0001144204-15-070560.txt : 20151211 0001144204-15-070560.hdr.sgml : 20151211 20151211163423 ACCESSION NUMBER: 0001144204-15-070560 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20151211 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151211 DATE AS OF CHANGE: 20151211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMREP CORP. CENTRAL INDEX KEY: 0000006207 STANDARD INDUSTRIAL CLASSIFICATION: PERIODICALS: PUBLISHING OR PUBLISHING AND PRINTING [2721] 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: 151283638 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 v426726_8k.htm FORM 8-K

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 11, 2015

AMREP CORPORATION

(Exact name of Registrant as specified in its charter)

Oklahoma	1-4702	59-0936128
(State or other jurisdiction of	(Commission File	(IRS Employer
incorporation)	Number)	Identification No.)

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 December 11, 2015, AMREP Corporation issued a press release that reported its results of operations for the three and six month periods ended October 31, 2015. 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.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release, dated December 11, 2015, 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.

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated December 11, 2015, issued by AMREP Corporation.

EX-99.1 2 v426726_ex99-1.htm EXHIBIT 99.1

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

AMREP REPORTS SECOND QUARTER FISCAL 2016 RESULTS

Princeton, New Jersey, December 11, 2015 – AMREP Corporation (the “Company”) (NYSE: AXR) today reported a net loss of $676,000, or $0.08 per share, for its 2016 fiscal second quarter ended October 31, 2015 compared to net income of $254,000, or $0.03 per share, for the second quarter of fiscal year 2015 ended October 31, 2014. For the first six months of 2016, the Company had a net loss of $1,855,000, or $0.23 per share, compared to net income of $6,518,000, or $0.83 per share, for the same period of 2015. The Company’s results for both periods in fiscal 2016 were entirely from continuing operations. The results for the three months ended October 31, 2014 consisted of (i) a net loss from continuing operations of $97,000, or $0.01 per share, and (ii) net income from discontinued operations of $351,000, or $0.04 per share. The results for the six months ended October 31, 2014 consisted of (i) a net loss from continuing operations of $733,000, or $0.10 per share, which included a non-cash impairment charge of $925,000 ($583,000 after tax, or $0.07 per share) reflecting the discontinuance of the development of certain software in the Company’s Fulfillment Services business, and (ii) net income from discontinued operations of $7,251,000, or $0.93 per share, which included a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.90 per share) from a settlement agreement with a major customer of the Company’s former Newsstand Distribution Services business. Revenues from continuing operations were $11,221,000 and $20,796,000 for the second quarter and first six months of 2016 compared to $14,357,000 and $26,678,000 for the same periods of the prior year.

Prior to fiscal 2016, the Company had been engaged in the Newsstand Distribution Services, Product Packaging and Fulfillment Services and Staffing Services businesses. These businesses were sold during the fourth quarter of fiscal 2015, and their operations have been classified as “discontinued operations” in the Company’s financial statements. Financial information for prior periods has been reclassified to conform to this presentation.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC provides subscription fulfillment and related services to publishers and others, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

****

AMREP CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

	Three Months Ended October 31,
	2015			2014

Revenues	$	11,221,000		$	14,357,000

Net income (loss):
Continuing Operations	$	(676,000	)	$	(97,000	)
Discontinued Operations	$	-		$	351,000
	$	(676,000	)	$	254,000

Earnings (loss) per share – Basic and Diluted:
Continuing Operations	$	(0.08	)	$	(0.01	)
Discontinued Operations		-		$	0.04
	$	(0.08	)	$	0.03

Weighted average number of common shares outstanding		8,038,000			8,026,000

	Six Months Ended October 31,

	2015			2014

Revenues	$	20,796,000		$	26,678,000

Net income (loss):
Continuing Operations	$	(1,855,000	)	$	(733,000	)
Discontinued Operations	$	-		$	7,251,000
	$	(1,855,000	)	$	6,518,000

Earnings (loss) per share – Basic and Diluted:
Continuing Operations	$	(0.23	)	$	(0.10	)
Discontinued Operations	$	-		$	0.93
	$	(0.23	)	$	0.83

Weighted average number of common shares outstanding		8,034,000			7,813,000

AMREP Corporation

Date: December 11, 2015

/s/ Peter M. Pizza

Peter M. Pizza

Vice President and Chief Financial Officer