AMREP Reports Third Quarter Fiscal 2024 Results

HAVERTOWN, Pa., March 08, 2024 (GLOBE NEWSWIRE) — AMREP Corporation (NYSE:AXR) today reported net income of $92,000, or $0.02 per diluted share, for its 2024 fiscal third quarter ended January 31, 2024 compared to net income of $16,574,000, or $3.12 per diluted share, for the same period of the prior year. For the first nine months of 2024, AMREP had net income of $2,546,000, or $0.48 per diluted share, compared to net income of $22,107,000, or $4.17 per diluted share, for the same period of 2023. Revenues were $12,689,000 and $31,833,000 for the third quarter and first nine months of 2024 and $9,117,000 and $35,975,000 for the third quarter and first nine months of 2023.

During the third quarter of 2023, AMREP recognized a non-cash pre-tax pension settlement expense of $2,336,000 as a result of its defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and a non-cash income tax benefit of $16,071,000 as a result of a worthless stock deduction related to its former fulfillment services business.

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 January 31,
  2024   2023
Revenues $ 12,689,000     $ 9,117,000  
               
Net income $ 92,000     $ 16,574,000  
Earnings per share – basic $ 0.02     $ 3.14  
Earnings per share – diluted $ 0.02     $ 3.12  
               
Weighted average number of common shares outstanding – basic   5,303,000       5,284,000  
Weighted average number of common shares outstanding – diluted   5,346,000       5,310,000  
               
  Nine Months Ended January 31,
  2024   2023
Revenues $ 31,833,000     $ 35,975,000  
               
Net income $ 2,546,000     $ 22,107,000  
Earnings per share – basic $ 0.48     $ 4.19  
Earnings per share – diluted $ 0.48     $ 4.17  
               
Weighted average number of common shares outstanding – basic   5,299,000       5,280,000  
Weighted average number of common shares outstanding – diluted   5,341,000       5,304,000  
               
CONTACT:       Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907
     


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