Last10K.com

Amrep Corp. (AXR) SEC Filing 10-Q Quarterly Report for the period ending Sunday, October 31, 2021

Amrep Corp.

CIK: 6207 Ticker: AXR

Exhibit 99.1

 

FOR: AMREP Corporation
  850 West Chester Pike, Suite 205
  Havertown, PA 19083
   
CONTACT: Adrienne M. Uleau
  Vice President, Finance and Accounting
  (610) 487-0907

 

AMREP REPORTS FIRST QUARTER FISCAL 2022 RESULTS

 

Havertown, Pennsylvania, September 14, 2021 – AMREP Corporation (NYSE:AXR) today reported net income of $1,637,000, or $0.22 per diluted share, for its 2022 fiscal first quarter ended July 31, 2021 compared to net income of $593,000, or $0.07 per diluted share, for the same period of the prior year. Revenues were $10,507,000 for the first quarter of 2022 and $4,206,000 for the first quarter of 2021.

 

More information about the Company’s financial performance for the first quarters of 2022 and 2021 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 July 31, 
   2021   2020 
Revenues  $10,507,000   $4,206,000 
           
Net income (loss)  $1,637,000   $593,000 
           
Income (loss) per share – basic  $0.22   $0.07 
Income (loss) per share – diluted  $0.22   $0.07 
           
Weighted average number of common shares outstanding – basic   7,346,000    8,151,000 
Weighted average number of common shares outstanding – diluted   7,373,000    8,182,000 

 


The following information was filed by Amrep Corp. (AXR) on Tuesday, September 14, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended October 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ___________

Commission File Number: 1-4702

AMREP Corporation

(Exact Name of Registrant as Specified in its Charter)

Oklahoma

 

59-0936128

State or Other Jurisdiction of

Incorporation or Organization

 

I.R.S. Employer Identification No.

 

 

 

850 West Chester Pike,

Suite 205, Havertown, PA

 

19083

Address of Principal Executive Offices

 

Zip Code

(610) 487-0905

Registrant’s Telephone Number, Including Area Code

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

Name of each exchange on which registered

Common Stock $0.10 par value

AXR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer  

Smaller reporting company 

Emerging growth company   

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 

Number of Shares of Common Stock, par value $.10 per share, outstanding at December 3, 2021 – 7,336,370.

AMREP CORPORATION AND SUBSIDIARIES

INDEX

PAGE
NO.

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets October 31, 2021 (Unaudited) and April 30, 2021

2

Consolidated Statements of Operations (Unaudited) Three and Six Months Ended October 31, 2021 and 2020

3

Consolidated Statements of Comprehensive Income (Unaudited) Three and Six Months Ended October 31, 2021 and 2020

4

Consolidated Statements of Shareholders’ Equity (Unaudited) Three and Six Months Ended October 31, 2021 and 2020

5

Consolidated Statements of Cash Flows (Unaudited) Six Months Ended October 31, 2021 and 2020

6

Notes to Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

15

Item 4.

Controls and Procedures

22

PART II. OTHER INFORMATION

Item 6.

Exhibits

23

SIGNATURE

24

EXHIBIT INDEX

25

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

AMREP CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share amounts)

October 31,

April 30, 

2021

2021

    

(Unaudited)

    

ASSETS

 

  

 

  

Cash and cash equivalents

$

30,327

$

24,801

Real estate inventory

 

61,772

 

55,589

Investment assets, net

 

9,775

 

13,582

Other assets

 

1,870

 

645

Deferred income taxes, net

 

1,165

 

2,749

TOTAL ASSETS

$

104,909

$

97,366

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Accounts payable and accrued expenses

$

4,758

$

4,458

Notes payable, net

 

5,952

 

3,448

Taxes payable, net

 

29

 

95

Accrued pension costs

 

35

 

476

TOTAL LIABILITIES

 

10,774

 

8,477

Shareholders’ Equity:

 

  

 

  

Common stock, $.10 par value; shares authorized – 20,000,000; shares issued – 7,336,370 at October 31, 2021 and 7,323,370 at April 30, 2021

 

731

730

Capital contributed in excess of par value

 

45,221

 

45,072

Retained earnings

 

52,673

 

47,710

Accumulated other comprehensive loss, net

 

(4,490)

 

(4,623)

TOTAL SHAREHOLDERS’ EQUITY

 

94,135

 

88,889

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

104,909

$

97,366

The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.

2

AMREP CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three and Six Months ended October 31, 2021 and 2020

(Amounts in thousands, except per share amounts)

Three Months ended

Six Months ended

October 31,

October 31,

    

2021

    

2020

    

2021

    

2020

REVENUES:

 

  

 

  

 

  

 

  

Land sale revenues

$

8,466

$

8,526

$

15,656

$

12,013

Home sale revenues

819

202

3,230

202

Building sales and other revenues

 

6,951

 

528

 

7,857

 

1,247

Total revenues

 

16,236

 

9,256

 

26,743

 

13,462

COSTS AND EXPENSES:

 

  

 

 

  

 

Land sale cost of revenues

 

6,154

 

6,430

 

11,765

 

9,109

Home sale cost of revenues

629

174

2,543

174

Building sales and other cost of revenues

 

3,837

 

 

3,837

 

General and administrative expenses

 

1,257

 

1,523

 

2,443

 

2,967

Total costs and expenses

 

11,877

 

8,127

 

20,588

 

12,250

Operating income

4,359

1,129

6,155

1,212

Interest income (expense), net

 

2

 

(12)

 

1

 

(6)

Other income

 

30

 

 

260

 

650

Income before income taxes

4,391

1,117

6,416

1,856

Provision for income taxes

1,065

319

1,453

465

Net income

$

3,326

$

798

$

4,963

$

1,391

Basic earnings per share

$

0.45

$

0.10

$

0.67

$

0.17

Diluted earnings per share

$

0.45

$

0.10

$

0.67

$

0.17

Weighted average number of common shares outstanding – basic

 

7,361

 

8,122

 

7,354

 

8,136

Weighted average number of common shares outstanding – diluted

 

7,383

 

8,152

 

7,378

 

8,168

The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.

3

AMREP CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three and Six Months ended October 31, 2021 and 2020

(Amounts in thousands)

Three Months ended

Six Months ended

October 31, 

October 31, 

    

2021

    

2020

    

2021

    

2020

Net income

$

3,326

$

798

$

4,963

$

1,391

Other comprehensive income, net of tax:

 

  

 

  

 

  

 

  

Decrease in pension liability

 

98

 

132

 

195

 

264

Income tax effect

(31)

(42)

(62)

(84)

Decrease in pension liability, net of tax

67

90

133

180

Other comprehensive income

 

67

 

90

 

133

 

180

Total comprehensive income

$

3,393

$

888

$

5,096

$

1,571

The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.

4

AMREP CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

Three and Six Months ended October 31, 2021 and 2020

(Amounts in thousands)

Capital

Accumulated

Treasury

Contributed

Other

Stock,

Common Stock

in Excess of

Retained

Comprehensive

at

    

Shares

    

Amount

    

Par Value

    

Earnings

    

Loss

    

Cost

    

Total

Balance, August 1, 2021

 

7,336

$

731

$

45,221

$

49,347

$

(4,557)

$

$

90,742

Net income

3,326

3,326

Other comprehensive income

 

 

 

 

67

 

 

67

Balance, October 31, 2021

 

7,336

$

731

$

45,221

$

52,673

$

(4,490)

$

$

94,135

Balance, August 1, 2020

8,367

$

837

$

51,375

$

43,742

$

(6,377)

$

(4,215)

$

85,362

Issuance of common stock settled from deferred common share units

12

Repurchase of common stock

(687)

(69)

(4,159)

(4,228)

Net income

798

798

Other comprehensive income

90

90

Balance, October 31, 2020

 

7,692

$

768

$

47,216

$

44,540

$

(6,287)

$

(4,215)

$

82,022

Balance, May 1, 2021

 

7,323

$

730

$

45,072

$

47,710

$

(4,623)

$

$

88,889

Issuance of restricted common stock

13

1

 

149

 

 

 

 

150

Net income

4,963

4,963

Other comprehensive income

 

 

 

 

 

133

 

 

133

Balance, October 31, 2021

 

7,336

$

731

$

45,221

$

52,673

$

(4,490)

$

$

94,135

Balance, May 1, 2020

8,358

$

836

$

51,334

$

43,149

$

(6,467)

$

(4,215)

$

84,637

Issuance of restricted common stock

9

1

41

42

Issuance of common stock settled from deferred common share units

12

Repurchase of common stock

(687)

(69)

(4,159)

(4,228)

Net income

1,391

1,391

Other comprehensive income

180

180

Balance, October 31, 2020

 

7,692

$

768

$

47,216

$

44,540

$

(6,287)

$

(4,215)

$

82,022

The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.

5

AMREP CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months ended October 31, 2021 and 2020

(Amounts in thousands)

Six Months ended October 31,

    

2021

    

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

  

 

  

Net income

$

4,963

$

1,391

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Depreciation

 

204

 

270

Amortization of debt issuance costs

 

34

 

30

Non-cash credits and charges:

 

  

 

  

Stock-based compensation

 

47

 

42

Deferred income tax provision

 

1,522

 

548

Net periodic pension cost

 

(246)

 

208

Gain on debt forgiveness

(45)

Changes in assets and liabilities:

 

  

 

  

Real estate inventory and investment assets

 

(2,580)

 

(1,065)

Other assets

 

(1,203)

 

(614)

Accounts payable and accrued expenses

 

300

 

1,575

Accrued pension costs

(1,847)

Taxes payable

 

(66)

 

Net cash provided by (used in) operating activities

 

2,930

 

538

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

Proceeds from corporate-owned life insurance policy

 

92

 

Capital expenditures

 

(11)

 

(3)

Net cash provided by (used in) investing activities

 

81

 

(3)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

Proceeds from debt financing

 

6,857

 

5,415

Principal debt payments

 

(4,292)

 

(3,475)

Payments for debt issuance costs

 

(50)

 

(57)

Repurchase of common stock

(4,228)

Net cash provided by (used in) financing activities

 

2,515

 

(2,345)

Increase (decrease) in cash and cash equivalents

 

5,526

 

(1,810)

Cash and cash equivalents, beginning of period

 

24,801

 

17,502

Cash and cash equivalents, end of period

$

30,327

$

15,692

SUPPLEMENTAL CASH FLOW INFORMATION:

 

  

 

  

Income taxes refunded, net

$

3

$

Interest paid, net of amount capitalized

$

$

52

Right-of-use assets obtained in exchange for operating lease liabilities

$

42

$

The accompanying notes to consolidated financial statements are an integral part of these consolidated financial statements.

6

AMREP CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Three and Six Months Ended October 31, 2021 and 2020

(1)           SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES

The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales or activities outside the United States. All references to the Company in this quarterly report on Form 10-Q include the Registrant and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented.  The results of operations for such interim periods are not necessarily indicative of what may occur in future periods.  Unless the context otherwise indicates, all references to 2022 and 2021 are to the fiscal years ending April 30, 2022 and 2021.

The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2021, which was filed with the SEC on July 27, 2021 (the “2021 Form 10-K”).  Certain 2021 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on net income or shareholders’ equity.

Summary of Significant Accounting Policies

The significant accounting policies used in preparing these consolidated financial statements are consistent with the accounting policies described in the 2021 Form 10-K, except for those adopted as described below.

New Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes, which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 was effective for the Company’s fiscal year beginning May 1, 2021. The adoption of ASU 2019-12 by the Company did not have any effect on its consolidated financial statements.

There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements.

(2)         REAL ESTATE INVENTORY

Real estate inventory consists of (in thousands):

October 31,

April 30,

    

2021

    

2021

Land held for development or sale in New Mexico

$

54,148

$

49,918

Land held for development or sale in Colorado

 

4,009

 

3,975

Homebuilding finished inventory

214

417

Homebuilding construction in process

3,401

1,279

$

61,772

$

55,589

7

(3)          INVESTMENT ASSETS, NET

Investment assets, net consist of (in thousands):

    

October 31,

    

April 30,

2021

2021

Land held for long-term investment

$

9,775

$

9,775

Buildings

10,003

Less accumulated depreciation

 

 

(6,196)

Buildings, net

 

 

3,807

$

9,775

$

13,582

As of April 30, 2021, buildings were comprised of a 143,000 square foot warehouse and office facility located in Palm Coast, Florida. In October 2021, the Company sold this 143,000 square foot warehouse and office facility. Depreciation associated with buildings was $98,000 and $140,000 for the three months ended October 31, 2021 and October 31, 2020 and $201,000 and $262,000 for the six months ended October 31, 2021 and October 31, 2020.

(4)          OTHER ASSETS

Other assets consist of (in thousands):

    

October 31, 

    

April 30, 

2021

2021

Prepaid expenses

$

324

$

324

Receivables

58

37

Right-of-use assets associated with leases of office facilities

 

129

 

84

Other assets

80

172

Property and equipment

1,476

222

Less accumulated depreciation

(197)

(194)

Property and equipment, net

1,279

28

$

1,870

$

645

Prepaid expenses as of October 31, 2021 primarily consisted of stock compensation, insurance and utility deposits. Amortized lease cost for right-of-use assets associated with the leases of office facilities was $24,000 and $26,000 for the three months ended October 31, 2021 and October 31, 2020 and $36,000 and $63,000 for the six months ended October 31, 2021 and October 31, 2020. In August 2021, the Company acquired a 7,000 square foot office building in Rio Rancho, New Mexico from which its real estate business now operates. Depreciation expense associated with property and equipment was $2,000 for each of the three months ended October 31, 2021 and October 31, 2020 and $3,000 and $8,000 for the six months ended October 31, 2021 and October 31, 2020.

(5)          ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of (in thousands):

    

October 31, 

    

April 30, 

2021

2021

Real estate operations

Accrued expenses

$

866

$

658

Trade payables

 

2,117

 

1,377

Real estate customer deposits

1,378

1,769

4,361

3,804

Corporate operations

397

654

$

4,758

$

4,458

8

(6)          NOTES PAYABLE

Notes payable, net consist of (in thousands):

    

October 31, 

    

April 30, 

2021

2021

Real estate notes payable

$

6,002

$

3,482

Unamortized debt issuance costs

 

(50)

 

(34)

$

5,952

$

3,448

The following tables present information on the Company’s notes payable in effect during the six months ended October 31, 2021 (dollars in thousands):

    

Principal Amount

    

    

    

    

Available for

Outstanding

Borrowing

Principal Amount

Principal Repayments

October 31,

October 31,

April 30,

Three Months ended

Six Months ended

Loan Identifier

2021

2021

2021

October 31, 2021

October 31, 2021

Revolving Line of Credit

 

$

3,750

 

$

 

$

$

$

Lomas Encantadas U2B P3

632

410

1,770

Hawk Site U37

 

 

 

 

 

Hawk Site U23 U40

 

1,678

 

 

30

 

30

 

30

Lavender Fields – acquisition

 

 

 

1,749

 

 

1,703

Lavender Fields – development

 

2,194

 

504

 

1,293

 

395

 

789

La Mirada

 

1,877

 

5,498

 

 

 

 

$

6,002

$

3,482

 

 

    

    

Mortgaged Property

    

    

Interest Rate

Book Value

Capitalized Interest and Fees

October 31,

October 31,

Three Months ended

Six Months ended

Loan Identifier

2021

2021

October 31, 2021

October 31, 2021

Revolving Line of Credit

 

3.75

%  

$

1,693

$

$

Lomas Encantadas U2B P3

 

3.75

%  

 

877

 

 

Hawk Site U23 U40

 

3.75

%  

 

1,359

 

 

Lavender Fields – development

 

3.75

%  

 

5,261

 

6

 

17

La Mirada

 

3.75

%  

 

8,041

 

40

 

61

As of October 31, 2021, the Company and each of its subsidiaries were in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Refer to Notes 6 and 19 to the consolidated financial statements contained in the 2021 Form 10-K for additional detail about each of the above notes payable.

The note payable identified as “Hawk Site U37” was terminated in October 2021. The outstanding principal amount of the note payable identified as “Lavender Fields – acquisition” was prepaid in full without penalty in June 2021 following the parties agreeing to reduce the outstanding principal amount by $45,000, which was recognized as Other income during the six months ended October 31, 2021.

The following table summarizes the notes payable scheduled principal repayments subsequent to October 31, 2021 (in thousands):

Fiscal Year

    

Scheduled Payments

2022

$

2023

 

504

2024

 

5,498

Total

$

6,002

9

(7)          REVENUES

Land sale revenues. Substantially all of the land sale revenues were received from three customers for the three and six months ended October 31, 2021 and four customers for the three and six months ended October 31, 2020. There were no outstanding receivables from these customers as of October 31, 2021 or October 31, 2020.

Building sales and other revenues. Building sales and other revenues consist of (in thousands):

    

Three Months ended October 31,

    

Six Months ended October 31,

2021

2020

2021

2020

Sale of building

$

6,750

$

$

6,750

$

Oil and gas royalties

40

25

175

36

Public improvement district reimbursements

 

15

 

69

 

239

 

244

Private infrastructure reimbursement covenants

 

31

 

245

 

83

 

378

Miscellaneous other revenues

 

115

 

189

 

610

 

589

$

6,951

$

528

$

7,857

$

1,247

The Company owned a 143,000 square foot warehouse and office facility located in Palm Coast, Florida during the three and six months ended October 31, 2021, which was leased to a third party through August 2020 and a portion of which was leased to the same third party after August 2020. Sale of building during the three and six months ended October 31, 2021 consisted of the sale of this 143,000 square foot warehouse and office facility in October 2021.

Refer to Note 7 to the consolidated financial statements contained in the 2021 Form 10-K for additional detail about each category of building sales and other revenues. Miscellaneous other revenues for the three and six months ended October 31, 2021 primarily consisted of rent received from a tenant at a building in Palm Coast, Florida and tenants at a shopping center in Albuquerque,New Mexico, payments for impact fee credits, a non-refundable option payment and sale of equipment. Miscellaneous other revenue for the three and six months ended October 31, 2020 primarily consisted of rent received from a tenant at a building in Palm Coast, Florida, payments for impact fee credits and a land condemnation.

Major customers:

There were three customers with revenues in excess of 10% of the Company’s revenues during the three months ended October 31, 2021. The revenues for each such customer during the three months ended October 31, 2021 were as follows: $3,700,000, $2,400,000 and $1,700,000, with each of these revenues reported in the Company’s land development business segment.
There were three customers with revenues in excess of 10% of the Company’s revenues during the six months ended October 31, 2021. The revenues for each such customer during the six months ended October 31, 2021 were as follows: $6,700,000, $3,700,000 and $3,400,000, with each of these revenues reported in the Company’s land development business segment.
There were four customers with revenues in excess of 10% of the Company’s revenues during the three months ended October 31, 2020. The revenues for each such customer during the three months ended October 31, 2020 were as follows: $2,900,000, $2,600,000, $1,600,000 and $1,450,000, with each of these revenues reported in the Company’s land development business segment.
There were four customers with revenues in excess of 10% of the Company’s revenues during the six months ended October 31, 2020. The revenues for each such customer during the six months ended October 31, 2020 were as follows: $4,800,000, $2,600,000, $2,400,000 and $2,000,000, with each of these revenues reported in the Company’s land development business segment.

(8)          COST OF REVENUES

Building sales and other cost of revenues during the three and six months ended October 31, 2021 consist of the sale of a 143,000 square foot warehouse and office facility located in Palm Coast, Florida.

10

(9)          GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses consist of (in thousands):

    

Three Months ended October 31,

    

Six Months ended October 31,

2021

2020

2021

2020

Land development

$

677

$

665

$

1,261

$

1,271

Homebuilding

 

212

 

118