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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000006207-04-000030.txt : 20040916
<SEC-HEADER>0000006207-04-000030.hdr.sgml : 20040916
<ACCEPTANCE-DATETIME>20040916165524
ACCESSION NUMBER:		0000006207-04-000030
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040731
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20040916
DATE AS OF CHANGE:		20040916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				590936128
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04702
		FILM NUMBER:		041034174

	BUSINESS ADDRESS:	
		STREET 1:		641 LEXINGTON AVENUE
		STREET 2:		6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127054700

	MAIL ADDRESS:	
		STREET 1:		641 LEXINGTON AVE
		STREET 2:		6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REALTY & PETROLEUM CORP
		DATE OF NAME CHANGE:	19671019
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>axr8k091704.txt
<TEXT>


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 14, 2004
                                                 ----------------------

                                AMREP CORPORATION
 ------------------------------------------------------------------------------
             (Exact name of registrant as specified in its Charter)


          Oklahoma                        1-4702                59-0936128
- -------------------------------        -------------        -------------------
(State or other jurisdiction of        (Commission            (IRS Employer
incorporation or organization)         File Number)          Identification No.)


          641 Lexington Avenue, New York, New York             10022
- -------------------------------------------------------------------------------
        (Address of principal executive offices)            (Zip Code)


Registrant's telephone number, including area code: (212) 705-4700
                                                    --------------

                                 Not Applicable
- -------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
    240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))



<PAGE>



Item 2.02 Results of Operations and Financial Condition.
          ----------------------------------------------

          On September  14, 2004 AMREP  Corporation  issued a press release that
     reported its results of  operations  for the three  months  ending July 31,
     2004 and its financial  condition at that date. The text of that release is
     attached as Exhibit  99.1 to this  Report.  This Report and its Exhibit are
     furnished to, and not filed with, the Commission.



ITEM 9.01 Financial Statements and Exhibits.
          -----------------------------------

         (c)   Exhibits:

         99.1 Press   Release   dated   September  14,  2004  issued  by  AMREP
               Corporation.


                                    SIGNATURES

          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
     the  Registrant  has duly  caused this report to be signed on its behalf by
     the undersigned hereunto duly authorized.



                                          AMREP CORPORATION

     Date:  September 16, 2004            By: /s/ Peter M. Pizza
            ------------------                ---------------------------
                                              Peter M. Pizza
                                              Vice President and
                                              Chief Financial Officer



                                       2
<PAGE>



                                  Exhibit Index


  Exhibit
   Number                       Description
  -------                       -----------
   99.1                         Text of Press Release Issued September 14, 2004.


                                       3


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>press091704.txt
<TEXT>
                                                                    EXHIBIT 99.1







FOR:              AMREP Corporation
                  641 Lexington Avenue
                  New York, NY 10022

CONTACT:          Peter M. Pizza
                  Vice President and
                  Chief  Financial Officer
                  (212) 705-4700

                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------

                       AMREP REPORTS FIRST QUARTER RESULTS
                       -----------------------------------

NEW YORK,  September 14, 2004 - AMREP Corporation  (NYSE:AXR) today reported net
income of  $4,026,000,  or $0.61 per share,  for its fiscal  2005 first  quarter
ended July 31, 2004,  compared to net income of $3,531,000,  or $0.54 per share,
in the first  quarter of the prior  fiscal year.  First  quarter  revenues  were
$34,233,000 this year compared to $33,617,000 last year.

Revenues  from the  Fulfillment  Services  business  of our Kable  News  Company
subsidiary were $20,469,000 in the first quarter of 2005 compared to $22,744,000
in the first quarter of 2004, while revenues from Kable's Newsstand Distribution
Services  business  were  $3,181,000  versus  $3,249,000 in the same period last
year. The decrease in Fulfillment  Services' revenues was principally the result
of customer losses in fiscal 2004 at Kable's Colorado fulfillment business which
had been  identified and known prior to Kable's  acquisition of that business in
April 2003. The revenue decreases in both business  segments were  substantially
matched by cost and other expense reductions, and the pretax income contribution
of Fulfillment  Services was $1,805,000 in this year's first quarter compared to
$1,936,000 in the same period last year, while Newsstand Services' pretax income
contribution  increased  from  $338,000 in last year's first quarter to $514,000
this year.

Revenues from land sales at the Company's AMREP Southwest  subsidiary  increased
from  $6,394,000 in the first quarter of 2004 to $9,682,000 in the first quarter
of 2005, principally as a result of the settlement of a condemnation  proceeding
involving a parcel of land in Florida.  An increase in residential  lot sales in
the Company's  principal market of Rio Rancho, New Mexico was partly offset by a
decrease  in  commercial  property  sales  in that  market.  The  pretax  income
contribution  from land sale  operations  increased from $3,247,000 in the first
quarter of 2004 to  $3,910,000  for the same period of 2005.  The first  quarter
gross profit  percentage on land sales decreased from 59% in 2004 to 54% in 2005
due to the change in the mix of residential  versus  commercial lots sold, since
residential  lots  generally  have a lower gross profit  margin than  commercial

<PAGE>

lots. As previously reported, revenues and related gross profits from land sales
can vary  significantly  from  period to  period  as a result  of many  factors,
including the nature and timing of specific transactions,  so that prior results
are not necessarily a good indication of what may occur in future periods.

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


                                      *****

                                AMREP Corporation
                                and Subsidiaries
                              Financial Highlights
                                   (Unaudited)

                                                 Three Months Ended July 31,
                                                 ---------------------------

                                                2004                    2003
                                                ----                    ----

     Revenues                              $  34,233,000           $  33,617,000

     Net income                            $   4,026,000           $   3,531,000

     Income per share - Basic and Diluted  $        0.61           $        0.54


     Weighted average number of
      common  shares outstanding               6,606,000               6,589,000


                                     # # # #



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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