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|620 West Germantown Pike, Suite 175|
|Plymouth Meeting, Pennsylvania 19462|
|Vice President and Chief Financial Officer|
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 $2,780,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
|Three Months Ended January 31,|
|Net income (loss) from continuing operations||$||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|
The following information was filed by Amrep Corp. (AXR) on Monday, March 9, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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