-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jrv/8Za+YzDBuZuxJkLUzi4pMDrglAgkEd9KLzl6hDsg/iwfEfuZUgr7qFW+VoUI y2OVdmtTRh7pM0+pOex0Ow== 0000006207-00-000003.txt : 20000317 0000006207-00-000003.hdr.sgml : 20000317 ACCESSION NUMBER: 0000006207-00-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000131 FILED AS OF DATE: 20000316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMREP CORP CENTRAL INDEX KEY: 0000006207 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 590936128 STATE OF INCORPORATION: OK FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04702 FILM NUMBER: 571226 BUSINESS ADDRESS: STREET 1: 641 LEXINGTON AVENUE STREET 2: 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2127054700 MAIL ADDRESS: STREET 1: 641 LEXINGTON AVE STREET 2: 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN REALTY & PETROLEUM CORP DATE OF NAME CHANGE: 19671019 10-Q 1 3RD QUARTER FILING SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2000 ----------------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to _______________________ Commission File Number 1-4702 AMREP Corporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Oklahoma 59-0936128 - -------------------------------------------------------------------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 641 Lexington Avenue, Sixth Floor, New York, New York 10022 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code _______(212) 705-4700________ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has subject to such filing requirements for the past 90 days. Yes _____X______ No ___________ Number of Shares of Common Stock, par value $.10 per share, outstanding at March 14, 2000 - 7,240,350. FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES CONTENTS PART I PAGE NO. Consolidated Financial Statements: Balance Sheets January 31, 2000 (Unaudited) and April 30, 1999 (Audited) 1 Statements of Operations and Retained Earnings (Unaudited) Three Months Ended January 31, 2000 and 1999 2 Statements of Operations and Retained Earnings (Unaudited) Nine Months Ended January 31, 2000 and 1999 3 Statements of Cash Flows (Unaudited) Nine Months Ended January 31, 2000 and 1999 4 Notes to Consolidated Financial Statements (Unaudited) 5 - 6 Management's Discussion and Analysis 7 - 10 PART II Other Information 11 Signatures 12 Exhibit Index 13 FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets January 31, 2000 and April 30, 1999 (Dollar amounts in thousands, except par value) January 31, 2000 April 30, 1999 ----------------- ------------------- (Unaudited) (Audited) ASSETS Cash and cash equivalents $ 10,814 $ 23,553 Receivables, net: Real estate operations 8,578 10,846 Magazine circulation operations 45,030 53,822 Real estate inventory 68,768 89,723 Other real estate investments 961 2,401 Property, plant and equipment, at cost, net of accumulated depreciation and amortization of $15,185 at January 31, 2000 and $14,443 at April 30, 1999 18,253 18,361 Other assets 11,992 13,881 Excess of cost of subsidiary over net assets acquired 5,191 5,191 ----------------- --------------- Total Assets $ 169,587 $ 217,777 ================= =============== LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable, deposits and accrued expenses $ 24,045 $ 36,182 Notes payable: Amounts due within one year 9,629 26,769 Amounts subsequently due 36,873 47,896 Taxes payable: Amounts due within one year (707) 2,513 Amounts subsequently due 5,999 11,825 Deferred income taxes 2,126 1,015 ----------------- --------------- Total Liabilities 77,965 126,200 ----------------- --------------- Shareholders' equity: Common stock, $.10 par value; shares authorized -- 20,000,000; shares issued 7,398,677 at January 31, 2000 and April 30, 1999 740 740 Capital contributed in excess of par value 44,930 44,928 Retained earnings 46,899 46,089 Treasury stock, at cost; 158,327 shares at January 31, 2000 and (947) (180) 30,027 shares at April 30, 1999 ----------------- --------------- Total Shareholders' Equity 91,622 91,577 ----------------- --------------- Total Liabilities and Shareholders' Equity $ 169,587 $ 217,777 ================= =============== FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations and Retained Earnings (Unaudited) Three Months Ended January 31, 2000 and 1999 (Amounts in thousands, except per share amounts) 2000 1999 -------------------- ------------------- REVENUES Real estate operations: Land sales $ 4,465 $ 5,556 Home and condominium sales 1,866 20,164 -------------- -------------- 6,331 25,720 Magazine circulation operations 13,451 14,610 Interest and other operations 1,372 1,457 -------------- -------------- 21,154 41,787 -------------- -------------- COSTS AND EXPENSES Real estate cost of sales: Land sales 3,237 4,017 Home and condominium sales 2,408 17,070 Operating expenses: Magazine circulation operations 11,512 13,445 Real estate commissions and selling 348 1,752 Other operations 1,732 1,005 General and administrative: Real estate operations and corporate 1,438 1,995 Magazine circulation operations 1,700 1,705 Interest, net 688 1,144 -------------- -------------- 23,063 42,133 -------------- -------------- INCOME (LOSS) BEFORE INCOME TAXES (1,909) (346) BENEFIT FOR INCOME TAXES (764) (1,039) -------------- -------------- NET INCOME (LOSS) (1,145) 693 RETAINED EARNINGS, beginning of period 48,044 41,775 -------------- -------------- RETAINED EARNINGS, end of period $ 46,899 $ 42,468 ============== ============== EARNINGS (LOSS) PER SHARE - Basic and Diluted $ (0.16) $ 0.09 ============== ============== Weighted average number of common shares outstanding 7,240 7,369 ============== ============== FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations and Retained Earnings (Unaudited) Nine Months Ended January 31, 2000 and 1999 (Amounts in thousands, except per share amounts) 2000 1999 -------------------- ------------------ REVENUES Real estate operations: Land sales $ 24,809 $ 17,304 Home and condominium sales 28,467 58,388 -------------- ------------- 53,276 75,692 Magazine circulation operations 40,314 43,790 Interest and other operations 3,912 4,458 -------------- ------------- 97,502 123,940 -------------- ------------- COSTS AND EXPENSES Real estate cost of sales: Land sales 17,580 10,045 Home and condominium sales 26,779 50,320 Operating expenses: Magazine circulation operations 32,710 35,902 Real estate commissions and selling 3,167 5,319 Other operations 3,714 2,839 General and administrative: Real estate operations and corporate 4,954 5,984 Magazine circulation operations 4,917 4,972 Interest, net 2,332 3,533 -------------- ------------- 96,153 118,914 -------------- ------------- INCOME BEFORE INCOME TAXES 1,349 5,026 PROVISION FOR INCOME TAXES 539 1,110 -------------- ------------- NET INCOME 810 3,916 RETAINED EARNINGS, beginning of period 46,089 38,552 -------------- ------------- RETAINED EARNINGS, end of period 46,899 $ 42,468 ============== ============= EARNINGS PER SHARE -Basic and Diluted $ 0.11 $ 0.53 ============== ============= Weighted average number of common shares outstanding 7,300 7,369 ============== ============= FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended January 31, 2000 and 1999 (Amounts in thousands) 2000 1999 ----------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 810 $ 3,916 -------------- ----------- Adjustments to reconcile net income to net cash provided (used) by operating activities: - Depreciation and amortization 3,233 2,717 Non-cash credits and charges: Loss on disposition of fixed assets 194 - Issuance of treasury stock as compensation 92 - Inventory and joint venture valuation adjustments and write-offs 2,604 - Pension benefit accrual (343) (139) Changes in assets and liabilities: Receivables, net 11,060 344 Real estate inventory 19,373 (3,139) Other real estate investments 1,440 (523) Other assets (339) (5,028) Accounts payable, deposits and accrued expenses (12,137) (7,372) Taxes payable (9,046) (4,966) Deferred income taxes 1,111 - -------------- ----------- Total adjustments 17,242 (18,106) -------------- ----------- Net cash provided (used) by operating activities 18,052 (14,190) -------------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (1,771) (2,415) -------------- ----------- Net cash used by investing activities (1,771) (2,415) -------------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from debt financing 17,043 65,479 Principal debt payments (45,206) (57,774) Purchase of treasury stock (857) - -------------- ----------- Net cash provided (used) by financing activities (29,020) 7,705 -------------- ----------- DECREASE IN CASH AND CASH EQUIVALENTS (12,739) (8,900) CASH AND CASH EQUIVALENTS, beginning of period 23,553 20,517 -------------- ----------- CASH AND CASH EQUIVALENTS, end of period 10,814 $ 11,617 ============== =========== SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid - net of amounts capitalized 2,431 $ 3,491 Income taxes paid $ 8,364 $ 6,147 ============== =========== FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) Nine Months Ended January 31, 2000 and 1999 (1) BASIS OF PRESENTATION The accompanying unaudited financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information. The April 30, 1999 balance sheet amounts have been derived from the April 30, 1999 audited financial statements of the Registrant. Since the accompanying consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements, it is suggested that they be read in conjunction with the financial statements and notes thereto included in the Registrant's April 30, 1999 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited financial statements include all adjustments necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full fiscal year. Certain amounts in the Statement of Operations and Retained Earnings and Statement of Cash Flows for the three and nine month periods ended January 31, 1999 have been reclassified to conform to the presentation used at January 31, 2000. (2) INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS: The following schedules set forth summarized data relative to the industry segments in which the Company operates for the three and nine month periods ended January 31, 2000 and 1999. Land Home Corporate Sales Building(a) Distribution Fulfillment and Other Consolidated THREE MONTHS: January 2000 (Thousands): Revenues $ 4,350 $ 2,586 $ 3,898 $ 9,553 $ 767 $ 21,154 Expenses (excluding interest) 4,026 3,689 4,214 8,998 1,448 22,375 Interest expense, net 167 7 367 131 16 688 ------- ------- ------- ------- ------- -------- Pretax income (loss) contribution $ 157 $ (1,110) $ (683) $ 424 $ (697) $ (1,909) ========= ========= ======= ======= ======== ========= - -------------------------------------------------------------------------------------------------------------- January 1999 (Thousands): Revenues $ 5,946 $ 20,702 $ 5,013 $ 9,597 $ 529 $ 41,787 Expenses (excluding interest) 4,933 19,915 5,950 9,100 1,091 40,989 Interest expense, net 136 318 484 179 27 1,144 --------- -------- ------- ------- ------- -------- Pretax income (loss) contribution $ 877 $ 469 $ 1,421 $ 318 $ (589) $ (346) ========= ======== ======= ======= ======== ========= - --------------------------------------------------------------------------------------------------------------
Land Home Corporate Sales Building(a) Distribution Fulfillment and Other Consolidated THREE MONTHS: January 2000 (Thousands): Revenues $ 26,096 $ 29,086 $ 12,677 $27,637 $ 2,006 $ 97,502 Expenses (excluding interest) 20,748 31,822 11,592 26,035 3,624 93,821 Interest expense, net 452 225 1,178 426 51 2,332 -------- -------- -------- -------- -------- -------- Pretax income (loss) contribution $ 4,896 $ (2,961) $ (93) $ 1,176 $(1,669) $ 1,349 ========= ========= ======= ======= ======== ======== Identifiable assets $ 62,533 27,168 48,356 18,958 12,572 169,587 - -------------------------------------------------------------------------------------------------------------- January 1999 (Thousands): Revenues $ 18,139 $ 59,927 $ 15,651 $28,139 $ 2,084 $123,940 Expenses (excluding interest) 12,547 58,494 13,733 27,041 3,566 115,381 Interest expense, net 420 953 1,518 574 68 3,533 --------- -------- -------- ------- ------- -------- Pretax income (loss) contribution $ 5,172 $ 480 $ 400 $ 524 $(1,550) $ 5,026 ========= ======== ======== ======= ======== ======== Identifiable assets $ 70,381 $ 66,746 $ 56,581 $20,641 $16,202 $230,551 - --------------------------------------------------------------------------------------------------------------
(a) Includes the effect of valuation adjustments and other write-offs on certain inventories and equity investments in joint ventures of approximately $1.6 million and $3.5 million recorded in the three and nine month periods ended January 31, 2000, respectively. Based upon the nature of the components of this adjustment, the Company charged $.5 million and $1.2 million of the adjustment for each period to housing cost of sales, $1.1 million and $2.0 million for each period to interest and other operations, and the balance to selling and general and administrative expenses. FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations January 31, 2000 RESULTS OF OPERATIONS Revenues from real estate operations decreased from $25.7 million to $6.3 million for the three month period ended January 31, 2000 and from $75.7 million to $53.3 million for the nine month period ended January 31, 2000 compared to the comparable periods in of the prior year. This revenue reduction largely reflects the decision made by the Company during the prior fiscal year and implemented throughout the course of fiscal 2000 to wind-down its homebuilding operations and to sell all of its remaining land holdings outside New Mexico. The Company is presently focusing on its land development activities in New Mexico. As part of this process, the Company has entered into option-like contracts for the sale of homebuilding lots to several national and local builders in Rio Rancho, New Mexico and Colorado. Revenues from land sales decreased from $5.6 million in the third quarter of fiscal 1999 to approximately $4.5 million in the current year's third quarter. This revenue decrease was primarily due to a lower level of land sale activity in the current year. For the nine month period ended January 31, 2000, land sale revenues increased to approximately $24.8 million compared to $17.3 million for the comparable period of the prior fiscal year. The revenue increase was primarily due to the bulk sale of approximately 500 homebuilding lots in Colorado as well as a higher level of commercial land sale activity in Rio Rancho during the first six months of the current fiscal year. The gross profit percentage on land sales was 28% for both the third quarter and nine month period of the current year, compared to 29% in the third quarter and 42% for the nine month period of the prior year. The gross profit percentages attained during the current fiscal year were lower than those in the prior year due to the increased proportion of bulk sales of homebuilding lots, which traditionally have resulted in lower profit percentages than sales of commercial real estate. Land sale revenues and related gross profits can vary from period to period as a result of the nature and timing of specific transactions, and thus prior results are not an indication of amounts that may be expected to occur in future periods from sales of land. Revenues from home sales decreased from $20.2 million in the third quarter of fiscal 1999 to $1.9 million in the current year, and from $58.4 million for the nine month period ended January 31, 1999 to $28.5 million for the comparable period of the current year. As described above, this revenue decrease was the result of the decision to wind-down homebuilding operations, as reflected in the decrease of home deliveries from 155 to 11 in the third quarter and from 464 to 186 in the nine month period. In addition, the gross profit percentage realized on housing operations (before certain reserves discussed below) decreased from 15% and 14% for the three and nine month periods of fiscal 1999, respectively, to a break-even amount and 10% for the comparable periods of the current year. These decreases all reflect the effects of the restructuring of the Company's real estate operations, as discussed above. During the quarter ended January 31, 2000, the real estate division recorded charges of approximately $1.6 million for valuation adjustments and reserves on certain inventories and equity investments in joint ventures. These adjustments were in addition to approximately $1.8 million recorded in the second quarter of the current fiscal year, and in both periods were the result of several factors, including the decision to curtail remaining homebuilding on certain projects in Oregon due to market conditions, the decisions of certain joint venture partners to adjust project selling prices to reflect current market conditions, the accrual of additional warranty and other site development costs necessary to comply with municipal requirements in Colorado, and additional write-offs on discontinued projects in California. At January 31, 2000, the Company's remaining investment in land and joint ventures outside of New Mexico was approximately $22 million, and, as discussed above, the Company or its partners are in the process of winding-down or selling these assets. The ultimate ability to recover these assets is dependent upon a number of factors, including market conditions in each of these regions, and cannot be assured. Revenues from magazine circulation operations decreased approximately $1.2 million (8%) and $3.5 million (8%) in the three and nine months period ended January 31, 2000, respectively, as compared to the similar periods last year. The majority of the revenue decrease was attributable to the Newsstand Distribution operation, where revenues decreased approximately $1.1 million (22%) and $3.0 million (19%) in the three and nine month periods this year, respectively, compared to similar periods in the prior year. These revenue declines were the result of a decrease in gross magazine billings, principally resulting from the loss of two publisher clients as well as a decline in the sales efficiency of newsstand magazines. Fulfillment Services revenues were comparable from year to year for the three month period, and decreased approximately $.5 million (2%) for the nine month period as a result of decreasing revenues from one large customer, who, as previously announced, has changed its operational strategies and will discontinue the Company's services during fiscal 2000; the Company does not expect a significant impact on earnings as a result of this change. The revenue decrease was partly offset by operating cost reductions, principally payroll-related, as magazine circulation operating expenses (exclusive of reserves for uncollectible accounts) decreased by $200,000 (2%) and $1.4 million (4%) for the three and nine month periods. During the third quarter of fiscal 2000, the Company increased its reserve for uncollectible accounts by approximately $800,000 in recognition of a Newsstand Division wholesaler customer which ceased operations; this brought the total additional reserve for the nine month period to $1.2 million. By comparison, the reserve amounts had been increased by $2.6 million and $3.0 million for the three and nine month periods of last year. Operating income from magazine circulation operations increased by approximately $800,000 and decreased by $300,000 in the three and nine month periods ended January 31, 2000, respectively, as compared to the similar periods of the prior year. Excluding the effects of the change in reserve for uncollectible accounts, however, such operating income would have decreased by $1.0 million and $2.1 million for the three and nine month periods of the current year, primarily because of lower revenues. Real estate commissions and selling expenses decreased from the prior year for both the three and nine month periods primarily as a result of the wind-down of homebuilding operations. This was also the reason for the decrease in real estate and corporate general and administrative expenses. General and administrative costs of the magazine circulation operations were comparable to the prior year amounts in both periods. "Other operations" expense increased from the prior year for both the three and nine month periods as a result of the loss resulting from the Company's write-offs and reserves associated with its investments in certain joint venture arrangements which occurred in the second and third quarters of fiscal 2000. Interest expense decreased due to lower borrowing requirements within both the real estate and magazine businesses. The effective tax rate for the third quarter and nine month period of fiscal 1999 included a tax benefit of $900,000 ($.12 per share) from the reversal of an income tax accrual as the result of the completion of an Internal Revenue Service audit of the Company's tax returns for the fiscal years 1990 through 1992. The Company has estimated an effective tax rate of 40% for both the three and nine month periods of fiscal 2000. LIQUIDITY AND CAPITAL RESOURCES During the past several years, the Company has financed its operations from internally generated funds from home and land sales and magazine circulation operations, and from borrowings under its various lines-of-credit and construction loan agreements. During the nine months ended January 31, 2000, the Company continued its previously announced restructuring program intended to, among other things, wind-down its homebuilding operations and sell its land holdings outside New Mexico. As a direct result of this initiative, inventories decreased by approximately $20.9 million, to $68.8 million at January 31, 2000 compared to $89.7 million at April 30, 1999. The Company utilized the cash provided by this inventory reduction, as well as a portion of the cash balance at April 30, 1999, to reduce total debt by approximately $28.2 million, from $74.7 million at April 30, 1999 to $46.5 million at January 31, 2000. Total debt of the real estate operations was approximately $16.1 million at January 31, 2000 compared to $34.4 million at April 30, 1999. During the quarter ended January 31, 2000, the Company made an interim payment of approximately $4.3 million of taxes and interest to the Internal Revenue Service ("IRS") in connection with the resolution of certain matters related to the IRS' examination of the Company's tax returns for the fiscal years 1993 through 1996. These tax years remain open, however, and other matters for these years continue to be under review by the IRS. In addition, the Company had previously paid approximately $1.5 million of interest to the IRS during the second quarter of fiscal 2000 in final resolution of the IRS' examinations of the Company's tax returns for the fiscal years 1990 through 1992. (The payment of federal income taxes related to those years was paid in full during fiscal 1999, and these tax years are no longer subject to audit). At January 31, 2000, the balance recorded as "Taxes payable - amounts subsequently due" was approximately $6.0 million, and the Company believes that this recorded amount will be sufficient for federal and state taxes and related interest upon settlement of all examinations. However, if the interim resolution with the IRS becomes final, the amount actually owed may be up to 50% less, and a tax benefit would be recognized at that time. In connection with a previously announced stock repurchase program, the Company has reacquired 143,000 of its shares to be held as treasury stock at a cost of approximately $857,000 during the nine month period ended January 31, 2000. The Company believes that cash provided from operations together with existing cash balances, its lines-of-credit and land development loans will be sufficient to maintain liquidity at a satisfactory level. YEAR 2000 Based on information available to date, AMREP has not experienced any significant events attributable to Year 2000 issues. The Company will continue to monitor for potential issues within its real estate and magazine circulation operations divisions, and at its customers and suppliers, in order to permit a rapid response should any issues arise. The Company believes that if any Year 2000 issues were to arise, they would not have a significant impact on its operations and would most likely be isolated, short-term events. STATEMENT OF FORWARD-LOOKING INFORMATION Certain information included herein and in other Company statements, reports and filings with the Securities and Exchange Commission is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to Item 7 of the Annual Report on Form 10-K for a discussion of the assumptions and factors on which these statements are based. Any changes in the actual outcome of these assumptions and factors could produce significantly different results; accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty. FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES PART II Other Information Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: 27 Financial Data Schedule. (b) Reports on Form 8-K. No reports on Form 8-K were filed by Registrant during the quarter ended January 31, 2000. FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES 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 thereunto duly authorized. AMREP Corporation (Registrant) Dated: March 15, 2000 By: /s/ Mohan Vachani Mohan Vachani Senior Vice President, Chief Financial Officer Dated: March 15, 2000 By: /s/ Peter M. Pizza Peter M. Pizza Vice President, Controller FORM 10-Q AMREP CORPORATION AND SUBSIDIARIES EXHIBIT INDEX 27 Financial Data Schedule. EX-27 2 FDS -- FOR THE 1ST QUARTER ENDED JANUARY 31, 2000
5 FDS - 3RD QUARTER 0000006207 AMREP CORPORATION 1,000 U.S. DOLLARS 9-MOS APR-30-2000 MAY-01-1999 JAN-31-2000 1 10,814 0 53,608 0 69,729 0 33,438 15,185 169,587 0 36,873 0 0 740 90,882 169,587 53,276 97,502 44,359 83,950 0 0 2,332 1,349 539 810 0 0 0 810 .11 0
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