AMREP Reports Third Quarter Fiscal 2019 Results
March 13 2019 - 4:28PM
AMREP Corporation (NYSE: AXR) today reported a net loss of $32,000,
or $0.00 per share, for its 2019 third fiscal quarter ended January
31, 2019 compared to a net loss of $2,851,000, or $0.35 per share,
for the same period of the prior year. For the first nine months of
2019, the Company had net income of $84,000, or $0.01 per share,
compared to a net loss of $1,125,000, or $0.14 per share, for the
same period of 2018. Net results for 2018 were unfavorably
impacted by federal tax law changes enacted during the Company's
third quarter of 2018 that reduced the value of the Company's
deferred tax assets. Revenues were $9,340,000 and $30,663,000 for
the third quarter and first nine months of 2019 compared to
$10,379,000 and $30,880,000 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 January 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
9,340,000 |
|
|
$ |
10,379,000 |
|
|
|
|
|
|
|
|
|
|
Net
(loss) |
|
$ |
(32,000 |
) |
|
$ |
(2,851,000 |
) |
|
|
|
|
|
|
|
|
|
(Loss)
per share – Basic and Diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.35 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding - basic |
|
|
8,103,000 |
|
|
|
8,075,000 |
|
Weighted
average number of common shares outstanding - diluted |
|
|
8,103,000 |
|
|
|
8,075,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended January 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
30,663,000 |
|
|
$ |
30,880,000 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
84,000 |
|
|
$ |
(1,125,000 |
) |
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share – Basic and Diluted |
|
$ |
0.01 |
|
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding - basic |
|
|
8,095,000 |
|
|
|
8,070,000 |
|
Weighted
average number of common shares outstanding - diluted |
|
|
8,140,000 |
|
|
|
8,070,000 |
|
|
|
|
|
|
|
|
|
|
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 McMonagleVice President and Chief Financial Officer(610)
487-0904
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