James M. McMonagle
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 $723,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
|Three Months Ended July 31,|
|Revenues||$ 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/SECfiles).