AMREP Reports Fiscal 2020 Results

Plymouth Meeting, Pennsylvania, UNITED STATES


PLYMOUTH MEETING, Pennsylvania, July 27, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported a net loss of $5,903,000, or $0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of $1,527,000, or $0.19 per share, for the prior year.

Results for 2020 included $8,600,000 of non-cash charges comprised of: (1) a non-cash pre-tax pension settlement charge of $2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and (2) net non-cash pre-tax impairment charges on other assets of $5,046,000 in connection with certain deemed consideration from the sale of the Company’s fulfillment services business. Results for 2019 reflected a net loss from continuing operations of $2,465,000 and net income from discontinued operations of $3,992,000. 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
 Twelve Months Ended April 30,
  2020   2019 
    
Revenues$  18,783,000   $12,754,000  
    
Net income (loss) from continuing operations$ (5,903,000) $(2,465,000)
       - 
Net income from discontinued operations -  $   3,992,000 
      - 
Net income (loss)$  (5,903,000) $  1,527,000 
    
(Loss) per share from continuing operations – Basic and Diluted $   (0.73 ) $   (0.30 )
      - 
Income per share from discontinued operations – Basic and Diluted$   -  $   0.49 
    
(Loss) income per share – Basic and Diluted$ (0.73) $  0.19 
    
Weighted average number of common shares outstanding - basic 8,134,000   8,099,000 
Weighted average number of common shares outstanding - diluted 8,134,000   8,145,000 
    

AMREP Corporation’s financial statements on Form 10-K 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/).

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