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/ ).
CONTACT:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907
