[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents AMREP Corporation's unaudited financial statements, notes, and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) AMREP Corporation's unaudited financial statements reflect significant increases in assets, net income, and operating cash flow for the period [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Jan 31, 2025 (Unaudited) | Apr 30, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $36,936 | $29,694 | | Real estate inventory | $65,102 | $65,983 | | Total Assets | $128,938 | $122,830 | | **Liabilities & Equity** | | | | Total Liabilities | $2,962 | $4,780 | | Total Shareholders' Equity | $125,976 | $118,050 | | Total Liabilities and Shareholders' Equity | $128,938 | $122,830 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (Unaudited, in thousands) | Metric | Three Months Ended Jan 31, 2025 | Three Months Ended Jan 31, 2024 | Nine Months Ended Jan 31, 2025 | Nine Months Ended Jan 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $7,520 | $12,689 | $38,516 | $31,833 | | Operating Income | $432 | $(148) | $8,568 | $2,926 | | Net Income | $717 | $92 | $8,823 | $2,546 | | Diluted EPS | $0.13 | $0.02 | $1.64 | $0.48 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) - For the nine months ended January 31, 2025, total comprehensive income was **$7.6 million**, compared to **$2.5 million** in the prior-year period. The current period includes a **$1.23 million** reclassification from accumulated other comprehensive income to a benefit for income taxes related to the termination of the pension plan[13](index=13&type=chunk)[48](index=48&type=chunk) [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) - Total shareholders' equity increased from **$118.1 million** on May 1, 2024, to **$126.0 million** on January 31, 2025. The increase was primarily driven by net income of **$8.8 million**, partially offset by a reclassification of accumulated other comprehensive income of **$1.23 million**[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Unaudited, in thousands) | Cash Flow Activity | Nine Months Ended Jan 31, 2025 | Nine Months Ended Jan 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,273 | $3,381 | | Net cash used in investing activities | $(116) | $(5,354) | | Net cash used in financing activities | $(7) | $(7) | | **Increase (decrease) in cash** | **$7,150** | **$(1,980)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company's primary business segments are land development and homebuilding. All sales are domestic[21](index=21&type=chunk) - For the nine months ended January 31, 2025, two customers each accounted for over **10%** of total revenues, contributing **$6.028 million** and **$6.036 million** respectively, both within the land development segment[40](index=40&type=chunk) Warranty Reserve Activity (in thousands) | Period | Beginning Balance | Warranty Issued | Expenditures | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | **Nine Months Ended Jan 31, 2025** | $175 | $91 | $(17) | $249 | | **Nine Months Ended Jan 31, 2024** | $165 | $48 | $(8) | $139 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a significant increase in net income for the nine months ended January 31, 2025, to $8.8 million from $2.5 million year-over-year, driven by a 93% surge in home sale revenues. The company is facing market headwinds, including municipal delays and housing affordability challenges, leading to strategic shifts like leasing completed homes and slowing new projects. Liquidity remains strong, with cash and equivalents increasing to $37.4 million, supported by positive operating cash flow [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Net Income and EPS Comparison | Period | Net Income | Diluted EPS | | :--- | :--- | :--- | | **Nine Months Ended Jan 31, 2025** | $8,823,000 | $1.64 | | **Nine Months Ended Jan 31, 2024** | $2,546,000 | $0.48 | - The company experienced material delays in municipal entitlements, infrastructure, and approvals, which delayed revenue realization and increased costs. Housing affordability challenges due to high prices and interest rates have negatively affected demand[67](index=67&type=chunk) Revenue by Category (Nine Months Ended Jan 31, in thousands) | Revenue Category | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Land sale revenues | $18,113 | $15,576 | $2,537 | 16% | | Home sale revenues | $18,420 | $9,527 | $8,893 | 93% | | Other revenues | $1,983 | $6,730 | $(4,747) | (71)% | | **Total** | **$38,516** | **$31,833** | **$6,683** | **21%** | - Home sale gross margins decreased to **20%** for the nine months ended January 31, 2025, from **27%** in the prior year, primarily due to the mix of homes sold and increased costs for materials and labor[79](index=79&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) Cash, Cash Equivalents and Restricted Cash (in thousands) | Date | Amount | | :--- | :--- | | January 31, 2025 | $37,391 | | April 30, 2024 | $30,241 | - Net cash from operating activities for the nine months ended January 31, 2025, was **$7.3 million**, a significant increase from **$3.4 million** in the prior year. This was primarily due to cash from business operations and a reduction in real estate inventory[86](index=86&type=chunk) - Real estate inventory decreased slightly to **$65.1 million** as of January 31, 2025, from **$66.0 million** at April 30, 2024. Investment assets increased by **16%** to **$14.5 million**, partly due to opportunistically leasing completed homes[91](index=91&type=chunk)[92](index=92&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and Vice President of Finance and Accounting, evaluated the company's disclosure controls and procedures and concluded they were effective as of January 31, 2025. There were no material changes to the company's internal control over financial reporting during the most recent fiscal quarter - The Company's Chief Executive Officer and Vice President, Finance and Accounting concluded that disclosure controls and procedures were effective as of January 31, 2025[98](index=98&type=chunk) - No material changes in the Company's internal control over financial reporting occurred during the most recent fiscal quarter[99](index=99&type=chunk) [PART II. OTHER INFORMATION](index=36&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other information, including details on trading arrangements and a list of exhibits filed with the report [Item 5. Other Information](index=36&type=section&id=Item%205.%20Other%20Information) During the third fiscal quarter ended January 31, 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended January 31, 2025[102](index=102&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications required by the Securities Exchange Act of 1934 and Inline XBRL documents - The report includes required certifications under Rule 13a-14(a) and 18 U.S.C. Section 1350, as well as Inline XBRL Instance Documents[103](index=103&type=chunk)[107](index=107&type=chunk)

Core Insights - AMREP Corporation (NYSE: AXR) is a small-cap company primarily involved in the real estate sector, which tends to be overlooked by most investors [1] - The stock has experienced a decline of 21% from its peak in December [1] Company Overview - AMREP Corporation operates in the real estate business, indicating a focus on property management or development [1] - The company is categorized as a small-cap, suggesting it has a market capitalization that is lower than larger firms, which may lead to less visibility in the investment community [1] Stock Performance - The stock price has decreased by 21% since reaching its peak in December, indicating potential volatility or market challenges [1]

Core Insights - AMREP Corporation's shares have declined 6.8% since the earnings report for the quarter ended October 31, 2024, underperforming the S&P 500 Index's 3.7% decline during the same period [1] - The company reported total revenues of $11.9 million for the quarter, a 34.5% year-over-year increase, driven by a 19.9% rise in land sale revenues and a 51.5% surge in home sale revenues [2] - Net income reached $4 million, or $0.75 per diluted share, compared to $1.1 million, or $0.21 per diluted share, in the same period last year [3] Revenue and Earnings Growth - Land sale revenues totaled $5.9 million, while home sale revenues reached $5.3 million, supported by higher sales volumes and pricing dynamics [2] - Operating income surged 199.1% year-over-year to $3.1 million, with the homebuilding segment benefiting from increased landscaping services [3][7] - The land development segment saw a revenue increase of 29.9% to $7.7 million, with a notable sale of 549 acres contributing $2.5 million [5] Business Metrics - Homebuilding revenues increased 43.4% to $4.2 million, with 12 homes sold compared to seven in the prior-year quarter, although the average selling price per home declined to $444,000 from $503,000 [5] - Land sale gross margins improved to 60% from 27% a year earlier, while home sale gross margins declined from 29% to 20% due to various cost factors [6] - General and administrative expenses increased 18% to $1.8 million, primarily due to expanded homebuilding operations [7] Cash Flow and Financial Position - As of October 31, 2024, AMREP reported $40.6 million in cash and equivalents, up from $30.2 million as of April 30, 2024 [8] - Operating cash flows were $10.5 million, significantly higher than $1.9 million in the prior-year period, driven by inventory reductions [8] - Capital expenditures were modest at $120,000, reflecting strategic restraint amid market uncertainties [8] Management Commentary - Management attributed strong revenue growth to increased land and home sales while focusing on cost management amid rising material and labor expenses [9] - Delays in municipal approvals and infrastructure availability were noted as ongoing challenges that could affect future project timelines [9] Market Outlook - Management highlighted potential for reduced land sale revenues in fiscal 2025 due to market headwinds and delays in entitlement processes [11] - Rising mortgage rates and inflation were cited as factors negatively impacting housing demand, prompting the company to manage its project pipeline strategically [11] Other Developments - Real estate inventory decreased by 3.9% to $63.4 million, primarily due to land and home sales [12] - AMREP's pension plan termination resulted in a $1.2 million reclassification of income tax benefits, enhancing net income for the quarter [13]

Core Viewpoint - AMREP Corporation reported significant growth in net income and revenues for the second quarter and first six months of fiscal year 2025 compared to the same periods in the previous year [1][4]. Financial Performance - For the second quarter of fiscal 2025, AMREP's net income was $4,042,000, or $0.75 per diluted share, compared to $1,108,000, or $0.21 per diluted share in the same quarter of 2024 [1][4]. - For the first six months of fiscal 2025, net income reached $8,106,000, or $1.51 per diluted share, up from $2,454,000, or $0.46 per diluted share in the prior year [1][5]. - Revenues for the second quarter of 2025 were $11,906,000, compared to $8,854,000 in the same quarter of 2024 [1][4]. - For the first six months of 2025, revenues totaled $30,997,000, compared to $19,143,000 in the first half of 2024 [1][5]. Shareholder Information - The weighted average number of common shares outstanding for the second quarter was 5,374,000 (diluted) and 5,320,000 (basic) [4]. - For the first six months, the weighted average number of common shares outstanding was 5,367,000 (diluted) and 5,314,000 (basic) [5]. Company Overview - AMREP Corporation is a major holder of land and a leading developer of real estate, as well as an award-winning homebuilder in New Mexico [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 13, 2024 AMREP CORPORATION | --- | --- | |-----------------------------------------------------------------------------------------|---------------------------------------| | (Exact name of registrant as specified in its \nOklahoma 1-4702 | charter) \n59-0936128 | | | | | | | | (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-4702 AMREP Corporation (Exact Name of Registrant as Specified in its Charter) Oklahoma 59-093612 ...

The housing supply problem in the US is well-documented. And mortgage originations and refinancings have shown an acute sensitivity to the Fed funds rate. We believe the combination of this supply issue and possible falling rates could provide favorable catalysts for homebuilders, although the exact cadence of possible rate lowering by the Fed is unclear. Additionally, relative market location strength also plays a critical role in stock selection. Here we highlight two homebuilders with Zacks Outperform ra ...

I am placing a Strong Buy rating on the AMREP Corporation (NYSE: AXR ). While a strong buy is a rare rating that I have only given to two other stocks, I believe that AXR currently deserves this rating due mostlyA value investor that's interested in post bankruptcy, NAV, and undervalued micro and nano cap stocks. I only invest in companies that have layers of value behind them, usually with little or no debt.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the compan ...

AMREP Corporation (AXR) delivered earnings per share of 76 cents for first-quarter fiscal 2025, indicating a 204% surge year over year.AMREP’s Revenues in DetailAMREP registered revenues of $19.1 million for first-quarter fiscal 2025, up 85.5% year over year.Solid revenues from its revenue sources boosted the top line.Shares of this company were flat in after-hours trading.AXR’s Segment DetailsAMREP derives revenues from three sources — Land sale revenues, Home sale revenues and Other revenues.For the fisca ...

HAVERTOWN, Pa., Sept. 13, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $4,064,000, or $0.76 per diluted share, for its 2025 fiscal first quarter ended July 31, 2024 compared to net income of $1,346,000, or $0.25 per diluted share, for the same period of the prior year. Revenues were $19,091,000 for the first quarter of 2025 and $10,289,000 for the first quarter of 2024. More information about the Company’s financial performance may be found in AMREP Corporation’s financ ...