PRINCETON, N.J., Dec.11, 2015
/PRNewswire/ -- 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
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amrep-reports-second-quarter-fiscal-2016-results-300191954.html
SOURCE AMREP Corporation