SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A-1
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 1994
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number 1-4702
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AMREP Corporation
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(Exact name of registrant as specified in its charter)
Oklahoma 59-0936128
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
641 Lexington Avenue, Sixth Floor, New York, New York 10022
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 705-4700
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Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No
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Number of Shares of Common Stock, par value $.10 per share, outstanding
at December 13, 1994 - 7,387,275.
The registrant hereby amends the following items, financial statements,
exhibits or other portions of its Form 10-Q for the quarter ended
October 31, 1994, as set forth in the pages attached hereto:
PART I. - FINANCIAL INFORMATION
Item 1. - Financial Statements
Statements of Cash Flows (Unaudited)
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FORM 10-Q/A-1
AMREP CORPORATION AND SUBSIDIARIES
Statements of Cash Flows (Unaudited) (Page 1 of 2)
Six Months Ended October 31, 1994 and 1993
(Thousands)
1994 1993
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CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from real estate operations
and other $ 54,922 $ 42,610
Cash received from magazine circulation
operations, net of publisher payments 23,420 11,144
Interest received 619 560
Cash paid to suppliers and employees (69,228) (47,725)
Cash paid to acquire land (43) -
Interest paid (2,222) (2,642)
Income taxes paid (58) (119)
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Net cash provided by operating activities 7,410 3,828
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CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,120) (1,219)
Other, net 600 (127)
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Net cash used by investing activities (520) (1,346)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing 10,451 6,272
Principal debt payments (17,026) (12,633)
Proceeds from exercise of stock options 250 98
Proceeds from sale of stock 4 -
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Net cash used by financing activities (6,321) (6,263)
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Increase (decrease) in cash and temporary cash
investments 569 (3,781)
CASH AND TEMPORARY CASH INVESTMENTS, beginning
of period 6,623 6,856
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CASH AND TEMPORARY CASH INVESTMENTS, end
of period $ 7,192 $ 3,075
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FORM 10-Q/A-1
AMREP CORPORATION AND SUBSIDIARIES
Statements of Cash Flows (Unaudited) (Page 2 of 2)
Six Months Ended October 31, 1994 and 1993
(Thousands)
1994 1993
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RECONCILIATION OF NET INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Net income $ 1,725 $ 798
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Adjustments to reconcile net income to
net cash provided by operating activities -
Depreciation and amortization 3,008 2,590
Changes in assets and liabilities -
Receivables 4,961 (5,961)
Real estate inventory 2,361 (2,985)
Rental and other real estate projects 1,652 3,302
Investment property (166) 466
Other assets (2,557) (2,223)
Accounts payable, deposits and
accrued expenses (4,667) 7,562
Deferred income taxes 1,093 279
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Total adjustments 5,685 3,030
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Net cash provided by
operating activities $ 7,410 $ 3,828
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Supplemental schedule of noncash investing activities (dollars in thousands
per share amount):
Purchase of Capital Distribution Company assets
with 575,593 shares of AMREP Corporation stock
valued at $7.125 per share. $ - $ 4,101
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See notes to consolidated financial statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
AMREP CORPORATION
(Registrant)
Dated: February 6, 1995 By: /s/ Anthony B. Gliedman
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Chairman of the Board,
Chief Executive Officer
and President
Dated: February 6, 1995 By: /s/ Rudolph J. Skalka
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Vice President, Finance
and Principal Accounting
Officer
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