AMREP Reports Second Quarter Fiscal 2021 Results

Plymouth Meeting, Pennsylvania, UNITED STATES


PLYMOUTH MEETING, Pa., Dec. 08, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported net income of $798,000, or $0.10 per share, for its 2021 fiscal second quarter ended October 31, 2020 compared to a net loss of $2,169,000, or $0.27 per share, for the same period of the prior year. For the first six months of 2021, AMREP had net income of $1,391,000, or $0.17 per share, compared to a net loss of $2,365,000, or $0.29 per share, for the same period of 2020. During the second quarter of 2020, AMREP recognized a non-cash pre-tax settlement charge of $2,929,000 due to AMREP’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees.

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 October 31,
   2020  2019 
     
Revenues $    9,256,000 $3,960,000 
     
Net income (loss) $      798,000 $(2,169,000)
     
Income (loss) per share – Basic and Diluted $      0.10 $(0.27)
     
Weighted average number of common shares outstanding - basic  8,122,000  8,129,000 
Weighted average number of common shares outstanding - diluted  8,152,000  8,129,000 


  Six Months Ended October 31,
   2020  2019 
     
Revenues $13,462,000 $8,727,000 
     
Net income (loss) $    1,391,000 $(2,365,000)
     
Income (loss) per share – Basic and Diluted $    0.17 $(0.29)
     
Weighted average number of common shares outstanding - basic  8,136,000  8,125,000 
Weighted average number of common shares outstanding - diluted  8,168,000  8,125,000 

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/).

 



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