AMREP Reports Sharply Increased First Quarter Results With Net Income Up 471 Percent From First Quarter 1998.NEW YORK--(BUSINESS WIRE)--August 26, 1998--AMREP Corporation (NYSE NYSE See: New York Stock Exchange :AXR AXR Absolute Executive Recruitment (Sydney, NSW, Australia) AXR Abdominal X-Ray ) today reported a 471 percent increase in net income for its fiscal 1999 first quarter ending July 31, 1998 from $505,000 in the same period in fiscal 1998 to $2,882,000 this year. First quarter revenues increased 22 percent from $37,795,000 last year to $46,223,000 this year. Basic and 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 $0.39 in this year's first quarter compared to $0.07 per share in the same period in fiscal 1998. Commenting on these results, Board Chairman Edward B. Cloues, II said, "AMREP AMREP American Realty and Petroleum Corporation AMREP Aircraft/Missile Maintenance Compression Report AMREP Aircraft Missile Reporting System had a very good first quarter, reflecting improved performance in all major areas of the Company's business. Results were particularly strong in our land sales and magazine distribution businesses. Our home building business showed significant year to year improvement over the first quarter of fiscal 1998 and our subscription fulfillment and related services business generated a slight profit in what is normally its weakest quarter." AMREP Corporation is a leading builder of affordable housing and developer of real estate, primarily 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). , Colorado, northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern , Nevada and Oregon. Through its Kable News Company subsidiary, it also distributes magazines to wholesalers and provides subscription fulfillment and related services to publishers and others. As previously announced, AMREP has filed a request for a ruling from the Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ) to spin-off its real estate operations to its shareholders on a tax-free basis. A favorable response from the IRS is by no means certain, and there are a number of other conditions to the implementation of the spin-off. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide website at www.kcsa.com. -0-
AMREP Corporation
and Subsidiaries
Financial Highlights
(Unaudited)
Three Months Ended July 31,
1998 1997
Revenues $ 46,223,000 $ 37,795,000
Net Income $ 2,882,000 $ 505,000
Earnings Per Share
- Basic and Diluted $ 0.39 $ 0.07
Weighted Average Number
of Common Shares
Outstanding 7,369,000 7,369,000
CONTACT: AMREP Corporation Mohan Vachani 212/705-4700 or KCSA Joseph A. Mansi 212/896-1205 (phone) 212/697-0910 (fax) pr@kcsa.com |
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