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Amrep Corp. (AXR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, April 30, 2016

Amrep Corp.

CIK: 6207 Ticker: AXR

 

Exhibit 99.1

 

 

 

FOR: AMREP Corporation
  300 Alexander Park, Suite 204
  Princeton, NJ  08540
   
CONTACT: Clifford Martin
  Vice President and Chief Financial Officer
  (609) 716-8220

 

AMREP REPORTS FISCAL 2016 RESULTS

 

Princeton, New Jersey, July 29, 2016 – AMREP Corporation (the “Company”) (NYSE: AXR) today reported a net loss of $10,224,000, or $1.27 per share, for its 2016 fiscal year ended April 30, 2016 compared to net income of $11,320,000, or $1.43 per share, in 2015. Results for 2016 were solely from continuing operations. Results for 2015 consisted of (i) a net loss from continuing operations of $3,584,000, or $0.45 per share, and (ii) net income from discontinued operations of $14,904,000, or $1.88 per share. Revenues for 2016 were $41,664,000 compared to $49,790,000 in 2015.

 

The net loss from continuing operations for 2016 included pre-tax, non-cash impairment charges of $10,406,000 ($6,556,000 after tax, or $0.81 per share) while the results from continuing operations for 2015 included pre-tax, non-cash impairment charges of $2,580,000 ($1,625,000 after tax, or $0.21 per share). The 2016 impairment charges included a $7,900,000 write-down of certain long-lived assets of the Fulfillment Services business. The remaining 2016 impairment charges of $2,506,000, as well as the 2015 impairment charges, primarily reflected the write-down of certain real estate inventory in New Mexico and discontinuance of the development of certain software in the Fulfillment Services business. Excluding the impairment charges in both years, results of continuing operations for 2016 were a net loss of $3,668,000, or $0.46 per share, compared to a net loss of $1,959,000, or $0.25 per share, for 2015.

 

In commenting on 2016’s results, the Company’s Chairman, Edward B. Cloues, II, said that “With the booking of the non-cash impairment charges of $10,406,000, the Company has completed a restructuring of its business and balance sheet that began in fiscal year 2014. We have exited three businesses (magazine distribution, product packaging and fulfillment, and staffing), eliminated a very significant negative working capital position, reduced debt and balance sheet risk, and simplified our organization. This was a major task, and it was accomplished despite headwinds from our real estate business that was suffering through a severe industry downturn that began several years ago and is only now beginning to recede. Going forward, our focus will be on running our two remaining operations – real estate and fulfillment and contact center services – and seeking out opportunities for growth.”

 

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: 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, and 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.

 

 

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The following information was filed by Amrep Corp. (AXR) on Friday, July 29, 2016 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.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets [parenthetical]
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) [parenthetical]
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accounts Payable And Accrued Expenses:
Accounts Payable And Accrued Expenses: (details Textual)
Accounts Payable And Accrued Expenses: (details)
Accounts Payable And Accrued Expenses: (tables)
Benefit Plans:
Benefit Plans: (details 1)
Benefit Plans: (details 2)
Benefit Plans: (details 3)
Benefit Plans: (details 4)
Benefit Plans: (details 5)
Benefit Plans: (details 6)
Benefit Plans: (details 7)
Benefit Plans: (details Textual)
Benefit Plans: (details)
Benefit Plans: (tables)
Commitments And Contingencies:
Commitments And Contingencies: (details Textual)
Deferred Revenue:
Deferred Revenue: (details Textual)
Discontinued Operations:
Discontinued Operations: (details 1)
Discontinued Operations: (details 2)
Discontinued Operations: (details Textual)
Discontinued Operations: (details)
Discontinued Operations: (tables)
Fair Value Measurements:
Fair Value Measurements: (details Textual)
Fair Value Measurements: (details)
Fair Value Measurements: (tables)
Gain From Settlement:
Gain From Settlement: (details Textual)
Impairment Of Assets:
Impairment Of Assets: (details Textual)
Income Taxes:
Income Taxes: (details 1)
Income Taxes: (details 2)
Income Taxes: (details 3)
Income Taxes: (details Textual)
Income Taxes: (details)
Income Taxes: (tables)
Information About The Company's Operations In Different Industry Segments (details)
Information About The Company's Operations In Different Industry Segments:
Information About The Company's Operations In Different Industry Segments: (tables)
Intangible And Other Assets:
Intangible And Other Assets: (details Textual)
Intangible And Other Assets: (details)
Intangible And Other Assets: (tables)
Investment Assets:
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Investment Assets: (details)
Investment Assets: (tables)
Litigation:
Notes Payable:
Notes Payable: (details Textual)
Notes Payable: (details)
Notes Payable: (tables)
Other Liabilities:
Other Liabilities: (details Textual)
Property, Plant And Equipment:
Property, Plant And Equipment: (details Textual)
Property, Plant And Equipment: (details)
Property, Plant And Equipment: (tables)
Real Estate Inventory:
Real Estate Inventory: (details Textual)
Receivables:
Receivables: (details Textual)
Receivables: (details)
Receivables: (tables)
Shareholders' Equity:
Shareholders' Equity: (details Textual)
Summary Of Significant Accounting And Financial Reporting Policies:
Summary Of Significant Accounting And Financial Reporting Policies: (details Textual)
Summary Of Significant Accounting And Financial Reporting Policies: (policies)
Ticker: AXR
CIK: 6207
Form Type: 10-K Annual Report
Accession Number: 0001144204-16-115345
Submitted to the SEC: Fri Jul 29 2016 4:47:33 PM EST
Accepted by the SEC: Fri Jul 29 2016
Period: Saturday, April 30, 2016
Industry: Periodicals Publishing Or Publishing And Printing

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