AMREP Reports Fiscal 2021 Results

Rhea-AI Summary

AMREP Corporation (AXR) reported a significant turnaround for the fiscal year ending April 30, 2021, achieving net income of $7,392,000 or $0.95 per diluted share, compared to a net loss of $5,903,000 or $0.73 per share for the previous year. Revenues soared to $40,069,000, up from $18,783,000 in fiscal 2020. This performance showcases a robust recovery and growth in the real estate sector, positioning the company as a strong player in land development and homebuilding, particularly in New Mexico.

Positive

• Net income increased to $7,392,000 from a net loss of $5,903,000.
• Revenues grew significantly to $40,069,000, up from $18,783,000 in the previous year.
• Earnings per share improved to $0.95 from a loss of $0.73 per share.

Negative

• None.

PLYMOUTH MEETING, Pa., July 27, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported net income of $7,392,000, or $0.95 per diluted share, for its 2021 fiscal year ended April 30, 2021 compared to a net loss of $5,903,000, or $0.73 per share, for the prior year. Revenues were $40,069,000 for fiscal 2021 and $18,783,000 for fiscal 2020.

More information about the Company’s financial performance in 2021 and 2020 may be found in AMREP Corporation’s financial statements on Form 10-K 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

		Twelve Months Ended April 30,
			2021			2020
Revenues		$	40,069,000		$	18,783,000
Net income (loss)		$	7,392,000		$	(5,903,000	)
Income (loss) per share – Basic		$	0.95		$	(0.73	)
Income (loss) per share – Diluted		$	0.95		$	(0.73	)
Weighted average number of common shares outstanding - basic			7,743,000			8,134,000
Weighted average number of common shares outstanding - diluted			7,773,000			8,134,000

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

FAQ

What was AMREP Corporation's net income for fiscal 2021?

AMREP Corporation reported a net income of $7,392,000 for fiscal 2021.

How much did AMREP Corporation earn per share in fiscal 2021?

The earnings per diluted share for AMREP Corporation in fiscal 2021 was $0.95.

What were AMREP Corporation's total revenues for fiscal 2021?

AMREP Corporation's total revenues for fiscal 2021 were $40,069,000.

How did AMREP Corporation's fiscal 2021 performance compare to fiscal 2020?

AMREP Corporation's fiscal 2021 performance showed a significant improvement, with revenues increasing from $18,783,000 to $40,069,000 and a net income reversal from a loss of $5,903,000.