-----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, P0VqivWJ93F1kb5gQeWmlK5eEBy2twpU5QWn6+aZfCSIc/VGqI5yevyJBFQzgMl8 CGfHK68RW/k722mnS6qlmQ== 0000006207-04-000001.txt : 20040227 0000006207-04-000001.hdr.sgml : 20040227 20040227164950 ACCESSION NUMBER: 0000006207-04-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040131 ITEM INFORMATION: FILED AS OF DATE: 20040227 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04702 FILM NUMBER: 04635995 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 8-K 1 axr8k0204.txt 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): February 26, 2004 ------------------ AMREP CORPORATION ----------------- (Exact name of registrant as specified in its Charter) Oklahoma 1-4702 59-0936128 -------- ------ ---------- (State or other jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 641 Lexington Avenue, New York, New York 10022 ---------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 705-4700 -------------- Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 7. Financial Statements and Exhibits. --------------------------------- (c) Exhibits: 99.1 Press Release dated February 26, 2004 issued by AMREP Corporation. ITEM 12. Results of Operations and Financial Condition. ---------------------------------------------- On February 26, 2004 AMREP Corporation issued a press release that reported its results of operations for the three months and nine months ending January 31, 2004 and its financial condition at that date. The text of that release is attached as Exhibit 99.1 to this Report. This Report and its Exhibit are furnished to, and not filed with, the Commission Signature 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: February 27, 2004 By: /s/ Peter M. Pizza ---------------------- Peter M. Pizza Vice President and Chief Financial Officer Exhibit Index Exhibit No. Exhibit - ---------- ------- 99.1 Text of Press Release Issued Febraury 26, 2004. EX-99 3 press0204.txt PRESS RELEASE EXHIBIT 99.1 FOR: AMREP Corporation 641 Lexington Avenue New York, NY 10022 CONTACT: Peter M. Pizza Vice President and Chief Financial Officer (212) 705-4700 FOR IMMEDIATE RELEASE AMREP REPORTS THIRD QUARTER AND NINE MONTH RESULTS NEW YORK, February 26, 2004 - AMREP Corporation (NYSE: AXR) today reported net income of $3,383,000, or $0.51 per share, for its fiscal 2004 third quarter ended January 31, 2004, compared to net income of $2,677,000, or $0.41 per share, in the same period of fiscal 2003. Revenues were $33,360,000 in the third quarter of fiscal 2004 versus $20,858,000 in the same period last year. For the first nine months of fiscal 2004, the Company reported revenues of $99,679,000 and net income of $9,630,000, or $1.46 per share. For the comparable period last year, the Company had revenues of $53,204,000 and net income of $4,721,000, or $0.72 per share. Results for the third quarter of 2004 included a pretax gain of approximately $1,700,000 (equivalent to $0.16 per share) resulting from the accelerated recognition of a deferred actuarial gain due to the curtailment of future service benefits under the Company's pension plan. Partly offsetting this amount was a charge of approximately $700,000 (equivalent to $0.07 per share) for the estimated costs of relocating and centralizing certain fulfillment operations. Revenues from the Company's Kable News Company subsidiary rose significantly, from $13,316,000 and $38,657,000 in the third quarter and first nine months of 2003, respectively, to $24,914,000 and $76,107,000 in the corresponding periods of the current year. This substantial revenue growth reflected the April 2003 acquisition by Kable of the subscription fulfillment business of Electronic Data Systems Corporation ("EDS"), offset in part by a revenue decrease in the Newsstand Distribution Services business due to a decline in magazine sales rates. The pretax profit of Kable News Company also improved in both the three and nine month periods ended January 31, 2004 as compared to the same periods last year, with an increase in the pretax profit of the Fulfillment Services business being partly offset by a reduction in the pretax profit of Newsstand Distribution Services due primarily to lower revenues. As a result of customer losses that were identified and known prior to the acquisition of the EDS subscription fulfillment business and which have occurred and will continue to occur through the fourth quarter of fiscal 2004, it is 2 anticipated that the revenues and pretax income of the acquired subscription fulfillment business in the fourth quarter of 2004 will be lower than what was reported in each of the first three quarters. Accordingly, results for Kable's Fulfillment Services business for the first nine months of fiscal 2004 are not necessarily a good indication of what may occur in future periods. Revenues from land sales at the Company's AMREP Southwest subsidiary also increased in fiscal 2004, from $6,899,000 in the third quarter of 2003 to $7,738,000 in the same quarter of the current year, and for the nine month period, revenues increased from $11,483,000 last year to $20,876,000 this year. This improvement was the result of greater sales of both developed and undeveloped lots in the Company's principal market of Rio Rancho, New Mexico in 2004. The gross profit on land sales declined from 60% in the third quarter of 2003 to 50% for the same period of 2004 because a higher proportion of undeveloped lots, which generally have higher gross profit margins than developed lots, were sold in last year's third quarter. For the first nine months of 2003 and 2004, the gross profit percentage on land sales was 55% and 53%, respectively, as the mix of developed and undeveloped lots was generally comparable for these periods. Pretax profit from real estate operations also improved significantly in both the third quarter and first nine months of 2004 versus the same periods last year. As previously reported, revenues and related gross profits from land sales can vary significantly from period to period as a result of many factors, including the nature and timing of specific transactions, and prior results are not necessarily a good indication of what may occur in future periods. AMREP Corporation's Kable News Company, Inc. subsidiary distributes magazines to wholesalers and provides subscription fulfillment and related services to publishers and others, and its AMREP Southwest Inc. subsidiary is a major landholder and leading developer of real estate in New Mexico. ***** The statements in this news release that are not historical financial statements, including statements regarding revenues and profitability of the subscription fulfillment business acquired from EDS, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the control of AMREP and that could cause actual results to differ materially from such statements. Further information about these and other relevant risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission, all of which are available from the Commission as well as from other sources. Recipients of this news release are cautioned to consider these risks and uncertainties and to not place undue reliance on the forward-looking statements contained therein. AMREP disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. (Financial Data Follows) 3 AMREP Corporation and Subsidiaries Financial Highlights (Unaudited) Three Months Ended January 31, ------------------------------ 2004 2003 ---- ---- Revenues $ 33,360,000 $ 20,858,000 Net income $ 3,383,000 $ 2,677,000 Earnings per share - Basic and Diluted $ 0.51 $ 0.41 Weighted average number of common shares outstanding 6,598,000 6,581,000 ------------- ------------ Nine Months Ended January 31, ----------------------------- 2004 2003 ---- ---- Revenues $ 99,679,000 $ 53,204,000 Net income $ 9,630,000 $ 4,721,000 Earnings per share - Basic and Diluted $ 1.46 $ 0.72 Weighted average number of common shares outstanding 6,594,000 6,579,000 ----------- ------------ # # # # -----END PRIVACY-ENHANCED MESSAGE-----