8-K

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):            March 9, 2020             

AMREP CORPORATION

(Exact name of registrant as specified in its charter)

Oklahoma	1-4702	59-0936128
(State or other jurisdiction of	(Commission File	(IRS Employer
incorporation)	Number)	Identification No.)

620 West Germantown Pike, Suite 175 Plymouth Meeting, PA	19462
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:  (610) 487-0905

(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 communication 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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $.10 par value	AXR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition

On March 9, 2020, AMREP Corporation issued a press release that reported its results of operations for the three and nine month periods ended January 31, 2020.  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.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release, dated March 9, 2020, 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
Date: March 9, 2020	By:	/s/ James M. McMonagle
		James M. McMonagle
		Vice President and Chief Financial Officer

EXHIBIT INDEX 

Exhibit Number	Description
99.1	Press Release, dated March 9, 2020, issued by AMREP Corporation.

EX-99.1

Exhibit 99.1

FOR:	AMREP Corporation
	620 West Germantown Pike, Suite 175
	Plymouth Meeting, Pennsylvania 19462
CONTACT:	James McMonagle
	Vice President and Chief Financial Officer
	(610) 487-0904

AMREP REPORTS THIRD QUARTER FISCAL 2020 RESULTS

Plymouth Meeting, Pennsylvania, March 9, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $338,000, or $0.04 per share, for its 2020 fiscal third quarter ended January 31, 2020 compared to a net loss of $32,000, or $0.00 per share, for the same period of the prior year. For the first nine months of 2020, AMREP had a net loss of $2,027,000, or $0.25 per share, compared to net income of $84,000, or $0.01 per share, for the same period of 2019.

The results of the third quarter of the prior year reflected a net loss from continuing operations of $1,455,000 and net income from discontinued operations of $1,423,000. The first nine months of the prior year reflected a net loss from continuing operations of $2,696,000 and net income from discontinued operations of $2,780,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.

AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.

FINANCIAL HIGHLIGHTS

	Three Months Ended January 31,
	2020		2019
Revenues	$	5,287,000	$	2,381,000
Net income (loss) from continuing operations	$	338,000	$	(1,455,000	)
Net income from discontinued operations		-	$	1,423,000
Net income (loss)	$	338,000	$	(32,000	)
Income (loss) per share from continuing operations – Basic and Diluted	$	0.04	$	(0.18	)
Income per share from discontinued operations – Basic and Diluted		-	$	0.18
Income (loss) per share – Basic and Diluted	$	0.04	$	(0.00	)
Weighted average number of common shares outstanding - basic		8,138,000		8,103,000
Weighted average number of common shares outstanding - diluted		8,174,000		8,103,000

	Nine Months Ended January 31,
	2020			2019
Revenues	$	14,014,000		$	9,239,000
Net (loss) from continuing operations	$	(2,027,000	)	$	(2,696,000	)
Net income from discontinued operations		-		$	2,780,000
Net (loss) income	$	(2,027,000	)	$	84,000
(Loss) per share from continuing operations – Basic and Diluted	$	(0.25	)	$	(0.33	)
Income per share from discontinued operations – Basic and Diluted		-		$	0.34
(Loss) income per share – Basic and Diluted	$	(0.25	)	$	0.01
Weighted average number of common shares outstanding - basic		8,129,000			8,095,000
Weighted average number of common shares outstanding - diluted		8,129,000			8,140,000

AMREP Corporation’s financial statements on Form 10-Q are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).