AMREP Reports Second Quarter Fiscal 2023 Results

HAVERTOWN, Pa., Dec. 12, 2022 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $3,621,000, or $0.68 per diluted share, for its 2023 fiscal second quarter ended October 31, 2022 compared to net income of $3,326,000, or $0.45 per diluted share, for the same period of the prior year. For the first six months of 2023, AMREP had net income of $5,533,000, or $1.04 per diluted share, compared to net income of $4,963,000, or $0.67 per diluted share, for the same period of 2022. Revenues were $16,149,000 and $26,856,000 for the second quarter and first six months of 2023 and $16,112,000 and $26,098,000 for the second quarter and first six months of 2022.

More information about the Company’s financial performance may be found in AMREP Corporation’s financial statements on Form 10-Q which have today been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).

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

FINANCIAL HIGHLIGHTS

		Three Months Ended October 31,
			2022			2021
Revenues		$	16,149,000		$	16,112,000
Net income		$	3,621,000		$	3,326,000
Income per share – basic		$	0.69		$	0.45
Income per share – diluted		$	0.68		$	0.45
Weighted average number of common shares outstanding – basic			5,281,000			7,361,000
Weighted average number of common shares outstanding – diluted			5,307,000			7,383,000

		Six Months Ended October 31,
			2022			2021
Revenues		$	26,856,000		$	26,098,000
Net income		$	5,533,000		$	4,963,000
Income per share – basic		$	1.05		$	0.67
Income per share – diluted		$	1.04		$	0.67
Weighted average number of common shares outstanding – basic			5,277,000			7,354,000
Weighted average number of common shares outstanding – diluted			5,302,000			7,378,000

 

CONTACT:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907