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AXR > SEC Filings for AXR > Form 8-K/A on 29-May-2013All Recent SEC Filings

Show all filings for AMREP CORP. | Request a Trial to NEW EDGAR Online Pro

Form 8-K/A for AMREP CORP.


29-May-2013

Other Events


Item 8.01 Other Events.

As previously disclosed in the Securities and Exchange Commission filings of AMREP Corporation (the "Company"), the Company's Media Services businesses have operated with negative working capital ($18.5 million at January 31, 2013) primarily through liquidity provided by one material customer contract that expires June 2014. The negative working capital of the Company's Media Services businesses represents the net payment obligation due to this customer and certain other third parties.

On May 26, 2013, the Company's Newsstand Distribution Services business, which is part of the Company's Media Services businesses, received notice that this customer contract would not be renewed upon its scheduled expiration in June 2014. The Company's Newsstand Distribution Services business is evaluating its ability to pay the net payment obligation represented by the negative working capital (approximately $17.6 million as of January 31, 2013) upon expiration of the contract. The Company's Newsstand Distribution Services business currently does not have sufficient capital to fund in full or refinance this obligation, and it may be unable to pay such amount and obtain other sources of working capital absent the Company obtaining additional debt or equity funding or raising capital through the sale of assets. Such additional funding or capital may not be available on acceptable terms or at all. Any failure to obtain capital to pay such obligation or to obtain other sources of working capital could have a material adverse effect on the Company's business, financial condition and results of operations. In addition, this customer contract represented approximately 8.5% of revenues for the Company's Newsstand Distribution Services business for the nine months ended January 31, 2013 and the loss of this revenue following the expiration of the contract in June 2014 could have a material adverse effect on the Company's Newsstand Distribution Services business, financial condition and results of operations.

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