AMREP Reports Second Quarter Fiscal 2022 Results

HAVERTOWN, Pa., Dec. 08, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $3,326,000, or $0.45 per diluted share, for its 2022 fiscal second quarter ended October 31, 2021 compared to net income of $798,000, or $0.10 per diluted share, for the same period of the prior year. For the first six months of 2022, AMREP had net income of $4,963,000, or $0.67 per diluted share, compared to net income of $1,391,000, or $0.17 per diluted share, for the same period of 2021. Revenues were $16,236,000 and $26,743,000 for the second quarter and first six months of 2022 and $9,256,000 and $13,462,000 for the second quarter and first six months of 2021.

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 October 31,
		2021			2020
Revenues	$	16,236,000		$	9,256,000
Net income (loss)	$	3,326,000		$	798,000
Income (loss) per share – basic	$	0.45		$	0.10
Income (loss) per share – diluted	$	0.45		$	0.10
Weighted average number of common shares outstanding – basic		7,361,000			8,122,000
Weighted average number of common shares outstanding – diluted		7,383,000			8,152,000

	Six Months Ended October 31,
		2021			2020
Revenues	$	26,743,000		$	13,462,000
Net income (loss)	$	4,963,000		$	1,391,000
Income (loss) per share – basic	$	0.67		$	0.17
Income (loss) per share – diluted	$	0.67		$	0.17
Weighted average number of common shares outstanding – basic		7,354,000			8,136,000
Weighted average number of common shares outstanding – diluted		7,378,000			8,168,000

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