• AMREP Reports Third Quarter Fiscal 2024 Results

    来源: Nasdaq GlobeNewswire / 08 3月 2024 15:40:13   America/Chicago

    HAVERTOWN, Pa., March 08, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $92,000, or $0.02 per diluted share, for its 2024 fiscal third quarter ended January 31, 2024 compared to net income of $16,574,000, or $3.12 per diluted share, for the same period of the prior year. For the first nine months of 2024, AMREP had net income of $2,546,000, or $0.48 per diluted share, compared to net income of $22,107,000, or $4.17 per diluted share, for the same period of 2023. Revenues were $12,689,000 and $31,833,000 for the third quarter and first nine months of 2024 and $9,117,000 and $35,975,000 for the third quarter and first nine months of 2023.

    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,
     2024 2023
    Revenues$12,689,000  $9,117,000 
            
    Net income$92,000  $16,574,000 
    Earnings per share – basic$0.02  $3.14 
    Earnings per share – diluted$0.02  $3.12 
            
    Weighted average number of common shares outstanding – basic 5,303,000   5,284,000 
    Weighted average number of common shares outstanding – diluted 5,346,000   5,310,000 
            


     Nine Months Ended January 31,
     2024 2023
    Revenues$31,833,000  $35,975,000 
            
    Net income$2,546,000  $22,107,000 
    Earnings per share – basic$0.48  $4.19 
    Earnings per share – diluted$0.48  $4.17 
            
    Weighted average number of common shares outstanding – basic 5,299,000   5,280,000 
    Weighted average number of common shares outstanding – diluted 5,341,000   5,304,000 
            


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

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