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<SEC-DOCUMENT>0000006207-06-000002.txt : 20060310
<SEC-HEADER>0000006207-06-000002.hdr.sgml : 20060310
<ACCEPTANCE-DATETIME>20060310162011
ACCESSION NUMBER:		0000006207-06-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060309
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060310
DATE AS OF CHANGE:		20060310

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:		06679594

	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>axr8k3q.txt
<TEXT>

                                  UNITED STATES
                       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): March 9, 2006
                                                           -------------


                                AMREP CORPORATION
- -------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


            Oklahoma                     1-4702                  59-0936128
- ----------------------------        ----------------       ---------------------
(State or Other Jurisdiction of     (Commission File          (IRS Employer
 Incorporation or Organization)          Number)          Identification Number)


         212 Carnegie Center, Suite 302, Princeton, New Jersey     08540
- --------------------------------------------------------------------------------
               (Address of Principal Executive Offices)          (Zip Code)


Registrant's telephone number, including area code:  (609) 716-8200
                                                     --------------


         641 Lexington Avenue, Sixth Floor, New York, New York     10022
- -------------------------------------------------------------------------------
           (Former Address of Principal Executive Offices,       (Zip Code)
                   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 March 9, 2006,  AMREP  Corporation  issued a press release that reported
its results of operations for the three and nine month periods ended January 31,
2006. The press release is being  furnished with this Current Report on Form 8-K
as Exhibit 99.1 and is incorporated herein by reference.

     The information in this Form 8-K and the exhibit  attached hereto shall not
be deemed "filed" for purposes of Section 18 of the  Securities  Exchange Act of
1934, nor shall it be deemed  incorporated  by reference in any filing under the
Securities  Act of 1933,  except as shall be  expressly  set  forth by  specific
reference in such filing.


Item 9.01    Financial Statements and Exhibits.
             ----------------------------------

             (c)      Exhibits:

             99.1   Press Release, dated March 9, 2006, issued by AMREP
Corporation.


                                    SIGNATURE
                                    ---------


     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:    March 10, 2005                       By:      /s/ Peter M. Pizza
       ------------------                           ----------------------------
                                                    Peter M. Pizza
                                                    Vice President and
                                                    Chief Financial Officer



                                     - 2 -

<PAGE>
                                  EXHIBIT INDEX
                                  -------------


Exhibit
Number                            Description
- ------                            -----------

99.1                              Press release, dated March 9, 2006, issued by
                                  AMREP Corporation.



























                                      -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pressrelease030906.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>


                                                                    Exhibit 99.1





FOR:              AMREP Corporation
                  212 Carnegie Center, Suite 302
                  Princeton, New Jersey 08540

CONTACT:          Peter M. Pizza
                  Vice President and
                  Chief Financial Officer
                  (609) 716-8210

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

               AMREP REPORTS THIRD QUARTER AND NINE MONTH RESULTS

Princeton,  New  Jersey -- March 9, 2006 - AMREP  Corporation  (NYSE:AXR)  today
reported net income of $5,241,000, or $0.79 per share, for its fiscal 2006 third
quarter ended January 31, 2006,  compared to net income of $2,561,000,  or $0.39
per share, in the third quarter of the prior fiscal year.  Results for the third
quarter of 2006 were entirely from continuing operations, while the prior year's
results included net income from  discontinued  operations of $50,000,  or $0.01
per share.  Revenues  were  $35,589,000  in the third  quarter  this year versus
$31,486,000 in the third quarter of fiscal 2005.

For the first nine months of fiscal  2006,  the Company  reported  net income of
$15,661,000, or $2.36 per share, compared to net income of $10,782,000, or $1.63
per share,  in the same  period  last year.  This  consisted  of net income from
continuing  operations of $12,105,000,  or $1.83 per share,  and net income from
discontinued  operations of $3,556,000,  or $0.53 per share,  in 2006 versus net
income from continuing operations of $10,822,000, or $1.64 per share, and a loss
from discontinued  operations of $40,000, or $0.01 per share, in the same period
last year.  Revenues were $100,450,000 in the first nine months this year versus
$98,354,000 in the same period of fiscal 2005.

Net income from discontinued  operations in the first nine months of fiscal 2006
reflects the gain from the disposition of the primary assets of the Company's El
Dorado,  New  Mexico  water  utility   subsidiary,   which  were  taken  through
condemnation   proceedings.   Financial   information  for  operations  of  this
subsidiary for periods prior to the disposal has been reclassified to conform to
this presentation.

Revenues from land sales at the Company's AMREP Southwest  subsidiary  increased
from  $6,996,000  and  $24,482,000  in the three and nine  month  periods  ended
January 31,  2005 to  $12,621,000  and  $31,680,000  in the same  periods of the
current  year.  This  improvement  was the  result  of  increased  sales of both
developed and  undeveloped  residential  lots and  commercial  properties in the
Company's principal market of Rio Rancho, New Mexico in fiscal 2006, due in part
to increased  available  developed lot inventory in residential areas as well as
the continuing  strength of the Rio Rancho real estate market.  The gross profit
on land sales was 48% for each of the three month periods ended January 31, 2006
and 2005,  but  decreased  from 55% for the nine month period ended  January 31,
2005 to 47% for the nine month  period  ended  January 31, 2006 because a higher
proportion of developed  lots,  which  generally have lower gross profit margins
than  undeveloped  lots,  were  sold in the  current  year.  As a result  of the

<PAGE>
                                                                               2


increased  land sales and gross profit  contributions  in the current year,  the
pretax profit contribution from real estate operations improved significantly in
the three and nine month  periods  ended  January 31, 2006 compared to the prior
year.  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,  and prior results are not  necessarily a good
indication of what may occur in future periods.

Revenues from the Company's Kable Media Services, Inc. subsidiary decreased from
$24,126,000  and  $72,875,000  in the three and nine month periods ended January
31, 2005 to $22,449,000 and $67,299,000 in the same periods of the current year.
These  revenue  declines were  principally  caused by the  continuing  effect of
customer losses at Kable's Colorado  fulfillment services business that occurred
in earlier periods  resulting in 9% and 10% revenue decreases in the Fulfillment
Services segment in these periods.  These decreases were partly offset by 5% and
7% revenue  increases  in  Newsstand  Distribution  Services  in these  periods,
primarily resulting from the acquisition of distribution  contracts in the third
quarter  of fiscal  2005.  Kable's  net  revenue  decline  was offset in part by
operating cost reductions, mostly associated with decreased variable payroll and
benefit  costs within the  Fulfillment  Services  segment,  of 7% and 6% for the
third  quarter and first nine months 2006  compared to the same periods of 2005.
As a  result  of all of these  factors,  the  pretax  profit  contribution  from
Fulfillment  Services  decreased in both the third quarter and first nine months
of 2006 compared to 2005,  while the pretax profit  contribution  from Newsstand
Distribution Services increased in both these periods.

The Company's  effective  tax rate from  continuing  operations  was 17% for the
third quarter of 2006  compared to 37% for the same period last year.  The lower
effective tax rate in this year's third quarter is primarily  attributable to an
increase in the estimated benefit of a second quarter charitable contribution of
land by the real estate  business  based upon an  appraisal of the land that was
concluded  during the third  quarter.  The  effective  tax rate from  continuing
operations  for the nine month  periods ended January 31 was 26% in 2006 and 34%
in 2005.

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.

                                      *****

                            (Financial Data Follows)














<PAGE>


                                                                               3


                                AMREP Corporation
                                and Subsidiaries
                              Financial Highlights

                                   (Unaudited)

                                             Three Months Ended January 31,
                                             ------------------------------
                                               2006                   2005
                                               ----                   ----
Revenues                                  $  35,589,000         $  31,486,000

Net income:
   Continuing operations                  $   5,241,000         $   2,511,000
   Discontinued operations                          -                  50,000
                                        ------------------    ------------------
                                          $   5,241,000         $   2,561,000
                                        ==================    ==================

Earnings per share - Basic and  Diluted:
   Continuing operations                  $        0.79         $       0.38
   Discontinued operations                         0.00                 0.01
                                        ------------------    ------------------
                                          $        0.79         $       0.39
                                        ==================    ==================

Weighted average number of common shares
outstanding                                   6,635,000            6,619,000
                                        ==================    ==================


                                             Nine Months Ended January 31,
                                             -----------------------------
                                               2006                   2005
                                               ----                   ----

Revenues                                  $ 100,450,000         $  98,354,000

Net income (loss):
   Continuing operations                  $  12,105,000         $  10,822,000
   Discontinued operations                    3,556,000               (40,000)
                                        ------------------    ------------------
                                          $  15,661,000         $  10,782,000
                                        ==================    ==================

Earnings (loss) per share - Basic and
Diluted:
    Continuing operations                 $        1.83         $        1.64
    Discontinued operations                        0.53                 (0.01)
                                        ------------------    ------------------
                                          $        2.36         $        1.63
                                        ==================    ==================

Weighted average number of common shares
outstanding                                   6,631,000             6,613,000
                                        ==================    ==================



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