AMREP Reports Fiscal 2019 Results
Source: Nasdaq GlobeNewswire / 26 Jul 2019 17:26:28 America/New_York
PLYMOUTH MEETING, Pa., July 26, 2019 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported net income of $1,527,000, or $0.19 per share, for its 2019 fiscal year ended April 30, 2019 compared to net income of $238,000, or $0.03 per share, for the prior year. These results reflect both continuing and discontinued operations. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019. AMREP reported a net loss from continuing operations of $2,465,000, or $0.30 per share, for its 2019 fiscal year ended April 30, 2019 compared to a net loss from continuing operations of $2,564,000, or $0.32 per share, for the prior year. Results for 2018 included a non-cash increase in income tax expense arising from certain federal tax law changes enacted during 2018.
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, 2019 2018 Revenues from continuing operations $ 12,831,000 $ 8,927,000 Net (loss) from continuing operations $ (2,465,000 ) $ (2,564,000 ) Net income from discontinued operations $ 3,992,000 $ 2,802,000 Net income $ 1,527,000 $ 238,000 (Loss) per share from continuing operations – Basic and Diluted $ (0.30 ) $ (0.32 ) Income per share from discontinued operations – Basic and Diluted $ 0.49 $ 0.35 Income per share – Basic and Diluted $ 0.19 $ 0.03 Weighted average number of common shares outstanding - basic 8,099,000 8,073,000 Weighted average number of common shares outstanding - diluted 8,145,000 8,104,000
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/SECfiles).
Vice President and Chief Financial Officer