Securities and Exchange Commission
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(f) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 7, 2002
AMREP CORPORATION
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(Exact name of registrant as specified in charter)
Oklahoma 1-4702 59-0936128
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification Number)
641 Lexington Avenue, 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
Item 4. Changes in Registrant's Certifying Accountant.
On March 7, AMREP Corporation (the "Company") notified Arthur Andersen LLP
("Andersen") that the Company would change its external auditors to McGladrey &
Pullen LLP for its fiscal year ending April 30, 2002. Andersen and its
predecessor partnership had been the independent auditor for the Company since
1981.
Prior to such notification, the Company did not consult with McGladrey &
Pullen LLP regarding the application of accounting principles to a specific
completed or contemplated transaction or any matter that was either the subject
of a disagreement or a reportable event. The Company also did not consult with
McGladrey & Pullen LLP regarding the type of audit opinion that might be
rendered on the Company's consolidated financial statements.
The reports of Andersen on the Company's consolidated financial statements
for the fiscal years ended April 30, 2001 and 2000 contained no adverse opinion
or disclaimer of opinion and were not qualified or modified as to uncertainty,
audit scope or accounting principles. In connection with its audits for the
fiscal years ended April 30, 2001 and 2000 and the subsequent interim period
preceding the Company's notification to Andersen of its intention to dismiss
such firm, there has been no disagreements with Andersen on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure that, if not resolved to the satisfaction of Andersen, would
have caused such firm to make reference to the subject matter of the
disagreement(s) in connection with its report.
The Company's Audit Committee participated in and approved the decision to
change the Company's external auditors and the Board made the appointment.
The Company has requested that Andersen furnish it with a letter addressed
to the SEC stating whether or not it agrees with the above statements.
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 hereunto duly authorized.
Date: March 13, 2002
AMREP Corporation
By: /s/ Peter M. Pizza
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Peter M. Pizza
Vice President
Item 7. Exhibits
16.1 Letter dated March 13, 2002 from Arthur Andersen LLP to
Securities and Exchange Commission.