Havertown, Pennsylvania, July 21, 2022 - AMREP Corporation (NYSE:AXR) today reported net income of $15,862,000, or $2.21 per diluted share, for its 2022 fiscal year ended April 30, 2022 compared to net income of $7,392,000, or $0.95 per diluted share, for the same period of the prior year. Revenues were $62,479,000 for fiscal 2022 and $40,069,000 for fiscal 2021. Results for 2022 included revenue of $7,107,000 from the sale to one purchaser of 1,196 acres of undeveloped land near Rio Rancho in Sandoval County, New Mexico, $8,439,000 from the sale of buildings in Albuquerque, New Mexico and Palm Coast, Florida and $6,054,000 from the sale of commercial land in Parker, Colorado, Rio Rancho, New Mexico and Albuquerque, New Mexico.
More information about the Company's financial performance in 2022 and 2021 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,
2022
2021
Revenues
$
62,479,000
$
40,069,000
Net income
$
15,862,000
$
7,392,000
Income per share - basic
$
2.21
$
0.95
Income per share - diluted
$
2.21
$
0.95
Weighted average number of common shares outstanding - basic
7,170,000
7,743,000
Weighted average number of common shares outstanding - diluted
7,193,000
7,773,000
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AMREP Corporation published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 20:53:07 UTC.
AMREP Corporation is a holding company, which conducts business through its subsidiaries. The Company operates through two business segments: land development and homebuilding. The land development segment offers for sale both developed and undeveloped real property to national, regional and local homebuilders, commercial and industrial property developers, and others. The Company owns approximately 17,000 acres in Sandoval County, New Mexico. The Company develops both residential lots and sites for commercial and industrial use as demand warrants. The homebuilding segment offers a variety of home floor plans and elevations at different prices and with varying levels of options and amenities to meet the needs of homebuyers. The Company is focused on selling single-family detached and attached homes. The Company commenced operations in New Mexico of its internal homebuilder, Amreston Homes. The Company utilizes internal and external sales brokers for home sales.