Welcome to our dedicated page for AMREP news (Ticker: AXR), a resource for investors and traders seeking the latest updates and insights on AMREP stock.
AMREP Corporation (NYSE: AXR) generates a regular flow of corporate news centered on its real estate operations, financial performance and shareholder matters. Through its subsidiaries, the company is involved in land sales and lease activities, investments in commercial and investment properties and homebuilding, and it describes itself as a major holder of land, developer of real estate and homebuilder in New Mexico.
News releases from AMREP commonly report its results of operations for specific fiscal quarters and fiscal years. These announcements, often furnished to the SEC on Form 8-K, provide information on revenues, net income and earnings per share for the reported periods. The company also highlights that revenues, average selling prices and gross margins from land sales and home sales can vary significantly from period to period due to the nature and timing of transactions and the type and location of properties sold.
In addition to earnings-related updates, AMREP issues news about corporate and financing developments. For example, the company has reported on modifications to its revolving line of credit financing facility between BOKF, NA dba Bank of Albuquerque and AMREP Southwest Inc., a subsidiary of AMREP Corporation. Such announcements describe changes to the loan’s maturity date and borrowing capacity and note that the facility is for general corporate purposes.
AMREP’s communications also cover governance and shareholder topics, including notices and outcomes of its annual meeting of shareholders as described in its proxy materials. Readers following AXR news can use this page to review earnings press releases, information on financing arrangements and updates on shareholder votes and other corporate actions, all drawn from the company’s public disclosures.
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.