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AMREP Reports Second Quarter Fiscal 2024 Results

HAVERTOWN, Pa., Dec. 11, 2023 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $1,108,000, or $0.21 per diluted share, for its 2024 fiscal second quarter ended October 31, 2023 compared to net income of $3,621,000, or $0.68 per diluted share, for the same period of the prior year. For the first six months of 2024, AMREP had net income of $2,454,000, or $0.46 per diluted share, compared to net income of $5,533,000, or $1.04 per diluted share, for the same period of 2023. Revenues were $8,854,000 and $19,143,000 for the second quarter and first six months of 2024 and $16,149,000 and $26,856,000 for the second quarter and first six months of 2023.

More information about the Company’s financial performance may be found in AMREP Corporation’s financial statements on Form 10-Q which have today been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).

AMREP Corporation, through its subsidiaries, is a major holder of land, leading developer of real estate and award-winning homebuilder in New Mexico.        

FINANCIAL HIGHLIGHTS

  Three Months Ended October 31,
  2023   2022
Revenues $ 8,854,000   $ 16,149,000
           
Net income $ 1,108,000   $ 3,621,000
Earnings per share – basic $ 0.21   $ 0.69
Earnings per share – diluted $ 0.21   $ 0.68
           
Weighted average number of common shares outstanding – basic   5,301,000     5,281,000
Weighted average number of common shares outstanding – diluted   5,339,000     5,307,000
           


  Six Months Ended October 31,
  2023   2022
Revenues $ 19,143,000   $ 26,856,000
           
Net income $ 2,454,000   $ 5,533,000
Earnings per share – basic $ 0.46   $ 1.05
Earnings per share – diluted $ 0.46   $ 1.04
           
Weighted average number of common shares outstanding – basic   5,296,000     5,277,000
Weighted average number of common shares outstanding – diluted   5,333,000     5,302,000
           

CONTACT:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907