EXHIBIT 99.1

 
 FOR:
 AMREP Corporation
 
 300 Alexander Park, Suite 204
 
 Princeton, NJ  08540
   
 CONTACT:
 Peter M. Pizza
 
 Vice President and Chief Financial Officer
 
 (609) 716-8210
   (609) 716-8255 (fax)
 
 
AMREP REPORTS FOURTH QUARTER AND FISCAL 2013 RESULTS

Princeton, New Jersey, July 16, 2013 – AMREP Corporation (NYSE: AXR) today
reported a net loss of $2,838,000, or $0.47 per share, for its 2013 fiscal year ended April 30, 2013 compared to a 2012 net loss of $1,143,000, or $0.19 per share. The 2013 results included pre-tax, non-cash impairment charges of $1,511,000 ($952,000 after tax, or $0.16 per share), of which $1,342,000 ($845,000 after tax, or $0.14 per share) was recorded in the fourth quarter, while the 2012 results included a fourth quarter pre-tax, non-cash impairment charge of $570,000 ($359,000 after tax, or $0.06 per share).  The charges in both years reflected the write-down of certain real estate assets. The results for 2013 also included a fourth quarter reserve for doubtful accounts receivable from a magazine wholesaler of $2,000,000 ($1,260,000 after tax, or $0.21 per share).  Revenues for 2013 were $83,001,000 compared to $85,360,000 in the prior year.

For the fourth quarter of 2013, the net loss after the impairment and reserve for bad debt charges was $2,509,000, or $0.42 per share, compared to a net loss after the impairment charge of $1,631,000, or $0.27 per share, in the same period of 2012.  Fourth quarter 2013 revenues were $20,336,000 versus fourth quarter 2012 revenues of $19,092,000.

Excluding the impairment charges in both years and the accounts receivable reserve in 2013, the net loss for the fourth quarter of 2013 was $404,000, or $0.07 per share, and for the full year of 2013 was $626,000, or $0.10 per share, compared to a net loss of $1,272,000, or $0.21 per share, in the fourth quarter of 2012, and $784,000, or $0.13 per share, for the full year of 2012.

Revenues from Media Services operations, which include Subscription Fulfillment Services operations conducted by the Company’s Palm Coast Data subsidiary (including Palm Coast’s new FulCircle Media business acquired December 31, 2012) and Newsstand Distribution and Product Services and other operations conducted by its Kable Media Services subsidiary, decreased from $83,447,000 in 2012 to $82,105,000 in 2013, and for the fourth quarter increased from $18,632,000 in 2012 to $20,026,000 in 2013 due to the inclusion of the FulCircle business since the date of its acquisition. Media Services operating expenses decreased from $70,076,000 (84.0% of related revenues) in 2012 to $69,880,000 (85.1% of related revenues) in 2013 as the result of the net effect of lower facilities and equipment costs (including depreciation) of $1,392,000 and reduced payroll and benefits of $526,000 offset by an increase in bad debt expense of $1,796,000. For the fourth quarter, these expenses increased from $16,743,000 (89.9% of related revenues) in 2012 to $18,904,000 (94.4% of related revenues) due to the $2,000,000 bad debt reserve mentioned above. Exclusive of the effect of the bad debt reserve, fourth quarter operating expenses were $16,904,000 (84.4% of related revenues) and increased from the prior year due to the inclusion of the FulCircle business.  Media Services general and administrative expenses decreased from $2,133,000 (11.4% of related revenues) and $8,783,000 (10.5% of related revenues) in the fourth quarter and full year of 2012 to $1,978,000 (9.9% of related revenues) and $8,079,000 (9.8% of related revenues) for the same periods of 2013 due to reduced payroll and benefits.

 
 
 
 
2
 
 
Revenues from land sales at the Company’s AMREP Southwest subsidiary decreased from $454,000 and $1,889,000 in the fourth quarter and full year of 2012 to $308,000 and $833,000 for the comparable periods of 2013.  In Rio Rancho, New Mexico, the Company offers for sale both developed and undeveloped lots to national, regional and local homebuilders, commercial and industrial property developers and others.  The Company sold 84 and 104 acres of land in the fourth quarter and full year of 2012, mostly undeveloped, at average selling prices of $5,000 and $18,000 per acre, compared to 9 and 12 acres of land at average selling prices of $34,000 and $69,000 per acre for the same periods of 2013. The average gross profit percentage on land sales before indirect costs was approximately 70% and 86% for the fourth quarter and full year of 2012 compared to approximately 56% and 38% for the same periods of 2013.  The sale of undeveloped land in 2012 consisted of land sold to a quasi-governmental agency under threat of condemnation for its use as part of a flood plain, and the nature of the land and its average selling price per acre are not believed to be representative of the Company’s inventory and investment properties.  As a result of these and other factors, including the nature and timing of specific transactions, revenues, average selling prices and related average gross profits from land sales can vary significantly from period to period and prior results are not necessarily a good indication of what may occur in future periods.  In addition, as noted above, AMREP Southwest recorded impairment charges in 2012 and 2013 due to appraisals of a portion of its real estate that in each year showed a deterioration in fair market value from the prior year.

For more detail regarding the impairment charges taken by the Company in 2013 and 2012 and for additional information regarding the Company’s financial results, please refer to the Company’s Annual Report on Form 10-K filed today with the Securities and Exchange Commission.

AMREP Corporation’s Media Services business, conducted by its Kable Media Services, Inc. and Palm Coast Data LLC subsidiaries, distributes magazines to wholesalers and provides subscription and product fulfillment and related services to publishers and others, and its AMREP Southwest Inc. subsidiary is a major holder of real estate in New Mexico.

****
 
Schedule 1

AMREP CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
 
    Three Months Ended April 30,  
   
2013
   
2012
 
 
Revenues
  $ 20,336,000     $ 19,092,000  
                 
Net income (loss)
  $ (2,509,000 )   $ (1,631,000 )
                 
Earnings (loss) per share – Basic and Diluted
  $ (0.42 )   $ (0.27 )
                 
Weighted average number of common shares outstanding
    5,996,000       5,996,000  
 
 
 
 
 
 
3
 
 
    Twelve Months Ended April 30,  
   
2013
   
2012
 
 
Revenues
  $ 83,001,000     $ 85,360,000  
                 
Net income (loss)
  $ (2,838,000 )   $ (1,143,000 )
                 
Earnings (loss) per share – Basic and Diluted
  $ (0.47 )   $ (0.19 )
                 
Weighted average number of common shares outstanding
    5,996,000       5,996,000  
                 

Fourth quarter results include pre-tax, non-cash impairment charges of $1,342,000 (or $0.14 per share) in 2013 and $570,000 (or $0.06 per share) in 2012 reflecting the write-down of certain real estate assets, and a charge for a bad debt reserve of $2,000,000 (or $0.21 per share) in 2013. The full year pre-tax impairment charges in 2013 for the write-down of real estate assets was $1,511,000 (or $0.16 per share).


The following information was filed by Amrep Corp. (AXR) on Tuesday, July 16, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Amrep Corp.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Amrep Corp..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account