AMREP CORP. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>AMREP CORP. has filed its quarterly report (10-Q) for the period ending January 31, 2024</b>.

AI Summary

AMREP CORP. (AXR) filed a Quarterly Report (10-Q) with the SEC on March 8, 2024. AMREP CORP. filed a 10-Q report for the period ending January 31, 2024. The filing covers the third quarter of the fiscal year. The company's fiscal year ends on April 30. AMREP CORP. is classified under Land Subdividers & Developers (No Cemeteries) with SIC code 6552. The company's principal executive offices are located in Havertown, PA.

Why It Matters

For investors and stakeholders tracking AMREP CORP., this filing contains several important signals. This 10-Q filing provides investors with an update on AMREP CORP.'s financial performance and operational status for the third quarter of its fiscal year. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the land development sector.

Risk Assessment

Risk Level: low — AMREP CORP. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand AMREP CORP.'s performance and identify any emerging trends or risks.

Key Numbers

• 2024-01-31 — Fiscal Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-03-08 — Filing Date (FILED AS OF DATE)
• 0430 — Fiscal Year End (FISCAL YEAR END)
• 6552 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• AMREP CORP. (company) — FILER
• AMREP CORP. (company) — COMPANY CONFORMED NAME
• Havertown (location) — CITY
• PA (location) — STATE
• 19083 (location) — ZIP
• 610-487-0905 (phone) — BUSINESS PHONE
• AMERICAN REALTY & PETROLEUM CORP (company) — FORMER COMPANY
• 19671019 (date) — DATE OF NAME CHANGE

FAQ

Industry Context

AMREP CORP. operates in the land subdividers and developers industry, focusing on real estate development.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and cash flow trends.
2. Review any disclosures regarding operational activities, segment information, or significant business developments.
3. Assess the company's balance sheet for changes in assets, liabilities, and equity compared to previous periods.

Key Dates

• 2024-01-31: Fiscal Period End — End of the reporting period for the 10-Q filing.
• 2024-03-08: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2024-04-30: Fiscal Year End — Indicates the end of AMREP CORP.'s annual fiscal year.

Year-Over-Year Comparison

This is a 10-Q filing, providing quarterly financial information. A comparison to the previous 10-Q or 10-K would be necessary to identify year-over-year changes.

Key Financial Figures

• $0.10 — hange on which registered Common Stock $0.10 par value AXR New York Stock Exchan

Filing Documents

• axr-20240131x10q.htm (10-Q) — 1555KB
• axr-20240131xex10d1.htm (EX-10.1) — 42KB
• axr-20240131xex31d1.htm (EX-31.1) — 15KB
• axr-20240131xex31d2.htm (EX-31.2) — 15KB
• axr-20240131xex32.htm (EX-32) — 11KB
• 0001410578-24-000162.txt (&nbsp;) — 5748KB
• axr-20240131.xsd (EX-101.SCH) — 45KB
• axr-20240131_cal.xml (EX-101.CAL) — 46KB
• axr-20240131_def.xml (EX-101.DEF) — 132KB
• axr-20240131_lab.xml (EX-101.LAB) — 263KB
• axr-20240131_pre.xml (EX-101.PRE) — 220KB
• axr-20240131x10q_htm.xml (XML) — 993KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE NO. Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets January 31, 2024 (Unaudited) and April 30, 2023 2 Condensed Consolidated Statements of Operations (Unaudited) Three and Nine Months Ended January 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three and Nine Months Ended January 31, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) Three and Nine Months Ended January 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended January 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION Item 6. Exhibits 23 SIGNATURE 24 EXHIBIT INDEX 25 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AMREP CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share amounts) January 31, April 30, 2024 2023 (Unaudited) ASSETS Cash and cash equivalents $ 18,013 $ 19,993 Short-term investments 5,043 — Real estate inventory 68,098 65,625 Investment assets, net 12,511 13,747 Other assets 2,825 3,249 Income taxes receivable — 41 Deferred income taxes, net 11,824 12,493 Prepaid pension costs 680 747 TOTAL ASSETS $ 118,994 $ 115,895 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Accounts payable and accrued expenses $ 4,982 $ 4,851 Notes payable 37 44 Income taxes payable 188 — TOTAL LIABILITIES 5,207 4,895 SHAREHOLDERS' EQUITY: Common stock, $ .10 par value; shares authorized – 20,000,000 ; shares issued – 5,271,309 at January 31, 2024 and 5,254,909 at April 30, 2023 526 526 Capital contributed in excess of par value 32,926 32,686 Retained earnings 79,164 76,618 Accumulated other comprehensive income (loss), net 1,171 1,170 TOTAL SHAREHOLDERS' EQUITY 113,787 111,000 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 118,994 $ 115,895 The accompanying notes to unaudited condensed consolidated financial statements are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents AMREP CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three and Nine Months ended January 31, 2024 and 2023 (Amounts in thousands, except per share amounts) Three Months ended Nine Months ended January 31, January 31, 2024 2023 2024 2023 REVENUES: Land sale revenues $ 4,033 $ 6,367 $ 15,576 $ 24,389 Home sale revenues 2,604 2,639 9,527 10,984 Other revenues 6,052 111 6,730 602 Total revenues 12,689 9,117 31,833 35,975 COSTS AND EXPENSES: Land sale cost of revenue

View Full Filing

View this 10-Q filing on SEC EDGAR