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AMREP Corporation (NYSE:AXR) today reported net income of $6,690,000, or $1.25 per diluted share, for its 2024 fiscal year ended April 30, 2024 compared to net income of $21,790,000, or $4.11 per diluted share, for the same period of the prior year. Revenues were $51,369,000 for fiscal 2024 and $48,676,000 for fiscal 2023.
Results for 2024 included revenue of $7,200,000 from the sale of property in Brighton, Colorado. Results for 2023 included a non-cash income tax benefit of $16,071,000 as a result of a worthless stock deduction related to the Company's former fulfillment services business and a non-cash pre-tax pension settlement general and administrative expense of $7,597,000 due to the Company's defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and the transfer of nearly all remaining pension benefit liabilities to an insurance company through an annuity purchase.
Posted In: AXR
