AMREP Corp. (AXR, Financial) filed Quarterly Report for the period ended 2008-10-31.
AMREP CORP.is a real estate developer and builder of housingnational distributor of magazines and a provider of subscriptionfulfillment services for publishers. It is the developer and majorbuilder of single-family homes at Rio Rancho New Mexico and morerecently has entered the Denver Colorado home-building market. AMREP Corp. has a market cap of $173.4 million; its shares were traded at around $33.08 with a P/E ratio of 23.7 and P/S ratio of 1.01. AMREP Corp. had an annual average earning growth of 20.5% over the past 10 years.
October 31:
Developed
Residential 0.4 $ 86 $ 244 10.0 $ 2,740 $ 274
Commercial - - - - - -
- - - - - -
Total Developed 0.4 86 244 10.0 2,740 274
Undeveloped 87.1 4,724 54 11.0 421 38
- - - - - -
Total 87.5 $ 4,810 $ 55 21.0 $ 3,161 $ 151
- - - - - -
Six months ended
October 31:
Developed
Residential 1.8 $ 428 $ 238 30.0 $ 9,468 $ 316
Commercial 1.0 126 126 14.0 2,921 209
- - - - - -
Total Developed 2.8 554 198 44.0 12,389 282
Undeveloped 131.9 5,519 42 302.0 8,922 30
- - - - - -
Total 134.7 $ 6,073 $ 45 346.0 $ 21,311 $ 62
- - - - - -
Revenues from Media Services, including both Fulfillment Services and Newsstand
Distribution Services, remained nearly unchanged for the second quarter of 2009
versus the same period in 2008, totaling $35,254,000 this year compared to
$35,592,000 last year, and increased from $67,890,000 in the first six months of
2008 to $69,277,000 for the same period in 2009. The six month increase was
primarily attributable to the Company's Fulfillment Services operations, where
revenues were $32,158,000 and $62,826,000 for the second quarter and first six
months of 2009 compared to $32,036,000 and $61,023,000 in the same periods of
the prior year. The principal reason for the revenue increase in 2009 was the
net effect of revenue gains from new and existing clients that were offset in
part by reduced and lost business from certain customers. Revenues from
Newsstand Distribution Services operations decreased from $3,556,000 and
$6,867,000 for the second quarter and first six months of 2008 to $3,096,000 and
$6,451,000 for the same periods in 2009, primarily reflecting a softening of
magazine newsstand demand. Kable's operating expenses increased by $172,000 and
$552,000 for the second quarter and first six months of 2009 compared to the
same periods in 2008, primarily attributable to computer systems integration
costs and consulting costs of the Fulfillment Services business.
In October 2008, the Company announced a project to unify its magazine
subscription, membership and direct mail fulfillment services under one brand,
Palm Coast Data, and in one location, Palm Coast, Florida. This unification
project is expected to streamline operations, improve service to clients and
create cost efficiencies through reduced overhead costs and the elimination of
operating redundancies. The Company is still evaluating various alternatives for
this expansion, which could be in the range of $15,000,000 to $20,000,000 in
capital expenditures. The project is scheduled to be implemented over a
two-to-three year period, and over that period may involve approximately
$6,000,000 of non-recurring cash costs for severance, training and transition,
facility closings and equipment relocation. The State of Florida and the City of
Palm Coast have agreed to provide incentives for the program, including cash and
employee training grants and tax relief, which could amount to as much as
$8,000,000, largely contingent on existing job retention and new job creation.
Previously during fiscal 2008, the Company announced (i) one significant
workforce reduction in its Fulfillment Services business that occurred in the
second quarter of fiscal 2008, (ii) a plan to redistribute the work performed at
the Marion, Ohio facility of its Fulfillment Services business and the scheduled
closing of that facility that was substantially completed in August 2008, and
(iii) the consolidation of fulfillment operations customer call centers. The
Company incurred total costs directly related to the unification project of
$75,000 and $573,000 in the second quarter and first six months of 2009 compared
to $117,000 and $419,000 for the same periods of 2008, principally for severance
and consulting costs. These costs are included in the Restructuring and fire
recovery costs in the Company's consolidated statements of income and retained
earnings.
Notes payable $ 37,518 $ 25,928 $ 11,377 $ 213 $ -
Operating leases and other 26,811 5,511 10,809 7,076 3,415
- - - - -
Total $ 64,329 $ 31,439 $ 22,186 $ 7,289 $ 3,415
= = = = =
Read the The complete Report
More on AXR:
Gurus buys and sells of AXR
10-year financial history of AXR.
Insider buys/sells of AXR.
AMREP CORP.is a real estate developer and builder of housingnational distributor of magazines and a provider of subscriptionfulfillment services for publishers. It is the developer and majorbuilder of single-family homes at Rio Rancho New Mexico and morerecently has entered the Denver Colorado home-building market. AMREP Corp. has a market cap of $173.4 million; its shares were traded at around $33.08 with a P/E ratio of 23.7 and P/S ratio of 1.01. AMREP Corp. had an annual average earning growth of 20.5% over the past 10 years.
Highlight of Business Operations:
Three months endedOctober 31:
Developed
Residential 0.4 $ 86 $ 244 10.0 $ 2,740 $ 274
Commercial - - - - - -
- - - - - -
Total Developed 0.4 86 244 10.0 2,740 274
Undeveloped 87.1 4,724 54 11.0 421 38
- - - - - -
Total 87.5 $ 4,810 $ 55 21.0 $ 3,161 $ 151
- - - - - -
Six months ended
October 31:
Developed
Residential 1.8 $ 428 $ 238 30.0 $ 9,468 $ 316
Commercial 1.0 126 126 14.0 2,921 209
- - - - - -
Total Developed 2.8 554 198 44.0 12,389 282
Undeveloped 131.9 5,519 42 302.0 8,922 30
- - - - - -
Total 134.7 $ 6,073 $ 45 346.0 $ 21,311 $ 62
- - - - - -
Revenues from Media Services, including both Fulfillment Services and Newsstand
Distribution Services, remained nearly unchanged for the second quarter of 2009
versus the same period in 2008, totaling $35,254,000 this year compared to
$35,592,000 last year, and increased from $67,890,000 in the first six months of
2008 to $69,277,000 for the same period in 2009. The six month increase was
primarily attributable to the Company's Fulfillment Services operations, where
revenues were $32,158,000 and $62,826,000 for the second quarter and first six
months of 2009 compared to $32,036,000 and $61,023,000 in the same periods of
the prior year. The principal reason for the revenue increase in 2009 was the
net effect of revenue gains from new and existing clients that were offset in
part by reduced and lost business from certain customers. Revenues from
Newsstand Distribution Services operations decreased from $3,556,000 and
$6,867,000 for the second quarter and first six months of 2008 to $3,096,000 and
$6,451,000 for the same periods in 2009, primarily reflecting a softening of
magazine newsstand demand. Kable's operating expenses increased by $172,000 and
$552,000 for the second quarter and first six months of 2009 compared to the
same periods in 2008, primarily attributable to computer systems integration
costs and consulting costs of the Fulfillment Services business.
In October 2008, the Company announced a project to unify its magazine
subscription, membership and direct mail fulfillment services under one brand,
Palm Coast Data, and in one location, Palm Coast, Florida. This unification
project is expected to streamline operations, improve service to clients and
create cost efficiencies through reduced overhead costs and the elimination of
operating redundancies. The Company is still evaluating various alternatives for
this expansion, which could be in the range of $15,000,000 to $20,000,000 in
capital expenditures. The project is scheduled to be implemented over a
two-to-three year period, and over that period may involve approximately
$6,000,000 of non-recurring cash costs for severance, training and transition,
facility closings and equipment relocation. The State of Florida and the City of
Palm Coast have agreed to provide incentives for the program, including cash and
employee training grants and tax relief, which could amount to as much as
$8,000,000, largely contingent on existing job retention and new job creation.
Previously during fiscal 2008, the Company announced (i) one significant
workforce reduction in its Fulfillment Services business that occurred in the
second quarter of fiscal 2008, (ii) a plan to redistribute the work performed at
the Marion, Ohio facility of its Fulfillment Services business and the scheduled
closing of that facility that was substantially completed in August 2008, and
(iii) the consolidation of fulfillment operations customer call centers. The
Company incurred total costs directly related to the unification project of
$75,000 and $573,000 in the second quarter and first six months of 2009 compared
to $117,000 and $419,000 for the same periods of 2008, principally for severance
and consulting costs. These costs are included in the Restructuring and fire
recovery costs in the Company's consolidated statements of income and retained
earnings.
Notes payable $ 37,518 $ 25,928 $ 11,377 $ 213 $ -
Operating leases and other 26,811 5,511 10,809 7,076 3,415
- - - - -
Total $ 64,329 $ 31,439 $ 22,186 $ 7,289 $ 3,415
= = = = =
Read the The complete Report
More on AXR:
Gurus buys and sells of AXR
10-year financial history of AXR.
Insider buys/sells of AXR.
