Exhibit 99.1

 

FOR: AMREP Corporation
  620 West Germantown Pike, Suite 175
  Plymouth Meeting, Pennsylvania 19462
   
CONTACT: James McMonagle
  Vice President and Chief Financial Officer
  (610) 487-0904

 

AMREP REPORTS THIRD QUARTER FISCAL 2020 RESULTS

 

Plymouth Meeting, Pennsylvania, March 9, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $338,000, or $0.04 per share, for its 2020 fiscal third quarter ended January 31, 2020 compared to a net loss of $32,000, or $0.00 per share, for the same period of the prior year. For the first nine months of 2020, AMREP had a net loss of $2,027,000, or $0.25 per share, compared to net income of $84,000, or $0.01 per share, for the same period of 2019.

 

The results of the third quarter of the prior year reflected a net loss from continuing operations of $1,455,000 and net income from discontinued operations of $1,423,000. The first nine months of the prior year reflected a net loss from continuing operations of $2,696,000 and net income from discontinued operations of $2,780,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.

 

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 January 31, 
   2020   2019 
         
Revenues  $5,287,000   $2,381,000 
           
Net income (loss) from continuing operations  $338,000   $(1,455,000)
           
Net income from discontinued operations   -   $1,423,000 
           
Net income (loss)  $338,000   $(32,000)
           
Income (loss) per share from continuing operations – Basic and Diluted  $0.04   $(0.18)
           
Income per share from discontinued operations – Basic and Diluted   -   $0.18 
           
Income (loss) per share – Basic and Diluted  $0.04   $(0.00)
           
Weighted average number of common shares outstanding - basic   8,138,000    8,103,000 
Weighted average number of common shares outstanding - diluted   8,174,000    8,103,000 

  

 

 

 

   Nine Months Ended January 31, 
   2020   2019 
         
Revenues  $14,014,000   $9,239,000 
           
Net (loss) from continuing operations  $(2,027,000)  $(2,696,000)
           
Net income from discontinued operations   -   $2,780,000 
           
Net (loss) income  $(2,027,000)  $84,000 
           
(Loss) per share from continuing operations – Basic and Diluted  $(0.25)  $(0.33)
           
Income per share from discontinued operations – Basic and Diluted   -   $0.34 
           
(Loss) income per share – Basic and Diluted  $(0.25)  $0.01 
           
Weighted average number of common shares outstanding - basic   8,129,000    8,095,000 
Weighted average number of common shares outstanding - diluted   8,129,000    8,140,000 

 

 

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/).

 

 

 

 

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