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AMREP Corporation

AMREP Corporation. General Information. Index: NYSE Symbol: AXR Sector: Industrial Goods Industry: Residential Construction Sub-Industry: Diversified Commercial & Professional Services Employees: 1,295 Senior Management: 4 Board of Directors: 7. Company Overview. Product Categories:

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AMREP Corporation

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  1. AMREP Corporation

  2. General Information • Index: NYSE • Symbol: AXR • Sector: Industrial Goods • Industry: Residential Construction • Sub-Industry: Diversified Commercial & Professional Services • Employees: 1,295 • Senior Management: 4 • Board of Directors: 7

  3. Company Overview • Product Categories: • Real Estate Development • Rio Rancho, New Mexico: • 500 businesses • 17 shopping centers • Industrial properties • 85 buildings with 4.5 million square feet. • Colorado: • Residential properties • 160 acres with 350 homes • Commercial properties • 10 acres • Focus of its current activity is on the entitlement, development and the sale of land for residential, commercial and industrial uses

  4. Company Overview • Product Categories: • Magazine Service Operations • Provides an array of fulfillment services for publishers and distributes magazines to wholesalers, direct distributors and specialty retailers • Second largest provider of subscription fulfillment services to magazine publishers in the United States • 725 different magazine titles, for 250 clients and almost 41 million active subscriber names

  5. Additional Financial Information

  6. One Year Chart

  7. Competitors • Competitors for the magazine services: Anderson News Company, Chas. Levy Circulating Company, etc. • Competitors in real estate: Pulte Homes Industries, Lennar Corporation, etc.

  8. Real Estate Comparisons

  9. Risks • Primary Risk: Interest rate risk on its long term debt and fixed rate receivables • Company does not hedge interest rate risk using financial instruments • Major decreases in land value in New Mexico and Colorado • Company’s real estate business is highly concentrated in one market (New Mexico), so current and future growth may be limited if the economy contracts in this market. • Substantial legal, regulatory, and other requirements regarding the development of the land • Beta: 1.82

  10. Executive Officers • James Wall, 69 - Senior Vice President of the Company since 1991; Chairman, President and Chief Executive Officer of AMREP Southwest Inc., a wholly-owned subsidiary of the Company, since 1991. • Peter M. Pizza, 55 - Vice President and Chief Financial Officer of the Company since May 2001; Vice President and Controller of the Company from 1997 to 2001. • Joseph S. Moran, 58 - Vice President, General Counsel and Secretary of the Company since June 2005; Mr. Moran previously served as Vice President, General Counsel and Secretary of SatCon Technology Corporation from 2001 to 2005. • Michael P. Duloc, 49 - President and Chief Operating Officer of the Company's Newsstand Distribution Services business since 1996 and of the Company's Fulfillment Services business since 2000.

  11. Reasons for Investing • Large Revenue growth • From 2004 to 2005: 14.73% • From 2005 to 2006: 33.13% • Expansion: acquiring Palm Coast Data Holdco • 67.79% increase in net income from 2005 to 2006 • 351% increase in cash flow from operating activities from 2005 to 2006 • Higher ROA and ROE then competitors

  12. Questions???

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