AMREP Corporation (NYSE:AXR) today reported net income of $2,093,000, or $0.29 per share, for its 2021 fiscal third quarter ended January 31, 2021 compared to net income of $338,000, or $0.04 per share, for the same period of the prior year. For the first nine months of 2021, AMREP had net income of $3,484,000, or $0.44 per share, compared to a net loss of $2,027,000, or $0.25 per share, for the same period of 2020.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.        

FINANCIAL HIGHLIGHTS

  Three Months Ended January 31,
    2021     2020
       
Revenues $ 7,864,000   $ 5,287,000
       
Net income (loss) $ 2,093,000   $ 338,000
       
Income (loss) per share – basic $ 0.29   $ 0.04
Income (loss) per share – diluted $ 0.28   $ 0.04
       
Weighted average number of common shares outstanding – basic   7,343,000     8,138,000
Weighted average number of common shares outstanding – diluted   7,372,000     8,174,000
           
  Nine Months Ended January 31,
    2021     2020  
       
Revenues $ 21,326,000   $ 14,014,000  
       
Net income (loss) $ 3,484,000   $ (2,027,000 )
       
Income (loss) per share – basic $ 0.44   $ (0.25 )
Income (loss) per share – diluted $ 0.44   $ (0.25 )
       
Weighted average number of common shares outstanding – basic   7,872,000     8,129,000  
Weighted average number of common shares outstanding – diluted   7,903,000     8,129,000  
             

AMREP Corporation’s financial statements on Form 10-Q are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).

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

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