PLYMOUTH MEETING, Pa.,
July 18, 2017 /PRNewswire/ -- AMREP
Corporation (the "Company") (NYSE: AXR) today reported a net loss
of $15,000, or $0.00 per share, for its 2017 fiscal year ended
April 30, 2017 compared to a net loss
of $10,224,000, or $1.27 per share, in 2016. Revenues for 2017
were $42,368,000 compared to
$41,664,000 in 2016.
The net loss for 2016 included pre-tax, non-cash impairment
charges of $10,406,000 ($6,556,000 after tax, or $0.81 per share). Pre-tax, non-cash
impairment charges in 2017 were $150,000 ($95,000
after tax or $.01 per share).
Excluding the impairment charges, 2016 results were a net loss of
$3,668,000, or $0.46 per share, compared to net income of
$80,000, or $.01 per share, in 2017.
In commenting on 2017's results, the Company's Chairman,
Edward B. Cloues, II, said "The
Company significantly improved its operating performance and cash
flow metrics in 2017 following the three year restructuring and
simplification of its business portfolio and balance sheet that was
completed in 2016. This improvement was primarily the result of a
stronger real estate business in 2017, but it also reflected the
substantial benefits of the now completed restructuring activities
as well as a continued focus on expense reductions. Cash from
operations enabled the Company to satisfy outstanding notes payable
of $12,939,000 during 2017. As a
result, the Company enters fiscal year 2018 with no financing debt
and is better positioned to consider and capitalize on future
growth opportunities."
AMREP Corporation, through its subsidiaries, is primarily
engaged in two business segments: its Real Estate business
operated by AMREP Southwest Inc. and its subsidiaries is a major
holder of real estate in the Rio Rancho,
New Mexico area and its Fulfillment Services business
operated by Palm Coast Data LLC performs fulfillment and contact
center services for publications, membership organizations,
government agencies and other direct marketers.
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AMREP CORPORATION
AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
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Twelve Months Ended
April 30,
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2017
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2016
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Revenues
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$
42,368,000
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$
41,664,000
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Net loss
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$
(15,000)
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$
(10,224,000)
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Earnings (loss) per
share – Basic and
Diluted
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$
0.00
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$
(1.27)
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Weighted average
number of common shares outstanding - basic
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8,052,000
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8,037,000
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Weighted average
number of common shares outstanding - diluted
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8,077,000
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8,059,000
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AMREP Corporation's financial statements on Form 10-K are
expected to be filed with the Securities and Exchange Commission
concurrently with this release and will be available on the
Company's website (www.amrepcorp.com/SECfiles).
View original
content:http://www.prnewswire.com/news-releases/amrep-reports-fiscal-2017-results-300490207.html
SOURCE AMREP Corporation