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AMREP Reports Second Quarter Fiscal 2021 Results

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AMREP Corporation
·2 min read
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PLYMOUTH MEETING, Pa., Dec. 08, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: 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