AMREP Reports Second Quarter Fiscal 2019 Results
December 11 2018 - 4:15PM
AMREP Corporation (NYSE: AXR) today reported net income of $55,000,
or $0.00 per share, for its 2019 second fiscal quarter ended
October 31, 2018 compared to net income of $278,000, or $0.03 per
share, for the same period of the prior year. For the first six
months of 2019, the Company had net income of $116,000, or $0.01
per share, compared to net income of $1,726,000, or $0.21 per
share, for the same period of 2018. Revenues were $9,608,000
and $21,323,000 for the second quarter and first six months of 2019
compared to $9,175,000 and $20,501,000 for the same periods of the
prior year.
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 land and leading developer of real estate in New
Mexico 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.
FINANCIAL HIGHLIGHTS
|
|
Three Months Ended October 31, |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
Revenues |
|
$ |
9,608,000 |
|
$ |
9,175,000 |
|
|
|
|
|
Net
income |
|
$ |
55,000 |
|
$ |
278,000 |
|
|
|
|
|
Earnings
per share – Basic and Diluted |
|
$ |
0.00 |
|
$ |
0.03 |
|
|
|
|
|
Weighted
average number of common shares outstanding - basic |
|
|
8,095,000 |
|
|
8,070,000 |
Weighted
average number of common shares outstanding - diluted |
|
|
8,146,000 |
|
|
8,102,000 |
|
|
|
|
|
|
|
Six Months Ended October 31, |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
Revenues |
|
$ |
21,323,000 |
|
$ |
20,501,000 |
|
|
|
|
|
Net
income |
|
$ |
116,000 |
|
$ |
1,726,000 |
|
|
|
|
|
Earnings
per share – Basic and Diluted |
|
$ |
0.01 |
|
$ |
0.21 |
|
|
|
|
|
Weighted
average number of common shares outstanding - basic |
|
|
8,090,000 |
|
|
8,067,000 |
Weighted
average number of common shares outstanding - diluted |
|
|
8,135,000 |
|
|
8,096,000 |
AMREP Corporation’s financial statements on Form
10-Q 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).
CONTACT: |
James
McMonagle |
|
Vice
President and Chief Financial Officer |
|
(610)
487-0904 |
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