Exhibit 99.1
| 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 REPORTS FISCAL 2020 RESULTS
Plymouth Meeting, Pennsylvania, July 27, 2020 – AMREP Corporation (NYSE: AXR) today reported a net loss of $5,903,000, or $0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of $1,527,000, or $0.19 per share, for the prior year.
Results for 2020 included $8,600,000 of non-cash charges comprised of: (1) a non-cash pre-tax pension settlement charge of $2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and (2) net non-cash pre-tax impairment charges on other assets of $5,046,000 in connection with certain deemed consideration from the sale of the Company’s fulfillment services business. Results for 2019 reflected a net loss from continuing operations of $2,465,000 and net income from discontinued operations of $3,992,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
FINANCIAL HIGHLIGHTS
| | | Twelve Months Ended April 30, | |
| | | 2020 | | | 2019 | |
| | | | | | | |
| Revenues | | $ | 18,783,000 | | | $ | 12,754,000 | |
| | | | | | | | | |
| Net income (loss) from continuing operations | | $ | (5,903,000 | ) | | $ | (2,465,000 | ) |
| | | | | | | | | |
| Net income from discontinued operations | | | - | | | $ | 3,992,000 | |
| | | | | | | | | |
| Net income (loss) | | $ | (5,903,000 | ) | | $ | 1,527,000 | |
| | | | | | | | | |
| (Loss) per share from continuing operations – Basic and Diluted | | $ | (0.73 | ) | | $ | (0.30 | ) |
| | | | | | | | | |
| Income per share from discontinued operations – Basic and Diluted | | $ | - | | | $ | 0.49 | |
| | | | | | | | | |
| (Loss) income per share – Basic and Diluted | | $ | (0.73 | ) | | $ | 0.19 | |
| | | | | | | | | |
| Weighted average number of common shares outstanding - basic | | | 8,134,000 | | | | 8,099,000 | |
| Weighted average number of common shares outstanding - diluted | | | 8,134,000 | | | | 8,145,000 | |
AMREP Corporation’s financial statements on Form 10-K have been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).
