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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