HAVERTOWN, PA — AMREP Corporation (NYSE: AXR) has announced its financial results for the fiscal year ending April 30, 2024. The company reported a net income of $6.69 million, translating to $1.25 per diluted share. This marks a significant decline from the previous fiscal year’s net income of $21.79 million, or $4.11 per diluted share.
Revenues for the fiscal year 2024 stood at $51.37 million, an increase from $48.68 million in fiscal 2023. The 2024 financial results were bolstered by $7.2 million in revenue from the sale of property located in Brighton, Colorado.
In contrast, the results for fiscal year 2023 included a substantial non-cash income tax benefit of $16.07 million, attributed to a worthless stock deduction related to the company’s former fulfillment services business. Additionally, there was a non-cash pre-tax pension settlement expense of $7.6 million due to lump sum payouts of pension benefits to former employees and the transfer of most remaining pension liabilities to an insurance company through an annuity purchase.
AMREP Corporation, operating through its subsidiaries, is a prominent landholder and a leading real estate developer, as well as an award-winning homebuilder in New Mexico. More detailed information about the company’s financial performance for the years 2024 and 2023 can be found in AMREP Corporation’s financial statements on Form 10-K, filed with the Securities and Exchange Commission and available on the company’s website.
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