PRINCETON, N.J., Sept. 14, 2015 /PRNewswire/ -- AMREP Corporation
(the "Company") (NYSE: AXR) today reported a net loss of
$1,179,000, or $0.15 per share, for its 2016 fiscal first
quarter ended July 31, 2015 compared
to net income of $6,264,000, or
$0.82 per share, for the first
quarter of fiscal year 2015 ended July 31,
2014. The results for the prior year consisted of (i) a net
loss from continuing operations of $636,000, or $0.08
per share, which included a non-cash impairment charge of
$925,000 ($583,000 after tax, or $0.08 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 $6,900,000, or $0.90 per share, which included a pre-tax gain of
$11,155,000 ($7,028,000 after tax, or $0.92 per share) from a settlement agreement with
a major customer in the Company's former Newsstand Distribution
Services business. Revenues from continuing operations were
$9,575,000 for the first quarter of
2016 compared to $12,321,000 for the
same period in the prior year.
Prior to fiscal 2016, the Company had been engaged in the
Newsstand Distribution Services, Product Packaging and Fulfillment
Services and Staffing Services businesses. These businesses
were sold during the fourth quarter of fiscal 2015, and their
operations have been classified as "discontinued operations" in the
Company's financial statements. Financial information for
prior periods has been reclassified to conform to this
presentation.
AMREP Corporation, through its subsidiaries, is primarily
engaged in two business segments: its Fulfillment Services
business operated by Palm Coast Data LLC and its subsidiary,
FulCircle Media, LLC, provides subscription fulfillment and related
services to publishers and others, and its Real Estate business
operated by AMREP Southwest Inc. and its subsidiaries is a major
holder of real estate in the Rio Rancho,
New Mexico area.
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AMREP CORPORATION
AND SUBSIDIARIES
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FINANCIAL
HIGHLIGHTS
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|
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Three Months Ended
July 31,
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|
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2015
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2014
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|
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Revenues
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$ 9,575,000
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$ 12,321,000
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Net income
(loss):
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|
|
|
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Continuing Operations
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$ (1,179,000)
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$ (636,000)
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Discontinued Operations
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$
-
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$ 6,900,000
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$ (1,179,000)
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$ 6,264,000
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Earnings (loss) per
share – Basic and
Diluted:
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Continuing Operations
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$
(0.15)
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$
(0.08)
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Discontinued Operations
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$
-
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$
0.90
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$
(0.15)
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$
0.82
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Weighted average
number of common shares outstanding
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8,029,000
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7,599,000
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amrep-reports-first-quarter-fiscal-2016-results-300142604.html
SOURCE AMREP Corporation