-----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, O4jt/zmBOmLlmkNFUSqzmeS4jGm7TYwmlTBYGSI4yp1krN59NzPMdu4UNJZvH4pf BIwybLx0PLHpkrr6+VHzKA== 0000006207-06-000037.txt : 20061207 0000006207-06-000037.hdr.sgml : 20061207 20061207150446 ACCESSION NUMBER: 0000006207-06-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061207 DATE AS OF CHANGE: 20061207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMREP CORP. CENTRAL INDEX KEY: 0000006207 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] 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: 061262405 BUSINESS ADDRESS: STREET 1: 300 ALEXANDER PARK STREET 2: SUITE 204 CITY: PRINCETON STATE: NJ ZIP: 08540 BUSINESS PHONE: (609) 716-8200 MAIL ADDRESS: STREET 1: 300 ALEXANDER PARK STREET 2: SUITE 204 CITY: PRINCETON STATE: NJ ZIP: 08540 FORMER COMPANY: FORMER CONFORMED NAME: AMREP CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN REALTY & PETROLEUM CORP DATE OF NAME CHANGE: 19671019 8-K 1 axr8k2q.txt UNITED STATES 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): December 5, 2006 ---------------- AMREP CORPORATION - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Oklahoma 1-4702 59-0936128 - ------------------------------ ---------------- ------------------- (State or Other Jurisdiction of (Commission File (IRS Employer Incorporation or Organization) Number) Identification Number) 300 Alexander Park, Suite 204, Princeton, New Jersey 08540 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (609) 716-8200 -------------- - ------------------------------------------------------------------------------- (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 December 5, 2006, AMREP Corporation issued a press release that reported its results of operations for the six and three month periods ended October 31, 2006. The press release is being furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The information in this Form 8-K and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. ---------------------------------- (c) Exhibits: 99.1 Press Release, dated December 5, 2006, issued by AMREP Corporation. SIGNATURE 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: December 7, 2006 By: /s/ Peter M. Pizza ---------------- ------------------ Peter M. Pizza Vice President and Chief Financial Officer -2- EXHIBIT INDEX ------------- Exhibit Number Description - ------ ----------- 99.1 Press release, dated December 5, 2006, issued by AMREP Corporation. -3- EX-99 2 axr8k2qpress.txt EXHIBIT 99.1 FOR: AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540 CONTACT: Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8210 FOR IMMEDIATE RELEASE --------------------- AMREP REPORTS RECORD SECOND QUARTER AND SIX MONTH RESULTS Princeton, New Jersey, December 5, 2006 - AMREP Corporation (NYSE:AXR) today reported net income of $16,063,000, or $2.42 per share, for its fiscal 2007 second quarter ended October 31, 2006, compared to net income of $5,056,000, or $0.76 per share, in the second quarter of the prior fiscal year. For the first six months of fiscal 2007, net income was $31,866,000, or $4.79 per share, compared to net income of $10,420,000, or $1.57 per share, in the same period of fiscal 2006. Results for the second quarter and first six months of 2007 set records for any comparable periods in the Company's history and were entirely from continuing operations. The prior year's results included a net gain (loss) from discontinued operations of ($6,000) in the second quarter and $3,556,000, or $0.53 per share, for the six month period. Revenues were $56,056,000 and $114,324,000 in the current year's second quarter and first six months versus $34,847,000 and $64,861,000 in the same periods last year. Revenues from land sales at the Company's AMREP Southwest subsidiary increased from $11,650,000 in the second quarter of fiscal 2006 to $31,708,000 in fiscal 2007's second quarter. For the six months ended October 31, these revenues increased from $19,059,000 last year to $64,197,000 this year. The substantial revenue increases in both periods of 2007 were primarily due to increased sales of developed and undeveloped residential lots in the Company's principal market of Rio Rancho, New Mexico, as well as from increased sales of land for commercial use. The average gross profit percentage on land sales increased from 54% and 47% in the second quarter and first six months of 2006 to 75% and 70% for the same periods of 2007, reflecting the relative mix of lots sold in each year. As a result of these factors, the pretax income contribution from AMREP Southwest increased from $5,325,000 and $7,054,000 in the three and six month periods ended October 31, 2005 to $22,803,000 and $47,045,000 in the same periods this year. 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, and prior results are not necessarily a good indication of what may occur in future periods. 2 Revenues from the Company's Kable Media Services subsidiary increased from $22,695,000 in the second quarter of 2006 to $23,156,000 in the same quarter of the current year. For the six months ended October 31, these revenues decreased from $44,850,000 last year to $43,983,000 this year. Revenues from the Newsstand Distribution Services segment increased by $1,006,000 and $650,000 for the three and six month periods ended October 31, 2006 compared to the same periods last year. Revenues from the Fulfillment Services segment decreased primarily due to the net effect of previously-reported customer losses that occurred in earlier periods but that continue to affect the current year's results. Kable's operating expenses increased by $186,000 (1%) for the second quarter of 2007 and decreased by $157,000 (0.4%) for the first six months of 2007 compared to the same periods of the prior year as a result of the net effect of decreased expenses in the Fulfillment Services business resulting in part from reductions in variable expenses, including payroll and benefits, which were offset in part by an increase in Newsstand Distribution Services operating expenses because of additional costs, principally payroll, associated with the growth of that business. As a result of these factors, the pretax income contribution from Kable Media Services increased from $1,919,000 and $3,018,000 in the three and six month periods ended October 31, 2005 to $2,574,000 and $3,170,000 in the same periods this year. AMREP Corporation's AMREP Southwest Inc. subsidiary is a major landholder and leading developer of real estate in New Mexico, and its Kable Media Services, Inc. subsidiary distributes magazines to wholesalers and provides subscription fulfillment and related services to publishers and others. ***** (Financial Data Follows) 3 AMREP Corporation and Subsidiaries Financial Highlights (Unaudited) Three Months Ended October 31, ------------------------------ 2006 2005 ---- ---- Revenues $ 56,056,000 $ 34,847,000 Net income: Continuing operations $ 16,063,000 $ 5,062,000 Discontinued operations - (6,000) -------------- -------------- $ 16,063,000 $ 5,056,000 Earnings per share - Basic and Diluted: Continuing operations $ 2.42 $ 0.76 Discontinued operations 0.00 0.00 -------------- -------------- $ 2.42 $ 0.76 -------------- -------------- Weighted average number of common shares outstanding 6,649,000 6,630,000 -------------- -------------- Six Months Ended October 31, ---------------------------- 2006 2005 ---- ---- Revenues $114,324,000 $ 64,861,000 Net income: Continuing operations $ 31,866,000 $ 6,864,000 Discontinued operations - 3,556,000 -------------- -------------- $ 31,866,000 $ 10,420,000 Earnings per share - Basic and Diluted: Continuing operations $ 4.79 $ 1.04 Discontinued operations 0.00 0.53 -------------- -------------- $ 4.79 $ 1.57 -------------- -------------- Weighted average number of common shares outstanding 6,646,000 6,628,000 -------------- -------------- -----END PRIVACY-ENHANCED MESSAGE-----