HAVERTOWN, Pa., Dec. 11, 2023 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $1,108,000, or $0.21 per diluted share, for its 2024 fiscal second quarter ended October 31, 2023 compared to net income of $3,621,000, or $0.68 per diluted share, for the same period of the prior year. For the first six months of 2024, AMREP had net income of $2,454,000, or $0.46 per diluted share, compared to net income of $5,533,000, or $1.04 per diluted share, for the same period of 2023. Revenues were $8,854,000 and $19,143,000 for the second quarter and first six months of 2024 and $16,149,000 and $26,856,000 for the second quarter and first six months of 2023.
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, | |||||
| 2023 | 2022 | ||||
| Revenues | $ | 8,854,000 | $ | 16,149,000 | |
| Net income | $ | 1,108,000 | $ | 3,621,000 | |
| Earnings per share - basic | $ | 0.21 | $ | 0.69 | |
| Earnings per share - diluted | $ | 0.21 | $ | 0.68 | |
| Weighted average number of common shares outstanding - basic | 5,301,000 | 5,281,000 | |||
| Weighted average number of common shares outstanding - diluted | 5,339,000 | 5,307,000 | |||
| Six Months Ended October 31, | |||||
| 2023 | 2022 | ||||
| Revenues | $ | 19,143,000 | $ | 26,856,000 | |
| Net income | $ | 2,454,000 | $ | 5,533,000 | |
| Earnings per share - basic | $ | 0.46 | $ | 1.05 | |
| Earnings per share - diluted | $ | 0.46 | $ | 1.04 | |
| Weighted average number of common shares outstanding - basic | 5,296,000 | 5,277,000 | |||
| Weighted average number of common shares outstanding - diluted | 5,333,000 | 5,302,000 | |||
CONTACT:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907
