-----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, ACKCWpZYQcOwqn9ScwQG++RFxjQLa2W0S6vWUXfHH3imrqgGWzZTEwFMwljOX+Yl qkJ7uH1BwCfzudCJ36R3sA== 0000006207-04-000039.txt : 20041209 0000006207-04-000039.hdr.sgml : 20041209 20041209122726 ACCESSION NUMBER: 0000006207-04-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041209 DATE AS OF CHANGE: 20041209 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: 041192505 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 axr8k1204.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): December 8, 2004 -------------------- AMREP CORPORATION ------------------------------------------------------------------------------ (Exact name of registrant as specified in its Charter) Oklahoma 1-4702 59-0936128 - ---------------------------- ------------- ------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) 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) 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 8, 2004, AMREP Corporation issued a press release that reported its results of operations for the three and six month periods ended October 31, 2004. 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. ----------------------------------- (c) Exhibits: 99.1 Press Release, dated December 8, 2004, issued by AMREP Corporation. 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: December 9, 2004 By: /s/ Peter M. Pizza ---------------- ------------------ Peter M. Pizza Vice President and Chief Financial Officer 2 EXHIBIT INDEX ------------- Exhibit Number Description ------- ----------- 99.1 Press release, dated December 8, 2004, issued by AMREP Corporation. 3 EX-99 2 press1204.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 SECOND QUARTER AND SIX MONTH RESULTS -------------------------------------------------- NEW YORK, December 8, 2004 - AMREP Corporation (NYSE:AXR) today reported net income of $4,195,000, or $0.63 per share, for its fiscal 2005 second quarter ended October 31, 2004, compared to net income of $2,716,000, or $0.41 per share, in the same period of fiscal 2004. Revenues were $33,743,000 in the second quarter of fiscal 2005 versus $32,702,000 in the same period last year. For the first six months of fiscal 2005, the Company reported revenues of $67,976,000 and net income of $8,221,000, or $1.24 per share. For the comparable period last year, the Company had revenues of $66,319,000 and net income of $6,247,000, or $0.95 per share. Revenues from the Fulfillment Services business of the Company's Kable News Company subsidiary were $21,967,000 in the second quarter of 2005 compared to $22,232,000 in the corresponding period of 2004, and for the six month period revenues were $42,436,000 in the current year versus $44,976,000 last year. These decreases were principally the result of customer losses at Kable's Colorado fulfillment business which had been identified and known prior to the acquisition of that business in 2003. The decline in Fulfillment Services' revenues was offset in part by additional revenues from Kable's Newsstand Distribution Services business, which increased from $2,968,000 and $6,217,000 in the second quarter and first six months of 2004, respectively, to $3,132,000 and $6,313,000 in the comparable periods of the current year. As a result of cost reductions in 2005, both business segments reported increased pretax profit contributions in the second quarter and first six months of 2005 versus the same periods last year. Fulfillment Services' pretax income contribution increased from $1,478,000 and $3,408,000 in last year's second quarter and first six months, respectively, to $1,911,000 and $3,716,000 in the corresponding periods this year, and Newsstand Distribution Services increased its pretax profit contribution from $252,000 and $596,000 in these same periods of 2004 to $628,000 and $1,142,000 in the current year. Revenues from land sales at the Company's AMREP Southwest subsidiary rose from $6,744,000 and $13,138,000 in the second quarter and first six months of 2004, respectively, to $7,804,000 and $17,486,000 in the corresponding periods of the current year. This improvement was the result of increased sales of both commercial properties and undeveloped residential lots in the Company's principal market of Rio Rancho, New Mexico in 2005. The gross profit on land sales increased from 50% and 54% in the second quarter and first six months of 2004, respectively, to 64% and 58% for these same periods of 2005 because a higher proportion of undeveloped lots, which generally have higher gross profit margins than developed lots, were sold in the current year. As a result of the additional revenues and increased gross profit percentages, the pretax profit contribution from land sale operations improved from $2,442,000 and $5,689,000 in the second quarter and first six months of 2004, respectively, to $3,959,000 and $7,897,000 in the same periods this 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, so that prior results are not necessarily a good indication of what may occur in future periods. The Company's effective tax rate decreased to 29% and 33% in the second quarter and first six months of 2005, respectively, from 37% in the same periods last year due to the effect of a tax benefit associated with a charitable contribution of land made by the real estate business in the second quarter of 2005. AMREP Corporation's subsidiary, Kable News Company, Inc. 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. ***** (Financial Data Follows) AMREP Corporation and Subsidiaries Financial Highlights (Unaudited) Three Months Ended October 31, ------------------------------ 2004 2003 ---- ---- Revenues $ 33,743,000 $ 32,702,000 Net income $ 4,195,000 $ 2,716,000 Earnings per share - Basic and Diluted $ 0.63 $ 0.41 Weighted average number of common shares outstanding 6,615,000 6,594,000 ------------- ------------- Six Months Ended October 31, ------------------------------ 2004 2003 ---- ---- Revenues $ 67,976,000 $ 66,319,000 Net income $ 8,221,000 $ 6,247,000 Earnings per share - Basic and Diluted $ 1.24 $ 0.95 Weighted average number of common shares outstanding 6,611,000 6,591,000 ------------- ------------- -----END PRIVACY-ENHANCED MESSAGE-----