AMREP Reports Third Quarter Fiscal 2018 Results
March 19 2018 - 4:15PM
AMREP Corporation (NYSE:AXR) today reported a net loss of
$2,851,000, or $0.35 per share, for its 2018 third fiscal quarter
ended January 31, 2018 compared to net income of $174,000, or $0.02
per share, for the same period of 2017. For the first nine
months of 2018, the Company had a net loss of $1,125,000, or $0.14
per share, compared to net income of $916,000, or $0.11 per share,
for the same period of 2017. Net results for 2018 were unfavorably
impacted by federal tax law changes enacted during the Company’s
third quarter that reduced the value of the Company’s deferred tax
assets. This reduction was the primary driver increasing the
Company’s income tax expense by $3,057,000, or $0.38 per share, for
the third quarter and first nine months of 2018. Revenues were
$10,379,000 and $30,880,000 for the third quarter and first nine
months of 2018 compared to $9,777,000 and $33,450,000 for the same
periods in the prior year.
AMREP Corporation, through its subsidiaries, is
primarily engaged in two business segments: its Real Estate
business operated by AMREP Southwest Inc. and its subsidiaries is a
major holder of real estate in the Rio Rancho, New Mexico area and
its Fulfillment Services business operated by Palm Coast Data LLC
performs fulfillment and contact center services for publications,
membership organizations, government agencies and other direct
marketers.
FINANCIAL HIGHLIGHTS
|
|
Three Months Ended January 31, |
|
|
|
2018 |
|
|
|
2017 |
Revenues |
|
$ |
10,379,000 |
|
|
$ |
9,777,000 |
Net
income (loss) |
|
$ |
(2,851,000 |
) |
|
$ |
174,000 |
Earnings (loss) per share – Basic and Diluted |
|
$ |
(0.35 |
) |
|
$ |
0.02 |
Weighted average number of common shares outstanding - basic |
|
|
8,075,000 |
|
|
|
8,053,000 |
Weighted average number of common shares outstanding - diluted |
|
|
8,075,000 |
|
|
|
8,080,000 |
|
|
|
|
|
|
|
Nine Months Ended January 31, |
|
|
|
2018 |
|
|
|
2017 |
Revenues |
|
$ |
30,880,000 |
|
|
$ |
33,450,000 |
Net
income (loss) |
|
$ |
(1,125,000 |
) |
|
$ |
916,000 |
Earnings (loss) per share – Basic and Diluted |
|
$ |
(0.14 |
) |
|
$ |
0.11 |
Weighted average number of common shares outstanding - basic |
|
|
8,070,000 |
|
|
|
8,048,000 |
Weighted average number of common shares outstanding - diluted |
|
|
8,070,000 |
|
|
|
8,074,000 |
|
|
|
|
|
AMREP Corporation’s financial statements on Form
10-Q are expected to be filed jointly with this release and will be
available on the Company’s website
(www.amrepcorp.com/SECfiles).
CONTACT: |
|
James M.
McMonagleVice President and Chief Financial Officer(610)
487-0904 |
|
|
|
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