-----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, BSYgcXJwB1YS7eVmhz+RcI51Q7DHRfu02JinNj3/DTC1T+I6BnZbnBXup9hmtJa6 ismq3HU+rT4ZQ6pwQMwT+A== 0000006207-06-000017.txt : 20060914 0000006207-06-000017.hdr.sgml : 20060914 20060914095823 ACCESSION NUMBER: 0000006207-06-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060914 DATE AS OF CHANGE: 20060914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMREP CORP CENTRAL INDEX KEY: 0000006207 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] 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: 061089738 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 axr8k1q.txt 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): September 13, 2006 ------------------ AMREP CORPORATION - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Oklahoma 1-4702 59-0936128 - ------------------------------- ---------------- --------------------- (State or Other Jurisdiction of (Commission File (IRS Employer Incorporation or Organization) Number) Identification Number) 212 Carnegie Center, Suite 302, Princeton, New Jersey 08540 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (609) 716-8200 -------------- - -------------------------------------------------------------------------------- (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 September 13, 2006, AMREP Corporation issued a press release that reported its results of operations for the three month period ended July 31, 2006. 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 September 13, 2006, 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: September 14, 2006 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 September 13, 2006, issued by AMREP Corporation. -3- EX-99 2 axr8k1qpress.txt PRESS RELEASE EXHIBIT 99.1 FOR: AMREP Corporation 212 Carnegie Center, Suite 302 Princeton, New Jersey 08540 CONTACT: Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8200 FOR IMMEDIATE RELEASE --------------------- AMREP REPORTS RECORD FIRST QUARTER RESULTS Princeton, New Jersey, September 13, 2006 - AMREP Corporation (NYSE:AXR) today reported net income of $15,804,000, or $2.38 per share, for its fiscal 2007 first quarter ended July 31, 2006 compared to net income of $5,364,000, or $0.81 per share, in the first quarter of the prior fiscal year. Results for the first quarter of 2007, which set a record for any quarter in the Company's history, were entirely from continuing operations, while last year's results consisted of net income from continuing operations of $1,802,000, or $0.27 per share, and net income from discontinued operations of $3,562,000, or $0.54 per share. Revenues were $58,269,000 in the first quarter this year versus $30,014,000 in the first quarter of fiscal 2006. Net income from discontinued operations in the first quarter of 2006 reflected the gain from the disposition of the primary assets of the Company's El Dorado, New Mexico water utility subsidiary, which were taken through condemnation proceedings. Revenues of the Company's AMREP Southwest real estate subsidiary were $37,092,000 in the first quarter of 2007 compared to $7,689,000 in the same quarter last year. This substantial revenue increase was primarily due to increased sales of both developed and undeveloped lots in AMREP Southwest's principal market of Rio Rancho, New Mexico, where interest in the Company's landholdings did not appear to be impacted by the slowdown in housing that has been reported in many parts of the country. Revenues from the sale of developed and undeveloped lots increased from $6,150,000 and $1,259,000 in the first quarter of 2006 to $14,503,000 and $14,694,000 in the same period of 2007. In addition, revenues from the sale of commercial and industrial properties were $3,293,000 in the first three months of 2007 versus no sales of such properties in the first quarter of 2006. The average gross profit percentage on land sales increased from 36% in the first quarter of 2006 to 65% in the same period this year, primarily reflecting a greater proportion of sales of undeveloped lots in the first quarter of 2007. 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. First quarter 2007 revenues at AMREP Southwest also included $4,602,000 of interest and other income compared to $280,000 of such revenues in the same period of 2006. This increase was primarily due to $4,107,000 of gain on the sale of certain non-inventory real estate assets, including the Company's office 2 building in Rio Rancho. When the results of these transactions are added to those from land sales, the pretax income contribution from AMREP Southwest increased from $1,729,000 in the first quarter of 2006 to $24,243,000 in the first quarter of 2007. Revenues of the Company's Kable Media Services subsidiary were $20,827,000 in the first quarter of 2007 compared to $22,155,000 in the same quarter last year. This 6% decrease was the combined result of a $972,000 revenue decline (5%) in Kable's Fulfillment Services segment and a $356,000 revenue decline (10%) in its Newsstand Distribution Services segment. The revenue decline in the Fulfillment Services segment was primarily due to previously-reported customer losses at Kable's Colorado fulfillment operation that occurred in earlier periods but that still affected the comparison with last year's first quarter, while the revenue decrease in the Newsstand Distribution Services segment reflected a modest decrease in the distribution sales volume from existing customers and a decrease in the average commission rate earned by Kable, partly offset by commissions earned under a distribution arrangement with a new publisher client that commenced in the fourth quarter of 2006. Media Services operating expenses decreased by $343,000 (2%) in the first quarter of 2007 compared to the same period of 2006, primarily due to decreased expenses in the Fulfillment Services segment relating in part to reductions in variable expenses, including payroll and benefits. As a result of these factors, the pretax income contribution from Media Services decreased from $1,099,000 in the first quarter of 2006 to $596,000 in the first quarter of 2007. AMREP Corporation's AMREP Southwest Inc. subsidiary is a major landholder and leading developer of real estate in New Mexico, and its Kable Media Services, Inc. subsidiary distributes magazines to wholesalers and provides subscription fulfillment and related services to publishers and others. ***** AMREP Corporation and Subsidiaries Financial Highlights (Unaudited) Three Months Ended July 31, --------------------------- 2006 2005 ---- ---- Revenues $ 58,269,000 $ 30,014,000 Net income: Continuing operations $ 15,804,000 $ 1,802,000 Discontinued operations - 3,562,000 ------------ ------------ $ 15,804,000 $ 5,364,000 Earnings per share - Basic and Diluted: Continuing operations $ 2.38 $ 0.27 Discontinued operations - 0.54 ------------ ------------ $ 2.38 $ 0.81 ------------ ------------ Weighted average number of common shares outstanding 6,644,000 6,626,000 ------------ ------------ -----END PRIVACY-ENHANCED MESSAGE-----