GlobeNewswire Inc | Dec 8, 2020 04:54PM EST

December 08, 2020

PLYMOUTH MEETING, Pa., Dec. 08, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported net income of $798,000, or $0.10 per share, for its 2021 fiscal second quarter ended October 31, 2020 compared to a net loss of $2,169,000, or $0.27 per share, for the same period of the prior year. For the first six months of 2021, AMREP had net income of $1,391,000, or $0.17 per share, compared to a net loss of $2,365,000, or $0.29 per share, for the same period of 2020. During the second quarter of 2020, AMREP recognized a non-cash pre-tax settlement charge of $2,929,000 due to AMREPs defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees.

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 October 31, 2020 2019 Revenues $ $ 3,960,000 9,256,000 Net income (loss) $ $ (2,169,000 ) 798,000 Income (loss) per share ? Basic and Diluted $ 0.10 $ (0.27 ) Weighted average number of common shares 8,122,000 8,129,000 outstanding - basicWeighted average number of common shares 8,152,000 8,129,000 outstanding - diluted

Six Months Ended October 31, 2020 2019 Revenues $ 13,462,000 $ 8,727,000 Net income (loss) $ $ (2,365,000 ) 1,391,000 Income (loss) per share ? Basic and Diluted $ 0.17 $ (0.29 ) Weighted average number of common shares 8,136,000 8,125,000 outstanding - basicWeighted average number of common shares 8,168,000 8,125,000 outstanding - diluted

AMREP Corporations 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 AMREPs website (www.amrepcorp.com/sec-filings/).

CONTACT:Adrienne M. UleauVice President, Finance and Accounting(610) 487-0907