AMREP Reports First Quarter Fiscal 2021 Results and Announces Director Resignation
AMREP Corporation (NYSE: AXR) reported a net income of $593,000 or $0.07 per share for the first quarter of fiscal 2021, a turnaround from a net loss of $196,000 or $(0.02) per share in the previous year. Revenues decreased to $4.21 million, down from $4.77 million year-over-year. The board of directors has been reduced from four to three members following the resignation of Theodore J. Gaasche. AMREP primarily develops real estate in New Mexico.
- Net income increased to $593,000 from a loss of $196,000 year-over-year.
- EPS improved to $0.07 from $(0.02) in the prior year.
- Revenues declined from $4.77 million to $4.21 million.
PLYMOUTH MEETING, Pa., Sept. 09, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported net income of
In addition, AMREP reported that Theodore J. Gaasche has resigned as a director of AMREP for personal reasons and has withdrawn as a director nominee for consideration at the annual meeting of shareholders of AMREP to be held on September 10, 2020. Given this development, the board of directors has reduced the size of the board from four members to three members but will consider adding a new director in the near future.
AMREP’s Chairman, Edward B. Cloues, II, commented, “Ted served as the chief executive officer of AMREP from 2011 through 2013 and then as a director since 2013. On behalf of our board of directors, we thank Ted for his many contributions to AMREP while serving in these capacities and wish him the very best in the future.”
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, | |||||||
| 2020 | 2019 | ||||||
| Revenues | $ | 4,206,000 | $ | 4,767,000 | |||
| Net income (loss) | $ | 593,000 | $ | (196,000) | |||
| Income (loss) per share – Basic and Diluted | $ | 0.07 | $ | (0.02) | |||
| Weighted average number of common shares outstanding - basic | 8,151,000 | 8,095,000 | |||||
| Weighted average number of common shares outstanding - diluted | 8,182,000 | 8,095,000 | |||||
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/).
| 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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