{"id":8373,"date":"2023-04-13T16:44:31","date_gmt":"2023-04-13T21:44:31","guid":{"rendered":"https:\/\/1reason.com\/re\/amrep-reports-third-quarter-fiscal-2023-results\/8373\/"},"modified":"2023-04-14T11:44:32","modified_gmt":"2023-04-14T16:44:32","slug":"amrep-reports-third-quarter-fiscal-2023-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/amrep-reports-third-quarter-fiscal-2023-results\/8373\/","title":{"rendered":"AMREP Reports Third Quarter Fiscal 2023 Results"},"content":{"rendered":"
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. <\/p>\n

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.<\/p>\n

More information about the Company\u2019s financial performance may be found in AMREP Corporation\u2019s financial statements on Form 10-Q which have today been filed with the Securities and Exchange Commission and will be available on AMREP\u2019s website (www.amrepcorp.com\/sec-filings\/).<\/p>\n

AMREP Corporation, through its subsidiaries, is a major holder of land, leading developer of real estate and award-winning homebuilder in New Mexico.<\/p>\n

FINANCIAL HIGHLIGHTS<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
\nThree Months Ended January 31,<\/u><\/td>\n<\/tr>\n
\n2023<\/u><\/td>\n\n2022<\/u><\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n9,117,000<\/td>\n\n$<\/td>\n9,391,000<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n16,574,000<\/td>\n\n$<\/td>\n910,000<\/td>\n<\/tr>\n
Income per share \u2013 basic<\/td>\n$<\/td>\n3.14<\/td>\n\n$<\/td>\n0.12<\/td>\n<\/tr>\n
Income per share \u2013 diluted<\/td>\n$<\/td>\n3.12<\/td>\n\n$<\/td>\n0.12<\/td>\n<\/tr>\n
Weighted average number of common shares outstanding \u2013 basic<\/td>\n\n5,284,000<\/td>\n\n\n7,363,000<\/td>\n<\/tr>\n
Weighted average number of common shares outstanding \u2013 diluted<\/td>\n\n5,310,000<\/td>\n\n\n7,385,000<\/td>\n<\/tr>\n
\n\n\n\n\n<\/tr>\n<\/table>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n
\nNine Months Ended January 31,<\/u><\/td>\n<\/tr>\n
\n2023<\/u><\/td>\n\n2022<\/u><\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n35,975,000<\/td>\n\n$<\/td>\n35,404,000<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n22,107,000<\/td>\n\n$<\/td>\n5,873,000<\/td>\n<\/tr>\n
Income per share \u2013 basic<\/td>\n$<\/td>\n4.19<\/td>\n\n$<\/td>\n0.80<\/td>\n<\/tr>\n
Income per share \u2013 diluted<\/td>\n$<\/td>\n4.17<\/td>\n\n$<\/td>\n0.80<\/td>\n<\/tr>\n
Weighted average number of common shares outstanding \u2013 basic<\/td>\n\n5,280,000<\/td>\n\n\n7,357,000<\/td>\n<\/tr>\n
Weighted average number of common shares outstanding \u2013 diluted<\/td>\n\n5,304,000<\/td>\n\n\n7,380,000<\/td>\n<\/tr>\n
\n\n\n\n\n<\/tr>\n<\/table>\n

CONTACT:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

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.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/8373"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=8373"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/8373\/revisions"}],"predecessor-version":[{"id":8384,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/8373\/revisions\/8384"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=8373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=8373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=8373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}