NEW YORK, July 13 /PRNewswire-FirstCall/ -- AMREP Corporation (NYSE: AXR)
today reported net income of $2,047,000, or $0.31 per share, for its fiscal
year 2004 fourth quarter ended April 30, 2004 compared to net income of
$1,552,000, or $0.24 per share, in the same period of fiscal 2003. Revenues
were $31,428,000 in the fourth quarter of fiscal 2004 versus $20,587,000 in
the same period of fiscal 2003.  For all of 2004, the Company reported
revenues of $131,107,000 and net income of $11,677,000, or $1.77 per share,
compared to revenues of $73,791,000 and net income of $6,273,000, or $0.95 per
share, in 2003.  Results for 2004 included a third-quarter pretax gain of
approximately $1.7 million (equivalent to $0.16 per share) resulting from the
accelerated recognition of a deferred actuarial gain due to the curtailment of
future service benefits under the Company's pension plan.
    The Company noted that revenues from its Kable News Company subsidiary
rose significantly for both the fourth quarter and full year, from $15,401,000
and $54,058,000, respectively, in fiscal 2003 to $23,682,000 and $99,791,000
in the corresponding periods of fiscal 2004.  This substantial revenue growth
reflected the April 2003 acquisition by Kable of the subscription fulfillment
business of Electronic Data Systems Corporation ("EDS").  The pretax profit of
Kable News Company also improved in both the three and twelve month periods
ended April 30, 2004 as compared to the same periods in 2003.  The Company
cautioned, however, that as a result of customer losses that were identified
and known prior to the acquisition of the EDS business, and which occurred
throughout 2004, it is anticipated that the revenues and pretax income
contributed by the acquired subscription fulfillment business in fiscal 2005
will be lower than in 2004.  Accordingly, the results for Kable's Fulfillment
Services business for 2004 are not necessarily a good indication of what may
occur in future periods.
    Revenues from land sales at the Company's AMREP Southwest subsidiary also
increased in both periods reported, from $4,482,000 and $15,965,000 in the
fourth quarter and full year of fiscal 2003, respectively, to $7,136,000 and
$28,012,000 in the corresponding periods of fiscal 2004.  This substantial
improvement was the result of increased sales activity of both developed and
undeveloped lots in the Company's principal market of Rio Rancho, New Mexico
in 2004. Pretax profit from real estate operations also improved significantly
in both reported periods of 2004 versus the comparable periods of the prior
year, primarily due to increased revenues.  As previously reported, revenues
and related gross profits from land sales can vary significantly from period
to period as a result of many factors, including the nature and timing of
specific transactions, so that prior results are not necessarily a good
indication of what may occur in future periods.
    On a separate matter, AMREP also announced that its Board of Directors
today declared a special dividend of $0.40 per share payable on August 18,
2004 to shareholders of record on July 27, 2004.  The Board indicated that
this dividend was based on its evaluation of the Company's financial
performance in fiscal 2004 and the financial condition of the Company at the
end of the 2004 fiscal year.  This follows a special dividend of $0.25 per
share that was declared approximately one year ago, and it represents the
second cash dividend in the Company's history. The Company said that the Board
may consider special dividends from time-to-time in the future in light of
conditions then existing, including earnings, financial condition, cash
position, and capital requirements and other needs.
    AMREP Corporation's Kable News Company, Inc. subsidiary distributes
magazines to wholesalers and provides subscription fulfillment and related
services to publishers and others, and its AMREP Southwest Inc. subsidiary is
a major landholder and leading developer of real estate in New Mexico.

    The statements in this news release that are not historical financial
statements, including statements regarding revenues and profitability of the
subscription fulfillment business acquired from EDS, are forward-looking
statements within the meaning of the federal securities laws.  These
statements are subject to numerous risks and uncertainties, many of which are
beyond the control of AMREP and that could cause actual results to differ
materially from such statements.  Further information about these and other
relevant risks and uncertainties may be found in the Company's filings with
the Securities and Exchange Commission, all of which are available from the
Commission as well as from other sources.  Recipients of this news release are
cautioned to consider these risks and uncertainties and to not place undue
reliance on the forward-looking statements contained therein.  AMREP disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

                           (Financial Data Follows)

                      AMREP CORPORATION AND SUBSIDIARIES
                       FINANCIAL HIGHLIGHTS (UNAUDITED)

                                                Three Months Ended April 30,
                                                     2004           2003
    Revenues                                     $31,428,000    $20,587,000
    Net income                                    $2,047,000     $1,552,000
    Earnings per share - Basic and Diluted             $0.31          $0.24
    Weighted average number of common
     shares outstanding                            6,602,000      6,584,000


                                               Twelve Months Ended April 30,
                                                     2004           2003
    Revenues                                    $131,107,000    $73,791,000
    Net income                                   $11,677,000     $6,273,000
    Earnings per share - Basic and Diluted             $1.77          $0.95
    Weighted average number of common
     shares outstanding                            6,595,000      6,580,000