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): July 20, 2018
| 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.) |
|
620 West Germantown Pike, Suite 175 Plymouth Meeting, PA |
19462 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (610) 487-0905
| (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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 20, 2018, AMREP Corporation issued a press release that reported its results of operations for the year ended April 30, 2018. 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 July 20, 2018, 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: July 20, 2018 | By: |
/s/ James M. McMonagle |
|
| James M. McMonagle | |||
| Vice President and Chief Financial Officer | |||
EXHIBIT INDEX
| Exhibit Number | Description |
| 99.1 | Press Release, dated July 20, 2018, issued by AMREP Corporation. |
Exhibit 99.1
| FOR: | AMREP Corporation |
620 W. Germantown Pike, Suite 175
Plymouth Meeting, PA 19462
| CONTACT: | James M. McMonagle |
Vice President and Chief Financial Officer
(610) 487-0904
AMREP REPORTS FISCAL 2018 RESULTS
Plymouth Meeting, Pennsylvania, July 20, 2018 – AMREP Corporation (the “Company”) (NYSE: AXR) today reported net income of $238,000, or $0.03 per share, for its 2018 fiscal year ended April 30, 2018 compared to a net loss of $15,000, or $0.00 per share, in 2017. Results for 2018 included a non-cash increase in income tax expense of $2,710,000, or $0.34 per share, arising from certain federal tax law changes enacted during 2018. The tax law changes required the Company to remeasure its deferred tax assets and liabilities based on the rates at which the deferred tax assets and liabilities are expected to reverse in the future. Results for 2017 included a pre-tax, non-cash impairment charge of $150,000 ($95,000 after tax, or $0.01 per share), reflecting the write-down of certain real estate inventory. Excluding the impact of tax law changes in 2018 and the impairment charge in 2017, results for 2018 were net income of $2,948,000, or $0.37 per share, compared to net income of $80,000, or $0.01 per share, for 2017. Revenues were $40,178,000 for 2018 compared to $42,368,000 for 2017.
AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: 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 and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.
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FINANCIAL HIGHLIGHTS
| Twelve Months Ended April 30, | ||||||||
2018 | 2017 | |||||||
| Revenues | $ | 40,178,000 | $ | 42,368,000 | ||||
| Net income (loss) | $ | 238,000 | $ | (15,000 | ) | |||
| Earnings (loss) per share – Basic and Diluted | $ | 0.03 | $ | (0.00 | ) | |||
| Weighted average number of common shares outstanding – basic | 8,073,000 | 8,052,000 | ||||||
| Weighted average number of common shares outstanding – diluted | 8,104,000 | 8,077,000 | ||||||
AMREP Corporation’s financial statements on Form 10-K are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on the Company’s website (www.amrepcorp.com/SECfiles).