AMREP Reports Second Quarter Fiscal 2020 Results

AMREP Corporation (NYSE: AXR) today reported a net loss of $2,169,000, or $0.27 per share, for its 2020 fiscal second quarter ended October 31, 2019 compared to net income of $55,000, or $0.00 per share, for the same period of the prior year. For the first six months of 2020, AMREP had a net loss of $2,365,000, or $0.29 per share, compared to net income of $116,000, or $0.01 per share, for the same period of 2019.

During the second quarter of 2020, AMREP recognized a non-cash pre-tax settlement charge of $2,929,000 due to AMREP’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees.

The results of the second quarter of the prior year reflected a net loss from continuing operations of $580,000 and net income from discontinued operations of $635,000. The first six months of the prior year reflected a net loss from continuing operations of $1,242,000 and net income from discontinued operations of $1,358,000. 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 October 31,
			2019				2018
Revenues		$	3,960,000			$	2,620,000
Net (loss) from continuing operations		$	(2,169,000	)		$	(580,000	)
Net income from discontinued operations			-			$	635,000
Net income		$	(2,169,000	)		$	55,000
(Loss) per share from continuing operations – Basic and Diluted		$	(0.27	)		$	(0.08	)
Income per share from discontinued operations – Basic and Diluted			-			$	0.08
Income per share – Basic and Diluted		$	(0.27	)		$	0.00
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				8,146,000

		Six Months Ended October 31,
			2019				2018
Revenues		$	8,727,000			$	6,858,000
Net (loss) from continuing operations		$	(2,365,000	)		$	(1,242,000	)
Net income from discontinued operations			-			$	1,358,000
Net income		$	(2,365,000	)		$	116,000
(Loss) per share from continuing operations – Basic and Diluted		$	(0.29	)		$	(0.16	)
Income per share from discontinued operations – Basic and Diluted			-			$	0.17
Income per share – Basic and Diluted		$	(0.29	)		$	0.01
Weighted average number of common shares outstanding - basic			8,125,000				8,090,000
Weighted average number of common shares outstanding - diluted			8,125,000				8,135,000

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/).

CONTACT: James McMonagleVice President and Chief Financial Officer(610) 487-0904