AMREP Reports Fiscal 2023 Results

Rhea-AI Summary

AMREP Corporation (NYSE:AXR) reported a net income of $21,790,000 for fiscal year 2023, compared to $15,862,000 in 2022, with revenues at $48,676,000 and $58,926,000 respectively. The results for 2023 included a non-cash income tax benefit of $14,149,000 and a non-cash pre-tax pension settlement expense of $7,597,000. The 2022 results included revenue from land and building sales.

Positive

• The significant increase in net income from 2022 to 2023 is a positive indicator of AMREP Corporation's financial performance.
• The non-cash income tax benefit and pension settlement expense in 2023 show a strategic approach to managing tax liabilities and pension obligations, respectively.

Negative

• None.

HAVERTOWN, Pa., July 25, 2023 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $21,790,000, or $4.11 per diluted share, for its 2023 fiscal year ended April 30, 2023 compared to net income of $15,862,000, or $2.21 per diluted share, for the same period of the prior year. Revenues were $48,676,000 for fiscal 2023 and $58,926,000 for fiscal 2022.

AMREP’s results for 2023 included a non-cash income tax benefit of $14,149,000 primarily due to a worthless stock deduction related to its former fulfillment services business and a non-cash pre-tax pension settlement general and administrative expense of $7,597,000 due to (a) its defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and (b) the transfer of nearly all remaining pension benefit liabilities to an insurance company through an annuity purchase. Results for 2022 included revenue of $7,107,000 from the sale to one purchaser of 1,196 acres of undeveloped land near Rio Rancho in Sandoval County, New Mexico and $8,439,000 from the sale of buildings in Albuquerque, New Mexico and Palm Coast, Florida.

More information about the Company’s financial performance in 2023 and 2022 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,
	2023			2022
Revenues	$	48,676,000		$	58,926,000
Net income	$	21,790,000		$	15,862,000
Income per share – basic	$	4.13		$	2.21
Income per share – diluted	$	4.11		$	2.21
Weighted average number of common shares outstanding – basic		5,282,000			7,170,000
Weighted average number of common shares outstanding – diluted		5,307,000			7,193,000

FOR:	AMREP Corporation
	850 West Chester Pike, Suite 205
	Havertown, PA 19083
CONTACT:	Adrienne M. Uleau
	Vice President, Finance and Accounting
	(610) 487-0907

FAQ

What is the net income reported by AMREP Corporation for fiscal year 2023?

AMREP Corporation reported a net income of $21,790,000 for fiscal year 2023.

What were the revenues for AMREP Corporation in fiscal year 2022?

AMREP Corporation had revenues of $58,926,000 for fiscal year 2022.

What were the non-cash items affecting AMREP Corporation's results in 2023?

AMREP Corporation's 2023 results included a non-cash income tax benefit of $14,149,000 and a non-cash pre-tax pension settlement expense of $7,597,000.

What were the sources of revenue for AMREP Corporation in 2022?

AMREP Corporation had revenue from the sale of land near Rio Rancho, New Mexico, and buildings in Albuquerque, New Mexico, and Palm Coast, Florida in 2022.