PRINCETON, N.J., March 17, 2015 /PRNewswire/ -- AMREP
Corporation (NYSE: AXR) today reported net income from
continuing operations of $201,000, or $0.03 per share, for its fiscal 2015 third
quarter ended January 31, 2015,
compared to $290,000, or $0.04 per share, in the same period of fiscal
2014. For the first nine months of 2015, the Company's continuing
operations had a net loss of $532,000, or $0.07
per share, compared to a net loss of $583,000, or $0.08
per share, for the same period of 2014. The results for the
first nine months of 2015 included a non-cash impairment charge of
$925,000 ($583,000 after tax, or $0.07 per share) in the Company's Fulfillment
Services business. Revenues from continuing operations were
$16,084,000 and $47,734,000 for the third quarter and first nine
months of 2015 compared to $20,252,000 and $55,703,000 for the same periods in the prior
year.
The Company accounted for its Newsstand Distribution Services
business and Product Packaging and Fulfillment Services business as
"Discontinued Operations" in the quarter ended January 31, 2015 as a result of the previously
announced sale of these businesses on February 9, 2015. Accordingly, financial
information from prior periods has been reclassified to conform to
this presentation. Net income from discontinued operations was
$33,000, or $0.00 per share, in the third quarter of fiscal
2015 compared to a net loss of $301,000, or $0.04
per share, for the same period of 2014. For the first nine
months of 2015, there was net income from discontinued operations
of $7,284,000, or $0.92 per share, compared to a net loss of
$63,000, or $0.01 per share, for the same period of
2014. The results from discontinued operations for the first
nine months of 2015 included a pretax gain of $11,155,000 ($7,025,000 after tax, or $0.89 per share) from a previously disclosed
settlement agreement with a major customer.
AMREP Corporation, through its subsidiaries, is primarily
engaged in three business segments: the 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, the Staffing Services business
operated by Kable Staffing Resources LLC provides temporary
staffing personnel to a number of industries and its AMREP
Southwest Inc. subsidiary is a major holder of real estate in
New Mexico.
AMREP CORPORATION
AND SUBSIDIARIES
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
|
|
|
Three Months Ended
January 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Revenues
|
|
$ 16,084,000
|
|
$ 20,252,000
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
Continuing Operations
|
|
$ 201,000
|
|
$
290,000
|
Discontinued Operations
|
|
$
33,000
|
|
$ (301,000)
|
|
|
$ 234,000
|
|
$
(11,000)
|
|
|
|
|
|
Earnings (loss) per
share – Basic and
Diluted:
|
|
|
|
|
Continuing Operations
|
|
$
0.03
|
|
$
0.04
|
Discontinued Operations
|
|
$
0.00
|
|
$
(0.04)
|
|
|
$
0.03
|
|
$
0.00
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
8,026,000
|
|
7,195,000
|
|
|
Nine Months Ended
January 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Revenues
|
|
$ 47,734,000
|
|
$ 55,703,000
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
Continuing Operations
|
|
$
(532,000)
|
|
$ (583,000)
|
Discontinued Operations
|
|
$ 7,284,000
|
|
$
(63,000)
|
|
|
$ 6,752,000
|
|
$ (646,000)
|
|
|
|
|
|
Earnings (loss) per
share – Basic and
Diluted:
|
|
|
|
|
Continuing Operations
|
|
$
(0.07)
|
|
$
(0.08)
|
Discontinued Operations
|
|
$
0.92
|
|
$ (
0.01)
|
|
|
$
0.85
|
|
$
(0.09)
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
7,884,000
|
|
6,922,000
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amrep-reports-third-quarter-fiscal-2015-results-300051973.html
SOURCE AMREP Corporation