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):            December 11, 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 December 11, 2015, AMREP Corporation issued a press release that reported its results of operations for the three and six month periods ended October 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 December 11, 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: December 11, 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 December 11, 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 SECOND QUARTER FISCAL 2016 RESULTS

 

Princeton, New Jersey, December 11, 2015 – AMREP Corporation (the “Company”) (NYSE: AXR) today reported a net loss of $676,000, or $0.08 per share, for its 2016 fiscal second quarter ended October 31, 2015 compared to net income of $254,000, or $0.03 per share, for the second quarter of fiscal year 2015 ended October 31, 2014. For the first six months of 2016, the Company had a net loss of $1,855,000, or $0.23 per share, compared to net income of $6,518,000, or $0.83 per share, for the same period of 2015. The Company’s results for both periods in fiscal 2016 were entirely from continuing operations. The results for the three months ended October 31, 2014 consisted of (i) a net loss from continuing operations of $97,000, or $0.01 per share, and (ii) net income from discontinued operations of $351,000, or $0.04 per share. The results for the six months ended October 31, 2014 consisted of (i) a net loss from continuing operations of $733,000, or $0.10 per share, which included a non-cash impairment charge of $925,000 ($583,000 after tax, or $0.07 per share) reflecting the discontinuance of the development of certain software in the Company’s Fulfillment Services business, and (ii) net income from discontinued operations of $7,251,000, or $0.93 per share, which included a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.90 per share) from a settlement agreement with a major customer of the Company’s former Newsstand Distribution Services business. Revenues from continuing operations were $11,221,000 and $20,796,000 for the second quarter and first six months of 2016 compared to $14,357,000 and $26,678,000 for the same periods of the prior year.

 

Prior to fiscal 2016, the Company had been engaged in the Newsstand Distribution Services, Product Packaging and Fulfillment Services and Staffing Services businesses. These businesses were sold during the fourth quarter of fiscal 2015, and their operations have been classified as “discontinued operations” in the Company’s financial statements. Financial information for prior periods has been reclassified to conform to this presentation.

 

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC provides subscription fulfillment and related services to publishers and others, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

 

****

 

 

 

AMREP CORPORATION AND SUBSIDIARIES

 

FINANCIAL HIGHLIGHTS

 

 

		Three Months Ended October 31,
		2015				2014
Revenues		$	11,221,000			$	14,357,000
Net income (loss):
Continuing Operations		$	(676,000	)		$	(97,000	)
Discontinued Operations		$	-			$	351,000
		$	(676,000	)		$	254,000
Earnings (loss) per share – Basic and Diluted:
Continuing Operations		$	(0.08	)		$	(0.01	)
Discontinued Operations			-			$	0.04
		$	(0.08	)		$	0.03
Weighted average number of common shares outstanding			8,038,000				8,026,000

 

 

 

 

		Six Months Ended October 31,
		2015				2014
Revenues		$	20,796,000			$	26,678,000
Net income (loss):
Continuing Operations		$	(1,855,000	)		$	(733,000	)
Discontinued Operations		$	-			$	7,251,000
		$	(1,855,000	)		$	6,518,000
Earnings (loss) per share – Basic and Diluted:
Continuing Operations		$	(0.23	)		$	(0.10	)
Discontinued Operations		$	-			$	0.93
		$	(0.23	)		$	0.83
Weighted average number of common shares outstanding			8,034,000				7,813,000