AMREP Reports Second Quarter Fiscal 2023 Results
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.
- 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.
- Shareholder dilution due to a decrease in the weighted average number of common shares outstanding.
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HAVERTOWN, Pa., Dec. 12, 2022 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of
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
