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):            July 29, 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 July 29, 2015, AMREP Corporation issued a press release that reported its results of operations for the year ended April 30, 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 July 29, 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: July 29, 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 July 29, 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 FISCAL 2015 RESULTS

 

Princeton, New Jersey, July 29, 2015 – AMREP Corporation (the “Company”) (NYSE: AXR) today reported total net income of $11,320,000, or $1.43 per share, for its 2015 fiscal year ended April 30, 2015 compared to a net loss of $2,939,000, or $0.42 per share, in 2014. Results consisted of (i) a net loss from continuing operations of $3,584,000, or $0.45 per share, in 2015 compared to a net loss of $647,000, or $0.09 per share, in 2014 and (ii) net income from discontinued operations of $14,904,000, or $1.88 per share, in 2015, compared to a net loss of $2,292,000, or $0.33 per share, for 2014. 

 

The net loss from continuing operations for 2015 included pre-tax, non-cash impairment charges of $2,580,000 ($1,625,000 after tax, or $0.21 per share) while the results from continuing operations for 2014 included pre-tax, non-cash impairment charges of $686,000 ($432,000 after tax, or $0.06 per share), with the charges in both years primarily reflecting the write-down of certain real estate inventory and investment assets. Excluding the impairment charges in both years, results of continuing operations for 2015 were a net loss of $1,959,000, or $0.25 per share, compared to a net loss of $215,000, or $0.03 per share, for 2014. Revenues for 2015 were $49,790,000 compared to $62,197,000 in 2014.

 

The net income from discontinued operations for 2015 included a pre-tax gain of $10,729,000 ($7,608,000 after tax, or $0.96 per share) from the gain on the sales of the Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business and a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.89 per share) from a previously disclosed settlement agreement in the Newsstand Distribution business with a major customer in the first quarter of the year. The results from discontinued operations for 2015 were also favorably impacted by the reversal of a previously recorded bad debt reserve of $1,500,000 ($945,000 after tax, or $0.12 per share) in the Newsstand Distribution Services business as a result of revised estimates of magazine returns and other customer statement credits. Excluding the gains from the sales of the businesses, the settlement agreement and the reversal of the bad debt reserve, the pre-tax loss from discontinued operations for 2015 was $1,247,000 ($677,000 after tax, or $0.09 per share).

 

For additional information regarding the Company’s financial results, please refer to the Company’s Annual Report on Form 10-K filed today with the Securities and Exchange Commission.

 

AMREP Corporation, through its subsidiaries, is primarily engaged in two 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, 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

  

		Twelve Months Ended April 30,
		2015				2014
Revenues		$	49,790,000			$	62,197,000
Net income (loss):
Continuing Operations		$	(3,584,000	)		$	(647,000	)
Discontinued Operations		$	14,904,000			$	(2,292,000	)
		$	11,320,000			$	(2,939,000	)
Earnings (loss) per share – Basic and Diluted:
Continuing Operations		$	(0.45	)		$	(0.09	)
Discontinued Operations		$	1.88			$	(0.33	)
		$	1.43			$	(0.42	)
Weighted average number of common shares outstanding			7,919,000				6,988,000