AMREP Reports Third Quarter Fiscal 2024 Results
HAVERTOWN, Pa., March 08, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $92,000, or $0.02 per diluted share, for its 2024 fiscal third quarter ended January 31, 2024 compared to net income of $16,574,000, or $3.12 per diluted share, for the same period of the prior year. For the first nine months of 2024, AMREP had net income of $2,546,000, or $0.48 per diluted share, compared to net income of $22,107,000, or $4.17 per diluted share, for the same period of 2023. Revenues were $12,689,000 and $31,833,000 for the third quarter and first nine months of 2024 and $9,117,000 and $35,975,000 for the third quarter and first nine months of 2023.
During the third quarter of 2023, AMREP recognized a non-cash pre-tax pension settlement expense of $2,336,000 as a result of its defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and a non-cash income tax benefit of $16,071,000 as a result of a worthless stock deduction related to its former fulfillment services business.
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 | |||||||
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| Three Months Ended January 31, | ||||||
| 2024 |
| 2023 | ||||
Revenues | $ | 12,689,000 |
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| $ | 9,117,000 |
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Net income | $ | 92,000 |
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| $ | 16,574,000 |
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Earnings per share – basic | $ | 0.02 |
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| $ | 3.14 |
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Earnings per share – diluted | $ | 0.02 |
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| $ | 3.12 |
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Weighted average number of common shares outstanding – basic |
| 5,303,000 |
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| 5,284,000 |
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Weighted average number of common shares outstanding – diluted |
| 5,346,000 |
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| 5,310,000 |
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| Nine Months Ended January 31, | ||||||
| 2024 |
| 2023 | ||||
Revenues | $ | 31,833,000 |
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| $ | 35,975,000 |
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Net income | $ | 2,546,000 |
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| $ | 22,107,000 |
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Earnings per share – basic | $ | 0.48 |
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| $ | 4.19 |
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Earnings per share – diluted | $ | 0.48 |
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| $ | 4.17 |
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Weighted average number of common shares outstanding – basic |
| 5,299,000 |
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| 5,280,000 |
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Weighted average number of common shares outstanding – diluted |
| 5,341,000 |
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| 5,304,000 |
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CONTACT: |
| Adrienne M. Uleau |
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