-----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, PeVn6p9hYuCvmO1XeMU4zL8QVMZYdqhBgxW+fZ7wPUB79LpscGqPRH1PGK71OPQ/ cd1rg+Ag6ln3EFwBui/ZOw== 0000006207-07-000023.txt : 20071026 0000006207-07-000023.hdr.sgml : 20071026 20071026153119 ACCESSION NUMBER: 0000006207-07-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071026 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071026 DATE AS OF CHANGE: 20071026 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: 071193428 BUSINESS ADDRESS: STREET 1: 300 ALEXANDER PARK STREET 2: SUITE 204 CITY: PRINCETON STATE: NJ ZIP: 08540 BUSINESS PHONE: (609) 716-8200 MAIL ADDRESS: STREET 1: 300 ALEXANDER PARK STREET 2: SUITE 204 CITY: PRINCETON STATE: NJ ZIP: 08540 FORMER COMPANY: FORMER CONFORMED NAME: AMREP CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN REALTY & PETROLEUM CORP DATE OF NAME CHANGE: 19671019 8-K 1 axr8k102507.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): October 26, 2007 ------------------------------ AMREP CORPORATION - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Oklahoma 1-4702 59-0936128 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission File (IRS Employer of Incorporation) Number) Identification Number) 300 Alexander Park, Suite 204, Princeton, New Jersey 08540 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (609) 716-8200 --------------------------- 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 8.01 Other Events. On October 26, 2007 AMREP Corporation issued a press release announcing the planned redistribution of the fulfillment services work performed at the Marion, Ohio facility of its Kable Media Services fulfillment services business and the scheduled closing of the Ohio facility. This action is a further step in the Company's consolidation of operations in that business. A copy of the press release is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. 99.1 Press Release dated October 26, 2007 issued by AMREP Corporation. 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 hereunto duly authorized. AMREP CORPORATION ----------------- (Registrant) By: /s/ Peter M Pizza ----------------------- Peter M. Pizza Vice President and Chief Financial Officer Date: October 26, 2007 -------------------- EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press Release dated October 26, 2007 issued by AMREP Corporation. EX-99 2 axr8k102507exh99.txt FOR: AMREP Corporation 300 Alexander Park, Suite 204 Princeton, New Jersey 08540 CONTACT: Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8210 AMREP CORPORATION ANNOUNCES FURTHER STEP IN CONSOLIDATING ITS VARIOUS ULFILLMENT SERVICES BUSINESSES Princeton, NJ, October 26, 2007 - AMREP Corporation (NYSE:AXR) announced today that it will redistribute the fulfillment services work performed in its Marion, Ohio facility into its three other fulfillment facilities which are located in Illinois, Colorado and Florida. This integration will lead to the permanent closing of the Marion location by September 2008 and will eliminate redundant facility and overhead costs. Approximately 190 positions in Marion will be impacted by the closure which represents approximately 9.2% of the total work force of the fulfillment services business. In January 2007, AMREP, through its Kable Media Services subsidiary, acquired Palm Coast Data. Both Kable Media and Palm Coast Data are leading U.S. providers of fulfillment services to the magazine publishing industry. In August 2007, AMREP announced a 3.8% reduction in force in its fulfillment services business as a first step in consolidating those operations, which is expected to reduce annual operating costs by approximately $2.7 million. The current integration and capacity rationalization is a further step in the ongoing consolidation that is intended to streamline the combined organization, improve operating efficiency and customer service and reduce operating costs. Approximately $700 thousand in severance-related costs are projected to be paid in connection with the Ohio facility closure, which will be recorded as positions are eliminated during the eleven month transitional period ending September 2008. Following the completion of this program, the Company anticipates realizing cost savings of approximately $2 million annually, which will bring the total estimated cost savings of the two actions to approximately $4.7 million annually. 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. The statements in this news release regarding the closure of the Marion, Ohio facility, the transfer of work performed there to other Company facilities and the estimated cost savings of this action and a prior action 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, including, without limitation, the Company's ability to efficiently integrate the components of its fulfillment services business, to achieve operating efficiencies and better customer service and to realize cost savings of $4.7 million per year. Further information about these and other relevant risks and uncertainties may be found in the Company's Form 10-K and its other 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. # # # # #. -----END PRIVACY-ENHANCED MESSAGE-----