AMREP Reports Third Quarter Fiscal 2023 Results

HAVERTOWN, Pa., March 13, 2023 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $16,574,000, or $3.12 per diluted share, for its 2023 fiscal third quarter ended January 31, 2023 compared to net income of $910,000, or $0.12 per diluted share, for the same period of the prior year. For the first nine months of 2023, AMREP had net income of $22,107,000, or $4.17 per diluted share, compared to net income of $5,873,000, or $0.80 per diluted share, for the same period of 2022. Revenues were $9,117,000 and $35,975,000 for the third quarter and first nine months of 2023 and $9,391,000 and $35,404,000 for the third quarter and first nine months of 2022.

During the third quarter of 2023, AMREP recognized a non-cash pre-tax pension settlement expense of $2,336,000 as a result of its defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and a non-cash income tax benefit of $16,071,000 as a result of a worthless stock deduction related to its former fulfillment services business.

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 January 31,
	2023			2022
Revenues	$	9,117,000		$	9,391,000
Net income	$	16,574,000		$	910,000
Income per share – basic	$	3.14		$	0.12
Income per share – diluted	$	3.12		$	0.12
Weighted average number of common shares outstanding – basic		5,284,000			7,363,000
Weighted average number of common shares outstanding – diluted		5,310,000			7,385,000

	Nine Months Ended January 31,
	2023			2022
Revenues	$	35,975,000		$	35,404,000
Net income	$	22,107,000		$	5,873,000
Income per share – basic	$	4.19		$	0.80
Income per share – diluted	$	4.17		$	0.80
Weighted average number of common shares outstanding – basic		5,280,000			7,357,000
Weighted average number of common shares outstanding – diluted		5,304,000			7,380,000

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