GlobeNewswire Inc | Jul 27, 2020 06:12AM EDT

July 27, 2020

PLYMOUTH MEETING, Pennsylvania, July 27, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported a net loss of $5,903,000, or $0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of $1,527,000, or $0.19 per share, for the prior year.

Results for 2020 included $8,600,000 of non-cash charges comprised of: (1) a non-cash pre-tax pension settlement charge of $2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and (2) net non-cash pre-tax impairment charges on other assets of $5,046,000 in connection with certain deemed consideration from the sale of the Companys fulfillment services business. Results for 2019 reflected a net loss from continuing operations of $2,465,000 and net income from discontinued operations of $3,992,000. Discontinued operations resulted from the sale of AMREPs fulfillment services business in April 2019.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

FINANCIAL HIGHLIGHTS Twelve Months Ended April 30, 2020 2019 Revenues $ $ 12,754,000 18,783,000 Net income (loss) from continuing operations $ (5,903,000 ) $ (2,465,000 ) - Net income from discontinued operations - $ 3,992,000 - Net income (loss) $ ) $ 1,527,000 (5,903,000 (Loss) per share from continuing operations ? $ (0.73 ) $ (0.30 )Basic and Diluted - Income per share from discontinued operations ? $ - $ 0.49 Basic and Diluted (Loss) income per share ? Basic and Diluted $ (0.73 ) $ 0.19 Weighted average number of common shares 8,134,000 8,099,000 outstanding - basicWeighted average number of common shares 8,134,000 8,145,000 outstanding - diluted

AMREP Corporations financial statements on Form 10-K 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/).

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