In This Story
AMREP Corporation (AXR) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $4,042,000, or $0.75 per diluted share, compared to $1,108,000, or $0.21 per diluted share, in the same quarter of the previous year.
Revenues for the quarter increased to $11,906,000 from $8,854,000 in the prior year. This increase was driven by higher land and home sale revenues.
Land sale revenues for the quarter were $5,857,000, up from $4,884,000 in the previous year, primarily due to increased sales of undeveloped land.
Home sale revenues increased to $5,334,000 from $3,521,000, attributed to a higher number of homes sold.
Cost of revenues for the quarter was $6,937,000, compared to $6,257,000 in the prior year, with land sale costs decreasing and home sale costs increasing.
General and administrative expenses rose to $1,825,000 from $1,546,000, primarily due to increased costs in land development and homebuilding operations.
Interest income, net for the quarter was $576,000, up from $163,000 in the previous year.
The company reported a benefit for income taxes of $322,000 for the quarter, compared to a provision of $106,000 in the prior year.
Cash provided by operating activities was $10,509,000, while cash used in investing and financing activities was $120,000 and $3,000, respectively.
AMREP had cash, cash equivalents, and restricted cash of $40,627,000 as of October 31, 2024, compared to $30,241,000 as of April 30, 2024.
The filing also details various financial agreements, including a revolving line of credit with BOKF, NA dba Bank of Albuquerque.
AMREP continues to focus on its land development and homebuilding segments, with no foreign sales or activities outside the United States.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AMREP Corporation quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.