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AMREP Reports Third Quarter Fiscal 2021 Results

AMREP Corporation (AXR) reported a significant increase in net income for the third quarter of fiscal 2021, achieving $2,093,000 ($0.29 per share), compared to $338,000 ($0.04 per share) during the same period last year.

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Rhea-AI Summary

AMREP Corporation (AXR) reported a significant increase in net income for the third quarter of fiscal 2021, achieving $2,093,000 ($0.29 per share), compared to $338,000 ($0.04 per share) during the same period last year. For the first nine months of 2021, the company posted a net income of $3,484,000 ($0.44 per share), a recovery from a net loss of $2,027,000 in the prior year. Revenues for the quarter rose to $7,864,000 from $5,287,000, indicating robust performance in the real estate sector in New Mexico.

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Positive

  • Net income increased to $2,093,000 ($0.29 per share) from $338,000 ($0.04 per share) year-over-year.
  • For the first nine months of 2021, net income reached $3,484,000 ($0.44 per share), recovering from a net loss of $2,027,000 in 2020.
  • Quarterly revenues grew to $7,864,000, up from $5,287,000, highlighting strong business performance.

Negative

  • None.
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PLYMOUTH MEETING, Pa., March 11, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $2,093,000, or $0.29 per share, for its 2021 fiscal third quarter ended January 31, 2021 compared to net income of $338,000, or $0.04 per share, for the same period of the prior year. For the first nine months of 2021, AMREP had net income of $3,484,000, or $0.44 per share, compared to a net loss of $2,027,000, or $0.25 per share, for the same period of 2020.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.        

FINANCIAL HIGHLIGHTS

 Three Months Ended January 31,
  2021  2020
    
Revenues$7,864,000 $5,287,000
    
Net income (loss)$2,093,000 $338,000
    
Income (loss) per share – basic$0.29 $0.04
Income (loss) per share – diluted$0.28 $0.04
    
Weighted average number of common shares outstanding – basic 7,343,000  8,138,000
Weighted average number of common shares outstanding – diluted 7,372,000  8,174,000
      


 Nine Months Ended January 31,