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 January 31, 2001
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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 ______________________
Commission File Number 1-4702
AMREP Corporation
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Oklahoma 59-0936128
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(State or other jurisdiction of (IRS 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
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 March
15, 2001 - 6,573,586.
AMREP CORPORATION AND SUBSIDIARIES
INDEX
PART I. FINANCIAL INFORMATION PAGE NO.
Item 1. Consolidated Financial Statements:
Balance Sheets
January 31, 2001 (Unaudited) and
April 30, 2000 (Audited) 1
Statements of Operations and Retained Earnings
(Unaudited)
Three Months Ended January 31, 2001 and 2000 2
Statements of Operations and Retained Earnings
(Unaudited)
Nine Months Ended January 31, 2001 and 2000 3
Statements of Cash Flows (Unaudited)
Nine Months Ended January 31, 2001 and 2000 4
Notes to Consolidated Financial Statements 5-6
Item 2. Management's Discussion and Analysis 7-10
Item 3. Quantitative and Qualitative Disclosures
about Market Risk 10
PART II. OTHER INFORMATION
Item 4. Other Information 11
Item 5. Exhibits and Reports on Form 8-K 11
SIGNATURES 12
EXHIBIT INDEX 13
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(Thousands, except par value and number of shares)
January 31, 2001 April 30, 2000
---------------------- ------------------
(Unaudited) (Audited)
ASSETS
$ 8,735 $ 12,934
Cash and cash equivalents
Receivables, net:
Real estate operations 8,570 9,108
Magazine circulation operations 35,882 45,366
Real estate inventory 74,719 70,548
Property, plant and equipment, at cost,
net of accumulated depreciation
and amortization of $15,233 at
January 31, 2001 and $14,032
at April 30, 2000. 17,012 17,852
Other assets 10,340 11,437
Excess of cost of subsidiary over
net assets acquired 5,191 5,191
---------------------- ------------------
$ 160,449 $ 172,436
====================== ==================
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 16,312 $ 17,783
Deposits and accrued expenses 7,521 8,137
Notes payable:
Amounts due within one year 38,915 15,599
Amounts subsequently due 5,126 31,312
---------------------- ------------------
44,041 46,911
Taxes payable:
Amounts due (receivable)
within one year 1,659 (1,002)
Amounts subsequently due - 5,999
---------------------- ------------------
1,659 4,997
Deferred income taxes 2,027 2,627
---------------------- ------------------
71,560 80,455
---------------------- ------------------
Commitments and Contingencies
Shareholders' equity:
Common stock, $.10 par value;
shares authorized - 20,000,000;
shares issued - 7,399,677 at
January 31, 2001 and 7,398,677
issued at April 30, 2000 740 740
Capital contributed in excess
of par value 44,935 44,930
Retained earnings 48,923 47,258
Treasury stock, at cost; 826,091 shares
at January 31, 2001 and 158,327 shares
at April 30, 2000 (5,709) (947)
---------------------- ------------------
88,870 91,981
---------------------- ------------------
$ 160,449 $ 172,436
====================== ==================
See notes to consolidated financial statements.
1
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations and Retained Earnings (Unaudited)
Three Months Ended January 31, 2001 and 2000
(Thousands, except per share amounts)
2001 2000
------------------ -------------------
REVENUES
Real estate operations:
Land sales $ 2,921 $ 4,465
Home and condominium sales 466 1,866
------------------ -------------------
3,387 6,331
Magazine circulation operations 11,786 13,451
Interest and other operations 858 1,372
------------------ -------------------
16,031 21,154
------------------ -------------------
COSTS AND EXPENSES
Real estate cost of sales:
Land sales 1,976 3,237
Home and condominium sales 1,208 2,408
Operating expenses:
Magazine circulation operations 11,830 11,512
Real estate commissions and selling 270 348
Other operations 1,045 1,732
General and administrative:
Real estate operations and corporate 965 1,438
Magazine circulation operations 1,674 1,700
Interest, net 686 688
------------------ -------------------
19,654 23,063
------------------ -------------------
Loss before income taxes (3,623) (1,909)
BENEFIT FOR INCOME TAXES (4,949) (764)
------------------ -------------------
NET INCOME (LOSS) 1,326 (1,145)
RETAINED EARNINGS, beginning of period 47,597 48,044
------------------ -------------------
RETAINED EARNINGS, end of period $ 48,923 $ 46,899
================== ===================
EARNINGS (LOSS) PER SHARE -
BASIC AND DILUTED $ 0.20 $ (0.16)
================== ===================
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 6,600 7,240
================== ===================
See notes to consolidated financial statements.
2
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations and Retained Earnings (Unaudited)
Nine Months Ended January 31, 2001 and 2000
(Thousands, except per share amounts)
2001 2000
------------------ -------------------
REVENUES
Real estate operations:
Land sales $ 8,804 $ 24,809
Home and condominium sales 3,186 28,467
------------------ -------------------
11,990 53,276
Magazine circulation operations 36,855 40,314
Interest and other operations 2,787 3,912
------------------ -------------------
51,632 97,502
------------------ -------------------
COSTS AND EXPENSES
Real estate cost of sales:
Land sales 4,501 17,580
Home and condominium sales 4,581 26,779
Operating expenses:
Magazine circulation operations 31,953 32,710
Real estate commissions and selling 853 3,167
Other operations 2,171 3,714
General and administrative:
Real estate operations and corporate 3,122 4,954
Magazine circulation operations 5,203 4,917
Interest, net 2,307 2,332
------------------ -------------------
54,691 96,153
------------------ -------------------
(Loss) income before
income taxes (3,059) 1,349
(BENEFIT) PROVISION FOR INCOME TAXES (4,724) 539
------------------ -------------------
NET INCOME 1,665 810
RETAINED EARNINGS, beginning of period 47,258 46,089
------------------ -------------------
RETAINED EARNINGS, end of period $ 48,923 $ 46,899
================== ===================
EARNINGS PER SHARE - BASIC AND DILUTED $ 0.25 $ 0.11
================== ===================
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 6,717 7,300
================== ===================
See notes to consolidated financial statements.
3
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended January 31, 2001 and 2000
(Thousands)
2001 2000
----------------- ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,665 $ 810
----------------- ------------------
Adjustments to reconcile net income
to net cash provided by operating
activities -
Depreciation and amortization 2,287 3,233
Non-cash credits and charges:
(Gain) loss on disposition
of fixed assets (192) 194
Inventory and joint venture valuation
adjustments and other charges 1,672 2,604
Bad debt expense 2,107 1,268
Pension benefit accrual (489) (343)
Expense recorded on issuance
of treasury stock - 92
Changes in assets and liabilities -
Receivables 7,915 9,792
Real estate inventory (5,343) 19,373
Other real estate investments - 1,440
Other assets 680 (339)
Accounts payable, deposits and
accrued expenses (2,087) (12,137)
Taxes payable (3,338) (9,046)
Deferred income taxes (600) 1,111
----------------- ------------------
Total adjustments 2,612 17,242
----------------- ------------------
Net cash provided by
operating activities 4,277 18,052
----------------- ------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,837) (1,771)
Proceeds from sale of fixed assets 988 -
----------------- ------------------
Net cash used by
investing activities (849) (944)
----------------- ------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing 16,990 17,043
Principal debt payments (19,860) (42,206)
Proceeds from exercise of stock option 5 -
Purchase of treasury stock (4,762) (857)
----------------- ------------------
Net cash used by
financing activities (7,627) (29,020)
----------------- ------------------
Decrease in cash and
cash equivalents (4,199) (12,739)
CASH AND CASH EQUIVALENTS,
beginning of period 12,934 23,553
----------------- ------------------
CASH AND CASH EQUIVALENTS,
end of period $ 8,735 $ 10,814
================= ==================
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid - net
of amounts capitalized $ 1,621 $ 2,431
================= ==================
Income taxes (refunded) paid $ (771) $ 8,364
================= ==================
See notes to consolidated financial statements.
4
AMREP CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
Three Months Ended January 31, 2001 and 2000
(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, 2000
balance sheet amounts have been derived from the April 30, 2000 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 consolidated financial
statements, it is suggested that they be read in conjunction with the
consolidated financial statements and notes thereto included in the Registrant's
April 30, 2000 Annual Report on Form 10-K. In the opinion of management, the
accompanying unaudited consolidated financial statements include all
adjustments, which are of a normal recurring nature, 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.
(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 nine month periods
ended January 31, 2001 and 2000.
THREE MONTH Land Home Building Distri- Corporate
Sales (a) bution (b) Fulfillment and Other Consolidated
January 2001 (Thousands):
Revenues $ 3,275 $ 569 $ 3,146 $ 8,640 $ 401 $ 16,031
Expenses(excluding interest) 2,731 1,424 5,504 8,000 1,309 18,968
Interest expense, net 123 8 412 101 42 686
Pretax income (loss) ________ ________ _________ __________ _________ __________
contribution
$ 421 $ ( 863) $ (2,770) $ 539 $ (950) $ (3,623)
======== ======== ========= ========== ========= ==========
January 2000 (Thousands):
Revenues $ 4,350 $ 2,586 $ 3,898 $ 9,553 $ 767 $ 21,154
Expenses(excluding interest) 4,026 3,689 4,214 8,998 1,448 22,375
Interest expense, net 167 7 367 131 16 688
_________ ________ _________ _________ _________ __________
contribution $ 157 $ (1,110) $ (683) $ 424 $ (697) $ (1,909)
========= ======== ========== ========= ========= ===========
5
Land Home Building Distri- Corporate
Sales (a) bution (b) Fulfillment and Other Consolidated
NINE MONTHS:
January 2001 (Thousands):
Revenues $ 9,918 $ 3,338 $ 10,553 $ 26,302 $ 1,521 $ 51,632
Expenses (excluding interest) 6,813 5,181 12,702 24,454 3,234 52,384
Interest expense, net 318 42 1,427 391 129 2,307
________ _________ __________ __________ _________ __________
Pretax income (loss)
contribution $ 2,787 $ (1,885) $ (3,576) $ 1,457 $ (1,842) $ (3,059)
======== ========= ========== ========== ========= ==========
Identifiable assets $ 83,871 $ 3,273 $ 40,674 $ 18,230 $ 14,401 $ 160,449
_________________________________________________________________________________________________________________________________
January 2000 (Thousands):
Revenues $ 26,096 $ 29,086 $ 12,677 $ 27,637 $ 2,006 $ 97,502
Expenses (excluding interest) 20,748 31,822 11,592 26,035 3,624 93,821
Interest expense, net 452 225 1,178 426 51 2,332
__________ _________ __________ __________ _________ ___________
Pretax income (loss)
contribution $ 4,896 $ (2,961) $ (93) $ 1,176 $ (1,669) $ 1,349
=========== ============ ============= =========== =========== =============
Identifiable assets $ 76,569 $ 9,846 $ 48,356 $ 18,958 $ 15,858 $ 169,587
(a) Includes the effect of valuation adjustments and other charges of
approximately $1.4 million and $1.9 million recorded in the three and nine month
periods ended January 31, 2001, respectively, compared to $1.6 million and $3.4
million in the corresponding periods of the prior year.
(b) Includes the effect of provisions for bad debt expense of approximately $1.9
million and $2.1 million recorded in the three and nine month periods ended
January 31, 2001, respectively, compared to $.8 million and $1.3 million in the
corresponding periods of the prior year.
( 3) DEBT FINANCING
At January 31, 2001, Kable News Company was not in compliance with a financial
covenant of the $40 million credit arrangement for its magazine circulation
operations, which expires September 15, 2001. Approximately $25.3 million was
outstanding under this line of credit at January 31, 2001 and approximately
$23.3 million at March 16, 2001. The Company has guaranteed Kable's repayment
obligation under this arrangement. The lenders have granted a waiver through May
1, 2001 for this event of non-compliance and Kable has agreed to several changes
in the loan arrangement, the most significant of which is a reduction of the
loan commitment amount from $40 million to $30 million. Management believes that
this reduced commitment amount is sufficient for current operating requirements.
Kable has advised its lenders that it does not expect to be in compliance with
this covenant at May 1, 2001, and it intends to seek a further extension of the
waiver beyond that date, but there can be no assurance that such an extension
will be granted.
6
AMREP CORPORATION AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations for the Three and Nine Months ended January 31, 2001 and
2000
Total revenues were $16.0 million and $51.6 million for the three and nine month
periods ended January 31, 2001, respectively, compared to $21.2 million and
$97.5 million in the comparable periods of the prior year. As previously
reported, the reduction in revenues in fiscal 2001 was partly due to the
restructuring of the Company's real estate operations, including the continuing
wind-down of homebuilding operations.
Revenues from land sales were $2.9 million and $8.8 million in the three and
nine month periods ended January 31, 2001, respectively, compared to $4.5
million and $24.8 million in the comparable periods of the prior year, as a
result of decreased sales of residential lots to homebuilders and of commercial
and industrial properties. Revenues from residential lot sales decreased to $2.5
million in the third quarter and $7.8 million in the nine month period ended
January 31, 2001 from $3.3 million and $18.3 million in the comparable periods
of the prior year, primarily because the prior year periods included several
bulk lot sales to other homebuilders made as part of the Company's real estate
restructuring plan, whereas there were no comparable sales of large tracts of
land in the current year periods. In addition, revenues from the sale of
commercial and industrial land were $400,000 and $1.0 million in the three and
nine month periods ended January 31, 2001, respectively, compared to $1.2
million and $6.5 million in the comparable periods last year. The average gross
profit percentage on land sales increased from 31% in both the third quarter and
nine month periods of fiscal 2000 to 45% in the third quarter and 54% in the
nine month period of fiscal 2001, mainly because the prior year included a
higher percentage of sales of residential lots, including the bulk lot sales
discussed above, which were generally at lower gross profit percentages than
commercial and industrial land sales have historically achieved. 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
necessarily an indication of amounts that may be expected to occur in future
periods.
Revenues from housing sales decreased to $500,000 and $3.2 million in the third
quarter and first nine months of fiscal 2001, respectively, from $1.9 million
and $28.5 million in the same periods of the prior year, which principally
reflected the effects of the restructuring of the Company's real estate
operations discussed above. The Company delivered 2 and 11 homes in the third
quarter and first nine months of fiscal 2001, respectively, compared to 11 and
186 homes in the same periods of fiscal 2000. At January 31, 2001, 9 homes
remained to be sold, of which 6 were under contract. In addition, the third
quarter and first nine month results included charges for valuation adjustments
7
and other reserves primarily associated with the wind-down of certain real
estate projects outside of the Company's core market in Rio Rancho, New Mexico
of approximately $1.4 million and $1.9 million, respectively, in fiscal 2001
compared to $1.6 million and $3.4 million in the comparable periods of the prior
year. There was no other significant effect on net income resulting from the
withdrawal from homebuilding between these periods, however, as the decline in
homebuilding revenues and related gross profits in fiscal 2001 was substantially
offset by a comparable decrease in homebuilding-related commissions, selling and
general and administrative expenses.
Revenues from Kable News Company's magazine circulation operations decreased to
approximately $11.8 million and $36.9 million in the three and nine month
periods ended January 31, 2001, respectively, as compared to $13.5 million and
$40.3 million in the same periods last year, primarily due to a decrease in the
magazine distribution segment. Revenues from Newsstand Distribution Services
decreased approximately 19% in this year's third quarter and 17% for the nine
month period compared to last year, primarily due to customer losses and
decreased sales for existing customers, which reflected the continuation of
adverse business conditions and the economic deterioration within the wholesaler
and publisher ranks. Industry sales decreased approximately 7% in the 12 month
period ended December 2000, and certain publishers, including clients of Kable,
have either vacated Newsstand distribution or discontinued the production of a
number of their titles, thus adversely affecting overall sales. In addition,
revenues from Fulfillment Services decreased by 10% and 5% in the third quarter
and first nine months of fiscal 2001, respectively, compared to the prior year,
primarily as a result of the loss of sweepstakes processing business for one
customer, which was partly offset by increased revenues from core fulfillment
and other services. Also partly offsetting these revenue decreases was a
corresponding decrease in magazine circulation operating expenses which,
exclusive of bad debt expenses, decreased by 7% and 5% in the third quarter and
first nine months of fiscal 2001, respectively. However, because of the adverse
industry conditions discussed above in Newsstand Distribution Services, Kable
was required to provide for additional reserves for bad debt expense in fiscal
2001, and as a result, bad debt expense increased from $800,000 and $1.3 million
in the third quarter and first nine months of fiscal 2000, respectively, to $1.9
million and $2.1 million in the corresponding periods of the current year.
Real estate commissions and selling expenses decreased in both the third quarter
and first nine months of fiscal 2001 as a result of the wind-down of
homebuilding operations and reduced land sales. Real estate and corporate
general and administrative expenses also decreased in both periods of the
current fiscal year due to the effects of the Company's restructuring, including
the wind-down of homebuilding activities. General and administrative costs of
magazine circulation operations were comparable to the prior year total in the
third quarter of fiscal 2001, and increased moderately for the nine month period
as a result of an increase in certain insurance costs. Interest expense was
comparable to the same periods of fiscal 2000, as the effects of reduced
borrowings were generally offset by higher interest rates.
During the quarter ended January 31, 2001, the Company received final
notification from the Internal Revenue Service ("IRS") of the amount due with
8
respect to certain outstanding tax issues related to IRS audits of the Company's
1993 and 1994 tax returns. On March 2, 2001, the Company made a payment of
approximately $700,000 for all federal taxes and interest related to this
matter, which is less than the amount which the Company had previously accrued
on account thereof. As a result, the Company recognized a tax benefit of $3.5
million in the quarter ended January 31, 2001. In addition, the Company has
reclassified the remaining liability balance of "Taxes payable-Amounts
subsequently due", which principally represents an estimate of additional state
taxes and interest due resulting from adjustments on IRS audits, to "Taxes
payable-Amounts due within one year".
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 past two years, the Company has restructured its real estate
operations by winding-down homebuilding activities and selling a portion of its
landholdings in Colorado, California and Oregon. At January 31, 2001,
inventories had increased to $74.7 million compared to $70.5 million at April
30, 2000 as a result of additional development of land in Rio Rancho, while
notes payable had decreased to $44.0 million at January 31, 2001 compared to
$46.9 million at April, 30, 2000, principally due to decreased borrowing in the
magazine circulation operations.
At January 31, 2001, Kable News Company was not in compliance with a financial
covenant of the $40 million credit arrangement for its magazine circulation
operations, which expires September 15, 2001. Approximately $25.2 million was
outstanding under this line of credit at January 31, 2001 and approximately
$23.3 million at March 16, 2001. The Company has guaranteed Kable's repayment
obligation under this arrangement. The lenders have granted a waiver through May
1, 2001 for this event of non-compliance and Kable has agreed to several changes
in the loan arrangement, the most significant of which is a reduction of the
loan commitment amount from $40 million to $30 million. Management believes that
this reduced commitment amount is sufficient for current operating requirements.
Kable has advised its lenders that it does not expect to be in compliance with
this covenant at May 1, 2001, and it intends to seek a further extension of the
waiver beyond that date, but there can be no assurance that such an extension
will be granted. In addition, Kable has been informed that participants
representing approximately 50% of the committed credit have advised the lead
bank that they do not wish to participate in an extension of the arrangement
beyond September 15, 2001. The Company has initiated negotiations with the lead
bank for an extension and modification of the existing arrangement, and is also
in discussions with another potential lender; however, no agreements have been
reached at this time and there are no assurances that the Company will be able
to renegotiate or extend the terms of the credit agreement or find a replacement
lender.
9
During the quarter ended January 31, 2001, the Company reacquired 38,610 shares
of stock in connection with a severance agreement with a former officer of the
Company at a cost of approximately $270,000. In the first two quarters of fiscal
2001, the Company reacquired approximately 629,000 shares of its stock at a cost
of approximately $4.5 million.
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.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no material changes to the Company's market risk for the
three-month period ended January 31, 2001. See Item 7(A) of the Company's Annual
Report on Form 10-K for the fiscal year ended April 30, 2000 for additional
information regarding quantitative and qualitative disclosures about market
risk.
10
PART II. OTHER INFORMATION
Item 4. Other Information
The joint venture to conduct a periodicals supply business for a retail
periodical sales store chain referred to as a pending transaction in Part I,
Item 1 of the Registrant's Annual Report on Form 10-K for the fiscal year ended
April 30, 2000 has been established. Exhibit 99(a) to this Quarterly Report is
the press release issued by the Registrant's subsidiary, Kable News Company,
Inc., announcing the venture.
Item 5. Exhibits and Reports on Form 8-K
(a) Exhibits:
4(a) Third Modification Agreement dated as of December 15, 2000 to the
Loan Agreement dated as of September 15, 1998 between Kable News Company,
Inc. and American National Bank and Trust Company of Chicago as Agent to
all Lenders defined herein.
10(a) Employment Termination and Consulting Agreement and General
Release dated January 17, 2001 between the Registrant and Mohan Vachani.
99 (a) Press release dated February 8, 2001.
27. Financial Data Schedule
(b) Reports on Form 8-K:
No reports on Form 8-K were filed by the Registrant during the quarter
ended January 31, 2001.
11
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: March 19, 2001 By: /s/ Mohan Vachani
Mohan Vachani
Senior Vice President,
Chief Financial Officer
Dated: March 19, 2001 By: /s/ Peter M. Pizza
Peter M. Pizza
Vice President,
Controller
12
AMREP CORPORATION AND SUBSIDIARIES
EXHIBIT INDEX
4 (a) Third Modification Agreement dated as of December 15, 2000 to
the Loan Agreement dated as of September 15, 1998 between
Kable News Company, Inc. and American National Bank and Trust
Company of Chicago, as Agent and the Lenders, as defined therein.
10 (a) Employment Termination and Consulting Agreement and General
Release dated January 17, 2001 between the Registrant and Mohan
Vachani.
99 (a) Press release dated February 8, 2001.
27. Financial Data Schedule
13