FOR: AMREP Corporation
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
CONTACT: Adrienne M. Uleau
Vice President, Finance and Accounting
AMREP REPORTS SECOND QUARTER FISCAL 2021 RESULTS
Plymouth Meeting, Pennsylvania, December 8, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $798,000, or $0.10 per share, for its 2021 fiscal second quarter ended October 31, 2020 compared to a net loss of $2,169,000, or $0.27 per share, for the same period of the prior year. For the first six months of 2021, AMREP had net income of $1,391,000, or $0.17 per share, compared to a net loss of $2,365,000, or $0.29 per share, for the same period of 2020. During the second quarter of 2020, AMREP recognized a non-cash pre-tax settlement charge of $2,929,000 due to AMREP’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
|Three Months Ended October 31,|
|Revenues||$ 9,256,000||$ 3,960,000|
|Net income (loss)||$ 798,000||$ (2,169,000)|
|Income (loss) per share – Basic and Diluted||$ 0.10||$ (0.27)|
|Weighted average number of common shares outstanding – basic||8,122,000||8,129,000|
|Weighted average number of common shares outstanding – diluted||8,152,000||8,129,000|
|Six Months Ended October 31,|
|Revenues||$ 13,462,000||$ 8,727,000|
|Net income (loss)||$ 1,391,000||$ (2,365,000)|
|Income (loss) per share – Basic and Diluted||$ 0.17||$ (0.29)|
|Weighted average number of common shares outstanding – basic||8,136,000||8,125,000|
|Weighted average number of common shares outstanding – diluted||8,168,000||8,125,000|
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/).