AMREP Reports Second Quarter Fiscal 2020 Results
December 10 2019 - 4:55PM
AMREP Corporation (NYSE: AXR) today reported a net loss of
$2,169,000, or $0.27 per share, for its 2020 fiscal second quarter
ended October 31, 2019 compared to net income of $55,000, or $0.00
per share, for the same period of the prior year. For the first six
months of 2020, AMREP had a net loss of $2,365,000, or $0.29 per
share, compared to net income of $116,000, or $0.01 per share, for
the same period of 2019.
During the second quarter of 2020, AMREP recognized
a non-cash pre-tax settlement charge of $2,929,000 due to AMREP’s
defined benefit pension plan paying certain lump sum payouts of
pension benefits to former employees.
The results of the second quarter of the prior year
reflected a net loss from continuing operations of $580,000 and net
income from discontinued operations of $635,000. The first six
months of the prior year reflected a net loss from continuing
operations of $1,242,000 and net income from discontinued
operations of $1,358,000. 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 October 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
3,960,000 |
|
|
$ |
2,620,000 |
|
|
|
|
|
|
|
|
|
|
Net (loss) from continuing operations |
|
$ |
(2,169,000 |
) |
|
$ |
(580,000 |
) |
|
|
|
|
|
|
|
|
|
Net income from discontinued operations |
|
|
- |
|
|
$ |
635,000 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
(2,169,000 |
) |
|
$ |
55,000 |
|
|
|
|
|
|
|
|
|
|
(Loss) per share from continuing operations – Basic and
Diluted |
|
$ |
(0.27 |
) |
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
Income per share from discontinued operations – Basic and
Diluted |
|
|
- |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
Income per share – Basic and Diluted |
|
$ |
(0.27 |
) |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic |
|
|
8,129,000 |
|
|
|
8,095,000 |
|
Weighted average number of common shares outstanding - diluted |
|
|
8,129,000 |
|
|
|
8,146,000 |
|
|
|
Six Months Ended October 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
8,727,000 |
|
|
$ |
6,858,000 |
|
|
|
|
|
|
|
|
|
|
Net (loss) from continuing operations |
|
$ |
(2,365,000 |
) |
|
$ |
(1,242,000 |
) |
|
|
|
|
|
|
|
|
|
Net income from discontinued operations |
|
|
- |
|
|
$ |
1,358,000 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
(2,365,000 |
) |
|
$ |
116,000 |
|
|
|
|
|
|
|
|
|
|
(Loss) per share from continuing operations – Basic and
Diluted |
|
$ |
(0.29 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
Income per share from discontinued operations – Basic and
Diluted |
|
|
- |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
Income per share – Basic and Diluted |
|
$ |
(0.29 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic |
|
|
8,125,000 |
|
|
|
8,090,000 |
|
Weighted average number of common shares outstanding - diluted |
|
|
8,125,000 |
|
|
|
8,135,000 |
|
|
|
|
|
|
|
|
|
|
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/sec-filings/).
CONTACT: James McMonagleVice President and Chief Financial
Officer(610) 487-0904
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