AMREP Reports First Quarter Fiscal 2025 Results

Rhea-AI Summary

AMREP (NYSE:AXR) reported strong financial results for its 2025 fiscal first quarter ended July 31, 2024. The company's net income surged to $4,064,000, or $0.76 per diluted share, compared to $1,346,000, or $0.25 per diluted share, in the same period last year. Revenues nearly doubled to $19,091,000 from $10,289,000 year-over-year.

As a major landholder and leading real estate developer in New Mexico, AMREP's performance can vary significantly between periods due to factors such as transaction timing and the type and location of properties sold. The company filed its Form 10-Q with the SEC, providing more detailed financial information.

Positive

• Net income increased by 202% year-over-year to $4,064,000
• Earnings per diluted share grew from $0.25 to $0.76
• Revenues rose by 85.5% to $19,091,000 compared to the previous year

Negative

• None.

HAVERTOWN, Pa., Sept. 13, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $4,064,000, or $0.76 per diluted share, for its 2025 fiscal first quarter ended July 31, 2024 compared to net income of $1,346,000, or $0.25 per diluted share, for the same period of the prior year. Revenues were $19,091,000 for the first quarter of 2025 and $10,289,000 for the first quarter of 2024.

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/). As a result of many factors, including the nature and timing of specific transactions and the type and location of land or homes being sold, revenues, average selling prices and related gross margins from land sales or home sales can vary significantly from period to period and prior results are not necessarily a good indication of what may occur in future periods.

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 July 31,
		2024				2023
Revenues	$	19,091,000			$	10,289,000
Net income	$	4,064,000			$	1,346,000
Earnings per share – basic	$	0.77			$	0.25
Earnings per share – diluted	$	0.76			$	0.25
Weighted average number of common shares outstanding – basic		5,309,000				5,292,000
Weighted average number of common shares outstanding – diluted		5,353,000				5,325,000

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

FAQ

What was AMREP 's (AXR) net income for Q1 fiscal 2025?

AMREP (AXR) reported a net income of $4,064,000 for its fiscal 2025 first quarter ended July 31, 2024.

How much did AMREP's (AXR) revenues increase in Q1 2025 compared to Q1 2024?

AMREP's revenues increased from $10,289,000 in Q1 2024 to $19,091,000 in Q1 2025, representing an 85.5% increase year-over-year.

What was AMREP 's (AXR) earnings per diluted share for Q1 fiscal 2025?

AMREP 's earnings per diluted share for Q1 fiscal 2025 were $0.76, compared to $0.25 in the same period of the previous year.

When did AMREP (AXR) file its Form 10-Q for Q1 fiscal 2025?

AMREP filed its Form 10-Q with the Securities and Exchange Commission on September 13, 2024, the same day as the earnings release.