2020 Press Releases

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).