 PLYMOUTH MEETING, Pennsylvania, July 27, 2020 GLOBE NEWSWIRE -- AMREP Corporation NYSE: AXR today reported a net loss of 5,903,000, or 0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of 1,527,000, or 0.19 per share, for the prior year. Results for 2020 included 8,600,000 of non-cash charges comprised of: 1 a non-cash pre-tax pension settlement charge of 2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and 2 net non-cash pre-tax impairment charges on other assets of 5,046,000 in connection with certain deemed consideration from the sale of the Companys fulfillment services business. Results for 2019 reflected a net loss from continuing operations of 2,465,000 and net income from discontinued operations of 3,992,000. Discontinued operations resulted from the sale of AMREPs fulfillment services business in April 2019.AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico. FINANCIAL HIGHLIGHTS Twelve Months Ended April 30, 2020 2019 Revenues 18,783,000 12,754,000 Net income loss from continuing operations 5,903,000 2,465,000 - Net income from discontinued operations - 3,992,000 - Net income loss 5,903,000 1,527,000 Loss per share from continuing operations Basic and Diluted 0.73 0.30 - Income per share from discontinued operations Basic and Diluted - 0.49 Loss income per share Basic and Diluted 0.73 0.19 Weighted average number of common shares outstanding - basic 8,134,000 8,099,000 Weighted average number of common shares outstanding - diluted 8,134,000 8,145,000 AMREP Corporations financial statements on Form 10-K are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on AMREPs website AMREP Corporation 620 West Germantown Pike, Suite 175 Plymouth Meeting, Pennsylvania 19462 CONTACT: Adrienne M. Uleau Vice President, Finance and Accounting 610 487-0907 