PRINCETON, N.J., Dec. 16, 2013 /PRNewswire/ -- AMREP
Corporation (NYSE: AXR) today reported net income of
$52,000, or $0.01 per share, for its fiscal 2014 second
quarter ended October 31, 2013,
compared to net income of $276,000,
or $0.05 per share, for the second
quarter of the prior fiscal year. For the first six months of 2014,
the Company had a net loss of $635,000, or $0.09
per share, compared to a net loss of $332,000, or $0.06
per share, for the same period of 2013. Results for the second
quarter of fiscal 2014 included an adjustment reducing a reserve
for doubtful accounts receivable from a magazine wholesaler by
$300,000 ($189,000 after tax, or $0.03 per share). The results for the first six
months of 2013 included a pre-tax, 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 during the first quarter of 2013.
Revenues were $22,763,000 and
$43,272,000 for the second quarter
and first six months of 2014 compared to $21,317,000 and $40,913,000 for the same periods 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 $21,266,000 and $40,854,000 for the second quarter and first six
months of 2013 to $21,555,000 and
$41,833,000 for the same periods in
2014. The increase in revenues for both periods was due to
the addition of FulCircle, whose revenues in the second quarter and
first six months of 2014 were $1,862,000 and $3,221,000. Media Services' operating expenses
were $17,791,000 and $35,519,000 (82.5% and 84.9% of related revenues)
for the second quarter and first six months of 2014 compared to
$17,040,000 and $33,407,000 (80.1% and 81.8% of related revenues)
for the same periods of 2013 primarily due to expenses associated
with FulCircle.
Revenues from land sales at AMREP Southwest were $1,196,000 and $1,424,000 for the second quarter and first six
months of 2014 compared to no land sale revenues for the same
periods of 2013. The average gross profit percentage on land
sales was 17% for both the second quarter and first six months of
2014. Revenues 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.
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 Rio Rancho, New
Mexico.
|
|
Three Months Ended
October 31,
|
|
2013
|
2012
|
|
|
|
|
|
Revenues
|
$
|
22,763,000
|
$
|
21,317,000
|
|
|
|
|
|
Net income
(loss)
|
$
|
52,000
|
$
|
276,000
|
|
|
|
|
|
Earnings (loss) per
share – Basic and
Diluted
|
$
|
0.01
|
$
|
0.05
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
7,195,000
|
|
5,996,000
|
|
|
|
|
|
|
|
|
Six Months Ended
October 31,
|
|
2013
|
2012
|
|
|
|
|
|
Revenues
|
$
|
43,272,000
|
$
|
40,913,000
|
|
|
|
|
|
Net income
(loss)
|
$
|
(635,000)
|
$
|
(332,000)
|
|
|
|
|
|
Earnings (loss) per
share – Basic and
Diluted
|
$
|
(0.09)
|
$
|
(0.06)
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
6,785,000
|
|
5,996,000
|
SOURCE AMREP Corporation