillment, contact center and related services to publishers, membership organizations, government agencies and others.


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AMREP REPORTS FIRST QUARTER FISCAL 2018 RESULTS

FOR: AMREP Corporation
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
 
CONTACT: Robert E. Wisniewski
Executive Vice President and Chief Financial Officer
(610) 487-0902

AMREP REPORTS FIRST QUARTER FISCAL 2018 RESULTS

Plymouth Meeting, Pennsylvania, September 13, 2017 - AMREP Corporation (NYSE: AXR) today reported net income of $1,448,000, or $0.18 per share, for its 2018 first fiscal quarter ended July 31, 2017 compared to net income of $630,000, or $0.08 per share, for the same period of the prior year. Revenues were $11,326,000 for the first quarter of 2018 compared to $12,208,000 in 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 July 31,
  2017   2016
Revenues $ 11,326,000   $ 12,208,000
 
Net Income: $ 1,448,000   $ 630,000
 
Earnings per share - Basic and Diluted: $0.18   $ 0.08
 
Weighted average number of common shares outstanding - basic 8,063,000   8,042,000
Weighted average number of common shares outstanding - diluted 8,083,000   8,065,000
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 FISCAL 2017 RESULTS

FOR: AMREP Corporation
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
 
CONTACT: Robert E. Wisniewski
Executive Vice President and Chief Financial Officer
(610) 487-0902

AMREP REPORTS FISCAL 2017 RESULTS

Plymouth Meeting, Pennsylvania, July 18, 2017 - AMREP Corporation (the "Company") (NYSE: AXR) today reported a net loss of $15,000, or $0.00 per share, for its 2017 fiscal year ended April 30, 2017 compared to a net loss of $10,224,000, or $1.27 per share, in 2016. Revenues for 2017 were $42,368,000 compared to $41,664,000 in 2016.

The net loss for 2016 included pre-tax, non-cash impairment charges of $10,406,000 ($6,556,000 after tax, or $0.81 per share). Pre-tax, non-cash impairment charges in 2017 were $150,000 ($95,000 after tax or $.01 per share). Excluding the impairment charges, 2016 results were a net loss of $3,668,000, or $0.46 per share, compared to net income of $80,000, or $.01 per share, in 2017.

In commenting on 2017's results, the Company's Chairman, Edward B. Cloues, II, said "The Company significantly improved its operating performance and cash flow metrics in 2017 following the three year restructuring and simplification of its business portfolio and balance sheet that was completed in 2016. This improvement was primarily the result of a stronger real estate business in 2017, but it also reflected the substantial benefits of the now completed restructuring activities as well as a continued focus on expense reductions. Cash from operations enabled the Company to satisfy outstanding notes payable of $12,939,000 during 2017. As a result, the Company enters fiscal year 2018 with no financing debt and is better positioned to consider and capitalize on future growth opportunities."

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,
  2017   2016
Revenues $ 42,368,000   $ 41,664,000
 
Net Income (loss): $ (15,000)   $ (10,224,000)
 
Earnings (loss) per share - Basic and Diluted: $0.00   $ (1.27)
 
Weighted average number of common shares outstanding - basic 8,052,000   8,037,000
Weighted average number of common shares outstanding - diluted 8,077,000   8,059,000
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 2017 RESULTS

FOR: AMREP Corporation
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
 
CONTACT: Robert E. Wisniewski
Executive Vice President and Chief Financial Officer
(609) 716-8210

AMREP REPORTS THIRD QUARTER FISCAL 2017 RESULTS

Plymouth Meeting, Pennsylvania, March 15, 2017 - AMREP Corporation (NYSE: AXR) today reported net income of $174,000, or $0.02 per share, for its 2017 third fiscal quarter ended January 31, 2017 compared to a net loss of $569,000, or $0.07 per share, for its third fiscal quarter of 2016. For the first nine months of 2017, the Company had net income of $916,000, or $0.11 per share, compared to a net loss of $2,424,000, or $0.30 per share, for the same period of 2016. Revenues were $9,777,000 and $33,450,000 for the third quarter and first nine months of 2017 compared to $12,198,000 and $32,994,000 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,
  2017   2016
Revenues $ 9,777,000   $ 12,198,000
 
Net Income (loss): $ 174,000   $ (569,000)
 
Earnings (loss) per share - Basic and Diluted: $0.02   $ (0.07)
 
Weighted average number of common shares outstanding - basic 8,053,000   8,038,000
Weighted average number of common shares outstanding - diluted 8,080,000   8,059,000
Six Months Ended October 31,
  2017   2016
Revenues $ 33,450,000   $ 32,994,000
 
Net Income (loss): $ 916,000   $ (2,424,000)
 
Earnings (loss) per share - Basic and Diluted: $0.11   $ (0.30)
 
Weighted average number of common shares outstanding - basic 8,048,000   8,035,000
Weighted average number of common shares outstanding - diluted 8,074,000   8,059,000
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.asp).
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