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PLYMOUTH MEETING, Pennsylvania, March 09, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $338,000, or $0.04 per share, for its 2020 fiscal third quarter ended January 31, 2020 compared to a net loss of $32,000, or $0.00 per share, for the same period of the prior year. For the first nine months of 2020, AMREP had a net loss of $2,027,000, or $0.25 per share, compared to net income of $84,000, or $0.01 per share, for the same period of 2019.
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The results of the third quarter of the prior year reflected a net loss from continuing operations of $1,455,000 and net income from discontinued operations of $1,423,000. The first nine months of the prior year reflected a net loss from continuing operations of $2,696,000 and net income from discontinued operations of $2,780,000. Discontinued operations resulted from the sale of AMREP's fulfillment services business in April 2019.
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 January 31, | |||||||
| 2020 | 2019 | ||||||
| Revenues | $ | 5,287,000 | $ | 2,381,000 | |||
| Net income (loss) from continuing operations | $ | 338,000 | $ | (1,455,000 | ) | ||
| Net income from discontinued operations | - | $ | 1,423,000 | ||||
| Net income (loss) | $ | 338,000 | $ | (32,000 | ) | ||
| Income (loss) per share from continuing operations – Basic and Diluted | $ | 0.04 | $ | (0.18 | ) | ||
| Income per share from discontinued operations – Basic and Diluted | - | $ | 0.18 | ||||
| Income (loss) per share – Basic and Diluted | $ | 0.04 | $ | (0.00) | |||
| Weighted average number of common shares outstanding - basic | 8,138,000 | 8,103,000 | |||||
| Weighted average number of common shares outstanding - diluted | 8,174,000 | 8,103,000 | |||||
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| Nine Months Ended January 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenues | $ | 14,014,000 | $ | 9,239,000 | ||||
| Net (loss) from continuing operations | $ | (2,027,000 | ) | $ | (2,696,000 | ) | ||
| Net income from discontinued operations | - | $ | 2,780,000 | |||||
| Net (loss) income | $ | (2,027,000 | ) | $ | 84,000 | |||
| (Loss) per share from continuing operations – Basic and Diluted | $ | (0.25 | ) | $ | (0.33 | ) | ||
| Income per share from discontinued operations – Basic and Diluted | - | $ | 0.34 | |||||
| (Loss) income per share – Basic and Diluted | $ | (0.25 | ) | $ | 0.01 | |||
| Weighted average number of common shares outstanding - basic | 8,129,000 | 8,095,000 | ||||||
| Weighted average number of common shares outstanding - diluted | 8,129,000 | 8,140,000 | ||||||
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: | James McMonagle |
| Vice President and Chief Financial Officer | |
| (610) 487-0904 |
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.