GlobeNewswire Inc | Mar 11, 2021 04:53PM EST

March 11, 2021

PLYMOUTH MEETING, Pa., March 11, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $2,093,000, or $0.29 per share, for its 2021 fiscal third quarter ended January 31, 2021 compared to net income of $338,000, or $0.04 per share, for the same period of the prior year. For the first nine months of 2021, AMREP had net income of $3,484,000, or $0.44 per share, compared to a net loss of $2,027,000, or $0.25 per share, for the same period of 2020.

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 January 31, 2021 2020 Revenues $ 7,864,000 $ 5,287,000 Net income (loss) $ 2,093,000 $ 338,000 Income (loss) per share ? basic $ 0.29 $ 0.04Income (loss) per share ? diluted $ 0.28 $ 0.04 Weighted average number of common shares outstanding 7,343,000 8,138,000? basicWeighted average number of common shares outstanding 7,372,000 8,174,000? diluted

Nine Months Ended January 31, 2021 2020 Revenues $ 21,326,000 $ 14,014,000 Net income (loss) $ 3,484,000 $ (2,027,000 ) Income (loss) per share ? basic $ 0.44 $ (0.25 )Income (loss) per share ? diluted $ 0.44 $ (0.25 ) Weighted average number of common shares 7,872,000 8,129,000 outstanding? basicWeighted average number of common shares 7,903,000 8,129,000 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