AXR AMREP Corp

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):            March 17, 2015              

  

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 March 17, 2015, AMREP Corporation issued a press release that reported its results of operations for the three and nine month periods ended January 31, 2015.  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 March 17, 2015, 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: March 17, 2015				By:		/s/ Peter M. Pizza
						Peter M. Pizza
						Vice President and Chief Financial Officer

 

 

  

EXHIBIT INDEX 

 

Exhibit Number		Description
99.1		Press Release, dated March 17, 2015, 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 THIRD QUARTER FISCAL 2015 RESULTS

 

Princeton, New Jersey, March 17, 2015 - 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.

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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