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AMREP Reports Third Quarter Fiscal 2021 Results

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AMREP Corporation (AXR) reported a significant increase in net income for the third quarter of fiscal 2021, achieving $2,093,000 ($0.29 per share), compared to $338,000 ($0.04 per share) during the same period last year. For the first nine months of 2021, the company posted a net income of $3,484,000 ($0.44 per share), a recovery from a net loss of $2,027,000 in the prior year. Revenues for the quarter rose to $7,864,000 from $5,287,000, indicating robust performance in the real estate sector in New Mexico.

Positive
  • Net income increased to $2,093,000 ($0.29 per share) from $338,000 ($0.04 per share) year-over-year.
  • For the first nine months of 2021, net income reached $3,484,000 ($0.44 per share), recovering from a net loss of $2,027,000 in 2020.
  • Quarterly revenues grew to $7,864,000, up from $5,287,000, highlighting strong business performance.
Negative
  • None.

PLYMOUTH MEETING, Pa., March 11, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $2,093,000, or $0.29 per share, for its 2021 fiscal third quarter ended January 31, 2021 compared to net income of $338,000, or $0.04 per share, for the same period of the prior year. For the first nine months of 2021, AMREP had net income of $3,484,000, or $0.44 per share, compared to a net loss of $2,027,000, or $0.25 per share, for the same period of 2020.

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 January 31,
  2021  2020
    
Revenues$7,864,000 $5,287,000
    
Net income (loss)$2,093,000 $338,000
    
Income (loss) per share – basic$0.29 $0.04
Income (loss) per share – diluted$0.28 $0.04
    
Weighted average number of common shares outstanding – basic 7,343,000  8,138,000
Weighted average number of common shares outstanding – diluted 7,372,000  8,174,000
      


 Nine Months Ended January 31,
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FAQ

What were AMREP Corporation's earnings for the third quarter of fiscal 2021?

AMREP Corporation reported earnings of $2,093,000, or $0.29 per share, for the third quarter ended January 31, 2021.

How did AMREP Corporation's revenue change in the third quarter of fiscal 2021?

The company's revenue increased to $7,864,000 in the third quarter of fiscal 2021, compared to $5,287,000 in the same period last year.

What is the net income for AMREP Corporation in the first nine months of fiscal 2021?

For the first nine months of fiscal 2021, AMREP Corporation reported a net income of $3,484,000, or $0.44 per share.

AMREP Corporation

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Real Estate - Development
Land Subdividers & Developers (no Cemeteries)
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United States of America
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