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 $0.32 per share, for the prior year. Results for 2018 included a non-cash increase in income tax expense arising from certain federal tax law changes enacted during 2018.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
|Twelve Months Ended April 30,|
|Revenues from continuing operations||$||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||$||2,802,000|
|(Loss) per share from continuing operations – Basic and Diluted||$||(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).
Vice President and Chief Financial Officer