AXR AMREP Corp

AMREP Corporation (NYSE: AXR) today reported net income of $1,527,000, or $0.19 per share, for its 2019 fiscal year ended April 30, 2019 compared to net income of $238,000, or $0.03 per share, for the prior year. These results reflect both continuing and discontinued operations. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019. AMREP reported a net loss from continuing operations of $2,465,000, or $0.30 per share, for its 2019 fiscal year ended April 30, 2019 compared to a net loss from continuing operations of $2,564,000, or $0.32 per share, for the prior year. Results for 2018 included a non-cash increase in income tax expense arising from certain federal tax law changes enacted during 2018.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

FINANCIAL HIGHLIGHTS
		Twelve Months Ended April 30,
		2019				2018
Revenues from continuing operations		$	12,831,000			$	8,927,000
Net (loss) from continuing operations		$	(2,465,000	)		$	(2,564,000	)
Net income from discontinued operations		$	3,992,000			$	2,802,000
Net income		$	1,527,000			$	238,000
(Loss) per share from continuing operations – Basic and Diluted		$	(0.30	)		$	(0.32	)
Income per share from discontinued operations – Basic and Diluted		$	0.49			$	0.35
Income per share – Basic and Diluted		$	0.19			$	0.03
Weighted average number of common shares outstanding - basic			8,099,000				8,073,000
Weighted average number of common shares outstanding - diluted			8,145,000				8,104,000

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 AMREP’s website (www.amrepcorp.com/SECfiles).

CONTACT:James McMonagleVice President and Chief Financial Officer(610) 487-0904