AMREP Reports Second Quarter Fiscal 2022 Results

Rhea-AI Summary

AMREP Corporation (AXR) announced strong financial results for its fiscal second quarter ended October 31, 2021, reporting a net income of $3,326,000 or $0.45 per diluted share, compared to $798,000 or $0.10 per diluted share in the previous year. For the first half of 2022, net income reached $4,963,000 or $0.67 per diluted share, up from $1,391,000 or $0.17 per diluted share in the same period of 2021. Revenues increased to $16,236,000 for the second quarter and $26,743,000 for the first six months, reflecting substantial year-over-year growth.

Positive

• Net income for Q2 2022 increased by 317% year-over-year.
• EPS for Q2 2022 rose to $0.45 from $0.10 in Q2 2021.
• Total revenues for Q2 2022 reached $16,236,000, up from $9,256,000 in Q2 2021.
• Net income for the first six months of 2022 increased to $4,963,000 from $1,391,000 in the same period in 2021.

Negative

• None.

HAVERTOWN, Pa., Dec. 08, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $3,326,000, or $0.45 per diluted share, for its 2022 fiscal second quarter ended October 31, 2021 compared to net income of $798,000, or $0.10 per diluted share, for the same period of the prior year. For the first six months of 2022, AMREP had net income of $4,963,000, or $0.67 per diluted share, compared to net income of $1,391,000, or $0.17 per diluted share, for the same period of 2021. Revenues were $16,236,000 and $26,743,000 for the second quarter and first six months of 2022 and $9,256,000 and $13,462,000 for the second quarter and first six months of 2021.

More information about the Company’s financial performance may be found in AMREP Corporation’s financial statements on Form 10-Q 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

	Three Months Ended October 31,
		2021			2020
Revenues	$	16,236,000		$	9,256,000
Net income (loss)	$	3,326,000		$	798,000
Income (loss) per share – basic	$	0.45		$	0.10
Income (loss) per share – diluted	$	0.45		$	0.10
Weighted average number of common shares outstanding – basic		7,361,000			8,122,000
Weighted average number of common shares outstanding – diluted		7,383,000			8,152,000

	Six Months Ended October 31,
		2021			2020
Revenues	$	26,743,000		$	13,462,000
Net income (loss)	$	4,963,000		$	1,391,000
Income (loss) per share – basic	$	0.67		$	0.17
Income (loss) per share – diluted	$	0.67		$	0.17
Weighted average number of common shares outstanding – basic		7,354,000			8,136,000
Weighted average number of common shares outstanding – diluted		7,378,000			8,168,000

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

FAQ

What were AMREP Corporation's earnings for the second quarter of fiscal 2022?

AMREP Corporation reported net income of $3,326,000 or $0.45 per diluted share for the second quarter of fiscal 2022.

How did AMREP's revenue for the first half of 2022 compare to 2021?

AMREP's revenues for the first half of 2022 were $26,743,000, significantly higher than $13,462,000 in the same period of 2021.

What is the stock symbol for AMREP Corporation?

AMREP Corporation's stock symbol is AXR.

What is the earnings per share for AMREP in the first six months of 2022?

For the first six months of 2022, AMREP reported earnings per share of $0.67, up from $0.17 in the same period in 2021.