-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q4/Phx5yxL+44d4ewTErwHqa2ye/Sg9mh84hywstPVFIiqK38l1ArC6ii8t+KYIJ NHzslu5hrOWnwwCxeJ8kHw== 0000006207-04-000030.txt : 20040916 0000006207-04-000030.hdr.sgml : 20040916 20040916165524 ACCESSION NUMBER: 0000006207-04-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040916 DATE AS OF CHANGE: 20040916 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMREP CORP CENTRAL INDEX KEY: 0000006207 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 590936128 STATE OF INCORPORATION: OK FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04702 FILM NUMBER: 041034174 BUSINESS ADDRESS: STREET 1: 641 LEXINGTON AVENUE STREET 2: 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2127054700 MAIL ADDRESS: STREET 1: 641 LEXINGTON AVE STREET 2: 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN REALTY & PETROLEUM CORP DATE OF NAME CHANGE: 19671019 8-K 1 axr8k091704.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): September 14, 2004 ---------------------- AMREP CORPORATION ------------------------------------------------------------------------------ (Exact name of registrant as specified in its Charter) Oklahoma 1-4702 59-0936128 - ------------------------------- ------------- ------------------- (State or other jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 641 Lexington Avenue, New York, New York 10022 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 705-4700 -------------- Not Applicable - ------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. ---------------------------------------------- On September 14, 2004 AMREP Corporation issued a press release that reported its results of operations for the three months ending July 31, 2004 and its financial condition at that date. The text of that release is attached as Exhibit 99.1 to this Report. This Report and its Exhibit are furnished to, and not filed with, the Commission. ITEM 9.01 Financial Statements and Exhibits. ----------------------------------- (c) Exhibits: 99.1 Press Release dated September 14, 2004 issued by AMREP Corporation. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMREP CORPORATION Date: September 16, 2004 By: /s/ Peter M. Pizza ------------------ --------------------------- Peter M. Pizza Vice President and Chief Financial Officer 2 Exhibit Index Exhibit Number Description ------- ----------- 99.1 Text of Press Release Issued September 14, 2004. 3 EX-99 2 press091704.txt EXHIBIT 99.1 FOR: AMREP Corporation 641 Lexington Avenue New York, NY 10022 CONTACT: Peter M. Pizza Vice President and Chief Financial Officer (212) 705-4700 FOR IMMEDIATE RELEASE --------------------- AMREP REPORTS FIRST QUARTER RESULTS ----------------------------------- NEW YORK, September 14, 2004 - AMREP Corporation (NYSE:AXR) today reported net income of $4,026,000, or $0.61 per share, for its fiscal 2005 first quarter ended July 31, 2004, compared to net income of $3,531,000, or $0.54 per share, in the first quarter of the prior fiscal year. First quarter revenues were $34,233,000 this year compared to $33,617,000 last year. Revenues from the Fulfillment Services business of our Kable News Company subsidiary were $20,469,000 in the first quarter of 2005 compared to $22,744,000 in the first quarter of 2004, while revenues from Kable's Newsstand Distribution Services business were $3,181,000 versus $3,249,000 in the same period last year. The decrease in Fulfillment Services' revenues was principally the result of customer losses in fiscal 2004 at Kable's Colorado fulfillment business which had been identified and known prior to Kable's acquisition of that business in April 2003. The revenue decreases in both business segments were substantially matched by cost and other expense reductions, and the pretax income contribution of Fulfillment Services was $1,805,000 in this year's first quarter compared to $1,936,000 in the same period last year, while Newsstand Services' pretax income contribution increased from $338,000 in last year's first quarter to $514,000 this year. Revenues from land sales at the Company's AMREP Southwest subsidiary increased from $6,394,000 in the first quarter of 2004 to $9,682,000 in the first quarter of 2005, principally as a result of the settlement of a condemnation proceeding involving a parcel of land in Florida. An increase in residential lot sales in the Company's principal market of Rio Rancho, New Mexico was partly offset by a decrease in commercial property sales in that market. The pretax income contribution from land sale operations increased from $3,247,000 in the first quarter of 2004 to $3,910,000 for the same period of 2005. The first quarter gross profit percentage on land sales decreased from 59% in 2004 to 54% in 2005 due to the change in the mix of residential versus commercial lots sold, since residential lots generally have a lower gross profit margin than commercial lots. As previously reported, revenues and related gross profits from land sales can vary significantly from period to period as a result of many factors, including the nature and timing of specific transactions, so that prior results are not necessarily a good indication of what may occur in future periods. AMREP Corporation's Kable News Company, Inc. subsidiary distributes magazines to wholesalers and provides subscription fulfillment and related services to publishers and others, and its AMREP Southwest Inc. subsidiary is a major landholder and leading developer of real estate in New Mexico. ***** AMREP Corporation and Subsidiaries Financial Highlights (Unaudited) Three Months Ended July 31, --------------------------- 2004 2003 ---- ---- Revenues $ 34,233,000 $ 33,617,000 Net income $ 4,026,000 $ 3,531,000 Income per share - Basic and Diluted $ 0.61 $ 0.54 Weighted average number of common shares outstanding 6,606,000 6,589,000 # # # # -----END PRIVACY-ENHANCED MESSAGE-----