Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AMREP CORP. | tm2037950d1_8k.htm |
Exhibit 99.1
| 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
AMREP REPORTS SECOND QUARTER FISCAL 2021 RESULTS
Plymouth Meeting, Pennsylvania, December 8, 2020 – 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/).