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AMREP Corporation reports recurring financial results and real estate operating updates for a land development and homebuilding business centered in New Mexico. Through subsidiaries, the company holds land, develops real estate, sells developed and undeveloped lots to homebuilders, commercial users and other buyers, and builds homes.
Company news commonly covers quarterly and annual earnings, revenue, net income and per-share results, along with the timing and mix of land sales and home sales. Updates also address property transactions and the factors that can cause selling prices and gross margins to vary by transaction type and location.
AMREP Corporation (NYSE: AXR) announced the appointment of Christopher V. Vitale as a director. Vitale, who has been the Chief Executive Officer since September 2017, is noted for his significant contributions to AMREP's operations since joining in 2013. Edward B. Cloues, II, AMREP’s Chairman, praised Vitale's deep understanding of the real estate sector and his role in expanding the company. AMREP specializes in land holding, real estate development, and homebuilding in New Mexico.
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.
AMREP Corporation (AXR) reported a net income of $798,000 or $0.10 per share for Q2 2021, in contrast to a net loss of $2,169,000 or ($0.27) per share in the same quarter of 2020. For the first half of 2021, net income reached $1,391,000 or $0.17 per share compared to a net loss of $2,365,000 or ($0.29) per share in 2020. The revenue for Q2 was $9,256,000, significantly up from $3,960,000 in Q2 2020. This performance marks a recovery from previous losses, showcasing the company's ongoing operational improvements.
AMREP Corporation (NYSE: AXR) reported a net income of $593,000 or $0.07 per share for the first quarter of fiscal 2021, a turnaround from a net loss of $196,000 or $(0.02) per share in the previous year. Revenues decreased to $4.21 million, down from $4.77 million year-over-year. The board of directors has been reduced from four to three members following the resignation of Theodore J. Gaasche. AMREP primarily develops real estate in New Mexico.
AMREP Corporation (NYSE: AXR) reported a net loss of $5.9 million for the fiscal year ending April 30, 2020, translating to $0.73 per share, compared to a net income of $1.5 million or $0.19 per share in 2019. The results include $8.6 million in non-cash charges: a $2.9 million pension settlement for 309 former employees and $5.0 million in asset impairment charges linked to the earlier sale of its fulfillment services business. Revenue rose to $18.8 million from $12.8 million year-over-year.