AMREP : REPORTS THIRD QUARTER FISCAL 2024 RESULTS - Form 8-K
March 08, 2024 at 04:42 pm EST
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AMREP REPORTS THIRD QUARTER FISCAL 2024 RESULTS
Havertown, Pennsylvania, March 8, 2024 - AMREP Corporation (NYSE:AXR) today reported net income of $92,000, or $0.02 per diluted share, for its 2024 fiscal third quarter ended January 31, 2024 compared to net income of $16,574,000, or $3.12 per diluted share, for the same period of the prior year. For the first nine months of 2024, AMREP had net income of $2,546,000, or $0.48 per diluted share, compared to net income of $22,107,000, or $4.17 per diluted share, for the same period of 2023. Revenues were $12,689,000 and $31,833,000 for the third quarter and first nine months of 2024 and $9,117,000 and $35,975,000 for the third quarter and first nine months of 2023.
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,
2024
2023
Revenues
$
12,689,000
$
9,117,000
Net income
$
92,000
$
16,574,000
Earnings per share - basic
$
0.02
$
3.14
Earnings per share - diluted
$
0.02
$
3.12
Weighted average number of common shares outstanding - basic
5,303,000
5,284,000
Weighted average number of common shares outstanding - diluted
5,346,000
5,310,000
Nine Months Ended January 31,
2024
2023
Revenues
$
31,833,000
$
35,975,000
Net income
$
2,546,000
$
22,107,000
Earnings per share - basic
$
0.48
$
4.19
Earnings per share - diluted
$
0.48
$
4.17
Weighted average number of common shares outstanding - basic
5,299,000
5,280,000
Weighted average number of common shares outstanding - diluted
5,341,000
5,304,000
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08 March 2024 and is solely responsible for the information contained therein. Distributed by
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AMREP Corporation is a holding company, which conducts business through its subsidiaries. The Company operates through two business segments: land development and homebuilding. The land development segment offers for sale both developed and undeveloped real property to national, regional and local homebuilders, commercial and industrial property developers, and others. The Company owns approximately 17,000 acres in Sandoval County, New Mexico. The Company develops both residential lots and sites for commercial and industrial use as demand warrants. The homebuilding segment offers a variety of home floor plans and elevations at different prices and with varying levels of options and amenities to meet the needs of homebuyers. The Company is focused on selling single-family detached and attached homes. The Company commenced operations in New Mexico of its internal homebuilder, Amreston Homes. The Company utilizes internal and external sales brokers for home sales.
AMREP CORPORATION 
