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 14, 2016
| 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.) |
| 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 2.02 Results of Operations and Financial Condition
On December 14, 2016, AMREP Corporation issued a press release that reported its results of operations for the three and six month periods ended October 31, 2016. 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 December 14, 2016, 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 14, 2016 | By: |
/s/ Robert E. Wisniewski |
| Robert E. Wisniewski | ||
| Vice President and Chief Financial Officer | ||
EXHIBIT INDEX
| Exhibit Number | Description |
| 99.1 | Press Release, dated December 14, 2016, issued by AMREP Corporation. |
Exhibit 99.1
| FOR: | AMREP Corporation |
| 300 Alexander Park, Suite 204 | |
| Princeton, NJ 08540 | |
| CONTACT: | Robert E. Wisniewski |
| Executive Vice President and Chief Financial Officer | |
| (609) 716-8210 |
AMREP REPORTS SECOND QUARTER FISCAL 2017 RESULTS
Princeton, New Jersey, December 14, 2016 – AMREP Corporation (NYSE: AXR) today reported net income of $112,000, or $0.01 per share, for its 2017 second fiscal quarter ended October 31, 2016 compared to a net loss of $676,000, or $0.08 per share, for its second fiscal quarter of 2016. For the first six months of 2017, the Company had net income of $742,000, or $0.09 per share, compared to a net loss of $1,855,000, or $0.23 per share, for the same period of 2016. Revenues were $11,465,000 and $23,673,000 for the second quarter and first six months of 2017 compared to $11,221,000 and 20,796,000 for the same periods in the prior year.
AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.
FINANCIAL HIGHLIGHTS
| Three Months Ended October 31, | ||||||||
2016 |
2015 | |||||||
| Revenues | $ | 11,465,000 | $ | 11,221,000 | ||||
| Net income (loss) | $ | 112,000 | $ | (676,000 | ) | |||
| Earnings (loss) per share – Basic and Diluted | $ | 0.01 | $ | (0.08 | ) | |||
| Weighted average number of common shares outstanding | 8,050,000 | 8,038,000 | ||||||
| Six Months Ended October 31, | ||||||||
2016 |
2015 | |||||||
| Revenues | $ | 23,673,000 | $ | 20,796,000 | ||||
| Net income (loss) | $ | 742,000 | $ | (1,855,000 | ) | |||
| Earnings (loss) per share – Basic and Diluted | $ | 0.09 | $ | (0.23 | ) | |||
| Weighted average number of common shares outstanding | 8,046,000 | 8,034,000 | ||||||
AMREP Corporation’s financial statements on Form 10-Q are expected to be filed jointly with this release and will be available on the Company’s website (www.amrepcorp.com/SECfiles).