AMREP : REPORTS SECOND QUARTER FISCAL 2017 RESULTS
January 20, 2017 at 06:49 am
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FOR:
AMREP Corporation
300 Alexander Park, Suite 204
Princeton, NJ 08540
CONTACT:
Robert E. Wisniewski
Executive Vice President and Chief Financial Officer
(609) 716-8210
AMREP REPORTS SECOND QUARTER FISCAL 2017 RESULTS
Princeton, New Jersey, December 14, 2016 - AMREP Corporation (NYSE: AXR) today reported net income of $112,000, or $0.01 per share, for its 2017 second fiscal quarter ended October 31, 2016 compared to a net loss of $676,000, or $0.08 per share, for its second fiscal quarter of 2016. For the first six months of 2017, the Company had net income of $742,000, or $0.09 per share, compared to a net loss of $1,855,000, or $0.23 per share, for the same period of 2016. Revenues were $11,465,000 and $23,673,000 for the second quarter and first six months of 2017 compared to $11,221,000 and 20,796,000 for the same periods in the prior year.
AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.
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FINANCIAL HIGHLIGHTS
Three Months Ended October 31,
2016
2015
Revenues
$ 11,465,000
$ 11,221,000
Net Income (loss):
$ 112,000
$ (676,000)
Earnings (loss) per share - Basic and Diluted:
$0.01
$ (0.08)
Weighted average number of common shares outstanding
8,050,000
8,038,000
Six Months Ended October 31,
2016
2015
Revenues
$ 23,673,000
$ 20,796,000
Net Income (loss):
$ 742,000
$ (1,855,000)
Earnings (loss) per share - Basic and Diluted:
$0.09
$ (0.23)
Weighted average number of common shares outstanding
8,046,000
8,034,000
AMREP Corporation published this content on 20 January 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 20 January 2017 11:49:05 UTC.
Original documenthttp://www.amrepcorp.com/press.asp
Public permalinkhttp://www.publicnow.com/view/F0A6A0D045615B5F6E58877DE1C8AC9F2404DCCF
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.