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 FIRST QUARTER FISCAL 2021 RESULTS AND
ANNOUNCES DIRECTOR RESIGNATION

Plymouth Meeting, Pennsylvania, September 9, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $593,000, or $0.07 per share, for its 2021 fiscal first quarter ended July 31, 2020 compared to a net loss of $196,000, or $0.02 per share, for the same period of the prior year.

In addition, AMREP reported that Theodore J. Gaasche has resigned as a director of AMREP for personal reasons and has withdrawn as a director nominee for consideration at the annual meeting of shareholders of AMREP to be held on September 10, 2020. Given this development, the board of directors has reduced the size of the board from four members to three members but will consider adding a new director in the near future.

AMREP’s Chairman, Edward B. Cloues, II, commented, “Ted served as the chief executive officer of AMREP from 2011 through 2013 and then as a director since 2013. On behalf of our board of directors, we thank Ted for his many contributions to AMREP while serving in these capacities and wish him the very best in the future.”

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

    Three Months Ended July 31,
    2020   2019
         
Revenues   $   4,206,000   $  4,767,000
         
Net income (loss)   $     593,000   $   (196,000)
         
Income (loss) per share – Basic and Diluted   $           0.07   $         (0.02)
         
Weighted average number of common shares outstanding – basic   8,151,000   8,095,000
Weighted average number of common shares outstanding – diluted   8,182,000   8,095,000

 

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/).

PRIOR PRESS RELEASES

2020 Press Releases
July 27, 2020
AMREP REPORTS FISCAL 2020 RESULTS
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