AMREP Reports First Quarter Results.NEW YORK--(BUSINESS WIRE)--Sept. 13, 1999-- AMREP AMREP American Realty and Petroleum Corporation AMREP Aircraft/Missile Maintenance Compression Report AMREP Aircraft Missile Reporting System Corporation (NYSE NYSE See: New York Stock Exchange :AXR AXR Absolute Executive Recruitment (Sydney, NSW, Australia) AXR Abdominal X-Ray ) today reported net income of $1,313,000 for its fiscal year 2000 first quarter ending July 31, 1999, compared to $2,882,000 in the first quarter of the prior fiscal year. First quarter revenues decreased to $42,035,000 this year, from $46,223,000 last year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.18 in this year's first quarter, compared to $0.39 per share in the same period in fiscal 1999. Commenting on these results, Board Chairman Edward B. Cloues, II said, "The previously announced refocusing of AMREP's real estate business on land development and sales will reduce real estate revenues and expenses this year compared to fiscal year 1999. First quarter net income was below last year, primarily due to substantially lower commercial land sales. As I stated in my letter to shareholders in our recent annual report, quarter-to-quarter comparisons of AMREP's results will be less meaningful with our new business model since the presence or absence of one or more major land transactions in any given time period may cause such results to vary significantly among quarters. On a very positive note, the ongoing restructuring of the real estate business resulted in a further reduction of $14 million in real estate debt during this year's first quarter, bringing the total amount of such debt reduction to approximately $31 million in the last two quarters (from $52 million of real estate debt at January 31, 1999 to $21 million at July 31, 1999). As a result, the Company's debt-to-equity ratio debt-to-equity ratio The relationship between long-term funds provided by creditors and funds provided by owners. A firm's debt-to-equity ratio is calculated by dividing long-term debt by owners' equity. Both items are shown on the balance sheet. has improved from 1:1 at January 31, 1999 to 0.6:1 at July 31, 1999." AMREP Corporation is a leading developer of real estate in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). and has real estate interests in several other states. Through its Kable News Company subsidiary, it also distributes magazines to wholesalers and provides subscription fulfillment and related services to publishers and others. -0-
AMREP Corporation
and Subsidiaries
Financial Highlights
(Unaudited)
Three Months Ended July 31,
1999 1998
Revenue $42,035,000 $46,223,000
Net Income $ 1,313,000 $ 2,882,000
Earnings Per Share
- Basic and Diluted $ 0.18 $ 0.39
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Weighted Average Number of
Common Shares Outstanding 7,362,000 7,369,000
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