AMREP Reports Third Quarter Fiscal 2023 Results

AMREP Reports Third Quarter Fiscal 2023 Results

HAVERTOWN, Pa., March 13, 2023 (GLOBE NEWSWIRE) — AMREP Corporation (NYSE:AXR) today reported net income of $16,574,000, or $3.12 per diluted share, for its 2023 fiscal third quarter ended January 31, 2023 compared to net income of $910,000, or $0.12 per diluted share, for the same period of the prior year. For the first nine months of 2023, AMREP had net income of $22,107,000, or $4.17 per diluted share, compared to net income of $5,873,000, or $0.80 per diluted share, for the same period of 2022. Revenues were $9,117,000 and $35,975,000 for the third quarter and first nine months of 2023 and $9,391,000 and $35,404,000 for the third quarter and first nine months of 2022.

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

  Three Months Ended January 31,
  2023   2022
Revenues $ 9,117,000   $ 9,391,000
Net income $ 16,574,000   $ 910,000
Income per share – basic $ 3.14   $ 0.12
Income per share – diluted $ 3.12   $ 0.12
Weighted average number of common shares outstanding – basic   5,284,000     7,363,000
Weighted average number of common shares outstanding – diluted   5,310,000     7,385,000
           

  Nine Months Ended January 31,
  2023   2022
Revenues $ 35,975,000   $ 35,404,000
Net income $ 22,107,000   $ 5,873,000
Income per share – basic $ 4.19   $ 0.80
Income per share – diluted $ 4.17   $ 0.80
Weighted average number of common shares outstanding – basic   5,280,000     7,357,000
Weighted average number of common shares outstanding – diluted   5,304,000     7,380,000
           

CONTACT:        
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907

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