PLYMOUTH MEETING, Pa., Dec. 08, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation AXR today reported net income of $798,000, or $0.10 per share, for its 2021 fiscal second quarter ended October 31, 2020 compared to a net loss of $2,169,000, or $0.27 per share, for the same period of the prior year. For the first six months of 2021, AMREP had net income of $1,391,000, or $0.17 per share, compared to a net loss of $2,365,000, or $0.29 per share, for the same period of 2020. 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.
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, | |||||||
| 2020 | 2019 | ||||||
| Revenues | $ | 9,256,000 | $ | 3,960,000 | |||
| Net income (loss) | $ | 798,000 | $ | (2,169,000 | ) | ||
| Income (loss) per share – Basic and Diluted | $ | 0.10 | $ | (0.27 | ) | ||
| Weighted average number of common shares outstanding - basic | 8,122,000 | 8,129,000 | |||||
| Weighted average number of common shares outstanding - diluted | 8,152,000 | 8,129,000 | |||||
| Six Months Ended October 31, | |||||||
| 2020 | 2019 | ||||||
| Revenues | $ | 13,462,000 | $ | 8,727,000 | |||
| Net income (loss) | $ | 1,391,000 | $ | (2,365,000 | ) | ||
| Income (loss) per share – Basic and Diluted | $ | 0.17 | $ | (0.29 | ) | ||
| Weighted average number of common shares outstanding - basic | 8,136,000 | 8,125,000 | |||||
| Weighted average number of common shares outstanding - diluted | 8,168,000 | 8,125,000 | |||||
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:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907
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