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 |