GlobeNewswire Inc | Dec 8, 2021 04:45PM EST

December 08, 2021

HAVERTOWN, Pa., Dec. 08, 2021 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $3,326,000, or $0.45 per diluted share, for its 2022 fiscal second quarter ended October 31, 2021 compared to net income of $798,000, or $0.10 per diluted share, for the same period of the prior year. For the first six months of 2022, AMREP had net income of $4,963,000, or $0.67 per diluted share, compared to net income of $1,391,000, or $0.17 per diluted share, for the same period of 2021. Revenues were $16,236,000 and $26,743,000 for the second quarter and first six months of 2022 and $9,256,000 and $13,462,000 for the second quarter and first six months of 2021.

More information about the Companys financial performance 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 October 31, 2021 2020Revenues $ 16,236,000 $ 9,256,000Net income (loss) $ 3,326,000 $ 798,000Income (loss) per share ? basic $ 0.45 $ 0.10Income (loss) per share ? diluted $ 0.45 $ 0.10Weighted average number of common shares outstanding 7,361,000 8,122,000? basicWeighted average number of common shares outstanding 7,383,000 8,152,000? diluted

Six Months Ended October 31, 2021 2020Revenues $ 26,743,000 $ 13,462,000Net income (loss) $ 4,963,000 $ 1,391,000Income (loss) per share ? basic $ 0.67 $ 0.17Income (loss) per share ? diluted $ 0.67 $ 0.17Weighted average number of common shares 7,354,000 8,136,000outstanding ? basicWeighted average number of common shares 7,378,000 8,168,000outstanding ? diluted

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