AMREP Reports Fiscal 2019 Results
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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