HAVERTOWN, Pa., March 13, 2023 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $16,574,000, or $3.12 per diluted share, for its 2023 fiscal third quarter ended January 31, 2023 compared to net income of $910,000, or $0.12 per diluted share, for the same period of the prior year. For the first nine months of 2023, AMREP had net income of $22,107,000, or $4.17 per diluted share, compared to net income of $5,873,000, or $0.80 per diluted share, for the same period of 2022. Revenues were $9,117,000 and $35,975,000 for the third quarter and first nine months of 2023 and $9,391,000 and $35,404,000 for the third quarter and first nine months of 2022.
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, | |||||
| 2023 | 2022 | ||||
| Revenues | $ | 9,117,000 | $ | 9,391,000 | |
| Net income | $ | 16,574,000 | $ | 910,000 | |
| Income per share – basic | $ | 3.14 | $ | 0.12 | |
| Income per share – diluted | $ | 3.12 | $ | 0.12 | |
| Weighted average number of common shares outstanding – basic | 5,284,000 | 7,363,000 | |||
| Weighted average number of common shares outstanding – diluted | 5,310,000 | 7,385,000 | |||
| Nine Months Ended January 31, | |||||
| 2023 | 2022 | ||||
| Revenues | $ | 35,975,000 | $ | 35,404,000 | |
| Net income | $ | 22,107,000 | $ | 5,873,000 | |
| Income per share – basic | $ | 4.19 | $ | 0.80 | |
| Income per share – diluted | $ | 4.17 | $ | 0.80 | |
| Weighted average number of common shares outstanding – basic | 5,280,000 | 7,357,000 | |||
| Weighted average number of common shares outstanding – diluted | 5,304,000 | 7,380,000 | |||
CONTACT:
Adrienne M. Uleau
Vice President, Finance and Accounting
(610) 487-0907
