2020 Press Releases

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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