AMREP slips 12% on Q4, FY08 earnings
AMREP Corporation (NYSE:AXR) is down nearly 12% today after announcing ahead of the opening its fourth-quarter profits and full year net income had declined. For the quarter ended April 30, net income was $0.53 million, or $0.09 per share, compared with $6.3 million, or $0.95 a share, for the same quarter a year ago. Revenues were $35.2 million compared with $48.3 million for the quarter a year earlier.
For the fiscal year ended April 30, net income was $13.7 million, or $2.19 per share, compared with $45.1 million, or $6.78 per share, in the previous fiscal year.
The Princeton, N.J.-based company said the drop was from costs incurred in connection with the settlement of all litigation related to the company’s El Dorado, N.M., water utility subsidiary.
In today’s trading, AMREP is down $5.55 at $43.90. The company’s shares have ranged from $26.17 to $58.25 during the past year.
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