AMREP Reports Fiscal 2022 Results

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.

News Market Reaction – AXR

+7.50%

1 alert

+7.50% News Effect

On the day this news was published, AXR gained 7.50%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAVERTOWN, Pa., July 21, 2022 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $15,862,000, or $2.21 per diluted share, for its 2022 fiscal year ended April 30, 2022 compared to net income of $7,392,000, or $0.95 per diluted share, for the same period of the prior year. Revenues were $62,479,000 for fiscal 2022 and $40,069,000 for fiscal 2021. Results for 2022 included revenue of $7,107,000 from the sale to one purchaser of 1,196 acres of undeveloped land near Rio Rancho in Sandoval County, New Mexico, $8,439,000 from the sale of buildings in Albuquerque, New Mexico and Palm Coast, Florida and $6,054,000 from the sale of commercial land in Parker, Colorado, Rio Rancho, New Mexico and Albuquerque, New Mexico.

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

FAQ

What were AMREP Corporation's earnings for the fiscal year 2022?

AMREP Corporation reported a net income of $15.86 million, or $2.21 per diluted share, for the fiscal year 2022.

How much revenue did AMREP Corporation generate in fiscal 2022?

AMREP Corporation generated $62.48 million in revenue for the fiscal year ending April 30, 2022.

What contributed to AMREP Corporation's revenue increase in 2022?

The revenue increase in 2022 was driven by sales of undeveloped land and buildings, totaling $7.11 million and $8.44 million respectively.

How does AMREP Corporation's 2022 performance compare to 2021?

In 2022, AMREP Corporation's net income increased by 114% and revenues rose by 56% compared to 2021.