AMREP Reports First Quarter Fiscal 2021 Results and Announces Director Resignation
September 09 2020 - 5:10PM
AMREP Corporation (NYSE: AXR) today reported net income of
$593,000, or $0.07 per share, for its 2021 fiscal first quarter
ended July 31, 2020 compared to a net loss of $196,000, or $0.02
per share, for the same period of the prior year.
In addition, AMREP reported that Theodore J.
Gaasche has resigned as a director of AMREP for personal reasons
and has withdrawn as a director nominee for consideration at the
annual meeting of shareholders of AMREP to be held on September 10,
2020. Given this development, the board of directors has reduced
the size of the board from four members to three members but will
consider adding a new director in the near future.
AMREP’s Chairman, Edward B. Cloues, II,
commented, “Ted served as the chief executive officer of AMREP from
2011 through 2013 and then as a director since 2013. On
behalf of our board of directors, we thank Ted for his many
contributions to AMREP while serving in these capacities and
wish him the very best in the future.”
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 July 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
Revenues |
|
$ |
4,206,000 |
|
$ |
4,767,000 |
|
|
|
|
|
|
Net income (loss) |
|
$ |
593,000 |
|
$ |
(196,000) |
|
|
|
|
|
|
Income (loss) per share – Basic and Diluted |
|
$ |
0.07 |
|
$ |
(0.02) |
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic |
|
|
8,151,000 |
|
|
8,095,000 |
|
Weighted average number of common shares outstanding - diluted |
|
|
8,182,000 |
|
|
8,095,000 |
|
|
|
|
|
|
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/).
FOR: |
AMREP
Corporation |
|
620 West Germantown Pike, Suite 175 |
|
Plymouth Meeting, Pennsylvania 19462 |
|
|
CONTACT: |
Adrienne M. Uleau |
|
Vice President, Finance and Accounting |
|
(610) 487-0907 |
AMREP (NYSE:AXR)
Historical Stock Chart
From Sep 2024 to Oct 2024
AMREP (NYSE:AXR)
Historical Stock Chart
From Oct 2023 to Oct 2024