HAVERTOWN, Pa., Dec. 12, 2022 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $3,621,000, or $0.68 per diluted share, for its 2023 fiscal second quarter ended October 31, 2022 compared to net income of $3,326,000, or $0.45 per diluted share, for the same period of the prior year. For the first six months of 2023, AMREP had net income of $5,533,000, or $1.04 per diluted share, compared to net income of $4,963,000, or $0.67 per diluted share, for the same period of 2022. Revenues were $16,149,000 and $26,856,000 for the second quarter and first six months of 2023 and $16,112,000 and $26,098,000 for the second quarter and first six months of 2022.
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, | ||||||
| 2022 | 2021 | |||||
| Revenues | $ | 16,149,000 | $ | 16,112,000 | ||
| Net income | $ | 3,621,000 | $ | 3,326,000 | ||
| Income per share – basic | $ | 0.69 | $ | 0.45 | ||
| Income per share – diluted | $ | 0.68 | $ | 0.45 | ||
| Weighted average number of common shares outstanding – basic | 5,281,000 | 7,361,000 | ||||
| Weighted average number of common shares outstanding – diluted | 5,307,000 | 7,383,000 | ||||
| Six Months Ended October 31, | ||||||
| 2022 | 2021 | |||||
| Revenues | $ | 26,856,000 | $ | 26,098,000 | ||
| Net income | $ | 5,533,000 | $ | 4,963,000 | ||
| Income per share – basic | $ | 1.05 | $ | 0.67 | ||
| Income per share – diluted | $ | 1.04 | $ | 0.67 | ||
| Weighted average number of common shares outstanding – basic | 5,277,000 | 7,354,000 | ||||
| Weighted average number of common shares outstanding – diluted | 5,302,000 | 7,378,000 | ||||
CONTACT:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907
