AMREP Reports Third Quarter Fiscal 2024 Results

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