AMREP Reports First Quarter Fiscal 2020 Results

PLYMOUTH MEETING, Pa., Sept. 11, 2019 (GLOBE NEWSWIRE) — AMREP Corporation (NYSE: AXR) today reported a net loss of $196,000, or $0.02 per share, for its 2020 fiscal first quarter ended July 31, 2019 compared to net income of $61,000, or $0.01 per share, for the same period of the prior year.

The prior year’s results reflected a net loss from continuing operations of $662,000 and net income from discontinued operations of $723,000. 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

    Three Months Ended July 31,
      2019       2018  
         
Revenues   $ 4,767,000     $ 4,238,000  
         
Net (loss) from continuing operations   $ (196,000)     $ (662,000)  
         
Net income from discontinued operations         $ 723,000  
         
Net income   $ (196,000)     $ 61,000  
         
(Loss) per share from continuing operations – Basic and Diluted   $ (0.02)     $ (0.08)  
         
Income per share from discontinued operations – Basic and Diluted         $ 0.09  
         
Income per share – Basic and Diluted   $ (0.02)     $ 0.01  
         
Weighted average number of common shares outstanding – basic     8,095,000       8,086,000  
Weighted average number of common shares outstanding – diluted     8,095,000       8,124,000  
         

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/SECfiles).

CONTACT:
James McMonagle
Vice President and Chief Financial Officer
(610) 487-0904

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