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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

 



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