PRINCETON, N.J., July 29, 2015 /PRNewswire/ -- AMREP
Corporation (the "Company") (NYSE: AXR) today reported total net
income of $11,320,000, or
$1.43 per share, for its 2015 fiscal
year ended April 30, 2015 compared to
a net loss of $2,939,000, or
$0.42 per share, in 2014. Results
consisted of (i) a net loss from continuing operations of
$3,584,000, or $0.45 per share, in 2015 compared to a net loss
of $647,000, or $0.09 per share, in 2014 and (ii) net income from
discontinued operations of $14,904,000, or $1.88 per share, in 2015, compared to a net loss
of $2,292,000, or $0.33 per share, for 2014.
The net loss 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) while the results from
continuing operations for 2014 included pre-tax, non-cash
impairment charges of $686,000
($432,000 after tax, or $0.06 per share), with the charges in both years
primarily reflecting the write-down of certain real estate
inventory and investment assets. Excluding the impairment
charges in both years, results of continuing operations for 2015
were a net loss of $1,959,000, or
$0.25 per share, compared to a net
loss of $215,000, or $0.03 per share, for 2014. Revenues for
2015 were $49,790,000 compared to
$62,197,000 in 2014.
The net income from discontinued operations for 2015 included a
pre-tax gain of $10,729,000
($7,608,000 after tax, or
$0.96 per share) from the gain on the
sales of the Newsstand Distribution Services business, the Product
Packaging and Fulfillment Services business and the Staffing
Services business and a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.89 per share) from a previously disclosed
settlement agreement in the Newsstand Distribution business with a
major customer in the first quarter of the year. The results from
discontinued operations for 2015 were also favorably impacted by
the reversal of a previously recorded bad debt reserve of
$1,500,000 ($945,000 after tax, or $0.12 per share) in the Newsstand Distribution
Services business as a result of revised estimates of magazine
returns and other customer statement credits. Excluding the
gains from the sales of the businesses, the settlement agreement
and the reversal of the bad debt reserve, the pre-tax loss from
discontinued operations for 2015 was $1,247,000 ($677,000 after tax, or $0.09 per share).
For additional information regarding the Company's financial
results, please refer to the Company's Annual Report on Form 10-K
filed today with the Securities and Exchange Commission.
AMREP Corporation, through its subsidiaries, is primarily
engaged in two business segments: the Fulfillment Services
business operated by Palm Coast Data LLC and its subsidiary,
FulCircle Media, LLC, provides subscription fulfillment and related
services to publishers and others, and its AMREP Southwest Inc.
subsidiary is a major holder of real estate in New Mexico.
AMREP CORPORATION
AND SUBSIDIARIES
FINANCIAL
HIGHLIGHTS
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Twelve Months Ended
April 30,
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2015
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2014
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Revenues
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$ 49,790,000
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$ 62,197,000
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Net income
(loss):
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Continuing Operations
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$ (3,584,000)
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$ (647,000)
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Discontinued Operations
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$ 14,904,000
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$ (2,292,000)
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$ 11,320,000
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$ (2,939,000)
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Earnings (loss) per
share – Basic and
Diluted:
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Continuing Operations
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$
(0.45)
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$
(0.09)
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Discontinued Operations
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$
1.88
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$
(0.33)
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$
1.43
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$
(0.42)
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Weighted average
number of common shares outstanding
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7,919,000
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6,988,000
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amrep-reports-fiscal-2015-results-300120800.html
SOURCE AMREP Corporation