AMREP logo

AXR - AMREP News Story

$8.08 -0.3  -3.8%

Last Trade - 26/02/21

Sector
Financials
Size
Micro Cap
Market Cap £42.5m
Enterprise Value £35.4m
Revenue £16.9m
Position in Universe 5399th / 6715

AMREP Reports Second Quarter Fiscal 2021 Results

Tue 8th December, 2020 9:54pm
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20201208:nGNX5hd9jV&default-theme=true


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

 



GlobeNewswire, Inc. 2020
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.