FOR:       AMREP Corporation
           300 Alexander Park, Suite 204
           Princeton, New Jersey 08540

CONTACT:   Peter M. Pizza
           Vice President and Chief Financial Officer
	  (609) 716-8210
	  (609) 716-8255 (fax)

		   
AMREP REPORTS FIRST QUARTER FISCAL 2009 RESULTS

Princeton, New Jersey, September 9, 2008 - AMREP Corporation (NYSE: AXR) today reported net 
income of $71,000, or $0.01 per share, for its fiscal 2009 first quarter ended July 31, 2008, compared to 
net income of $6,263,000, or $0.94 per share, for the first quarter of the prior fiscal year.  Results for the 
first quarter of 2009 were entirely from continuing operations, while the prior year's results consisted of 
net income from continuing operations of $6,320,000, or $0.95 per share, and a net loss from discontinued 
operations of $57,000, or $0.01 per share.  Revenues were $35,570,000 in the first quarter of this fiscal 
year versus $51,359,000 in the first quarter of fiscal 2008. 

The net loss from discontinued operations in the first quarter of 2008 reflected costs incurred in connection 
with the settlement of all litigation related to the Company's El Dorado, New Mexico water utility 
subsidiary that were in addition to costs that had been accrued for this matter in the prior year.

First quarter 2009 revenues from land sales at the Company's AMREP Southwest subsidiary were 
$1,263,000 compared to $18,150,000 for the same period of fiscal 2008, with average gross profit 
percentages of 71% and 68% in each period.  As a result of this sharp decrease in revenues, the pretax 
income contribution from AMREP Southwest in the first quarter of 2009 was $157,000 compared to 
$11,714,000 in the same period of the prior year.  These significant year-over-year revenue and profit 
decreases reflected substantially lower land sales in the Company's principal market of Rio Rancho, New 
Mexico due to the severe decline in the real estate market in the greater Albuquerque-metro and Rio 
Rancho areas that began in earlier periods. As previously reported, the number of permits for new home 
construction in both markets was down significantly for calendar 2007 compared to 2006, with Rio Rancho 
showing a decrease of nearly 50%, and this trend has continued with 20% fewer building permits issued 
during the first six calendar months of 2008 compared to the same period in 2007.  The Company believes 
that this decline has been generally consistent with the well-publicized problems of the national home 
building industry, including fewer sales of both new and existing homes, an increasing number of 
mortgage delinquencies and foreclosures and a tightening of mortgage availability.  Faced with these 
adverse conditions, builders continued to slow the pace of building on developed lots previously purchased 
from the Company in Rio Rancho and, in some cases, delayed or cancelled the purchase of additional 
developed lots. These factors have also contributed to a steep decline in the sale of undeveloped land to 
both builders and investors. Revenues and gross profits, average sales prices of land and related gross 
profit percentages from land sales can vary significantly from period to period as a result of many factors, 
including the nature and timing of specific transactions, and therefore prior results are not necessarily a 
good indication of what may occur in future periods.  

Revenues from the Company's Kable Media Services operations, including both Fulfillment Services and 
Newsstand Distribution Services, increased from $32,299,000 for the first quarter of 2008 to $34,023,000 
for the same period in 2009.  This increase resulted from higher Fulfillment Services revenues, while 
Newsstand Distribution Services revenues were generally comparable in 2009 and 2008. Due primarily to 
this revenue increase, Kable's contribution to operating results improved considerably from a loss before 
taxes of $2,558,000 in the first quarter of fiscal 2008 to a loss before taxes of $524,000 in the same period 
this year. 

The Company has announced a project to integrate certain aspects of Kable's Fulfillment Services 
operations in order to improve operating efficiencies and customer service and also to reduce costs.  
During fiscal 2008, this project resulted in one significant workforce reduction and an announced plan to 
close Kable Fulfillment Services Ohio facility and to redistribute the work performed there to other 
locations.  Annual operating cost reductions of approximately $4,700,000 are expected from these
combined actions.  During the first quarter of fiscal 2009, the Company incurred restructuring costs of 
approximately $500,000 associated with this project.  The Company expects to identify additional 
integration opportunities in fiscal 2009 as part of its ongoing effort to reduce further operating costs in its 
Fulfillment Services business. 

AMREP Corporation's AMREP Southwest Inc. subsidiary is a major landholder and leading developer of 
real estate in Rio Rancho, New Mexico, and its Kable Media Services, Inc. subsidiary distributes 
magazines to wholesalers and provides subscription fulfillment and related services to publishers and 
others.  The quarterly results should be considered in conjunction with the Company's audited financial 
statements for fiscal 2008, which are included in the Company's 2008 Annual Report on Form 10-K filed 
with the Securities and Exchange Commission.  The 2008 Annual Report is available through the 
Company's website, www.amrepcorp.com, and any shareholder may receive a hard copy of the 2008
Annual Report without charge upon request to the Company. 

                          			******

The statements in this news release regarding the project to consolidate the operations of the Fulfillments Services business and the estimated cost savings of the integration project 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, including, without limitation, the Company's ability to efficiently integrate the components of its Fulfillment Services business, the effect on the Company and its customers of increased paper costs and postal rates, the Company's ability to migrate customers to an internal data processing system and the effects of competitive pressures. Further information about these and other relevant risks and uncertainties may be found in the Company's Form 10-K and its other 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.

                          			******


	

		
 
		


AMREP Corporation
 and Subsidiaries

	
  	

		
 
		
Financial Highlights
 (Unaudited)

 
	
	

		
Schedule 1
		
Three Months Ended July 31,
	
 	

		
 
		
2008
		
 
		
2007
	
	

		
Revenues
		
$35,570,000
		
 
		
$51,359,000
	
 	

		
Net income (loss):
	
	

		
  Continuing operations
		
$71,000
		
 
		
$6,320,000
	
		

		
  Discontinued operations
		
-
		
 
		
(57,000)
	
    

		
 
		
$71,000
		
 
		
$6,263,000
	
	

		
Earnings (loss) per share - Basic and  Diluted:
	
	

		
  Continuing operations
		
$0.01
		
 
		
$0.95 
	
	

		
  Discontinued operations
		
-
		
 
		
(0.01)
	
	

		
 
		
$0.01
		
 
		
$0.94
	
	

		
Weighted average number of common
		

		

	
	

		
shares outstanding
		
5,995,000
		
 
 
		
6,653,000