AMREP Reports Fiscal 2020 Results
July 27 2020 - 6:12AM
AMREP Corporation (NYSE: AXR) today reported a net loss of
$5,903,000, or $0.73 per share, for its 2020 fiscal year ended
April 30, 2020 compared to net income of $1,527,000, or $0.19 per
share, for the prior year.
Results for 2020 included $8,600,000 of non-cash
charges comprised of: (1) a non-cash pre-tax pension settlement
charge of $2,929,000 due to the payment of lump sum payouts of
pension benefits to 309 former employees and (2) net non-cash
pre-tax impairment charges on other assets of $5,046,000 in
connection with certain deemed consideration from the sale of the
Company’s fulfillment services business. Results for 2019 reflected
a net loss from continuing operations of $2,465,000 and net income
from discontinued operations of $3,992,000. 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 |
|
|
Twelve Months Ended April 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
Revenues |
$ |
18,783,000 |
|
|
$ |
12,754,000 |
|
|
|
|
|
|
|
Net income (loss) from continuing operations |
$ |
(5,903,000 |
) |
|
$ |
(2,465,000 |
) |
|
|
|
|
|
|
|
- |
|
|
Net income from discontinued operations |
|
- |
|
|
$ |
3,992,000 |
|
|
|
|
|
|
|
|
- |
|
|
Net income (loss) |
$ |
(5,903,000 |
) |
|
$ |
1,527,000 |
|
|
|
|
|
|
|
(Loss) per share from continuing operations – Basic and
Diluted |
$ |
(0.73 |
) |
|
$ |
(0.30 |
) |
|
|
|
|
|
|
|
- |
|
|
Income per share from discontinued operations – Basic and
Diluted |
$ |
- |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
(Loss) income per share – Basic and Diluted |
$ |
(0.73 |
) |
|
$ |
0.19 |
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic |
|
8,134,000 |
|
|
|
8,099,000 |
|
|
Weighted average number of common shares outstanding - diluted |
|
8,134,000 |
|
|
|
8,145,000 |
|
|
|
|
|
|
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/sec-filings/).
| FOR: |
|
AMREP Corporation |
| |
|
620 West Germantown Pike, Suite 175 |
| |
|
Plymouth Meeting, Pennsylvania 19462 |
| |
|
|
| CONTACT: |
|
Adrienne M. Uleau |
| |
|
Vice President, Finance and Accounting |
| |
|
(610) 487-0907 |
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