620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
Adrienne M. Uleau
Vice President, Finance and Accounting
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 $3,992,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
|Twelve Months Ended April 30,|
|Revenues||$ 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/).