• 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).

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

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