AMREP fiscal 2023 net income $21.8M ($4.11 diluted EPS) vs $15.9M ($2.21) prior year; revenue down 17%

AMREP CORP.

Revenue $48.7M vs $58.9M in FY2022; decline driven by absence of prior-year large land and building sales.
Net income includes $14.1M non-cash tax benefit from worthless stock deduction and $7.6M pension settlement expense.
Diluted EPS $4.11, up 86% from $2.21, aided by one-time tax benefit and lower share count (5.3M vs 7.2M).
Basic weighted-average shares outstanding fell to 5.28M from 7.17M due to share repurchases or other capital actions.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMREP CORP. reported fiscal year ended April 30, 2023 results: revenue $48,676,000, net income $21,790,000, EPS $4.11 per diluted share.

Period: fiscal year ended April 30, 2023
Revenue: $48,676,000
Net income: $21,790,000
EPS: $4.11 per diluted share
Result: reported results

Exact text from the filing

AMREP Corporation (NYSE:AXR) today reported net income of $21,790,000, or $4.11 per diluted share, for its 2023 fiscal year ended April 30, 2023 compared to net income of $15,862,000, or $2.21 per diluted share, for the same period of the prior year. Revenues were $48,676,000 for fiscal 2023 and $58,926,000 for fiscal 2022.

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Source: SEC EDGAR

accession 0001104659-23-083890

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