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 |
