AMREP Reports Fiscal 2022 Results
AMREP Corporation (AXR) reported a significant increase in net income for the fiscal year ending April 30, 2022, totaling $15.86 million or $2.21 per diluted share, compared to $7.39 million or $0.95 per diluted share in the prior year.
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Rhea-AI Summary
AMREP Corporation (AXR) reported a significant increase in net income for the fiscal year ending April 30, 2022, totaling $15.86 million or $2.21 per diluted share, compared to $7.39 million or $0.95 per diluted share in the prior year. Revenues soared to $62.48 million, up from $40.07 million. Key contributors included $7.11 million from land sales and $8.44 million from building sales in multiple locations. The company's strong performance reflects its strategic real estate holdings and development activities in New Mexico.
Positive
- Net income increased by 114% from $7.39 million to $15.86 million.
- Revenue growth of 56% from $40.07 million to $62.48 million.
- $7.11 million revenue from sale of land, showcasing effective asset management.
- $8.44 million revenue from building sales indicates strong demand for properties.
Negative
- None.
Details
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HAVERTOWN, Pa., July 21, 2022 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of
More information about the Company’s financial performance in 2022 and 2021 may be found in AMREP Corporation’s financial statements on Form 10-K 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
| Twelve Months Ended April 30, | |||||
| 2022 | 2021 | ||||
| Revenues | $ | 62,479,000 | $ | 40,069,000 | |
| Net income | $ | 15,862,000 | $ | 7,392,000 | |
| Income per share – basic | $ | 2.21 | $ | 0.95 | |
| Income per share – diluted | $ | 2.21 | $ | 0.95 | |
| Weighted average number of common shares outstanding – basic | 7,170,000 | 7,743,000 | |||
| Weighted average number of common shares outstanding – diluted | 7,193,000 | 7,773,000 | |||
| CONTACT: | Adrienne M. Uleau |
| Vice President, Finance and Accounting | |
| (610) 487-0907 |
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