AMREP Reports Second Quarter Fiscal 2021 Results

Rhea-AI Summary

AMREP Corporation (AXR) reported a net income of $798,000 or $0.10 per share for Q2 2021, in contrast to a net loss of $2,169,000 or ($0.27) per share in the same quarter of 2020. For the first half of 2021, net income reached $1,391,000 or $0.17 per share compared to a net loss of $2,365,000 or ($0.29) per share in 2020. The revenue for Q2 was $9,256,000, significantly up from $3,960,000 in Q2 2020. This performance marks a recovery from previous losses, showcasing the company's ongoing operational improvements.

Positive

• Q2 2021 net income of $798,000 versus a loss of $2,169,000 in Q2 2020.
• Total revenues for Q2 2021 were $9,256,000, up from $3,960,000 year-over-year.
• First half of 2021 shows net income of $1,391,000, a significant improvement from a loss of $2,365,000 in 2020.

Negative

• None.

PLYMOUTH MEETING, Pa., Dec. 08, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported net income of $798,000, or $0.10 per share, for its 2021 fiscal second quarter ended October 31, 2020 compared to a net loss of $2,169,000, or $0.27 per share, for the same period of the prior year. For the first six months of 2021, AMREP had net income of $1,391,000, or $0.17 per share, compared to a net loss of $2,365,000, or $0.29 per share, for the same period of 2020. During the second quarter of 2020, AMREP recognized a non-cash pre-tax settlement charge of $2,929,000 due to AMREP’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees.

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 October 31,
			2020			2019
Revenues		$	9,256,000		$	3,960,000
Net income (loss)		$	798,000		$	(2,169,000	)
Income (loss) per share – Basic and Diluted		$	0.10		$	(0.27	)
Weighted average number of common shares outstanding - basic			8,122,000			8,129,000
Weighted average number of common shares outstanding - diluted			8,152,000			8,129,000

		Six Months Ended October 31,
			2020			2019
Revenues		$	13,462,000		$	8,727,000
Net income (loss)		$	1,391,000		$	(2,365,000	)
Income (loss) per share – Basic and Diluted		$	0.17		$	(0.29	)
Weighted average number of common shares outstanding - basic			8,136,000			8,125,000
Weighted average number of common shares outstanding - diluted			8,168,000			8,125,000

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

 

FAQ

What were AMREP Corporation's Q2 2021 earnings results?

AMREP Corporation reported a net income of $798,000 or $0.10 per share for Q2 2021, compared to a net loss of $2,169,000 or ($0.27) per share in Q2 2020.

How much revenue did AMREP Corporation generate in Q2 2021?

AMREP Corporation generated $9,256,000 in revenue for Q2 2021, a significant increase from $3,960,000 in the same period last year.

What is the net income for the first half of 2021 for AMREP Corporation?

For the first six months of 2021, AMREP Corporation reported a net income of $1,391,000 or $0.17 per share, compared to a net loss of $2,365,000 or ($0.29) per share in the prior year.