AXR AMREP Corp

AMREP Corporation (NYSE: AXR) today reported a net loss of $196,000, or $0.02 per share, for its 2020 fiscal first quarter ended July 31, 2019 compared to net income of $61,000, or $0.01 per share, for the same period of the prior year.

The prior year’s results reflected a net loss from continuing operations of $662,000 and net income from discontinued operations of $723,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.

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

FINANCIAL HIGHLIGHTS

		Three Months Ended July 31,
			2019				2018
Revenues		$	4,767,000			$	4,238,000
Net (loss) from continuing operations		$	(196,000)			$	(662,000)
Net income from discontinued operations			-			$	723,000
Net income		$	(196,000)			$	61,000
(Loss) per share from continuing operations – Basic and Diluted		$	(0.02)			$	(0.08)
Income per share from discontinued operations – Basic and Diluted			-			$	0.09
Income per share – Basic and Diluted		$	(0.02)			$	0.01
Weighted average number of common shares outstanding - basic			8,095,000				8,086,000
Weighted average number of common shares outstanding - diluted			8,095,000				8,124,000

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

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