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 THIRD QUARTER AND NINE MONTH RESULTS

Princeton, New Jersey, March 10, 2010 - AMREP Corporation (NYSE:AXR) today reported a net loss of $721,000, 
or $0.12 per share, for its fiscal 2010 third quarter ended January 31, 2010 compared to a net loss of 
$100,000, or $0.02 per share, for its fiscal 2009 third quarter ended January 31, 2009.  For the first nine 
months of fiscal 2010, the Company had a net loss of $2,762,000, or $0.46 per share, compared to net income 
of $2,866,000, or $0.48 per share, for the same period of fiscal 2009.  Revenues were $28,916,000 and 
$93,706,000 in the third quarter and first nine months of 2010 versus $35,720,000 and $111,580,000 for the 
same periods last year.

Revenues from land sales at the Company's AMREP Southwest subsidiary were $479,000 and $3,634,000 for the 
three and nine month periods ended January 31, 2010 compared to $521,000 and $6,594,000 for the same 
periods of the prior year, reflecting in all periods a continued softness in the real estate market in the 
greater Albuquerque-metro and Rio Rancho areas that was consistent with the well-publicized problems of the 
national homebuilding industry and credit markets.   The 2010 year-to-date decrease in real estate revenues 
compared to 2009 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 occurring during the first nine months of 2010.  
The average selling price of land sold by the Company in Rio Rancho in recent years has fluctuated, as the 
Company offers for sale both 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, stage of development and 
other factors.  The average gross profit percentage on land sales was 36% and 87% for the third quarter and 
first nine months of 2009 compared to a negative 18% and a positive 39% for the same periods in 2010.  The 
negative gross profit for the third quarter of 2010 resulted from the resale by AMREP Southwest of lots that 
had been repossessed by deeds in lieu of foreclosure ("take-back lots").  When repossessed, take-back lots 
are taken into inventory at fair market value at that time rather than at original cost, which is usually 
much lower.  Accordingly, the profit margin on the resale of take-back lots, even when they are resold at 
prices well above original cost, is lower than for other sales and could be negative.  Exclusive of take-back 
lot sales, the gross profit margin was 14% for the third quarter of 2010, which may not be representative 
of expected margins due to the small number of non take-back lots sold.  The decrease in gross profit margin 
for the nine month period was primarily attributable to a gross profit of $3,825,000 (99%) on the previously 
mentioned third 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 decreased from $35,051,000 and $104,328,000 for 
the third quarter and first nine months of 2009 to $28,412,000 and $89,805,000 for the same periods in 2010.  
Magazine publishers, who are the principal customers of these operations, have continued to suffer from 
reduced advertising revenues and lower subscription and newsstand sales, which have caused some publishers 
to close magazine titles or seek more favorable terms from Kable or its competitors. Within these operations:


Revenues from Subscription Fulfillment Services operations decreased from $28,998,000 and $90,175,000 
for the third quarter and first nine months of 2009 to $23,114,000 and $72,471,000 for the same periods of 
2010, primarily due to the industry factors noted above which were partly offset by revenue gains from new 
and some existing clients.
 
Revenues from Newsstand Distribution Services operations increased from $2,923,000 and $9,374,000 
for the third quarter and first nine months of 2009 to $3,141,000 and $9,941,000 for the same periods of 
2010 as a result of changes in product mix and some magazine cover price increases. 
Revenues from Product Services and Other operations, which includes product repackaging and 
fulfillment businesses and a temporary staffing business, decreased from $3,130,000 for the third quarter 
of 2009 to $2,158,000 for the same period in 2010.  This decrease was due to lower demand for services 
from existing customers and the loss of several customers.  Revenues for the nine month period increased 
to $7,393,000 this year from $4,779,000 in 2009, reflecting the revenues of two businesses acquired in 
the third quarter of 2009. 

Kable's results included restructuring charges principally related to severance costs of $1,287,000 and $3,180,000, 
net of certain governmental incentives, for the third quarter and first nine months of 2010, compared to a net gain 
of $6,000 and net charges of $567,000 in the same periods of 2009. These charges and incentives related to the 
ongoing major project to consolidate the Subscription Fulfillment Services business from three locations in Colorado, 
Florida and Illinois into one existing location at Palm Coast, Florida.  Also, Kable's operating expenses 
decreased by $6,109,000 and $12,286,000 for the third quarter and first nine months of 2010 compared to the 
same periods in 2009, primarily attributable to lower payroll and benefits costs and, to a lesser extent, 
efficiencies resulting from the consolidation project.

The effective rate of the Company's tax benefit was 74.7% and 52.8% for the third quarter and first nine months of 
2010 compared to an effective rate of 88.9% for the tax benefit and 27.7% for the tax provision for the same 
periods in 2009.  The difference between the statutory tax rate and the effective rate of the tax benefit in the 
third quarter and first nine months of 2010 and the third quarter of 2009 was attributable to a reduction of 
liabilities related to unrecognized tax benefits pursuant to the Financial Accounting Standards Board's Accounting 
Standards Codification 740-10, formerly FIN 48.

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, product and related services to publishers and others.  
*****



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(Attachment 1)

	

		
 
		


AMREP Corporation
 and Subsidiaries

	
  	

		
 
		
Financial Highlights

 
	
	

		

		
 Three Months Ended January 31,
	
 	

		
 
		
2010
		
 
		
2009
	
	

		
Revenues
		
$28,916,000
		
 
		
$35,720,000
	
		

		
Net Income(loss)
		
$(721,000)
		
 
		
$(100,000)
	
			

		
Earnings(loss) per share - Basic and Diluted:
		
$(.12)
		
 
		
$ (.02)
	
				

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




	

		

		
 Six Months Ended January 31,
	
 	

		
 
		
2010
		
 
		
2009
	
	

		
Revenues
		
$93,706,000
		
 
		
$111,580,000
	
		

		
Net Income(loss)
		
$(2,762,000)
		
 
		
$2,866,000
	
			

		
Earnings(loss) per share - Basic and Diluted:
		
$(.46)
		
 
		
$ .48
	
				

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