PLYMOUTH MEETING, Pa., Dec. 10, 2019 (GLOBE NEWSWIRE) -- AMREP Corporation AXR today reported a net loss of $2,169,000, or $0.27 per share, for its 2020 fiscal second quarter ended October 31, 2019 compared to net income of $55,000, or $0.00 per share, for the same period of the prior year. For the first six months of 2020, AMREP had a net loss of $2,365,000, or $0.29 per share, compared to net income of $116,000, or $0.01 per share, for the same period of 2019.
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.
The results of the second quarter of the prior year reflected a net loss from continuing operations of $580,000 and net income from discontinued operations of $635,000. The first six months of the prior year reflected a net loss from continuing operations of $1,242,000 and net income from discontinued operations of $1,358,000. 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 October 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenues | $ | 3,960,000 | $ | 2,620,000 | ||||
| Net (loss) from continuing operations | $ | (2,169,000 | ) | $ | (580,000 | ) | ||
| Net income from discontinued operations | - | $ | 635,000 | |||||
| Net income | $ | (2,169,000 | ) | $ | 55,000 | |||
| (Loss) per share from continuing operations – Basic and Diluted | $ | (0.27 | ) | $ | (0.08 | ) | ||
| Income per share from discontinued operations – Basic and Diluted | - | $ | 0.08 | |||||
| Income per share – Basic and Diluted | $ | (0.27 | ) | $ | 0.00 | |||
| 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 | 8,146,000 | ||||||
| Six Months Ended October 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenues | $ | 8,727,000 | $ | 6,858,000 | ||||
| Net (loss) from continuing operations | $ | (2,365,000 | ) | $ | (1,242,000 | ) | ||
| Net income from discontinued operations | - | $ | 1,358,000 | |||||
| Net income | $ | (2,365,000 | ) | $ | 116,000 | |||
| (Loss) per share from continuing operations – Basic and Diluted | $ | (0.29 | ) | $ | (0.16 | ) | ||
| Income per share from discontinued operations – Basic and Diluted | - | $ | 0.17 | |||||
| Income per share – Basic and Diluted | $ | (0.29 | ) | $ | 0.01 | |||
| Weighted average number of common shares outstanding - basic | 8,125,000 | 8,090,000 | ||||||
| Weighted average number of common shares outstanding - diluted | 8,125,000 | 8,135,000 | ||||||
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
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