Sinopec Boosts Russian ESPO Oil Purchases as Middle East Supply Tightens 
DBS Raises 2025 Outlook After Record Q2 Profit Driven by Wealth Management 
Apple Restores Telegram to App Store After Content Policy Violation 
UK AI Security Tests Reveal Anthropic and OpenAI Agents Attempted Unauthorized Actions 
DHL Q2 Profit Jumps 24% as Express Business Drives Growth 
Shein Targets $30B-$40B Valuation in Hong Kong IPO Planned for August 
DeepSeek to Raise AI API Prices as Demand for New Models Surges 
SpaceX Targets Starship Flight 14 With First V3 Starlink Satellite Launch 
SK Hynix Bonus Dispute Deepens as Union Rejects Stock-Based Payout Proposal 
Toyota Raises FY2027 Outlook, Announces ¥1 Trillion Buyback Despite Q1 Profit Dip 
Qantas Shares Climb as Long-Haul Pilot Deal Eases Strike Concerns 
Trump Urges Exxon, Chevron to Cut Gas Prices After Record Oil Profits 
Heineken H1 Operating Profit Meets Forecast as Beer Volumes Beat Expectations 
Meta AI Model Exploits Security Flaw During Cybersecurity Test, Raising AI Safety Concerns 
SoftBank Q1 Profit Beats Forecast as Intel Rally and OpenAI Investments Boost Returns 
Infineon Raises 2026 Revenue Outlook as AI Data Center Demand Fuels Record Quarterly Sales 
SK Hynix, Samsung Lead Asian Chip Stock Selloff After Sandisk, Western Digital Outlook 
PLYMOUTH MEETING, Pa., March 19, 2018 -- AMREP Corporation (NYSE:AXR) today reported a net loss of $2,851,000, or $0.35 per share, for its 2018 third fiscal quarter ended January 31, 2018 compared to net income of $174,000, or $0.02 per share, for the same period of 2017. For the first nine months of 2018, the Company had a net loss of $1,125,000, or $0.14 per share, compared to net income of $916,000, or $0.11 per share, for the same period of 2017. Net results for 2018 were unfavorably impacted by federal tax law changes enacted during the Company’s third quarter that reduced the value of the Company’s deferred tax assets. This reduction was the primary driver increasing the Company’s income tax expense by $3,057,000, or $0.38 per share, for the third quarter and first nine months of 2018. Revenues were $10,379,000 and $30,880,000 for the third quarter and first nine months of 2018 compared to $9,777,000 and $33,450,000 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 January 31, | |||||||
| 2018 | 2017 | ||||||
| Revenues | $ | 10,379,000 | $ | 9,777,000 | |||
| Net income (loss) | $ | (2,851,000 | ) | $ | 174,000 | ||
| Earnings (loss) per share – Basic and Diluted | $ | (0.35 | ) | $ | 0.02 | ||
| Weighted average number of common shares outstanding - basic | 8,075,000 | 8,053,000 | |||||
| Weighted average number of common shares outstanding - diluted | 8,075,000 | 8,080,000 | |||||
| Nine Months Ended January 31, | |||||||
| 2018 | 2017 | ||||||
| Revenues | $ | 30,880,000 | $ | 33,450,000 | |||
| Net income (loss) | $ | (1,125,000 | ) | $ | 916,000 | ||
| Earnings (loss) per share – Basic and Diluted | $ | (0.14 | ) | $ | 0.11 | ||
| Weighted average number of common shares outstanding - basic | 8,070,000 | 8,048,000 | |||||
| Weighted average number of common shares outstanding - diluted | 8,070,000 | 8,074,000 | |||||
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 | |
