PLYMOUTH MEETING, Pa., Sept. 11, 2019 (GLOBE NEWSWIRE) -- 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. 

FINANCIAL HIGHLIGHTS

  Three Months Ended July 31,
   2019   2018 
     
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).


James McMonagle
Vice President and Chief Financial Officer
(610) 487-0904