PLYMOUTH MEETING, Pa., Sept. 11, 2019 (GLOBE NEWSWIRE) -- AMREP Corporation (: AXR) today reported a net loss of $196,000, or $0.02 per share, for its 2020 fiscal first quarter ended July 31, 2019 compared to net income of $61,000, or $0.01 per share, for the same period of the prior year.
The prior year’s results reflected a net loss from continuing operations of $662,000 and net income from discontinued operations of $723,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.
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 July 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenues | $ | 4,767,000 | $ | 4,238,000 | ||||
| Net (loss) from continuing operations | $ | (196,000) | $ | (662,000) | ||||
| Net income from discontinued operations | - | $ | 723,000 | |||||
| Net income | $ | (196,000) | $ | 61,000 | ||||
| (Loss) per share from continuing operations – Basic and Diluted | $ | (0.02) | $ | (0.08) | ||||
| Income per share from discontinued operations – Basic and Diluted | - | $ | 0.09 | |||||
| Income per share – Basic and Diluted | $ | (0.02) | $ | 0.01 | ||||
| Weighted average number of common shares outstanding - basic | 8,095,000 | 8,086,000 | ||||||
| Weighted average number of common shares outstanding - diluted | 8,095,000 | 8,124,000 | ||||||
AMREP Corporation’s financial statements on Form 10-Q 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).
CONTACT:
James McMonagle
Vice President and Chief Financial Officer
(610) 487-0904
