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AMREP Reports Second Quarter Fiscal 2022 Results

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HAVERTOWN, Pa., Dec. 08, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $3,326,000, or $0.45 per diluted share, for its 2022 fiscal second quarter ended October 31, 2021 compared to net income of $798,000, or $0.10 per diluted share, for the same period of the prior year. For the first six months of 2022, AMREP had net income of $4,963,000, or $0.67 per diluted share, compared to net income of $1,391,000, or $0.17 per diluted share, for the same period of 2021. Revenues were $16,236,000 and $26,743,000 for the second quarter and first six months of 2022 and $9,256,000 and $13,462,000 for the second quarter and first six months of 2021.

More information about the Company’s financial performance may be found in AMREP Corporation’s financial statements on Form 10-Q which have today been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).

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

FINANCIAL HIGHLIGHTS

Three Months Ended October 31,

2021

2020

Revenues

$

16,236,000

$

9,256,000

Net income (loss)

$

3,326,000

$

798,000

Income (loss) per share – basic

$

0.45

$

0.10

Income (loss) per share – diluted

$

0.45

$

0.10

Weighted average number of common shares outstanding – basic

7,361,000

8,122,000

Weighted average number of common shares outstanding – diluted

7,383,000

8,152,000


Six Months Ended October 31,

2021

2020

Revenues

$

26,743,000

$

13,462,000

Net income (loss)

$

4,963,000

$

1,391,000

Income (loss) per share – basic

$

0.67

$

0.17

Income (loss) per share – diluted

$

0.67

$

0.17

Weighted average number of common shares outstanding – basic

7,354,000

8,136,000

Weighted average number of common shares outstanding – diluted

7,378,000

8,168,000


CONTACT:

Adrienne M. Uleau

Vice President, Finance and Accounting

(610) 487-0907