NEW YORK, Sept. 14 /PRNewswire-FirstCall/ -- AMREP Corporation (NYSE: AXR- News) today 
reported net income of $4,026,000, or $0.61 per share, for its fiscal 2005 first quarter 
ended July 31, 2004, compared to net income of $3,531,000, or $0.54 per share, in the first 
quarter of the prior fiscal year. First quarter revenues were $34,233,000 this year 
compared to $33,617,000 last year.
    Revenues from the Fulfillment Services business of our Kable News Company subsidiary 
were $20,469,000 in the first quarter of 2005 compared to $22,744,000 in the first quarter
of 2004, while revenues from Kable's Newsstand Distribution Services business were 
$3,181,000 versus $3,249,000 in the same period last year. The decrease in Fulfillment 
Services' revenues was principally the result of customer losses in fiscal 2004 at Kable's 
Colorado fulfillment business which had been identified and known prior to Kable's 
acquisition of that business in April 2003.  The revenue decreases in both business segments 
were substantially matched by cost and other expense reductions, and the pretax income 
contribution of Fulfillment Services was $1,805,000 in this year's first quarter compared 
to $1,936,000 in the same period last year, while Newsstand Services' pretax income 
contribution increased from $338,000 in last year's first quarter to $514,000 this year.
    Revenues from land sales at the Company's AMREP Southwest subsidiary 
increased from $6,394,000 in the first quarter of 2004 to $9,682,000 in the first 
quarter of 2005, principally as a result of the settlement of a condemnation proceeding 
involving a parcel of land in Florida. An increase in residential lot sales in the Company's 
principal market of Rio Rancho, New Mexico was partly offset by a decrease in commercial 
property sales in that market. The pretax income contribution from land sale operations 
increased from $3,247,000 in the first quarter of 2004 to $3,910,000 for the same period 
of 2005. The first quarter gross profit percentage on land sales decreased from 59% in 
2004 to 54% in 2005 due to the change in the mix of residential versus commercial lots 
sold, since residential lots generally have a lower gross profit margin than commercial
lots. 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.
    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. 


                              AMREP Corporation
                               and Subsidiaries
                             Financial Highlights
                                 (Unaudited)

                                              Three Months Ended July 31,

                                                 2004               2003
    Revenues                                 $34,233,000       $ 33,617,000

    Net income                               $ 4,026,000       $  3,531,000

    Income per share -- Basic and Diluted    $      0.61       $       0.54

    Weighted average number of
     common  shares outstanding                6,606,000          6,589,000