AMREP Corporation
03/08/2024 | Press release | Distributed by Public on 03/08/2024 15:36
AMREP REPORTS THIRD QUARTER FISCAL 2024 RESULTS - Form 8-K
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 |