AMREP(US:AXR)2020-09-09 20:51Financial Performance - Total revenues for the three months ended July 31, 2020, were $4,206,000, a decrease of 11.8% compared to $4,767,000 for the same period in 2019[8] - Net income for the three months ended July 31, 2020, was $593,000, compared to a net loss of $196,000 for the same period in 2019, representing a significant turnaround[9] - Basic and diluted earnings per share for the three months ended July 31, 2020, were $0.07, compared to a loss of $0.02 per share in the same period of 2019[8] - The company reported a total comprehensive income of $683,000 for the three months ended July 31, 2020, compared to a loss of $42,000 in the same period of 2019[9] - Revenues for the first quarter of 2021 were $4,206,000, a decrease of 11.8% from $4,767,000 in the same period of 2020[60] - The Company recorded net income of $593,000, or $0.07 per share, for the first quarter of 2021, compared to a net loss of $196,000, or $0.02 per share, for the first quarter of 2020[60] Assets and Liabilities - Total assets increased to $99,991,000 as of July 31, 2020, up from $96,666,000 as of April 30, 2020, reflecting a growth of 2.3%[7] - Total liabilities rose to $14,629,000 as of July 31, 2020, compared to $12,029,000 as of April 30, 2020, indicating an increase of 21.7%[7] - Shareholders' equity increased to $85,362,000 as of July 31, 2020, from $84,637,000 as of April 30, 2020, showing a growth of 0.9%[7] - Cash and cash equivalents decreased to $17,068,000 as of July 31, 2020, from $17,502,000 as of April 30, 2020, a decline of 2.5%[6] - Investment assets, net totaled $18,798,000 as of July 31, 2020, compared to $18,644,000 as of April 30, 2020, reflecting a slight increase of 0.8%[28] Revenue Sources - Real estate land sales for the three months ended July 31, 2020, were $3,487,000, down 18.7% from $4,291,000 in the same period of 2019[8] - Other revenues for the three months ended July 31, 2020, totaled $369,000, compared to $135,000 for the same period in 2019, showing a significant increase of 173.3%[43] - Land sales revenue was $3,487,000 for the first quarter of 2021, down from $4,291,000 in the same period of 2020, with an average gross profit percentage of 23% compared to 15% in 2020[62] - Rent revenues increased to $350,000 for the first quarter of 2021 from $341,000 in the same period of 2020[63] - Other revenues rose significantly to $369,000 for the first quarter of 2021, compared to $135,000 in the same period of 2020, driven by various reimbursements and royalties[64] Operating Performance - Operating income for the three months ended July 31, 2020, was $83,000, compared to an operating loss of $454,000 for the same period in 2019, indicating a positive shift in operational performance[8] - Operating expenses for real estate increased to $677,000 in the first quarter of 2021 from $559,000 in the same period of 2020, primarily due to increased employee hiring and healthcare costs[65] Debt and Financing - Accounts payable and accrued expenses rose to $4,105,000 as of July 31, 2020, up from $3,125,000 as of April 30, 2020, indicating an increase of 31.3%[31] - Real estate notes payable increased to $5,523,000 as of July 31, 2020, compared to $3,894,000 as of April 30, 2020, marking a rise of 41.9%[32] - Notes payable increased from $3,890,000 at April 30, 2020 to $5,496,000 at July 31, 2020, primarily due to additional borrowings for land development activities[73] - The Company received a loan of $298,000 under the Paycheck Protection Program, with an interest rate of 1.0% as of July 31, 2020[79] - The Company was in compliance with all financial covenants for its loans as of July 31, 2020[73][74][75][77][79] Real Estate Activity - Real estate inventory increased from $53,449,000 at April 30, 2020, to $57,216,000 at July 31, 2020, reflecting increased land development activity[71] - The company reported that 100% of real estate land sales during the three months ended July 31, 2020, were made to four customers, compared to five customers in the same period of 2019[41] Miscellaneous - The Company repurchased 11,847 shares of common stock at a price of $4.48 per share in August 2020[80] - The outstanding principal amount of the loan for the Lomas Encantadas Subdivision was $1,005,000 as of July 31, 2020, with an interest rate of 3.2%[73] - The outstanding principal amount of the loan for the Hawk Site Subdivision was $41,000 as of July 31, 2020, with an interest rate of 4.5%[74] - The outstanding principal amount of the loan for the Las Fuentes at Panorama Village Subdivision was $2,312,000 as of July 31, 2020, with an interest rate of 3.08%[75] - The acquisition of the Meso AM subdivision included $1,838,000 of deferred purchase price, with a total book value of the property mortgaged at $3,530,000 as of July 31, 2020[77] - The Company has no obligation to update or publicly release any revisions to forward-looking statements after the date of such statements[84] - No relevant financial data or performance summary was extracted from the provided documents[92][93]