AMREP Reports Third Quarter Fiscal 2022 Results

Rhea-AI Summary

AMREP Corporation (NYSE:AXR) reported a net income of $910,000, or $0.12 per diluted share, for Q3 2022, a decline from $2,093,000, or $0.28 per diluted share, in Q3 2021. However, YTD net income rose to $5,873,000, or $0.80 per diluted share, compared to $3,484,000, or $0.44 per diluted share, in the same period the previous year. Revenues for Q3 were $9,816,000, up from $7,864,000 in Q3 2021, and for the first nine months of 2022, revenues reached $36,559,000 versus $21,326,000 in 2021.

Positive

• YTD net income increased by 68.4% to $5,873,000.
• Revenues rose by 71.5% YTD to $36,559,000.

Negative

• Net income for Q3 decreased by 56.5% compared to Q3 2021.
• Earnings per share (EPS) dropped from $0.28 to $0.12 in Q3 2022.

HAVERTOWN, Penn., March 10, 2022 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $910,000, or $0.12 per diluted share, for its 2022 fiscal third quarter ended January 31, 2022 compared to net income of $2,093,000, or $0.28 per diluted share, for the same period of the prior year. For the first nine months of 2022, AMREP had net income of $5,873,000, or $0.80 per diluted share, compared to net income of $3,484,000, or $0.44 per diluted share, for the same period of 2021. Revenues were $9,816,000 and $36,559,000 for the third quarter and first nine months of 2022 and $7,864,000 and $21,326,000 for the third quarter and first nine months of 2021.

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 January 31,
		2022			2021
Revenues		$	9,816,000		$	7,864,000
Net income (loss)		$	910,000		$	2,093,000
Income (loss) per share – basic		$	0.12		$	0.29
Income (loss) per share – diluted		$	0.12		$	0.28
Weighted average number of common shares outstanding – basic			7,363,000			7,343,000
Weighted average number of common shares outstanding – diluted			7,385,000			7,372,000

		Nine Months Ended January 31,
		2022			2021
Revenues		$	36,559,000		$	21,326,000
Net income (loss)		$	5,873,000		$	3,484,000
Income (loss) per share – basic		$	0.80		$	0.44
Income (loss) per share – diluted		$	0.80		$	0.44
Weighted average number of common shares outstanding – basic			7,357,000			7,872,000
Weighted average number of common shares outstanding – diluted			7,380,000			7,903,000

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

FAQ

What were AMREP Corporation's earnings for Q3 2022?

AMREP Corporation reported net income of $910,000, or $0.12 per diluted share, for Q3 2022.

How did AMREP's revenue change in Q3 2022 compared to Q3 2021?

Revenues for Q3 2022 were $9,816,000, increasing from $7,864,000 in Q3 2021.

What is the year-to-date net income for AMREP Corporation for 2022?

Year-to-date net income for AMREP Corporation for 2022 is $5,873,000.

What are the earnings per share for AMREP for the first nine months of 2022?

The earnings per share for AMREP for the first nine months of 2022 is $0.80.

How has AMREP Corporation's financial performance changed from 2021 to 2022?

AMREP's financial performance improved year-to-date, with net income rising from $3,484,000 to $5,873,000.