$AXR

AMREP CORP.

CIK:0000006207|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
REVENUES:
Total revenues	$ 6,051	$ 17,851
COSTS AND EXPENSES:
General and administrative expenses	2,408	1,847
Total costs and expenses	6,214	11,705
Operating (loss) income	(163)	6,146
Interest income, net	448	456
Income before income taxes	285	6,602
Provision for income taxes	9	1,910
Net income	$ 276	$ 4,692
Earnings per share - basic (in dollars per share)	$ 0.05	$ 0.88
Earnings per share - diluted (in dollars per share)	$ 0.05	$ 0.87
Weighted average number of common shares outstanding - basic (in shares)	5,337	5,326
Weighted average number of common shares outstanding - diluted (in shares)	5,393	5,375
Land sale
REVENUES:
Total revenues	$ 173	$ 7,494
COSTS AND EXPENSES:
Cost of revenues	(400)	2,352
Home sale
REVENUES:
Total revenues	4,881	9,570
COSTS AND EXPENSES:
Cost of revenues	3,775	7,180
Other
REVENUES:
Total revenues	997	787
COSTS AND EXPENSES:
Cost of revenues	$ 431	$ 326

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 276	$ 4,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	78	78
Non-cash credits and charges:
Stock-based compensation	121	100
Deferred income tax provision	9	1,677
Changes in assets and liabilities:
Real estate inventory	(2,291)	1,968
Investment assets, net	(1,974)	(1,030)
Other assets	(238)	(297)
Accounts payable and accrued expenses	385	2,104
Income taxes payable, net		233
Net cash provided by (used in) operating activities	(3,634)	9,525
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for property and equipment	(4)	(20)
Net cash used in investing activities	(4)	(20)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt payments	(1)	(2)
Net cash used in financing activities	(1)	(2)
(Decrease) increase in cash, cash equivalents and restricted cash	(3,639)	9,503
Cash, cash equivalents and restricted cash, beginning of period	52,689	39,921
Cash, cash equivalents and restricted cash, end of period	$ 49,050	49,424
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net		$ (502)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2026	Apr. 30, 2026
ASSETS
Cash and cash equivalents	$ 48,684	$ 52,327
Restricted cash	366	362
Real estate inventory	68,888	66,556
Investment assets, net	18,107	16,174
Other assets	3,848	3,691
Deferred income taxes, net	5,763	5,772
TOTAL ASSETS	145,656	144,882
LIABILITIES:
Accounts payable and accrued expenses	4,424	4,017
Notes payable	17	18
Income taxes payable, net	104	104
TOTAL LIABILITIES	4,545	4,139
Commitments and Contingencies (Note 11)
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 5,324,849 at July 31, 2026 and 5,305,199 at April 30, 2026	532	531
Capital contributed in excess of par value	33,991	33,900
Retained earnings	106,588	106,312
TOTAL SHAREHOLDERS' EQUITY	141,111	140,743
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 145,656	$ 144,882