GlobeNewswire Inc | Sep 14, 2021 04:56PM EDT

September 14, 2021

HAVERTOWN, Pa., Sept. 14, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $1,637,000, or $0.22 per diluted share, for its 2022 fiscal first quarter ended July 31, 2021 compared to net income of $593,000, or $0.07 per diluted share, for the same period of the prior year. Revenues were $10,507,000 for the first quarter of 2022 and $4,206,000 for the first quarter of 2021.

More information about the Companys financial performance for the first quarters of 2022 and 2021 may be found in AMREP Corporations financial statements on Form 10-Q which have today been filed with the Securities and Exchange Commission and will be available on AMREPs 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

Three Months Ended July 31, 2021 2020 Revenues $ 10,507,000 $ 4,206,000 Net income (loss) $ 1,637,000 $ 593,000 Income (loss) per share ? basic $ 0.22 $ 0.07Income (loss) per share ? diluted $ 0.22 $ 0.07 Weighted average number of common shares 7,346,000 8,151,000outstanding ? basicWeighted average number of common shares 7,373,000 8,182,000outstanding ? diluted

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