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 FIRST QUARTER FISCAL 2010 RESULTS

Princeton, New Jersey, September 9, 2009 - AMREP Corporation (NYSE: AXR) today reported a 
net loss of $1,056,000, or $0.18 per share, for its fiscal 2010 first quarter ended July 31, 2009, 
compared to net income of $71,000, or $0.01 per share, for the first quarter of the prior 
fiscal year.  Revenues were $32,457,000 in the first quarter of this fiscal year versus 
$35,570,000 in the first quarter of fiscal 2009. 

First quarter 2010 revenues from land sales at the Company's AMREP Southwest subsidiary 
were $1,485,000 compared to $1,263,000 for the same period of fiscal 2009, with the results 
of both periods reflecting a continuing softness in the real estate market in the greater 
Albuquerque-metro and Rio Rancho areas that is consistent with the well-publicized problems 
of the national home building industry and credit markets. The average gross profit percentage 
on land sales decreased from 71% for the first quarter of 2009 to 57% for the first quarter 
of 2010, primarily attributable to a change in the mix of areas from which undeveloped lots 
were sold in each period. As a result of these and other factors, including the nature and 
timing of specific transactions, revenues and related gross profits from real estate land sales
can vary significantly from period to period 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 decreased from $34,023,000 in the 
first quarter of 2009 to $30,768,000 for the same period in 2010. This decrease was primarily 
attributable to Subscription Fulfillment Services operations, where revenues decreased from 
$29,842,000 for the first quarter of 2009 to $25,127,000 for the same period of 2010, primarily 
as a result of lower publisher customer volumes and higher attrition of magazine titles offset, 
in part, by revenue gains from new and some existing clients.  Revenues from Newsstand Distribution 
Services operations decreased from $3,355,000 for the first quarter 2009 to $3,205,000 for the 
same period of 2010 as a result of lower distribution volumes. These decreases in revenues from 
Fulfillment Services and Newsstand Distribution Services were partly offset by increased revenues 
from Kable's Product Fulfillment Services and Other business segment, which increased from $825,000 
for the first quarter of 2009 to $2,436,000 for the same period in 2010, primarily from the 
inclusion of the revenues of a product repackaging and fulfillment business and a temporary staffing 
business, which were acquired in the third quarter of 2009.  Kable's operating expenses decreased 
by $2,215,000 for the first quarter of 2010 compared to the same period in 2009, primarily attributable 
to lower payroll and benefit costs and, to a lesser extent, efficiencies related to the ongoing 
project to consolidate the Subscription Fulfillment Services business from three locations in 
Colorado, Florida and Illinois into one existing location at Palm Coast, Florida.
 
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 and product 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 2009, which are included in the Company's 2009 Annual Report 
on Form 10-K filed with the Securities and Exchange Commission.  The 2009 Annual Report is available 
through the Company's website, www.amrepcorp.com, and any shareholder may receive a hard copy of the 
2009 Annual Report without charge upon request to the Company.

-----------------------

(Two Schedules Follow)

	

		
 
		


AMREP Corporation
 and Subsidiaries

	
  	

		
 
		
Financial Highlights

 
	
	

		
Schedule 1
		
 Three Months Ended July 31,
	
 	

		
 
		
2009
		
 
		
2008
	
	

		
Revenues
		
$32,457,000
		
 
		
$35,570,000
	
		

		
Net Income(loss)
		
$(1,056,000)
		
 
		
$ 71,000
	
			

		
Earnings(loss) per share - Basic and Diluted:
		
$(.18)
		
 
		
$ .01
	
				

		
Weighted average number of common shares outstanding
		
5,996,000
		
 
		
5,995,000