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 THIRD QUARTER FISCAL 2021 RESULTS
Plymouth Meeting, Pennsylvania, March 11, 2021 – AMREP Corporation (NYSE:AXR) today reported net income of $2,093,000, or $0.29 per share, for its 2021 fiscal third quarter ended January 31, 2021 compared to net income of $338,000, or $0.04 per share, for the same period of the prior year. For the first nine months of 2021, AMREP had net income of $3,484,000, or $0.44 per share, compared to a net loss of $2,027,000, or $0.25 per share, for the same period of 2020.
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 January 31, | |
| | | 2021 | | | 2020 | |
| | | | | | | |
| Revenues | | $ | 7,864,000 | | | $ | 5,287,000 | |
| | | | | | | | | |
| Net income (loss) | | $ | 2,093,000 | | | $ | 338,000 | |
| | | | | | | | | |
| Income (loss) per share – basic | | $ | 0.29 | | | $ | 0.04 | |
| Income (loss) per share – diluted | | $ | 0.28 | | | $ | 0.04 | |
| | | | | | | | | |
| Weighted average number of common shares outstanding – basic | | | 7,343,000 | | | | 8,138,000 | |
| Weighted average number of common shares outstanding – diluted | | | 7,372,000 | | | | 8,174,000 | |
| | | Nine Months Ended January 31, | |
| | | 2021 | | | 2020 | |
| | | | | | | |
| Revenues | | $ | 21,326,000 | | | $ | 14,014,000 | |
| | | | | | | | | |
| Net income (loss) | | $ | 3,484,000 | | | $ | (2,027,000 | ) |
| | | | | | | | | |
| Income (loss) per share – basic | | $ | 0.44 | | | $ | (0.25 | ) |
| Income (loss) per share – diluted | | $ | 0.44 | | | $ | (0.25 | ) |
| | | | | | | | | |
| Weighted average number of common shares outstanding - basic | | | 7,872,000 | | | | 8,129,000 | |
| Weighted average number of common shares outstanding - diluted | | | 7,903,000 | | | | 8,129,000 | |
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/).
