SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 1999
______________________________________
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to _________________
Commission File Number 1-4702
___________
AMREP Corporation
_______________________________________________________________________________
(Exact name of registrant as specified in its charter)
Oklahoma 59-0936128
_______________________________________________________________________________
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
641 Lexington Avenue, Sixth Floor, New York, New York 10022
_______________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 705-4700
_________________
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 subject to such
filing requirements for the past 90 days.
Yes X No
____________ ___________
Number of Shares of Common Stock, par value $.10 per share, outstanding at
December 10, 1999 - 7,240,350.
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
CONTENTS
PART I PAGE NO.
Consolidated Financial Statements:
Balance Sheets
October 31, 1999 (Unaudited) and
April 30, 1999 (Audited) 1
Statements of Operations and Retained Earnings (Unaudited)
Three Months Ended October 31, 1999 and 1998 2
Statements of Operations and Retained Earnings (Unaudited)
Six Months Ended October 31, 1999 and 1998 3
Statements of Cash Flows (Unaudited)
Six Months Ended October 31, 1999 and 1998 4
Notes to Consolidated Financial Statements 5 - 6
Management's Discussion and Analysis 7 - 10
PART II
Other Information 11
Signatures 12
Exhibit Index 13
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
October 31, 1999 and April 30, 1999
(Dollar amounts in thousands, except par value)
October 31, April 30,
1999 1999
------------------- ----------------
(Unaudited) (Audited)
ASSETS
Cash and cash equivalents $ 17,608 $ 23,553
Receivables, net:
Real estate operations 11,156 10,846
Magazine circulation operations 50,303 53,822
Real estate inventory 69,113 89,723
Other real estate investments 1,749 2,401
Property, plant and equipment, at cost,
net of accumulated depreciation and
amortization of $14,725 at October 31,
1999 and $14,443 at April 30, 1999 17,991 18,360
Other assets 12,683 13,881
Excess of cost of subsidiary over
net assets acquired 5,191 5,191
---------------- ---------------
Total Assets $ 185,794 $ 217,777
================ ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, deposits
and accrued expenses $ 30,515 $ 36,182
Notes payable:
Amounts due within one year 11,260 26,769
Amounts subsequently due 38,430 47,896
Taxes payable:
Amounts due within one year 819 2,513
Amounts subsequently due 10,325 11,825
Deferred income taxes 1,661 1,015
---------------- ---------------
Total Liabilities 93,010 126,200
---------------- ---------------
Shareholders' equity:
Common stock, $.10 par value;
shares authorized -- 20,000,000;
shares issued and outstanding
--7,398,677 at October 31, 1999
and April 30, 1999 740 740
Capital contributed in excess of par value 44,930 44,928
Retained earnings 48,044 46,089
Treasury stock, at cost; 156,127 shares
at October 31, 1999, and (930) (180)
30,027 shares at April 30, 1999
---------------- ---------------
Total Shareholders' Equity 92,784 91,577
---------------- ---------------
Total Liabilities and
Shareholders' Equity $ 185,794 $ 217,777
================ ===============
See notes to consolidated financial statements.
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations and Retained Earnings (Unaudited)
Three Months Ended October 31, 1999 and 1998
(Amounts in thousands, except per share amounts)
1999 1998
-------------------- -------------------
REVENUES
Real estate operations:
Land sales $ 12,118 $ 2,075
Home and condominium sales 7,890 17,376
--------------- --------------
20,008 19,451
Magazine circulation operations 13,863 14,930
Interest and other operations 442 1,549
--------------- --------------
34,313 35,930
--------------- --------------
COSTS AND EXPENSES
Real estate cost of sales:
Land sales 8,473 939
Home and condominium sales 7,885 15,103
Operating expenses:
Magazine circulation operations 10,732 11,554
Real estate commissions and selling 1,229 1,791
Other operations 971 970
General and administrative:
Real estate operations and corporate 1,574 2,158
Magazine circulation operations 1,648 1,585
Interest, net 731 1,261
--------------- --------------
33,243 35,361
--------------- --------------
INCOME BEFORE INCOME TAXES 1,070 569
PROVISION FOR INCOME TAXES 428 228
--------------- --------------
NET INCOME 642 341
RETAINED EARNINGS, beginning of period 47,402 41,434
--------------- --------------
RETAINED EARNINGS, end of period $ 48,044 $ 41,775
=============== ==============
EARNINGS PER SHARE -
BASIC AND DILUTED $ 0.09 $ 0.05
=============== ==============
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING 7,297 7,369
=============== ==============
See notes to consolidated financial statements.
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations and Retained Earnings (Unaudited)
Six Months Ended October 31, 1999 and 1998
(Amounts in thousands, except per share amounts)
1999 1998
==================== ===================
REVENUES
Real estate operations:
Land sales $ 20,344 $ 11,748
Home and condominium sales 26,601 38,224
--------------- --------------
46,945 49,972
Magazine circulation operations 26,863 29,180
Interest and other operations 2,540 3,001
--------------- --------------
76,348 82,153
--------------- --------------
COSTS AND EXPENSES
Real estate cost of sales:
Land sales 14,336 6,028
Home and condominium sales 24,378 33,250
Operating expenses:
Magazine circulation operations 21,198 22,457
Real estate commissions and selling 2,819 3,567
Other operations 1,982 1,834
General and administrative:
Real estate operations and corporate 3,516 3,989
Magazine circulation operations 3,217 3,267
Interest, net 1,644 2,389
--------------- --------------
73,090 76,781
--------------- --------------
INCOME BEFORE INCOME TAXES 3,258 5,372
PROVISION FOR INCOME TAXES 1,303 2,149
--------------- --------------
NET INCOME 1,955 3,223
RETAINED EARNINGS, beginning of period 46,089 38,552
--------------- --------------
RETAINED EARNINGS, end of period $ 48,044 $ 41,775
=============== ==============
EARNINGS PER SHARE
- BASIC AND DILUTED $ 0.27 $ 0.44
=============== ==============
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 7,329 7,369
=============== ==============
See notes to consolidated financial statements.
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended October 31, 1999 and 1998
(Amounts in thousands)
1999 1998
---------------- ---------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 1,955 $ 3,223
------------- ------------
Adjustments to reconcile net income
to net cash provided (used) by operating
activities: -
Depreciation and amortization 2,372 1,528
Non-cash credits and charges:
Loss on disposition of fixed assets 169 -
Issuance of treasury stock
as compensation 92 -
Inventory and Joint Venture
valuation adjustments and write-offs 1,223 -
Pension benefit accrual (162) (75)
Changes in assets and liabilities:
Receivables, net 3,209 (4,671)
Real estate inventory 20,610 (5,378)
Other real estate investments 652 (314)
Other assets (1,091) (559)
Accounts payable, deposits
and accrued expenses (5,667) (1,121)
Taxes payable (3,194) (3,400)
Deferred income taxes 646 -
------------- ------------
Total adjustments 18,859 (13,990)
------------- ------------
Net cash provided (used)
by operating activities 20,814 (10,767)
------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (944) (1,204)
------------- ------------
Net cash used
by investing activities (944) (1,204)
------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing 11,410 49,032
Principal debt payments (36,385) (45,457)
Purchase of treasury stock (840) -
------------- ------------
Net cash provided (used)
by financing activities (25,815) 3,575
------------- ------------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (5,945) (8,396)
CASH AND CASH EQUIVALENTS, beginning of period 23,553 20,517
-------------- ------------
CASH AND CASH EQUIVALENTS, end of period $ 17,608 $ 12,121
============== ============
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid -
net of amounts capitalized $ 1,737 $ 2,544
Income taxes paid $ 3,795 $ 5,706
============= ============
See notes to consolidated financial statements.
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
Six Months Ended October 31, 1999 and 1998
(1) BASIS OF PRESENTATION
The accompanying unaudited financial statements included herein have been
prepared by the Company pursuant to the rules and regulations of the Securities
and Exchange Commission for interim financial information. The April 30, 1999
balance sheet amounts have been derived from the April 30, 1999 audited
financial statements of the Registrant. Since the accompanying consolidated
financial statements do not include all the information and footnotes required
by generally accepted accounting principles for complete financial statements,
it is suggested that they be read in conjunction with the financial statements
and notes thereto included in the Registrant's April 30, 1999 Annual Report on
Form 10-K. In the opinion of management, the accompanying unaudited financial
statements include all adjustments necessary to reflect a fair presentation of
the results for the interim periods presented. The results of operations for
such interim periods are not necessarily indicative of the results to be
expected for the full fiscal year. Certain amounts in the October 31, 1998
Statement of Operations and Retained Earnings and Statement of Cash Flows have
been reclassified to conform to the presentation used at October 31, 1999.
(2) INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT
INDUSTRY SEGMENTS:
The following schedules set forth summarized data relative to the industry
segments in which the Company operates for the three and six month periods ended
October 31, 1999 and 1998.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
< Land Home Corporate
Sales Building(a) Distribution Fulfillment and Other Consolidated
THREE MONTHS:
October 1999 (Thousands):
Revenues $ 12,718 $ 7,027 $ 4,124 $ 9,739 $ 705 $ 34,313
Expenses (excluding
interest) 10,123 9,215 3,615 8,765 794 32,512
Interest expense, net 156 22 392 143 18 731
-------- -------- -------- -------- -------- --------
Pretax income (loss)
contribution $ 2,439 $ (2,210) $ 117 $ 831 $ (107) $ 1,070
======== ======== ======== ======== ======== ========
- - -----------------------------------------------------------------------------------------------------
October 1998 (Thousands):
Revenues $ 2,335 $ 17,996 $ 5,243 $ 9,687 $ 669 $ 35,930
Expenses (excluding
interest) 1,902 17,700 3,817 9,322 1,359 34,100
Interest expense, net 160 350 530 203 18 1,261
-------- -------- -------- -------- -------- --------
Pretax income (loss)
contribution $ 273 $ (54) $ 896 $ 162 $ (708) $ 569
======== ======== ======== ======== ======== ========
- - ----------------------------------------------------------------------------------------------------
4
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
< Land Home Corporate
Sales Building(a) Distribution Fulfillment and Other Consolidated
SIX MONTHS:
October 1999 (Thousands):
Revenues $ 21,746 $ 26,500 $ 8,779 $ 18,084 $ 1,239 $ 76,348
Expenses (excluding
interest) 16,722 28,133 7,378 17,037 2,176 71,446
Interest expense, net 285 218 811 295 35 1,644
-------- -------- -------- -------- -------- --------
Pretax income (loss)
contribution $ 4,739 $ (1,851) $ 590 $ 752 $ (972) $ 3,258
======== ======== ======== ======== ======== ========
Identifiable assets $ 62,079 $ 32,516 $ 57,081 $ 19,687 $ 14,430 $185,793
- - -----------------------------------------------------------------------------------------------------
October 1998 (Thousands):
Revenues $ 12,193 $ 39,225 $ 10,638 $ 18,542 $ 1,555 $ 82,153
Expenses (excluding
interest) 7,614 38,579 7,783 17,941 2,475 74,392
Interest expense, net 284 635 1,034 395 41 2,389
-------- -------- -------- -------- -------- --------
Pretax income (loss)
contribution $ 4,295 $ 11 $ 1,821 $ 206 $ (961) $ 5,372
======== ======== ======== ======== ======== ========
Identifiable assets $ 71,346 $ 75,951 $ 61,525 $ 20,779 $ 2,444 $232,045
- - ----------------------------------------------------------------------------------------------------
4
</TABLE>
(a)Includes the effect of valuation adjustments and other write-offs on certain
inventories and equity investments in joint ventures of approximately $1.9
million recorded in the quarter ended October 31, 1999. Based upon the
nature of the components of the this adjustment, the Company charged $.9
million of the adjustment to housing cost of sales, $.7 million to interest
and other operations, and the balance to selling and general and
administrative expenses.
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Management's Discussion and Analysis of
Financial Condition and Results of Operations
October 31, 1999
RESULTS OF OPERATIONS
Total revenues decreased $1.6 million (5%) from $35.9 million to $34.3 million
for the three month period ended October 31, 1999 compared to the prior year,
while net income increased from $341,000 last year to $642,000 this year. For
the six month period ended October 31, 1999, revenues decreased $5.8 million
(7%) from $82.1 million to $76.3 million, and net income declined to $2.0
million from $3.2 million in the same period of the prior year.
Revenues from real estate operations increased $.6 million (3%) and decreased
$3.0 million (6%) during the three and six month periods ended October 31, 1999,
respectively, compared to the prior year, resulting from a decrease in home
sales which was offset by an increase in revenues from land sales during these
periods. These variations largely reflect decisions made by the Company during
the prior fiscal year to wind-down substantially all of its homebuilding
operations and to sell all of its remaining land holdings in California and
Colorado. As part of this process, the Company has entered into option-like
contracts for the sale of homebuilding lots to several national and local
builders in Rio Rancho, New Mexico and Denver, Colorado.
Revenues from land sales increased by $10.0 million in the second quarter,
primarily as the result of the bulk sale of approximately 500 homebuilding lots
in Colorado as well as three large commercial sales in Rio Rancho during the
quarter, whereas the prior year did not include any comparable bulk sales of
homebuilding lots or commercial real estate. The gross profit percentage on land
sales was 30% for both the second quarter and six month periods of the current
year, compared to 55% in the second quarter and 49% for the six month period of
the prior year. The gross profit percentages attained during the current fiscal
year are lower than those attained in the prior year due to the increased
proportion of sales of bulk homebuilding lots, which traditionally have lower
profit margins than sales of commercial real estate. Land sale revenues and
related gross profits can vary from period to period as a result of the nature
and timing of specific transactions, and thus prior results are not an
indication of amounts that may be expected to occur in future periods from sales
of land.
Revenues from home sales decreased $9.5 million (55%) and $11.6 million (30%) in
the three and six month periods ended October 31, 1999, respectively, as
compared to the similar periods of the prior year, resulting from a decrease in
total unit deliveries from 146 to 48 in the second quarter and from 309 to 175
in the six month period. In addition, the gross profit percentage realized on
housing operations (before certain adjustments and write-offs discussed below)
decreased from 13% for the three and six month periods of the prior year to 8.5%
and 10.9% for the comparable periods of the current year. These decreases all
reflect the effects of the restructuring of the Company's real estate
operations, as discussed above.
During the quarter ended October 31, 1999, the real estate division recorded
charges of approximately $1.9 million for valuation adjustments and other
write-offs on certain inventories and equity investments in joint venture
arrangements. These adjustments were deemed necessary as a result of several
factors, including the decision to curtail remaining homebuilding on certain
projects in Oregon due to market conditions, the accrual of additional warranty
and other site development costs necessary to comply with municipal requirements
in Colorado, and additional write-offs on projects in California. The Company's
remaining investment in land and joint ventures in markets outside of New Mexico
is approximately $24 million, and, as discussed above, the Company or its
partners are in the process of winding-down or selling these assets. The
ultimate ability to recover the full value of these assets is dependent upon a
number of factors, including market conditions in each of those regions, and
cannot be assured.
Revenues from magazine circulation operations decreased approximately $1.1
million (7%) and $2.3 million (8%) in the three and six month periods ended
October 31, 1999, respectively, as compared to the same periods last year.
Newsstand revenues decreased approximately $1.1 million (21%) and $1.8 million
(17%) in the three and six month periods this year, respectively, compared to
the same periods in the prior year due primarily to a decrease in gross magazine
billings, principally resulting from the loss of two publisher clients.
Fulfillment Services revenues were comparable from year to year for the three
month period, and decreased approximately $.5 million (2%)for the six month
period as a result of decreasing revenues from one large customer which, as
previously announced, has changed its operational strategies and will
discontinue the use of Fulfillment Services during fiscal 2000; Fulfillment
Services does not expect a significant impact on earnings as a result of this
change. This revenue decrease was partly offset by cost reductions, principally
payroll-related, as magazine circulation operating expenses decreased by $.8
million (7%) and $1.3 million (6%) for the three and six month periods ended
October 31, 1999.
Revenues and equity income from joint ventures included in "Interest and other
operations" decreased as a result of the valuation adjustments and other
write-offs discussed above. Real estate commissions and selling expenses
decreased from the prior year for both the three and six month periods primarily
as a result of the wind-down of homebuilding operations. This is also the reason
for the decrease in real estate and corporate general and administrative
expenses. General and administrative costs of the magazine circulation
operations were comparable to the prior year amounts in both periods. Interest
expense decreased due to lower borrowing requirements within both the real
estate and magazine businesses.
LIQUIDITY AND CAPITAL RESOURCES
During the past several years, the Company has financed its operations from
internally generated funds from home and land sales and magazine circulation
operations, and from borrowings under its various lines-of-credit and
construction loan agreements. During the quarter ended October 31, 1999, the
Company continued its previously announced restructuring program intended to,
among other things, wind-down substantially all of its homebuilding operations
and sell its land holdings in California and Colorado. As a direct result of
this initiative, inventories decreased by approximately $20.6 million, to $69.1
million at October 31, 1999 compared to $89.7 million at April 30, 1999. The
Company utilized the cash provided by this inventory reduction, as well as a
portion of the cash balance at April 30, 1999, to reduce total debt by
approximately $25 million, from $74.7 million at April 30, 1999 to $49.7 million
at October 31, 1999. Total debt related to real estate operations was
approximately $17 million at October 31, 1999 compared to $34.4 million at April
30, 1999.
In connection with a previously announced stock repurchase program, the Company
reacquired 141,000 of its shares to be held as treasury stock at a cost of
approximately $840,000 during the six months ended October 31, 1999. The Company
also issued 15,000 shares of stock (from shares held in the treasury) during the
first quarter of fiscal 2000 as compensation for certain executive consulting
services, and charged the fair market value of the stock of $92,000 to general
and administrative expense. In addition, the Company paid approximately $1.5
million of interest to the Internal Revenue Service ("IRS") in connection with
the resolution of the IRS' examination of the Company's tax returns for the
years 1990 through 1992. (The payment of federal income taxes related to those
years was paid in full during fiscal 1999.) As previously disclosed,
examinations of the Company's tax returns for the years 1993 through 1996 are in
various stages of completion, and the Company believes that the balance of Taxes
payable - Amounts subsequently due at October 31, 1999, which reflects all
amounts anticipated to be due for federal taxes and interest to the IRS upon
settlement of all examinations, will be paid at varying times over the next
several years.
The Company believes that cash provided from operations together with existing
cash balances, its lines-of-credit and land development loans will be sufficient
to maintain liquidity at a satisfactory level.
YEAR 2000
During 1996, the Company began the process of assessing the readiness of its
computer software, hardware and other computer-related equipment to determine
whether they were Year 2000 (Y2K) compliant, and if not, what remedial steps
would be required to bring them into compliance by forming committees consisting
of information technology, operating and financial management at each of the
Company's operating centers. The Committees were under the overall direction of
two senior corporate employees, who have reported the status of compliance to
the Board of Directors on a quarterly basis.
The Committee undertook a four phase program consisting of: (1) identification
and ranking of significant Y2K sensitive equipment and software, (2) assessment
of the identified components, (3) remediation and (4) testing. At October 31,
1999, the identification and assessment phases were completed, and the
remediation and testing (which is undertaken as specific remediation is
completed) were substantially (greater than 95%) completed. The Company believes
that any areas that remain to be completed are not significant to the overall
operations of the Company, and there is sufficient time to correct any remaining
deficiencies.
The Company believes that its real estate segments are not heavily dependent on
Y2K compliance and that, should a reasonably likely "worst case" situation
develop, the Company would not likely suffer a material loss or a disruption in
operations while remedying the problem. The potential risk is greater for the
magazine circulation operation segments, however, as the systems are substantial
and complex. The Company has completed substantially all full testing, however,
and is in the process of correcting any remaining deficiencies. There is also
some "worst case" potential should major magazine clients and wholesaler
customers fail to be Y2K compliant. The Company has contacted the clients and
customers of this segment in order to better evaluate risk, and responses
received to date have been positive.
The Company has been reviewing whether its significant vendors, suppliers,
financial institutions and other service providers are Y2K compliant. The vast
majority of responses to the Company's inquiries indicate that these suppliers
are compliant or expect to be so by the end of 1999, however, the Company has no
means of ensuring that such suppliers will be Y2K compliant. Although the
Company does not anticipate any material interruptions due to Y2K, it cannot be
ruled out that some unforeseen second or third party disruption might occur. The
Company plans to respond to any contingency arising from second or third-party
suppliers by seeking to utilize alternative sources for such goods and services,
where practicable. The Company is most at risk should widespread disruptions in
the regional or national economic or infrastructure occur; the likelihood and
effects of any such disruption are not determinable at this time.
Statement of Forward-Looking Information
Certain information included herein and in other Company statements, reports and
filings with the Securities and Exchange Commission is forward-looking within
the meaning of the Private Securities Litigation Reform Act of 1995. Refer to
Item 7 of the Annual Report on Form 10-K for a discussion of the assumptions and
factors on which these statements are based. Any changes in the actual outcome
of these assumptions and factors could produce significantly different results;
accordingly, all forward-looking statements should be evaluated with the
understanding of their inherent uncertainty.
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued) and Part II
October 31, 1999
PART II
Other Information
Item 4. Submission of Matters to Vote of Security Holders
The Annual Meeting of Shareholders was held on September 29, 1999.
At the meeting, Jerome Belson, Nicholas G. Karabots and Albert Russo were
elected as directors. The terms of office as directors of Edward B. Cloues, II,
Daniel Friedman, Samuel N. Seidman, Mohan Vachani, and James Wall continue.
Shareholders cast votes for the election of directors as follows:
Nominee "For" "Withheld"
Jerome Belson 6,927,534 59,677
Nicholas G. Karabots 6,927,734 59,477
Albert Russo 6,927,534 59,677
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
27 Financial Data Schedule.
(b) Reports on Form 8-K.
No reports on Form 8-K were filed by Registrant during the quarter ended
October 31, 1999.
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
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: December 10, 1999 By: /s/ Mohan Vachani
Mohan Vachani
Senior Vice President,
Chief Financial Officer
Dated: December 10, 1999 By: /s/ Peter M. Pizza
Peter M. Pizza
Vice President, Controller
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
EXHIBIT INDEX
27 Financial Data Schedule.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
FDS - 2ND QUARTER
</LEGEND>
<CIK> 0000006207
<NAME> AMREP CORPORATION
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<CASH> 17,608
<SECURITIES> 0
<RECEIVABLES> 61,459
<ALLOWANCES> 0
<INVENTORY> 70,862
<CURRENT-ASSETS> 0
<PP&E> 32,716
<DEPRECIATION> 14,725
<TOTAL-ASSETS> 185,794
<CURRENT-LIABILITIES> 0
<BONDS> 38,430
0
0
<COMMON> 740
<OTHER-SE> 92,044
<TOTAL-LIABILITY-AND-EQUITY> 185,794
<SALES> 46,945
<TOTAL-REVENUES> 76,348
<CGS> 38,714
<TOTAL-COSTS> 64,713
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,644
<INCOME-PRETAX> 3,258
<INCOME-TAX> 1,303
<INCOME-CONTINUING> 1,955
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,955
<EPS-BASIC> 0.27
<EPS-DILUTED> 0
</TABLE>
