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 10, 2009 - AMREP Corporation (NYSE:AXR) today reported a 
net loss of $985,000, or $0.16 per share, for its fiscal 2010 second quarter ended October 
31, 2009 compared to net income of $2,895,000, or $0.48 per share, for its fiscal 2009 
second quarter ended October 31, 2008.  For the first six months of fiscal 2010, the 
Company had a net loss of $2,041,000, or $0.34 per share, compared to net income of 
$2,966,000, or $0.49 per share, for the same period of fiscal 2009.  Revenues were 
$32,333,000 and $64,790,000 in the second quarter and first six months of 2010 versus 
$40,290,000 and $75,860,000 for the same periods last year.

Revenues from land sales at the Company's AMREP Southwest subsidiary were $1,670,000 and 
$3,155,000 for the three and six month periods ended October 31, 2009 compared to 
$4,810,000 and $6,073,000 for the same periods of the prior year, with the results of all 
periods reflecting a continued 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 homebuilding industry and credit markets.   These decreases in 
revenues in 2010 primarily reflected the second quarter 2009 sale of approximately 50 
acres of undeveloped land for $3,849,000 to one purchaser with no similar sale in the 
first six months of 2010. The average gross profit percentage on land sales decreased 
from 97% and 91% for the second quarter and first six months of 2009 to 40% and 48% for 
the same periods in 2010.  This decrease was primarily attributable to a gross profit of 
$3,825,000 (99%) on the previously mentioned second quarter 2009 sale of approximately 
50 acres of undeveloped land.  Revenues, gross profits 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, decreased from $35,254,000 and $69,277,000 for the second 
quarter and first six months of 2009 to $30,625,000 and $61,393,000 for the same periods 
in 2010.  Magazine publishers, who are the principal customers of the Company's Media 
Services operations, have continued to suffer from reduced advertising revenues and lower 
subscription and newsstand sales during 2010, which has caused certain publishers to close 
magazine titles or seek more favorable terms from Kable or its competitors, all of which 
has led to reduced business for the Company's Media Services operations.  Revenues from Kable's 
Subscription Fulfillment Services operations decreased from $31,334,000 and $61,176,000 
for the second quarter and first six months of 2009 to $24,230,000 and $49,357,000 for 
the same periods of 2010 primarily due to the industry factors noted above, partly offset 
by revenue gains from new and some existing clients.  Revenues from Kable's Newsstand 
Distribution Services operations increased from $3,096,000 and $6,451,000 for the second 
quarter and first six months of 2009 to $3,595,000 and $6,800,000 for the same periods 
of 2010 as a result of changes in product mix and magazine cover price increases.  The 
net decrease in the combined revenues from Subscription Fulfillment Services and Newsstand 
Distribution Services was partly offset by increased revenues from Kable's Product Fulfillment 
Services and Other business segment, which increased from $824,000 and $1,650,000 for the 
second quarter and first six months of 2009 to $2,799,000 and $5,235,000 for the same periods 
in 2010, reflecting the inclusion of the revenues of a product repackaging and fulfillment 
business and a temporary staffing business that were acquired in the third quarter of 2009.  
Kable's operating expenses decreased by $3,962,000 and $6,177,000 for the second quarter 
and first six months of 2010 compared to the same periods in 2009, primarily attributable to 
lower payroll and benefits 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 Southwest has a loan agreement with a bank that matures on December 17, 2009.  The lender 
has issued a commitment letter that would replace the existing facility. The replacement facility 
would mature in 364 days and, among other provisions, would reduce the amount that may be borrowed 
under the facility from the current balance outstanding of $24,000,000 to $22,500,000. AMREP 
Southwest is considering the terms of the replacement facility proposed in the lender's commitment 
letter and no replacement loan agreement has as yet been entered into.  The lender has not extended 
the maturity date of the existing facility and if it does not do so, but demands repayment of amounts 
due under that facility, AMREP Southwest would not have sufficient funds to satisfy such demand.

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.  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.  


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

(Attachment 1)

	

		
 
		


AMREP Corporation
 and Subsidiaries

	
  	

		
 
		
Financial Highlights

 
	
	

		

		
 Three Months Ended October 31,
	
 	

		
 
		
2009
		
 
		
2008
	
	

		
Revenues
		
$32,333,000
		
 
		
$40,290,000
	
		

		
Net Income(loss)
		
$(985,000)
		
 
		
$2,895,000
	
			

		
Earnings(loss) per share - Basic and Diluted:
		
$(.16)
		
 
		
$ .48
	
				

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




	

		

		
 Six Months Ended October 31,
	
 	

		
 
		
2009
		
 
		
2008
	
	

		
Revenues
		
$64,790,000
		
 
		
$75,860,000
	
		

		
Net Income(loss)
		
$(2,041,000)
		
 
		
$2,966,000
	
			

		
Earnings(loss) per share - Basic and Diluted:
		
$(.34)
		
 
		
$ .49
	
				

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