AMREP Reports First Quarter Fiscal 2022 Results

Rhea-AI Summary

AMREP Corporation (NYSE:AXR) announced significant growth in its fiscal Q1 2022, reporting a net income of $1,637,000, or $0.22 per diluted share, a marked increase from $593,000, or $0.07 per diluted share in Q1 2021. Total revenues soared to $10,507,000 from $4,206,000 year-over-year. These results reflect AMREP's robust performance in land holdings and real estate development in New Mexico. Comprehensive financial details are available in the company’s 10-Q filings with the SEC.

Positive

• Net income increased by 176% year-over-year.
• Total revenues more than doubled, reflecting strong business growth.

Negative

• None.

HAVERTOWN, Pa., Sept. 14, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $1,637,000, or $0.22 per diluted share, for its 2022 fiscal first quarter ended July 31, 2021 compared to net income of $593,000, or $0.07 per diluted share, for the same period of the prior year.   Revenues were $10,507,000 for the first quarter of 2022 and $4,206,000 for the first quarter of 2021.

More information about the Company’s financial performance for the first quarters of 2022 and 2021 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 July 31,
			2021			2020
Revenues		$	10,507,000		$	4,206,000
Net income (loss)		$	1,637,000		$	593,000
Income (loss) per share – basic		$	0.22		$	0.07
Income (loss) per share – diluted		$	0.22		$	0.07
Weighted average number of common shares outstanding – basic			7,346,000			8,151,000
Weighted average number of common shares outstanding – diluted			7,373,000			8,182,000

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

FAQ

What were AMREP Corporation's earnings for the first quarter of 2022?

AMREP Corporation reported a net income of $1,637,000, or $0.22 per diluted share for fiscal Q1 2022.

How much revenue did AMREP Corporation generate in Q1 2022?

In Q1 2022, AMREP Corporation generated revenues of $10,507,000.

How does AMREP's Q1 2022 performance compare to Q1 2021?

AMREP's Q1 2022 net income increased significantly from $593,000 in Q1 2021, while revenues rose from $4,206,000.

What is the stock symbol for AMREP Corporation?

The stock symbol for AMREP Corporation is AXR.