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):            September 15, 2014              

 

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.)

 

300 Alexander Park, Suite 204, Princeton, New Jersey   08540
(Address of principal executive offices)   (Zip Code)

 

Registrant's telephone number, including area code:  (609) 716-8200

 

Not Applicable
(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))

 

 
 

  

Item 2.02 Results of Operations and Financial Condition

 

On September 15, 2014, AMREP Corporation issued a press release that reported its results of operations for the three months ended July 31, 2014.  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 September 15, 2014, 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: September 15, 2014 By: /s/ Peter M. Pizza
    Peter M. Pizza
    Vice President and Chief Financial Officer

 

 
 

  

EXHIBIT INDEX

 

Exhibit Number   Description
     
99.1   Press Release, dated September 15, 2014, issued by AMREP Corporation.

 

 



 

EXHIBIT 99.1

 

FOR:AMREP Corporation

300 Alexander Park, Suite 204

Princeton, NJ 08540

 

CONTACT:Peter M. Pizza

Vice President and Chief Financial Officer

(609) 716-8210

 

AMREP REPORTS FIRST QUARTER FISCAL 2015 RESULTS

 

Princeton, New Jersey, September 15, 2014 - AMREP Corporation (NYSE: AXR) today reported net income of $6,264,000, or $0.82 per share, for its fiscal 2015 first quarter ended July 31, 2014, compared to a net loss of $687,000, or $0.11 per share, for the first quarter of the prior fiscal year. The results for the first quarter of fiscal 2015 included (i) a non-cash pre-tax gain of $11,155,000 (approximately $7,028,000, or $0.92 per share after tax) resulting from a comprehensive settlement agreement with a significant customer and (ii) 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. Revenues were $17,928,000 in the first quarter of this fiscal year compared to $20,509,000 for the same period in the prior year.

 

Revenues from the Company’s Media Services businesses, which include Subscription Fulfillment Services, Newsstand Distribution Services and Product and Packaging Services and Staffing operations, decreased from $20,278,000 for the first quarter of 2014 to $17,516,000 for the same period of 2015 due primarily to the continuation of an industry trend of reduced subscription and newsstand magazine sales. Media Services’ operating expenses decreased from $17,728,000 for the first quarter of 2014 to $14,537,000 for the first quarter of 2015, primarily from lower payroll and benefit costs and other variable cost reductions.

 

Revenues from land sales at AMREP Southwest were $384,000 for the first quarter of 2015 compared to $228,000 for the same period of 2014. The average gross profit percentage on land sales increased from 17% for the first quarter of 2014 to 42% for the same period in 2015 due to a change in the mix of property sold. 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
FINANCIAL HIGHLIGHTS

 

   Three Months Ended July 31, 
   2014   2013 
         
Revenues  $17,928,000   $20,509,000 
           
Net income (loss)  $6,264,000   $(687,000)
           
Earnings (loss) per share – Basic and Diluted  $0.82   $(0.11)
           
Weighted average number of common shares outstanding   7,599,000    6,374,000 

 

 

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