HAVERTOWN, Pa., July 23, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $6,690,000, or $1.25 per diluted share, for its 2024 fiscal year ended April 30, 2024 compared to net income of $21,790,000, or $4.11 per diluted share, for the same period of the prior year. Revenues were $51,369,000 for fiscal 2024 and $48,676,000 for fiscal 2023. Results for 2024 included revenue of $7,200,000 from the sale of property in Brighton, Colorado. Results for 2023 included a non-cash inc ...

HAVERTOWN, Pa., July 23, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $6,690,000, or $1.25 per diluted share, for its 2024 fiscal year ended April 30, 2024 compared to net income of $21,790,000, or $4.11 per diluted share, for the same period of the prior year. Revenues were $51,369,000 for fiscal 2024 and $48,676,000 for fiscal 2023. Results for 2024 included revenue of $7,200,000 from the sale of property in Brighton, Colorado. Results for 2023 included a non-cash inc ...

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): July 23, 2024 AMREP CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | |-----------------------------------------------------------------------|-----------------------| | Oklahoma 1-4702 | 59-0936128 | | (State or other jurisdiction of (Commission File | (IRS Emplo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 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) Common Stock $0.10 par value AXR New York Stock Exchange Sec ...

HAVERTOWN, Pa., March 08, 2024 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $92,000, or $0.02 per diluted share, for its 2024 fiscal third quarter ended January 31, 2024 compared to net income of $16,574,000, or $3.12 per diluted share, for the same period of the prior year. For the first nine months of 2024, AMREP had net income of $2,546,000, or $0.48 per diluted share, compared to net income of $22,107,000, or $4.17 per diluted share, for the same period of 2023. Revenues ...

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): March 8, 2024 AMREP CORPORATION | --- | --- | |-----------------------------------------------------------------------------------|-----------------------| | (Exact name of registrant as specified in its \nOklahoma 1-4702 | charter) \n59-0936128 | | (State or other jurisdiction of (Commission F ...

Financial Performance - For the three months ended January 31, 2024, the Company reported net income of $92,000, or $0.02 per diluted share, a significant decrease from $16,574,000, or $3.12 per diluted share, for the same period in 2023[69]. - Total revenues for the three months ended January 31, 2024, were $12,689,000, an increase of $3,572,000 compared to $9,117,000 for the same period in 2023[71]. - The cost of revenues for the three months ended January 31, 2024, totaled $10,936,000, an increase from $5,683,000 in the prior year[80]. - General and administrative expenses increased by 21% to $1,901,000 for the three months ended January 31, 2024, compared to $1,573,000 for the same period in 2023[84]. - The company had a provision for income taxes of $22,000 and $853,000 for the three and nine months ended January 31, 2024, compared to benefits of $15,246,000 and $13,734,000 for the same periods in 2023[88]. Revenue Breakdown - Land sale revenues decreased by 37% to $4,033,000 for the three months ended January 31, 2024, compared to $6,367,000 in the prior year[72]. - Home sale revenues remained relatively stable, decreasing by 1% to $2,604,000 for the three months ended January 31, 2024, from $2,639,000 in 2023[72]. - The Company experienced a 36% decrease in land sale revenues for the nine months ended January 31, 2024, totaling $15,576,000 compared to $24,389,000 in the same period of 2023[72]. - Other revenues increased significantly to $6,052,000 for the three months ended January 31, 2024, compared to $111,000 in the same period of 2023[78]. Margins and Pricing - Land sale gross margins were 34% and 33% for the three and nine months ended January 31, 2024, compared to 43% and 37% for the same periods in 2023[81]. - Home sale gross margins were 22% and 27% for the three and nine months ended January 31, 2024, compared to 22% and 29% for the same periods in 2023[82]. - The average selling price of homes sold in the three months ended January 31, 2024, was $521, down from $549 in the same period of 2023[76]. Cash Flow and Investments - Net cash provided by operating activities for the nine months ended January 31, 2024 was $3,381,000, compared to a net cash used of $1,413,000 for the same period in 2023[94]. - The net cash used in investing activities for the nine months ended January 31, 2024 was $5,354,000, primarily due to the purchase of short-term investments[95]. - Cash and cash equivalents totaled $12,008,000 as of January 31, 2024, with total short-term investments of $5,043,000[89]. - Investment assets decreased by $1,236,000, or 9%, from $13,747,000 as of April 30, 2023, to $12,511,000 as of January 31, 2024[97]. Real Estate and Development - As of January 31, 2024, the Company had 62 homes in production, with 19 homes under contract representing $8,300,000 in expected revenues[76]. - The Company has reduced the number and scope of its active land development projects due to market headwinds, which is expected to result in reduced revenues in the land development segment for the remainder of 2024[70]. - Real estate inventory increased by $2,473,000, or 4%, from $65,625,000 as of April 30, 2023, to $68,098,000 as of January 31, 2024[97]. - As of January 31, 2024, nine homes were leased to residential tenants, compared to eight homes leased as of April 30, 2023[103]. Future Outlook and Plans - The Company anticipates homebuyer affordability challenges to persist through 2024[109]. - The Company expects to recognize unrecognized compensation expense related to shares of common stock issued under the AMREP Corporation 2016 Equity Compensation Plan in the future[109]. - The Company plans to establish a new 401(k) retirement plan and transfer any prepaid pension costs to this plan[109]. - The Company has a backlog of homes under contract and in production, with expected sale revenues to be recognized upon closing[109]. Pension and Other Comprehensive Income - The Company recorded net other comprehensive income of $65,000 and $208,000 for the three and nine months ended January 31, 2023, reflecting changes in accrued pension costs[105]. - The Company's pension plan was terminated in December 2023, with prepaid pension costs expected to be transferred to a new 401(k) retirement plan in 2024[105]. Other Financial Information - Interest income, net for the three months ended January 31, 2024 was $262,000, compared to no interest income for the same period in 2023[87]. - The change in accounts payable and accrued expenses was primarily due to an increase in accrued property taxes[105]. - The Company did not have any off-balance sheet arrangements as of January 31, 2024, and January 31, 2023[106]. - Depreciation associated with owned real estate leased or intended to be leased was $12,000 for the three months ended January 31, 2024, and $60,000 for the nine months ended January 31, 2024, compared to $3,000 for the same periods in 2023[103].

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, 2023 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 ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock $0.10 par value AXR New York Stock Exchange 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 July 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2023 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 59-0936128 (State or other jurisdiction of (IRS Emp ...