-----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, SAIVxgvEYal1jckAilt1nRIjzhGF5kNCQ0KdfIPaWcpnROstn+hrqpwNAZRFsFKS YhNM83UjXz6nEkuImq33Gg== 0000006207-07-000008.txt : 20070319 0000006207-07-000008.hdr.sgml : 20070319 20070319162541 ACCESSION NUMBER: 0000006207-07-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070319 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070319 DATE AS OF CHANGE: 20070319 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: 07703642 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 axr8k3q.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): March 19, 2007 ---------------- 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 -------------- 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 March 19, 2007, AMREP Corporation issued a press release that reported its results of operations for the nine and three month periods ended January 31, 2007. 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 March 19, 2007, 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: March 19, 2007 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 March 19, 2007, issued by AMREP Corporation. -3- EX-99 2 axr8k3qpress.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 THIRD QUARTER AND NINE MONTH RESULTS -------------------------------------------------- Princeton, New Jersey, March 19, 2007 - AMREP Corporation (NYSE:AXR) today reported net income of $6,930,000, or $1.04 per share, for its fiscal 2007 third quarter ended January 31, 2007, compared to net income of $5,241,000, or $0.79 per share, in the third quarter of the prior fiscal year. For the first nine months of fiscal 2007, net income was $38,796,000, or $5.84 per share, compared to net income of $15,661,000, or $2.36 per share, in the same period last year. Results for the third quarter and first nine months of 2007 were entirely from continuing operations, whereas the prior year's results included a net gain from discontinued operations of $3,556,000, or $0.53 per share, for the nine month period. Revenues were $42,189,000 and $156,513,000 in this year's third quarter and first nine months versus $35,589,000 and $100,450,000 in the same periods last year. Revenues from land sales at the Company's AMREP Southwest subsidiary increased from $12,621,000 in the third quarter of fiscal 2006 to $16,563,000 in fiscal 2007's third quarter. For the nine months ended January 31, land sale revenues increased from $31,680,000 last year to $80,760,000 this year. The revenue growth in both the three and nine month periods of 2007 was due to higher average selling prices of residential lots, resulting in part from the mix of lots sold, more commercial land sales and, for the nine month period, a greater number of residential lots sold in fiscal 2007 than in 2006. The average gross profit percentage on land sales rose from 48% and 47% in the third quarter and first nine months of 2006 to 59% and 68% for the same periods of 2007, reflecting the higher average selling prices in the first nine months of fiscal 2007 and the mix of residential lots sold in each of the periods. As a result of these factors, the pretax income contribution from AMREP Southwest increased from $4,906,000 and $11,960,000 in the three and nine month periods ended January 31, 2006 to $9,424,000 and $56,469,000 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 operations, including both Newsstand Distribution Services and Fulfillment Services, increased from $22,449,000 in the third quarter of 2006 to $24,349,000 in the same quarter this year. For the nine months ended January 31, these revenues rose from $67,299,000 last year to $68,332,000 this year. Newsstand Distribution Services revenues increased $473,000 and $1,123,000 for the three and nine month periods ended January 31, 2007 compared to the same periods last year due to new business and interest income on invested cash balances. Revenues from the Fulfillment Services business increased by $1,427,000 for the third quarter ending January 31, 2007 compared to the same quarter last year as a result of Kable's acquisition in January 2007 of Palm Coast Data Holdco., Inc. ("Palm Coast") whose revenues are included in the consolidated financial statements for a 15 day period. For the nine month period ending January 31, Fulfillment Services revenues decreased $90,000 in 2007 compared to 2006 as the additional revenues for 15 days associated with the Palm Coast acquisition were offset by the effect this year of previously reported customer losses that occurred in earlier periods. Kable's operating and general and administrative expenses increased by $1,854,000 for the third quarter of 2007 and $870,000 for the first nine months of 2007 compared to the same periods of the prior year as a result of the addition of operating expenses related to Palm Coast and costs associated with the growth of the Newsstand Distribution Services business. As a result of these and other factors, the pretax income contribution from Kable was $1,210,000 and $4,380,000 in the three and nine month periods ended January 31, 2007 versus $1,351,000 and $4,369,000 in the same periods last 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 January 31, ------------------------------ 2007 2006 ---- ---- Revenues $ 42,189,000 $ 35,589,000 Net income $ 6,930,000 $ 5,241,000 --------------- --------------- Earnings per share - Basic and Diluted $ 1.04 $ 0.79 --------------- --------------- Weighted average number of common shares outstanding 6,653,000 6,635,000 --------------- --------------- Nine Months Ended January 31, ----------------------------- 2007 2006 ---- ---- Revenues $ 156,513,000 $ 100,450,000 Net income: Continuing operations $ 38,796,000 $ 12,105,000 Discontinued operations - 3,556,000 --------------- --------------- $ 38,796,000 $ 15,661,000 Earnings per share - Basic and Diluted: Continuing operations $ 5.84 $ 1.83 Discontinued operations - 0.53 --------------- --------------- $ 5.84 $ 2.36 --------------- --------------- Weighted average number of common shares outstanding 6,648,000 6,631,000 --------------- --------------- -----END PRIVACY-ENHANCED MESSAGE-----