AMREP(AXR) - 2020 Q2 - Quarterly Report

Revenue Performance - For the three months ended October 31, 2019, total revenues increased to $3,960,000, up 51% from $2,620,000 in the same period of 2018[7] - Real estate land sales for the six months ended October 31, 2019, were $7,814,000, representing a 19% increase from $6,548,000 in the prior year[9] Net Loss and Operating Performance - The company reported an operating loss from continuing operations of $3,386,000 for the six months ended October 31, 2019, compared to a loss of $1,653,000 for the same period in 2018[9] - Net loss for the three months ended October 31, 2019, was $2,169,000, compared to a net income of $55,000 in the same period of 2018[7] - For the six months ended October 31, 2019, AMREP Corporation reported a net loss of $2,365,000 compared to a net income of $116,000 for the same period in 2018, indicating a significant decline in performance[13] - The total comprehensive loss for the six months ended October 31, 2019, was $(64,000), a decrease from a comprehensive income of $430,000 in the prior year[14] Cash and Assets - Total assets decreased to $95,629,000 as of October 31, 2019, down from $100,530,000 as of April 30, 2019[6] - The company had cash and cash equivalents of $12,583,000 as of October 31, 2019, compared to $13,267,000 as of April 30, 2019[6] - The balance of retained earnings decreased to $46,687,000 as of October 31, 2019, down from $47,641,000 a year earlier[12] - The company had cash, cash equivalents, and restricted cash of $12,888,000 at the end of the period, down from $13,993,000 at the end of the same period in 2018[16] - The total cash, cash equivalents, and restricted cash as of October 31, 2019, was $12,888,000, down from $14,236,000 as of April 30, 2019[30] Shareholders' Equity - Shareholders' equity as of October 31, 2019, was $89,839,000, slightly down from $89,846,000 as of April 30, 2019[6] - AMREP Corporation's total shareholders' equity as of October 31, 2019, was $89,839,000, slightly down from $89,846,000 at the beginning of the period[12] Pension and Expenses - The company incurred a pension settlement expense of $2,929,000 during the three months ended October 31, 2019[7] - AMREP Corporation recognized a pension settlement of $2,929,000 during the six months ended October 31, 2019, which contributed to the net loss[16] - The Company recognized a non-cash pre-tax pension settlement charge of $2,929,000 in the second quarter and first six months of 2020[45] - The Company made voluntary contributions to the pension plan of $3,600,000 during the first six months of 2020, an increase from $2,000,000 during the same period in 2019[44] Interest Income and Expenses - Interest income on savings for the three months ended October 31, 2019, increased to $45,000 from $39,000 in the same period of 2018, representing a growth of 15.38%[48] - Interest income on deferred purchase price for the three months ended October 31, 2019, was $96,000, with no income reported in the same period of 2018[48] - Total interest income for the three months ended October 31, 2019, reached $141,000, compared to $39,000 in the same period of 2018, marking a significant increase of 261.54%[48] - For the six months ended October 31, 2019, interest income on savings rose to $105,000 from $71,000 in the same period of 2018, reflecting a growth of 48.59%[48] - Interest income on deferred purchase price for the six months ended October 31, 2019, was $160,000, with no income reported in the same period of 2018[48] - Total interest income for the six months ended October 31, 2019, amounted to $265,000, compared to $67,000 in the same period of 2018, indicating an increase of 296.27%[48] - Interest expense for the six months ended October 31, 2019, was reported at $4,000, compared to no interest expense in the same period of 2018[48] Real Estate and Inventory - The company reported a decrease in real estate inventory and investment assets of $3,526,000 during the period[16] - The outstanding principal amount of real estate notes payable as of October 31, 2019, was $583,000, down from $1,384,000 as of April 30, 2019[38] - The Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment as of April 30, 2019[31] Other Financial Activities - The company issued 9,000 shares of restricted common stock during the six months ended October 31, 2019, raising $57,000 in capital[12] - Cash used in operating activities for the six months ended October 31, 2019, was $(520,000), compared to $(217,000) in the same period of 2018, reflecting increased cash outflows[16] - The Company released $664,000 of cash from restrictions under the Subdivision Improvement Agreements during the first six months of 2020[30] - The company has no foreign sales or activities outside the United States, focusing solely on the domestic real estate market[17]