AMREP Reports Fiscal 2020 Results

Rhea-AI Summary

AMREP Corporation (NYSE: AXR) reported a net loss of $5.9 million for the fiscal year ending April 30, 2020, translating to $0.73 per share, compared to a net income of $1.5 million or $0.19 per share in 2019. The results include $8.6 million in non-cash charges: a $2.9 million pension settlement for 309 former employees and $5.0 million in asset impairment charges linked to the earlier sale of its fulfillment services business. Revenue rose to $18.8 million from $12.8 million year-over-year.

Positive

• Revenue increased to $18.8 million from $12.8 million year-over-year.

Negative

• Net loss of $5.9 million in 2020 compared to net income of $1.5 million in 2019.
• Non-cash charges totaled $8.6 million, impacting overall financial health.

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PLYMOUTH MEETING, Pennsylvania, July 27, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported a net loss of $5,903,000, or $0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of $1,527,000, or $0.19 per share, for the prior year.

Results for 2020 included $8,600,000 of non-cash charges comprised of: (1) a non-cash pre-tax pension settlement charge of $2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and (2) net non-cash pre-tax impairment charges on other assets of $5,046,000 in connection with certain deemed consideration from the sale of the Company’s fulfillment services business. Results for 2019 reflected a net loss from continuing operations of $2,465,000 and net income from discontinued operations of $3,992,000. 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
	Twelve Months Ended April 30,
		2020				2019
Revenues	$	18,783,000			$	12,754,000
Net income (loss) from continuing operations	$	(5,903,000	)		$	(2,465,000	)
						-
Net income from discontinued operations		-			$	3,992,000
						-
Net income (loss)	$	(5,903,000	)		$	1,527,000
(Loss) per share from continuing operations – Basic and Diluted	$	(0.73	)		$	(0.30	)
						-
Income per share from discontinued operations – Basic and Diluted	$	-			$	0.49
(Loss) income per share – Basic and Diluted	$	(0.73	)		$	0.19
Weighted average number of common shares outstanding - basic		8,134,000				8,099,000
Weighted average number of common shares outstanding - diluted		8,134,000				8,145,000

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/sec-filings/).

FOR:		AMREP Corporation
		620 West Germantown Pike, Suite 175
		Plymouth Meeting, Pennsylvania 19462
CONTACT:		Adrienne M. Uleau
		Vice President, Finance and Accounting
		(610) 487-0907

FAQ

What were AMREP Corporation's earnings for fiscal year 2020?

AMREP Corporation reported a net loss of $5.9 million for the fiscal year ending April 30, 2020.

How did AMREP's revenue perform in fiscal 2020?

AMREP Corporation's revenue increased to $18.8 million in fiscal 2020, up from $12.8 million in fiscal 2019.

What were the major costs impacting AMREP's fiscal 2020 results?

Major costs included $8.6 million in non-cash charges, consisting of a $2.9 million pension settlement and $5.0 million in asset impairment charges.

What is the stock symbol for AMREP Corporation?

The stock symbol for AMREP Corporation is AXR.