AMREP Reports Second Quarter Fiscal 2024 Results

Rhea-AI Summary

AMREP Corporation (AXR) reports a decrease in net income and revenues for the 2024 fiscal second quarter and first six months compared to the same period of the prior year. Net income for the second quarter was $1,108,000, or $0.21 per diluted share, compared to $3,621,000, or $0.68 per diluted share, for the same period in 2023. Revenues for the second quarter were $8,854,000 compared to $16,149,000 in 2023. For the first six months of 2024, net income was $2,454,000, or $0.46 per diluted share, compared to $5,533,000, or $1.04 per diluted share, in 2023. Revenues for the first six months of 2024 were $19,143,000 compared to $26,856,000 in 2023.

Positive

• None.

Negative

• Decrease in net income and revenues for the 2024 fiscal second quarter and first six months compared to 2023.

HAVERTOWN, Pa., Dec. 11, 2023 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $1,108,000, or $0.21 per diluted share, for its 2024 fiscal second quarter ended October 31, 2023 compared to net income of $3,621,000, or $0.68 per diluted share, for the same period of the prior year. For the first six months of 2024, AMREP had net income of $2,454,000, or $0.46 per diluted share, compared to net income of $5,533,000, or $1.04 per diluted share, for the same period of 2023. Revenues were $8,854,000 and $19,143,000 for the second quarter and first six months of 2024 and $16,149,000 and $26,856,000 for the second quarter and first six months of 2023.

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,
	2023			2022
Revenues	$	8,854,000		$	16,149,000
Net income	$	1,108,000		$	3,621,000
Earnings per share – basic	$	0.21		$	0.69
Earnings per share – diluted	$	0.21		$	0.68
Weighted average number of common shares outstanding – basic		5,301,000			5,281,000
Weighted average number of common shares outstanding – diluted		5,339,000			5,307,000

	Six Months Ended October 31,
	2023			2022
Revenues	$	19,143,000		$	26,856,000
Net income	$	2,454,000		$	5,533,000
Earnings per share – basic	$	0.46		$	1.05
Earnings per share – diluted	$	0.46		$	1.04
Weighted average number of common shares outstanding – basic		5,296,000			5,277,000
Weighted average number of common shares outstanding – diluted		5,333,000			5,302,000

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

FAQ

What is AMREP Corporation's ticker symbol?

AMREP Corporation's ticker symbol is AXR.

What was the net income for the 2024 fiscal second quarter?

AMREP Corporation reported a net income of $1,108,000 for the 2024 fiscal second quarter.

How do the 2024 fiscal second quarter revenues compare to 2023?

AMREP Corporation's revenues for the 2024 fiscal second quarter were $8,854,000, a decrease from $16,149,000 in 2023.

What were the net income and revenues for the first six months of 2024?

AMREP Corporation had net income of $2,454,000 and revenues of $19,143,000 for the first six months of 2024.