AMREP Corporation (NYSE:AXR) today reported net income of $3,326,000, or $0.45 per diluted share, for its 2022 fiscal second quarter ended October 31, 2021 compared to net income of $798,000, or $0.10 per diluted share, for the same period of the prior year. For the first six months of 2022, AMREP had net income of $4,963,000, or $0.67 per diluted share, compared to net income of $1,391,000, or $0.17 per diluted share, for the same period of 2021. Revenues were $16,236,000 and $26,743,000 for the second quarter and first six months of 2022 and $9,256,000 and $13,462,000 for the second quarter and first six months of 2021.

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 October 31,
    2021     2020
Revenues $ 16,236,000   $ 9,256,000
Net income (loss) $ 3,326,000   $ 798,000
Income (loss) per share – basic $ 0.45   $ 0.10
Income (loss) per share – diluted $ 0.45   $ 0.10
Weighted average number of common shares outstanding – basic   7,361,000     8,122,000
Weighted average number of common shares outstanding – diluted   7,383,000     8,152,000
  Six Months Ended October 31,
    2021     2020
Revenues $ 26,743,000   $ 13,462,000
Net income (loss) $ 4,963,000   $ 1,391,000
Income (loss) per share – basic $ 0.67   $ 0.17
Income (loss) per share – diluted $ 0.67   $ 0.17
Weighted average number of common shares outstanding – basic   7,354,000     8,136,000
Weighted average number of common shares outstanding – diluted   7,378,000     8,168,000
CONTACT: Adrienne M. Uleau
  Vice President, Finance and Accounting
  (610) 487-0907
AMREP (NYSE:AXR)
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