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AMREP Reports Fiscal 2019 Results

PLYMOUTH MEETING, Pa., July 26, 2019 (GLOBE NEWSWIRE) -- AMREP Corporation (AXR) today reported net income of $1,527,000, or $0.19 per share, for its 2019 fiscal year ended April 30, 2019 compared to net income of $238,000, or $0.03 per share, for the prior year. These results reflect both continuing and discontinued operations. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019. AMREP reported a net loss from continuing operations of $2,465,000, or $0.30 per share, for its 2019 fiscal year ended April 30, 2019 compared to a net loss from continuing operations of $2,564,000, or $0.32 per share, for the prior year. Results for 2018 included a non-cash increase in income tax expense arising from certain federal tax law changes enacted during 2018.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

 
FINANCIAL HIGHLIGHTS
     
    Twelve Months Ended April 30,
    2019   2018
         
Revenues from continuing operations   $ 12,831,000     $ 8,927,000  
         
Net (loss) from continuing operations   $ (2,465,000 )   $ (2,564,000 )
         
Net income from discontinued operations   $ 3,992,000     $ 2,802,000  
         
Net income   $ 1,527,000     $ 238,000  
         
(Loss) per share from continuing operations – Basic and Diluted   $ (0.30 )   $ (0.32 )
         
Income per share from discontinued operations – Basic and Diluted   $ 0.49     $ 0.35  
         
Income per share – Basic and Diluted   $ 0.19     $ 0.03  
         
Weighted average number of common shares outstanding - basic     8,099,000       8,073,000  
Weighted average number of common shares outstanding - diluted     8,145,000       8,104,000  
         

AMREP Corporation’s financial statements on Form 10-K 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/SECfiles).

CONTACT:
James McMonagle
Vice President and Chief Financial Officer
(610) 487-0904