AMREP Corporation reported significant financial growth for the three months ended July 31, 2024, compared to the same period in 2023. Total revenues surged to $19,091,000, an increase of $8,802,000 from $10,289,000 in the prior year. This growth was primarily driven by substantial increases in both land sale revenues, which rose to $9,349,000 from $6,658,000, and home sale revenues, which jumped to $8,992,000 from $3,402,000.
The company's operating income also improved markedly, reaching $4,992,000, up from $2,023,000 in the previous year. Net income for the quarter was reported at $4,064,000, a significant increase from $1,346,000 in the same quarter of 2023. This translated to earnings per share of $0.76 diluted, compared to $0.25 diluted in the prior year.
AMREP's cash position strengthened, with cash and cash equivalents increasing to $40,350,000 as of July 31, 2024, up from $29,694,000 as of April 30, 2024. The company generated net cash from operating activities of $10,691,000, a substantial rise from $1,827,000 in the same period last year.
In terms of segment performance, the Land Development segment generated revenues of $11,408,000, while the Homebuilding segment contributed $7,678,000. The Land Development segment also reported a net income of $4,293,000, while Homebuilding net income was $1,280,000. However, the Corporate segment incurred a net loss of $1,509,000.
The company faced challenges, including delays in municipal entitlements and construction, which impacted revenue realization and increased costs. Despite these challenges, AMREP responded to market conditions with sales incentives and managed to improve gross margins in land sales to 48%, up from 36% in the previous year, although home sale gross margins decreased to 19% from 29%.
General and administrative expenses rose slightly to $1,631,000 from $1,575,000, reflecting the expansion of operations. The company also reported an increase in interest income, netting $281,000 compared to $48,000 in the prior year.
As of July 31, 2024, AMREP's total assets amounted to $127,005,000, up from $116,907,000 a year earlier, with total shareholders' equity increasing to $122,171,000 from $118,050,000. The company continues to maintain a strong financial position, with no off-balance sheet arrangements reported.
About AMREP CORP.
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