Investor Relations

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/).

PRIOR PRESS RELEASES

2020 Press Releases
March 6, 2020
AMREP REPORTS THIRD QUARTER FISCAL 2020 RESULTS
2019 Press Releases
December 10, 2019
AMREP REPORTS SECOND QUARTER FISCAL 2020 RESULTS
September 11, 2019
AMREP REPORTS FIRST QUARTER FISCAL 2020 RESULTS
July 26, 2019
AMREP REPORTS FISCAL 2019 RESULTS
April 26, 2019
AMREP SELLS ITS PALM COAST FULFILLMENT SERVICES
March 13, 2019
AMREP REPORTS THIRD QUARTER FISCAL 2019 RESULTS
2018 Press Releases
December 11, 2018
AMREP REPORTS SECOND QUARTER FISCAL 2019 RESULTS
September 11, 2018
AMREP REPORTS FIRST QUARTER FISCAL 2019 REPORTS
July 20, 2018
AMREP REPORTS FISCAL 2018 REPORTS
March 19, 2018
AMREP REPORTS THIRD QUARTER FISCAL 2018 RESULTS
2017 Press Releases
December 12, 2017
AMREP REPORTS SECOND QUARTER FISCAL 2018 RESULTS OFFICER
September 18, 2017
AMREP ANNOUNCES APPOINTMENTS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
September 13, 2017
AMREP REPORTS FIRST QUARTER FISCAL 2018 RESULTS
July 18, 2017
AMREP REPORTS FISCAL 2017 RESULTS
March 15, 2017
AMREP REPORTS THIRD QUARTER FISCAL 2017 RESULTS
2016 Press Releases
December 14, 2016
AMREP REPORTS SECOND QUARTER FISCAL 2017 RESULTS OFFICER
September 14, 2016
AMREP REPORTS FIRST QUARTER FISCAL 2017 RESULTS
August 18, 2016
AMREP ANNOUNCES APPOINTMENT OF CHIEF FINANCIAL OFFICER
July 29, 2016
AMREP REPORTS FISCAL 2016 RESULTS
April 28, 2016
AMREP ANNOUNCES RETIREMENT OF CFO PETE PIZZA; CLIFFORD MARTIN NAMED AS SUCCESSOR
March 15, 2016
AMREP REPORTS THIRD QUARTER FISCAL 2016 RESULTS
2015 Press Releases
December 11, 2015
AMREP REPORTS SECOND QUARTER FISCAL 2016 RESULTS
September 14, 2015
AMREP ANNOUNCES APPOINTMENT OF CHIEF FINANCIAL OFFICER
July 29, 2015
AMREP REPORTS FIRST QUARTER FISCAL 2015 RESULTS
February 9, 2015
AMREP SELLS ITS NEWSSTAND DISTRIBUTION SERVICES BUSINESS AND ITS PRODUCT PACKAGING AND FULFILLMENT SERVICES BUSINESS
March 17, 2015
AMREP REPORTS THIRD QUARTER FISCAL 2016 RESULTS