AMREP Reports Third Quarter Fiscal 2021 Results

PLYMOUTH MEETING, Pa., March 11, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $2,093,000, or $0.29 per share, for its 2021 fiscal third quarter ended January 31, 2021 compared to net income of $338,000, or $0.04 per share, for the same period of the prior year. For the first nine months of 2021, AMREP had net income of $3,484,000, or $0.44 per share, compared to a net loss of $2,027,000, or $0.25 per share, for the same period of 2020.

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 January 31,
		2021			2020
Revenues	$	7,864,000		$	5,287,000
Net income (loss)	$	2,093,000		$	338,000
Income (loss) per share – basic	$	0.29		$	0.04
Income (loss) per share – diluted	$	0.28		$	0.04
Weighted average number of common shares outstanding – basic		7,343,000			8,138,000
Weighted average number of common shares outstanding – diluted		7,372,000			8,174,000

	Nine Months Ended January 31,
		2021			2020
Revenues	$	21,326,000		$	14,014,000
Net income (loss)	$	3,484,000		$	(2,027,000	)
Income (loss) per share – basic	$	0.44		$	(0.25	)
Income (loss) per share – diluted	$	0.44		$	(0.25	)
Weighted average number of common shares outstanding – basic		7,872,000			8,129,000
Weighted average number of common shares outstanding – diluted		7,903,000			8,129,000

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