UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
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| incorporation) | Number) | Identification No.) |
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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 communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition
On July 23, 2024, AMREP Corporation issued a press release that reported its results of operations for the year ended April 30, 2024. 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 Item 2.02 of this Form 8-K and Exhibit 99.1 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.
(d) Exhibits.
| Exhibit Number | Description | |
| 99.1 | Press Release, dated July 23, 2024, issued by AMREP Corporation. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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: July 23, 2024 | By: |
/s/ Adrienne M. Uleau |
| Adrienne M. Uleau | ||
| Vice President, Finance and Accounting | ||
EXHIBIT INDEX
| Exhibit Number | Description | |
| 99.1 | Press Release, dated July 23, 2024, issued by AMREP Corporation. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Exhibit 99.1
| FOR: | AMREP Corporation |
850 West Chester Pike, Suite 205
Havertown, PA 19083
| CONTACT: | Adrienne M. Uleau |
Vice President, Finance and Accounting
(610) 487-0907
AMREP REPORTS FISCAL 2024 RESULTS
Havertown, Pennsylvania, July 23, 2024 – AMREP Corporation (NYSE:AXR) today reported net income of $6,690,000, or $1.25 per diluted share, for its 2024 fiscal year ended April 30, 2024 compared to net income of $21,790,000, or $4.11 per diluted share, for the same period of the prior year. Revenues were $51,369,000 for fiscal 2024 and $48,676,000 for fiscal 2023.
Results for 2024 included revenue of $7,200,000 from the sale of property in Brighton, Colorado. Results for 2023 included a non-cash income tax benefit of $16,071,000 as a result of a worthless stock deduction related to the Company’s former fulfillment services business and a non-cash pre-tax pension settlement general and administrative expense of $7,597,000 due to the Company’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and the transfer of nearly all remaining pension benefit liabilities to an insurance company through an annuity purchase.
More information about the Company’s financial performance in 2024 and 2023 may be found in AMREP Corporation’s financial statements on Form 10-K which have today been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).
AMREP Corporation, through its subsidiaries, is a major holder of land, leading developer of real estate and award-winning homebuilder in New Mexico.
FINANCIAL HIGHLIGHTS
| Twelve Months Ended April 30, | ||||||||
| 2024 | 2023 | |||||||
| Revenues | $ | 51,369,000 | $ | 48,676,000 | ||||
| Net income | $ | 6,690,000 | $ | 21,790,000 | ||||
| Income per share – basic | $ | 1.26 | $ | 4.13 | ||||
| Income per share – diluted | $ | 1.25 | $ | 4.11 | ||||
| Weighted average number of common shares outstanding – basic | 5,300,000 | 5,282,000 | ||||||
| Weighted average number of common shares outstanding – diluted | 5,347,000 | 5,307,000 | ||||||
Cover |
Jul. 23, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jul. 23, 2024 |
| Entity File Number | 1-4702 |
| Entity Registrant Name | AMREP CORPORATION |
| Entity Central Index Key | 0000006207 |
| Entity Tax Identification Number | 59-0936128 |
| Entity Incorporation, State or Country Code | OK |
| Entity Address, Address Line One | 850 West Chester Pike |
| Entity Address, Address Line Two | Suite 205 |
| Entity Address, City or Town | Havertown |
| Entity Address, State or Province | PA |
| Entity Address, Postal Zip Code | 19083 |
| City Area Code | 610 |
| Local Phone Number | 487-0905 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock $.10 par value |
| Trading Symbol | AXR |
| Security Exchange Name | NYSE |
| Entity Emerging Growth Company | false |