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AMREP Corporation (AXR) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing total revenues of $7,520,000, a decrease from $12,689,000 in the same quarter the previous year. This decrease is attributed to lower land sale and other revenues.
The company reported land sale revenues of $2,908,000 and home sale revenues of $4,094,000 for the quarter. Other revenues were $518,000, down from $6,052,000 in the previous year.
Cost of revenues for the quarter was $5,213,000, representing 69% of total revenues, compared to 86% in the same quarter of the previous year.
AMREP reported a net income of $717,000 for the quarter, compared to $92,000 in the previous year. Earnings per share were $0.13, up from $0.02 in the previous year.
Cash provided by operating activities was $7,273,000, while cash used in investing and financing activities was $116,000 and $7,000, respectively.
The company had cash, cash equivalents, and restricted cash totaling $37,391,000 as of January 31, 2025.
AMREP continues to focus on its land development and homebuilding segments, with no foreign sales or activities outside the United States.
The filing also discusses the impact of market conditions on housing affordability and the company's strategies to address these challenges.
AMREP has identified no material changes in its critical accounting policies and estimates since its last annual report.
The company maintains that its warranty reserves, subcontractor indemnities, and third-party insurance are adequate to cover potential liabilities.
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 March 7, 2025. To report an error, please email earnings@qz.com.