AMREP (AXR) Q4 2024 earnings summary

Executive summary

• Net income for fiscal 2024 was $6.69 million, or $1.25 per diluted share, down from $21.79 million, or $4.11 per diluted share, in fiscal 2023.

• Revenues increased to $51.37 million in fiscal 2024 from $48.68 million in fiscal 2023.

Financial highlights

• Fiscal 2024 revenue: $51.37 million; fiscal 2023 revenue: $48.68 million.

• Fiscal 2024 net income: $6.69 million; fiscal 2023 net income: $21.79 million.

• Diluted EPS for fiscal 2024: $1.25; for fiscal 2023: $4.11.

• Fiscal 2024 included $7.2 million revenue from a property sale in Brighton, Colorado.

Significant events and developments

• Fiscal 2023 results included a $16.07 million non-cash income tax benefit from a worthless stock deduction.

• Fiscal 2023 also included a $7.60 million non-cash pre-tax pension settlement expense due to lump sum payouts and annuity purchase.