AMREP Reports Third Quarter Fiscal 2020 Results

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PLYMOUTH MEETING, Pennsylvania, March 09, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation 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.

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 
     


  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


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