In a recent shift in fiscal oversight, AMREP Corporation (NYSE:AXR), a land development and real estate company, has announced changes in its accounting firm. On Wednesday, the company dismissed Baker Tilly US, LLP as its independent registered public accounting firm. This decision was approved by the Audit Committee of AMREP's Board of Directors.
During the tenure with Baker Tilly, which covered the fiscal years ending April 30, 2024, and April 30, 2023, there were no adverse opinions or disagreements on financial statements. The reports for these periods were not qualified or modified regarding uncertainty, audit scope, or accounting principles. Furthermore, there were no reportable events as defined by Regulation S-K.
In conjunction with this change, AMREP has appointed Rosenberg Rich Baker Berman, P.A. (RRBB) as its new independent registered public accounting firm for the fiscal year ending April 30, 2025. Prior to this engagement, neither AMREP nor its representatives consulted with RRBB on any accounting principles or auditing matters.
The transition between the accounting firms has been conducted in accordance with the regulations of the Securities and Exchange Commission. Baker Tilly provided a letter, dated today, to the SEC stating their agreement with AMREP's disclosures regarding the change.
This strategic move comes as AMREP continues to navigate the real estate and land development industry. The company has not reported any issues leading up to the switch in auditors, suggesting a routine change rather than one prompted by financial discrepancies or disputes.
InvestingPro Insights
As AMREP Corporation (NYSE:AXR) transitions to a new independent registered public accounting firm, investors may consider the company's financial health and market performance to assess the potential impact of this change. AMREP holds a market capitalization of $113.87 million USD and has demonstrated a steady revenue growth of 5.53% over the last twelve months as of Q4 2024. The company's solid performance is also reflected in its P/E Ratio, which stands at a moderate 17.11, aligning with its adjusted P/E Ratio of 17.09 for the same period.
From a valuation standpoint, AMREP has been trading at low multiples, which could indicate an attractive entry point for investors. According to InvestingPro Tips, the company is trading at low EBIT, EBITDA, and revenue valuation multiples. Additionally, AMREP's liquid assets exceed its short-term obligations, suggesting a strong liquidity position. For investors seeking growth potential, AMREP has delivered a robust one-month price total return of 16.46% as of mid-2024, a testament to its recent market performance.
For those looking to delve deeper into AMREP's financial metrics and gain access to more InvestingPro Tips, visiting https://www.investing.com/pro/AXR can provide valuable insights. There are additional tips available, offering a comprehensive analysis of the company's financial health and investment potential. To enhance your experience, use the coupon code PRONEWS24 to receive up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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