EX-99.1 2 tv525890_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

FOR:AMREP Corporation
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462

 

CONTACT:James McMonagle
Vice President and Chief Financial Officer
(610) 487-0904

 

AMREP REPORTS FISCAL 2019 RESULTS

 

Plymouth Meeting, Pennsylvania, July 26, 2019 – AMREP Corporation (NYSE: AXR) today reported net income of $1,527,000, or $0.19 per share, for its 2019 fiscal year ended April 30, 2019 compared to net income of $238,000, or $0.03 per share, for the prior year. These results reflect both continuing and discontinued operations. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019. AMREP reported a net loss from continuing operations of $2,465,000, or $0.30 per share, for its 2019 fiscal year ended April 30, 2019 compared to a net loss from continuing operations of $2,564,000, or $0.32 per share, for the prior year. Results for 2018 included a non-cash increase in income tax expense arising from certain federal tax law changes enacted during 2018.

 

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

 

FINANCIAL HIGHLIGHTS

 

   Twelve Months Ended April 30, 
   2019   2018 
Revenues from continuing operations  $12,831,000   $8,927,000 
           
Net (loss) from continuing operations  $(2,465,000)  $(2,564,000)
           
Net income from discontinued operations  $3,992,000   $2,802,000 
           
Net income  $1,527,000   $238,000 
           
(Loss) per share from continuing operations – Basic and Diluted  $(0.30)  $(0.32)
           
Income per share from discontinued operations – Basic and Diluted  $0.49   $0.35 
           
Income per share – Basic and Diluted  $0.19   $0.03 
           
Weighted average number of common shares outstanding – basic   8,099,000    8,073,000 
Weighted average number of common shares outstanding – diluted   8,145,000    8,104,000 

 

AMREP Corporation’s financial statements on Form 10-K 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/SECfiles).