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

		   
AMREP REPORTS SECOND QUARTER AND SIX MONTH RESULTS

Princeton, New Jersey, December 9, 2008 - AMREP Corporation (NYSE:AXR) today reported 
net income of $2,895,000, or $0.48 per share, for its fiscal 2009 second quarter ended October 
31, 2008 compared to net income of $3,467,000, or $0.55 per share, for its fiscal 2008 second 
quarter ended October 31, 2007. For the first six months of fiscal 2009, net income was 
$2,966,000, or $0.49 per share, compared to net income of $9,730,000, or $1.50 per share, in the 
same period of 2008. Results for the first six months of 2009 were from continuing operations 
while the results for the first six months of 2008 included a loss on discontinued operations of 
$57,000, net of tax, or $.01 per share, that reflected costs incurred in the first quarter of fiscal 
2008 in connection with the settlement of all litigation related to the Company's water utility 
subsidiary that were in addition to costs estimated and accrued for this matter in the fourth 
quarter of fiscal 2007.  Revenues were $40,290,000 and $75,860,000 in the second quarter and 
first six months of 2009 compared to $42,090,000 and $93,449,000 in the same periods last year.  

Revenues from land sales at the Company's AMREP Southwest subsidiary were $4,810,000 and 
$6,073,000 for the three and six month periods ended October 31, 2008 compared to $3,161,000 
and $21,311,000 for the same periods of the prior year.  The revenue increase for the second 
quarter of 2009 compared to the same quarter of 2008 reflected the sale in this year's second 
quarter of approximately 50 acres of undeveloped land for $3,849,000.  Except for this sale, the 
Company continues to experience 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. The trend of 
declining permits for new home construction in the Rio Rancho area, as previously reported, also 
continues, with 28% fewer single-family residential building permits issued during the first ten 
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 and credit markets, 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 have slowed the pace of building on 
developed lots previously purchased from the Company in Rio Rancho and 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.  

The average selling price of land sold by the Company in Rio Rancho in recent years has 
fluctuated, as the Company offers for sale developed and undeveloped land from a number of 
different projects, and selling prices may vary from project to project and within projects 

depending on location, the stage of development and other factors. The average gross profit 
percentage on land sales increased from 50% and 66% for the second quarter and first six months 
of 2008 to 97% and 91% for the same periods in 2009,  principally as a result of the 50 acre sale 
of undeveloped land referred to above which contributed a gross profit of approximately 99%. 
As a result of the revenue and gross profit factors noted, the pretax income contribution from 
AMREP Southwest increased from $3,725,000 in the second quarter of 2008 to $3,895,000 in the 
current year period, but decreased from $15,439,000 in last year's six month period to 
$4,052,000 in the same period this year. Revenues, gross profits, average sales prices 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 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, remained nearly unchanged for the second quarter 
of 2009 versus the same period of 2008, totaling $35,254,000 this year compared to $35,592,000 
last year, and increased from $67,890,000 in the first six months of 2008 to $69,277,000 for the 
same period in 2009.  The six month increase was primarily attributable to the Company's 
Fulfillment Services operations, which were $32,158,000 and $62,826,000 for the second quarter 
and first six months of 2009 compared to $32,036,000 and $61,023,000 in the same periods of 
the prior year.  The increase in Fulfillment Services revenues was primarily attributable to the net 
effect of revenue gains from new and existing clients that were offset in part by reduced and lost 
business.  Revenues from Newsstand Distribution Services operations decreased from 
$3,556,000 and $6,867,000 for the second quarter and first six months of 2008 to $3,096,000 and 
$6,451,000 for the same periods in 2009, primarily reflecting a softening of magazine newsstand 
demand.  Kable's operating expenses increased by $172,000 and $552,000 for the second quarter 
and first six months of 2009 compared to the same periods in 2008, primarily attributable to 
computer systems integration costs and consulting costs of the Fulfillment Services business. In 
addition, the Company has incurred costs directly related to its previously announced project to 
unify its Fulfillment Services operations under one brand, Palm Coast Data, and in one location, 
Palm Coast, Florida. These costs principally consisted of severance and consulting costs and 
totaled $75,000 and $573,000 for the second quarter and first six months of 2009 compared to 
$117,000 and $419,000 for the same periods of 2008.  As a result, Kable Media Services pretax 
income (loss) contribution was $369,000 and ($155,000) for the three and six month periods 
ended October 31, 2008 compared to $1,101,000 and ($1,457,000) in the same periods of the 
prior year.

AMREP Corporation's AMREP Southwest Inc. subsidiary is a major landholder and leading 
developer of real estate in New Mexico, and its Kable Media Services, Inc. subsidiary distributes 
magazines to wholesalers and provides subscription fulfillment and related services to publishers 
and others.

                          			******


	

		
 
		


AMREP Corporation
 and Subsidiaries

	
  	

		
 
		
Financial Highlights
 (Unaudited)

 
	
	

		
Schedule 1
		
Three Months Ended October 31,
	
 	

		
 
		
2008
		
 
		
2007
	
	

		
Revenues
		
$40,290,000
		
 
		
$42,090,000
	

	

		
Net income
		
$2,895,000  
		
 
		
$3,467,000  
	

	

		
Earnings per share - Basic and  Diluted:
		
$0.48
		
 
		
$0.55 
	

	

		
Weighted average number of common
		

		

	
	

		
shares outstanding
		
5,996,000
		
 
 
		
6,327,000
	

	



	
	

		
 
		
Six Months Ended October 31,
	
 	

		
 
		
2008
		
 
		
2007
	
	

		
Revenues
		
$75,860,000
		
 
		
$93,449,000
	
 	

		
Net income:
	
	

		
  Continuing operations
		
$2,966,000
		
 
		
$9,787,000
	
		

		
  Discontinued operations
		
-
		
 
		
(57,000)
	
    

		
 
		
$2,966,000
		
 
		
$9,730,000
	
	

		
Earnings per share - Basic and  Diluted:
	
	

		
  Continuing operations
		
$0.49
		
 
		
$1.51
	
	

		
  Discontinued operations
		
-
		
 
		
(0.01)
	
	

		
 
		
$0.49
		
 
		
$1.50
	
	

		
Weighted average number of common
		

		

	
	

		
shares outstanding
		
5,996,000
		
 
 
		
6,490,000