AMREP Reports Fiscal 2024 Results
AMREP (NYSE:AXR) reported net income of $6,690,000, or $1.25 per diluted share, for fiscal year 2024 ended April 30, 2024.
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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
Details
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HAVERTOWN, Pa., July 23, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of
Results for 2024 included revenue of
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 | |
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