Amrep Corp. (AXR) 10-Q Quarterly Report Mon Mar 09 2020

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jan. 31, 2020	Mar. 05, 2020
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	AMREP CORP.
Entity Central Index Key	0000006207
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,136,904
Trading Symbol	AXR

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Inside Amrep Corp.'s 10-Q Quarterly Report:

Financial - Expense Highlight
20 Operating expenses for real estate increased from $258,000 and $779,000 for the third quarter and first nine months of 2019 to $471,000 and $1,473,000 for the same periods of 2020, primarily due to increased employee hiring, bonuses, new allocations of certain employee costs previously classified as corporate general and administrative expenses, increased accruals for real estate taxes and increased health care benefits costs.

Financial - Expense Highlight
21 Accounts payable and accrued expenses increased from $2,964,000 at April 30, 2019 to $3,451,000 at January 31, 2020, primarily due to increased construction activity plus accrual of additional lease liabilities at January 31, 2020, offset partly by costs associated with forfeited builder deposits during the third quarter of 2020.
Financial - Expense Highlight
The reduced corporate general and administrative expenses were partly offset by increased real estate taxes of $151,000 which the Company agreed to pay under the settlement agreement.
Other - Other Highlight
The difference between the statutory rate and the effective rate of the tax benefit for the third quarter and the first nine months of 2020 was primarily due to adjustments resulting from the finalization of the 2019 tax return when compared to the April 2019 year-end tax provision.
Financial - Income Highlight
Interest income, net increased from $36,000 and $103,000 for the third quarter and first nine months of 2019 to $58,000 and $323,000 for the same periods of 2020, primarily due to investment of excess funds in higher yielding savings accounts, interest earned in 2020 on the deferred purchase price related to the sale of the Company's fulfillment services business and a reduction in interest expense.
Financial - Earnings
The profit percentage increase is...Read more
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Upon the occurrence and during...Read more
Revenue - Product
As a result of many...Read more
Other - Other
ASU 2018-07 was effective for...Read more
Other - Other
ASU 2018-02 was effective for...Read more
Financial - Expense
Real estate general and administrative...Read more
Other - Other
ASU 2016-02 was effective for...Read more
Financial - Expense
Accrued pension costs decreased from...Read more
Revenue - Product
The cumulative difference between lease...Read more
Financial - Cash Flow
The Company received life insurance...Read more
Other - Other
Notwithstanding such election, the contribution...Read more
Other - Other
ASU 2018-02 may be applied...Read more
Other - Other
All subsequent written and oral...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Amrep Corp. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: AXR
CIK: 6207
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-20-030788
Submitted to the SEC: Mon Mar 09 2020 4:38:35 PM EST
Accepted by the SEC: Mon Mar 09 2020
Period: Friday, January 31, 2020
Industry: Periodicals Publishing Or Publishing And Printing