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): December 8, 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 December 8, 2020, AMREP Corporation issued a press release that reported its results of operations for the three and six month periods ended October 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 Item 2.02 of this Form 8-K and exhibit 99.1 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 December 8, 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: December 8, 2020 | By: |
/s/ Adrienne M. Uleau |
| Adrienne M. Uleau | ||
| Vice President, Finance and Accounting | ||
EXHIBIT INDEX
| Exhibit Number | Description |
| 99.1 | Press Release, dated December 8, 2020, issued by AMREP Corporation. |
Exhibit 99.1
| FOR: | AMREP Corporation |
620 West Germantown Pike, Suite 175
Plymouth Meeting, Pennsylvania 19462
| CONTACT: | Adrienne M. Uleau |
Vice President, Finance and Accounting
(610) 487-0907
AMREP REPORTS SECOND QUARTER FISCAL 2021 RESULTS
Plymouth Meeting, Pennsylvania, December 8, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $798,000, or $0.10 per share, for its 2021 fiscal second quarter ended October 31, 2020 compared to a net loss of $2,169,000, or $0.27 per share, for the same period of the prior year. For the first six months of 2021, AMREP had net income of $1,391,000, or $0.17 per share, compared to a net loss of $2,365,000, or $0.29 per share, for the same period of 2020. During the second quarter of 2020, AMREP recognized a non-cash pre-tax settlement charge of $2,929,000 due to AMREP’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees.
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 October 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenues | $ | 9,256,000 | $ | 3,960,000 | ||||
| Net income (loss) | $ | 798,000 | $ | (2,169,000 | ) | |||
| Income (loss) per share – Basic and Diluted | $ | 0.10 | $ | (0.27 | ) | |||
| Weighted average number of common shares outstanding - basic | 8,122,000 | 8,129,000 | ||||||
| Weighted average number of common shares outstanding - diluted | 8,152,000 | 8,129,000 | ||||||
| Six Months Ended October 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenues | $ | 13,462,000 | $ | 8,727,000 | ||||
| Net income (loss) | $ | 1,391,000 | $ | (2,365,000 | ) | |||
| Income (loss) per share – Basic and Diluted | $ | 0.17 | $ | (0.29 | ) | |||
| Weighted average number of common shares outstanding - basic | 8,136,000 | 8,125,000 | ||||||
| Weighted average number of common shares outstanding - diluted | 8,168,000 | 8,125,000 | ||||||
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/).