AMREP Reports Fiscal 2024 Results

Rhea-AI Summary

AMREP (NYSE:AXR) reported net income of $6,690,000, or $1.25 per diluted share, for fiscal year 2024 ended April 30, 2024. This compares to net income of $21,790,000, or $4.11 per diluted share, for the previous year. Revenues increased to $51,369,000 in fiscal 2024 from $48,676,000 in fiscal 2023.

The 2024 results included $7,200,000 revenue from a property sale in Brighton, Colorado. The 2023 results had included a non-cash income tax benefit of $16,071,000 and a non-cash pre-tax pension settlement expense of $7,597,000. AMREP, through its subsidiaries, is a major landholder and real estate developer in New Mexico.

Positive

• Revenue increased to $51,369,000 in fiscal 2024 from $48,676,000 in fiscal 2023
• $7,200,000 revenue generated from property sale in Brighton, Colorado

Negative

• Net income decreased to $6,690,000 in fiscal 2024 from $21,790,000 in fiscal 2023
• Earnings per diluted share dropped to $1.25 in fiscal 2024 from $4.11 in fiscal 2023

HAVERTOWN, Pa., July 23, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $6,690,000, or $1.25 per diluted share, for its 2024 fiscal year ended April 30, 2024 compared to net income of $21,790,000, or $4.11 per diluted share, for the same period of the prior year. Revenues were $51,369,000 for fiscal 2024 and $48,676,000 for fiscal 2023.

Results for 2024 included revenue of $7,200,000 from the sale of property in Brighton, Colorado. Results for 2023 included a non-cash income tax benefit of $16,071,000 as a result of a worthless stock deduction related to the Company’s former fulfillment services business and a non-cash pre-tax pension settlement general and administrative expense of $7,597,000 due to the Company’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and the transfer of nearly all remaining pension benefit liabilities to an insurance company through an annuity purchase.

More information about the Company’s financial performance in 2024 and 2023 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,
			2024			2023
Revenues		$	51,369,000		$	48,676,000
Net income		$	6,690,000		$	21,790,000
Income per share – basic		$	1.26		$	4.13
Income per share – diluted		$	1.25		$	4.11
Weighted average number of common shares outstanding – basic			5,300,000			5,282,000
Weighted average number of common shares outstanding – diluted			5,347,000			5,307,000

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

FAQ

What was AMREP 's (AXR) net income for fiscal year 2024?

AMREP (AXR) reported a net income of $6,690,000 for fiscal year 2024 ended April 30, 2024.

How did AMREP's (AXR) revenue change in fiscal 2024 compared to 2023?

AMREP's (AXR) revenue increased to $51,369,000 in fiscal 2024 from $48,676,000 in fiscal 2023.

What was the earnings per diluted share for AMREP (AXR) in fiscal 2024?

AMREP (AXR) reported earnings of $1.25 per diluted share for fiscal year 2024.

Did AMREP (AXR) report any significant property sales in fiscal 2024?

Yes, AMREP (AXR) reported $7,200,000 in revenue from the sale of property in Brighton, Colorado during fiscal 2024.