PLYMOUTH MEETING, Pennsylvania, March 09, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported net income of $338,000, or $0.04 per share, for its 2020 fiscal third quarter ended January 31, 2020 compared to a net loss of $32,000, or $0.00 per share, for the same period of the prior year. For the first nine months of 2020, AMREP had a net loss of $2,027,000, or $0.25 per share, compared to net income of $84,000, or $0.01 per share, for the same period of 2019.
The results of the third quarter of the prior year reflected a net loss from continuing operations of $1,455,000 and net income from discontinued operations of $1,423,000. The first nine months of the prior year reflected a net loss from continuing operations of $2,696,000 and net income from discontinued operations of $2,780,000. 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 January 31, | |||||||
| 2020 | 2019 | ||||||
| Revenues | $ | 5,287,000 | $ | 2,381,000 | |||
| Net income (loss) from continuing operations | $ | 338,000 | $ | (1,455,000 | ) | ||
| Net income from discontinued operations | - | $ | 1,423,000 | ||||
| Net income (loss) | $ | 338,000 | $ | (32,000 | ) | ||
| Income (loss) per share from continuing operations – Basic and Diluted | $ | 0.04 | $ | (0.18 | ) | ||
| Income per share from discontinued operations – Basic and Diluted | - | $ | 0.18 | ||||
| Income (loss) per share – Basic and Diluted | $ | 0.04 | $ | (0.00) | |||
| Weighted average number of common shares outstanding - basic | 8,138,000 | 8,103,000 | |||||
| Weighted average number of common shares outstanding - diluted | 8,174,000 | 8,103,000 | |||||
| Nine Months Ended January 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenues | $ | 14,014,000 | $ | 9,239,000 | ||||
| Net (loss) from continuing operations | $ | (2,027,000 | ) | $ | (2,696,000 | ) | ||
| Net income from discontinued operations | - | $ | 2,780,000 | |||||
| Net (loss) income | $ | (2,027,000 | ) | $ | 84,000 | |||
| (Loss) per share from continuing operations – Basic and Diluted | $ | (0.25 | ) | $ | (0.33 | ) | ||
| Income per share from discontinued operations – Basic and Diluted | - | $ | 0.34 | |||||
| (Loss) income per share – Basic and Diluted | $ | (0.25 | ) | $ | 0.01 | |||
| Weighted average number of common shares outstanding - basic | 8,129,000 | 8,095,000 | ||||||
| Weighted average number of common shares outstanding - diluted | 8,129,000 | 8,140,000 | ||||||
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/).
| CONTACT: | James McMonagle |
| Vice President and Chief Financial Officer | |
| (610) 487-0904 |