AMREP Reports Fiscal 2018 Results
July 20 2018 - 04:20PM
AMREP Corporation (the “Company”) (NYSE:AXR) today reported net
income of $238,000, or $0.03 per share, for its 2018 fiscal year
ended April 30, 2018 compared to a net loss of $15,000, or $0.00
per share, in 2017. Results for 2018 included a non-cash
increase in income tax expense of $2,710,000, or $0.34 per share,
arising from certain federal tax law changes enacted during 2018.
The tax law changes required the Company to remeasure its deferred
tax assets and liabilities based on the rates at which the deferred
tax assets and liabilities are expected to reverse in the future.
Results for 2017 included a pre-tax, non-cash impairment charge of
$150,000 ($95,000 after tax, or $0.01 per share), reflecting the
write-down of certain real estate inventory. Excluding the impact
of tax law changes in 2018 and the impairment charge in 2017,
results for 2018 were net income of $2,948,000, or $0.37 per share,
compared to net income of $80,000, or $0.01 per share, for 2017.
Revenues were $40,178,000 for 2018 compared to $42,368,000 for
2017.
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
|
|
Twelve Months Ended April 30, |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
Revenues |
$ |
40,178,000 |
|
$ |
42,368,000 |
|
|
|
|
|
Net
income (loss) |
$ |
238,000 |
|
$ |
(15,000 |
) |
|
|
|
|
Earnings (loss) per share – Basic and Diluted |
$ |
0.03 |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic |
|
8,073,000 |
|
|
8,052,000 |
|
Weighted average number of common shares outstanding - diluted |
|
8,104,000 |
|
|
8,077,000 |
|
|
|
|
|
AMREP Corporation’s financial statements on Form
10-K are expected to be filed with the Securities and Exchange
Commission concurrently with this release and will be available on
the Company’s website (www.amrepcorp.com/SECfiles).
CONTACT: |
James M. McMonagle |
|
Vice President and
Chief Financial Officer |
|
(610) 487-0904 |
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