Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
PLYMOUTH MEETING, Pa., Dec. 12, 2017 -- AMREP Corporation (NYSE:AXR) today reported net income of $278,000, or $0.03 per share, for its 2018 second fiscal quarter ended October 31, 2017 compared to net income of $112,000, or $0.01 per share, for the same period of 2017. For the first six months of 2018, the Company had net income of $1,726,000, or $0.21 per share, compared to net income of $742,000, or $0.09 per share, for the same period of 2017. Revenues were $9,175,000 and $20,501,000 for the second quarter and first six months of 2018 compared to $11,465,000 and $23,673,000 for the same periods in the prior year.
AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.
| FINANCIAL HIGHLIGHTS | ||||||
| Three Months Ended October 31, | ||||||
| 2017 | 2016 | |||||
| Revenues | $ | 9,175,000 | $ | 11,465,000 | ||
| Net income | $ | 278,000 | $ | 112,000 | ||
| Earnings per share – Basic and Diluted | $ | 0.03 | $ | 0.01 | ||
| Weighted average number of common shares outstanding - basic | 8,070,000 | 8,050,000 | ||||
| Weighted average number of common shares outstanding - diluted | 8,102,000 | 8,077,000 | ||||
| Six Months Ended October 31, | ||||||
| 2017 | 2016 | |||||
| Revenues | $ | 20,501,000 | $ | 23,673,000 | ||
| Net income | $ | 1,726,000 | $ | 742,000 | ||
| Earnings per share – Basic and Diluted | $ | 0.21 | $ | 0.09 | ||
| Weighted average number of common shares outstanding - basic | 8,067,000 | 8,046,000 | ||||
| Weighted average number of common shares outstanding - diluted | 8,096,000 | 8,071,000 | ||||
AMREP Corporation’s financial statements on Form 10-Q are expected to be filed jointly with this release and will be available on the Company’s website (www.amrepcorp.com/SECfiles).
CONTACT:
James M. McMonagle
Vice President and Chief Financial Officer
(610) 487-0904
