PRINCETON, N.J., Sept. 13, 2013 /PRNewswire/ -- AMREP
Corporation (NYSE: AXR) today reported a net loss of $687,000, or $0.11
per share, for its fiscal 2014 first quarter ended July 31, 2013, compared to a net loss of
$608,000, or $0.10 per share, for the first quarter of the
prior fiscal year. Results for the first quarter of fiscal 2013
included a non-cash impairment charge of $169,000 ($107,000
after tax, or $0.02 per share)
reflecting the write-down of a real estate investment asset.
Revenues were $20,509,000 in the
first quarter of this fiscal year versus $19,596,000 for the same period last year.
Revenues from the Company's Media Services operations, which
include Subscription Fulfillment Services operations conducted by
the Company's Palm Coast Data subsidiary (including its FulCircle
Media business acquired December 31,
2012) and Newsstand Distribution and Product and Packaging
Services and other operations conducted by its Kable Media Services
subsidiary, increased from $19,588,000 for the first quarter of 2013 to
$20,278,000 for the same period in
2014. This revenue was due to the addition of
FulCircle, whose revenues in the first quarter totaled $1,359,000. Media Services' operating
expenses increased from $16,367,000
for the first quarter of 2013 (83.6% of Media Services revenues) to
$17,728,000 for the first quarter of
2014 (87.4% of Media Services revenues), primarily from expenses
associated with FulCircle.
Revenues from land sales at AMREP Southwest were $228,000 for the first quarter of 2014 compared
to no land sale revenue for the same period of 2013. The
average gross profit percentage on land sales was 17% for the first
quarter of 2014. Revenues, average selling prices and related
gross profits from land sales can vary significantly from period to
period as a result of many factors, including the nature and timing
of specific transactions, and prior results are not necessarily a
good indication of what may occur in future periods.
AMREP Corporation's Media Services operations, conducted by its
Kable Media Services, Inc. and Palm Coast Data LLC subsidiaries,
distribute magazines to wholesalers and provide subscription and
product fulfillment and related services to publishers and others,
and its AMREP Southwest Inc. subsidiary is a major holder of real
estate in New Mexico.
AMREP CORPORATION
AND SUBSIDIARIES
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FINANCIAL
HIGHLIGHTS
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Three Months Ended
July 31,
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2013
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2012
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Revenues
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$
20,509,000
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$
19,596,000
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Net income
(loss)
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$
(687,000)
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$
(608,000)
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Earnings (loss) per
share – Basic and
Diluted
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$
(0.11)
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$
(0.10)
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Weighted average
number of common shares
outstanding
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6,374,000
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5,996,000
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SOURCE AMREP Corporation