HAVERTOWN, Pa., Dec. 08, 2021 (GLOBE NEWSWIRE) — AMREP Corporation (NYSE:AXR) today reported net income of $3,326,000, or $0.45 per diluted share, for its 2022 fiscal second quarter ended October 31, 2021 compared to net income of $798,000, or $0.10 per diluted share, for the same period of the prior year. For the first six months of 2022, AMREP had net income of $4,963,000, or $0.67 per diluted share, compared to net income of $1,391,000, or $0.17 per diluted share, for the same period of 2021. Revenues were $16,236,000 and $26,743,000 for the second quarter and first six months of 2022 and $9,256,000 and $13,462,000 for the second quarter and first six months of 2021.
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 October 31, | |||||
| 2021 | 2020 | ||||
| Revenues | $ | 16,236,000 | $ | 9,256,000 | |
| Net income (loss) | $ | 3,326,000 | $ | 798,000 | |
| Income (loss) per share – basic | $ | 0.45 | $ | 0.10 | |
| Income (loss) per share – diluted | $ | 0.45 | $ | 0.10 | |
| Weighted average number of common shares outstanding – basic | 7,361,000 | 8,122,000 | |||
| Weighted average number of common shares outstanding – diluted | 7,383,000 | 8,152,000 | |||
| Six Months Ended October 31, | |||||
| 2021 | 2020 | ||||
| Revenues | $ | 26,743,000 | $ | 13,462,000 | |
| Net income (loss) | $ | 4,963,000 | $ | 1,391,000 | |
| Income (loss) per share – basic | $ | 0.67 | $ | 0.17 | |
| Income (loss) per share – diluted | $ | 0.67 | $ | 0.17 | |
| Weighted average number of common shares outstanding – basic | 7,354,000 | 8,136,000 | |||
| Weighted average number of common shares outstanding – diluted | 7,378,000 | 8,168,000 | |||
| CONTACT: | Adrienne M. Uleau |
| Vice President, Finance and Accounting | |
| (610) 487-0907 |
