AMREP Reports Second Quarter Fiscal 2023 Results

Rhea-AI Summary

AMREP Corporation (NYSE:AXR) reported a strong performance for the fiscal second quarter ended October 31, 2022, with a net income of $3,621,000 ($0.68 per diluted share), up from $3,326,000 ($0.45 per diluted share) in the prior year. For the first six months, net income rose to $5,533,000 ($1.04 per diluted share) compared to $4,963,000 ($0.67 per diluted share) in 2022. Revenues also showed growth, totaling $16,149,000 and $26,856,000 for the second quarter and six-month periods, respectively, versus $16,112,000 and $26,098,000 last year.

Positive

• Net income increased by 8.9% year-over-year for Q2 2023.
• Earnings per share rose to $0.68 for Q2 2023, compared to $0.45 in Q2 2022.
• Revenue growth of 0.23% in Q2 2023 compared to Q2 2022.

Negative

• Shareholder dilution due to a decrease in the weighted average number of common shares outstanding.

HAVERTOWN, Pa., Dec. 12, 2022 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $3,621,000, or $0.68 per diluted share, for its 2023 fiscal second quarter ended October 31, 2022 compared to net income of $3,326,000, or $0.45 per diluted share, for the same period of the prior year. For the first six months of 2023, AMREP had net income of $5,533,000, or $1.04 per diluted share, compared to net income of $4,963,000, or $0.67 per diluted share, for the same period of 2022. Revenues were $16,149,000 and $26,856,000 for the second quarter and first six months of 2023 and $16,112,000 and $26,098,000 for the second quarter and first six months of 2022.

More information about the Company’s financial performance 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 October 31,
			2022			2021
Revenues		$	16,149,000		$	16,112,000
Net income		$	3,621,000		$	3,326,000
Income per share – basic		$	0.69		$	0.45
Income per share – diluted		$	0.68		$	0.45
Weighted average number of common shares outstanding – basic			5,281,000			7,361,000
Weighted average number of common shares outstanding – diluted			5,307,000			7,383,000

		Six Months Ended October 31,
			2022			2021
Revenues		$	26,856,000		$	26,098,000
Net income		$	5,533,000		$	4,963,000
Income per share – basic		$	1.05		$	0.67
Income per share – diluted		$	1.04		$	0.67
Weighted average number of common shares outstanding – basic			5,277,000			7,354,000
Weighted average number of common shares outstanding – diluted			5,302,000			7,378,000

 

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

FAQ

What were AMREP Corporation's earnings for Q2 2023?

AMREP Corporation reported net income of $3,621,000, or $0.68 per diluted share for Q2 2023.

How did AMREP's revenue perform in the first six months of 2023?

AMREP's revenue for the first six months of 2023 was $26,856,000, an increase from $26,098,000 in the same period of 2022.

What is the net income for AMREP Corporation for the first half of 2023?

For the first half of 2023, AMREP Corporation reported a net income of $5,533,000.

How does AMREP's EPS for Q2 2023 compare to the previous year?

The earnings per share for Q2 2023 was $0.68, an increase from $0.45 in Q2 2022.