Exhibit 99.1
| FOR: | AMREP Corporation |
| 850 West Chester Pike, Suite 205 |
| Havertown, PA 19083 |
| | |
| CONTACT: | Adrienne M. Uleau |
| Vice President, Finance and Accounting |
| (610) 487-0907 |
AMREP REPORTS FIRST QUARTER FISCAL 2024 RESULTS
Havertown, Pennsylvania, September 13, 2023 – AMREP Corporation (NYSE:AXR) today reported net income of $1,346,000, or $0.25 per diluted share, for its 2024 fiscal first quarter ended July 31, 2023 compared to net income of $1,912,000, or $0.36 per diluted share, for the same period of the prior year. Revenues were $10,289,000 for the first quarter of 2024 and $10,707,000 for the first quarter of 2023.
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 July 31, | |
| | | 2023 | | | 2022 | |
| Revenues | | $ | 10,289,000 | | | $ | 10,707,000 | |
| | | | | | | | | |
| Net income (loss) | | $ | 1,346,000 | | | $ | 1,912,000 | |
| Income (loss) per share – basic | | $ | 0.25 | | | $ | 0.36 | |
| Income (loss) per share – diluted | | $ | 0.25 | | | $ | 0.36 | |
| | | | | | | | | |
| Weighted average number of common shares outstanding – basic | | | 5,292,000 | | | | 5,274,000 | |
| Weighted average number of common shares outstanding – diluted | | | 5,325,000 | | | | 5,296,000 | |
