Amrep Corp. (AXR) 10-K Annual Report July 2019

FOR:	AMREP Corporation
	620 West Germantown Pike, Suite 175
	Plymouth Meeting, Pennsylvania 19462

CONTACT:	James McMonagle
	Vice President and Chief Financial Officer
	(610) 487-0904

AMREP REPORTS THIRD QUARTER FISCAL 2019 RESULTS

Plymouth Meeting, Pennsylvania, March 13, 2019 – AMREP Corporation (NYSE: AXR) today reported a net loss of $32,000, or $0.00 per share, for its 2019 third fiscal quarter ended January 31, 2019 compared to a net loss of $2,851,000, or $0.35 per share, for the same period of the prior year. For the first nine months of 2019, the Company had net income of $84,000, or $0.01 per share, compared to a net loss of $1,125,000, or $0.14 per share, for the same period of 2018. Net results for 2018 were unfavorably impacted by federal tax law changes enacted during the Company’s third quarter of 2018 that reduced the value of the Company’s deferred tax assets. Revenues were $9,340,000 and $30,663,000 for the third quarter and first nine months of 2019 compared to $10,379,000 and $30,880,000 for the same periods of 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 land and leading developer of real estate in New Mexico 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 January 31,
	2019			2018

Revenues	$	9,340,000		$	10,379,000

Net (loss)	$	(32,000	)	$	(2,851,000	)

(Loss) per share – Basic and Diluted	$	(0.00	)	$	(0.35	)

Weighted average number of common shares outstanding - basic		8,103,000			8,075,000
Weighted average number of common shares outstanding - diluted		8,103,000			8,075,000

	Nine Months Ended January 31,
	2019		2018

Revenues	$	30,663,000	$	30,880,000

Net income (loss)	$	84,000	$	(1,125,000	)

Earnings (loss) per share – Basic and Diluted	$	0.01	$	(0.14	)

Weighted average number of common shares outstanding - basic		8,095,000		8,070,000
Weighted average number of common shares outstanding - diluted		8,140,000		8,070,000

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 the Company’s website (www.amrepcorp.com/SECfiles).

The following information was filed by Amrep Corp. (AXR) on Wednesday, March 13, 2019 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 Amrep Corp.'s 10-K Annual Report:

Other - Other Highlight
The unfunded pension liability of the Company's frozen defined benefit pension plan decreased from $9,051,000 at April 30, 2018 to $6,401,000 at April 30, 2019, primarily due to Company contributions to the pension plan and favorable investment results of plan assets during 2019.
Other - Other Highlight
The Company owns certain minerals and mineral rights in and under approximately 80 surface acres of land in Brighton, Colorado leased for an initial term ending in September 2020 and for as long thereafter as oil or gas is produced and marketed in paying quantities from the property or for additional limited periods of time if the lessee undertakes certain operations or makes certain de minimis shut-in royalty payments.
Financial - Shares Highlight
The results from discontinued operations for 2019 included a pretax gain of $2,506,000, or $0.31 per share, resulting from the sale of the fulfillment services business and for 2018 included a pretax gain of $1,318,000, or $0.16 per share, from a previously disclosed settlement agreement with the State of Florida.
Financial - Expense Highlight
Inflation can cause increases in the cost of materials, services, interest and labor.
Revenue - Product
The work force reduction with...Read more
Other - Other
In general, in recent years...Read more
Revenue - Product
Other assets increased from $594,000...Read more
Other - Other
Pension Plan The Company has...Read more
Revenue - Product
A large part of the...Read more
Financial - Expense
Unless such increased costs are...Read more
Revenue - Product
The Company notified the PBGC...Read more
Other - Other
As of April 30, 2019,...Read more
Financial - Expense
Accounts payable and accrued expenses...Read more
Other - Other
Upon the occurrence and during...Read more
Other - Other
Upon the occurrence and during...Read more
Other - Other
Upon the occurrence and during...Read more
Revenue - Product
As a result of many...Read more
Financial - Expense
General and administrative expenses for...Read more
Other - Other
If the Company is unable...Read more
Revenue - Product
As noted in Item 1...Read more
Other - Other
Interest Rate: Interest on the...Read more
Revenue - Product
Other liabilities and deferred revenue...Read more
Other - Other
All subsequent written and oral...Read more
Financial - Shares
The Company and its representatives...Read more
Other - Other
Despite low inflation, the Company's...Read more
Financial - Expense
Operating expenses for 2019 primarily...Read more
Financial - Expense
Corporate general and administrative expenses...Read more
Other - Other
The Act reduced the federal...Read more
Financial - Income
Deferred income taxes, net increased...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001144204-19-036278
Submitted to the SEC: Fri Jul 26 2019 1:19:40 PM EST
Accepted by the SEC: Fri Jul 26 2019
Period: Tuesday, April 30, 2019
Industry: Periodicals Publishing Or Publishing And Printing