AMREP Reports Fiscal 2024 Results
July 23 2024 - 4:35PM
AMREP Corporation (NYSE:AXR) today reported net income of
$6,690,000, or $1.25 per diluted share, for its 2024 fiscal year
ended April 30, 2024 compared to net income of $21,790,000, or
$4.11 per diluted share, for the same period of the prior year.
Revenues were $51,369,000 for fiscal 2024 and $48,676,000 for
fiscal 2023.
Results for 2024 included revenue of $7,200,000
from the sale of property in Brighton, Colorado. Results for 2023
included a non-cash income tax benefit of $16,071,000 as a result
of a worthless stock deduction related to the Company’s former
fulfillment services business and a non-cash pre-tax pension
settlement general and administrative expense of $7,597,000 due to
the Company’s defined benefit pension plan paying certain lump sum
payouts of pension benefits to former employees and the transfer of
nearly all remaining pension benefit liabilities to an insurance
company through an annuity purchase.
More information about the Company’s financial
performance in 2024 and 2023 may be found in AMREP Corporation’s
financial statements on Form 10-K 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 |
|
|
|
Twelve Months Ended April 30, |
|
|
|
2024 |
|
|
2023 |
Revenues |
|
$ |
51,369,000 |
|
$ |
48,676,000 |
|
|
|
|
|
Net income |
|
$ |
6,690,000 |
|
$ |
21,790,000 |
|
|
|
|
|
Income per share – basic |
|
$ |
1.26 |
|
$ |
4.13 |
Income per share – diluted |
|
$ |
1.25 |
|
$ |
4.11 |
|
|
|
|
|
Weighted average number of common shares outstanding – basic |
|
|
5,300,000 |
|
|
5,282,000 |
Weighted average number of common shares outstanding – diluted |
|
|
5,347,000 |
|
|
5,307,000 |
|
|
CONTACT: |
Adrienne M. Uleau |
|
Vice President, Finance and Accounting |
|
(610) 487-0907 |
|
|
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