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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>axr8k2qpress.txt
<TEXT>
                                                                    EXHIBIT 99.1





FOR:              AMREP Corporation
                  300 Alexander Park, Suite 204
                  Princeton, NJ  08540

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

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

            AMREP REPORTS RECORD SECOND QUARTER AND SIX MONTH RESULTS

Princeton,  New Jersey,  December 5, 2006 - AMREP  Corporation  (NYSE:AXR) today
reported  net income of  $16,063,000,  or $2.42 per share,  for its fiscal  2007
second quarter ended October 31, 2006, compared to net income of $5,056,000,  or
$0.76 per share, in the second quarter of the prior fiscal year.

For the first six months of fiscal 2007,  net income was  $31,866,000,  or $4.79
per share,  compared to net income of  $10,420,000,  or $1.57 per share,  in the
same period of fiscal 2006.

Results for the second  quarter and first six months of 2007 set records for any
comparable  periods in the Company's  history and were entirely from  continuing
operations.   The  prior  year's  results   included  a  net  gain  (loss)  from
discontinued  operations of ($6,000) in the second  quarter and  $3,556,000,  or
$0.53 per  share,  for the six  month  period.  Revenues  were  $56,056,000  and
$114,324,000  in the current  year's second  quarter and first six months versus
$34,847,000 and $64,861,000 in the same periods last year.

Revenues from land sales at the Company's AMREP Southwest  subsidiary  increased
from  $11,650,000  in the second quarter of fiscal 2006 to $31,708,000 in fiscal
2007's  second  quarter.  For the six months ended  October 31,  these  revenues
increased from  $19,059,000  last year to $64,197,000 this year. The substantial
revenue  increases in both periods of 2007 were primarily due to increased sales
of developed and undeveloped  residential lots in the Company's principal market
of Rio  Rancho,  New  Mexico,  as well  as  from  increased  sales  of land  for
commercial use. The average gross profit percentage on land sales increased from
54% and 47% in the  second  quarter  and first six months of 2006 to 75% and 70%
for the same periods of 2007,  reflecting  the relative mix of lots sold in each
year. As a result of these factors,  the pretax income  contribution  from AMREP
Southwest  increased  from  $5,325,000 and $7,054,000 in the three and six month
periods  ended  October  31, 2005 to  $22,803,000  and  $47,045,000  in the same
periods this 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.

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                                                                               2

Revenues from the  Company's  Kable Media  Services  subsidiary  increased  from
$22,695,000  in the second quarter of 2006 to $23,156,000 in the same quarter of
the current year. For the six months ended October 31, these revenues  decreased
from $44,850,000 last year to $43,983,000 this year. Revenues from the Newsstand
Distribution Services segment increased by $1,006,000 and $650,000 for the three
and six month  periods  ended October 31, 2006 compared to the same periods last
year. Revenues from the Fulfillment  Services segment decreased primarily due to
the net effect of  previously-reported  customer losses that occurred in earlier
periods  but that  continue  to  affect  the  current  year's  results.  Kable's
operating expenses increased by $186,000 (1%) for the second quarter of 2007 and
decreased  by $157,000  (0.4%) for the first six months of 2007  compared to the
same  periods  of the  prior  year as a result of the net  effect  of  decreased
expenses in the Fulfillment  Services business resulting in part from reductions
in variable expenses,  including payroll and benefits, which were offset in part
by an increase in Newsstand  Distribution Services operating expenses because of
additional  costs,  principally  payroll,  associated  with the  growth  of that
business.  As a result of these  factors,  the pretax income  contribution  from
Kable Media Services  increased from  $1,919,000 and $3,018,000 in the three and
six month periods ended  October 31, 2005 to  $2,574,000  and  $3,170,000 in the
same periods this year.

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 October 31,
                                              ------------------------------
                                             2006                       2005
                                             ----                       ----
Revenues                                $ 56,056,000               $ 34,847,000

Net income:
   Continuing operations                $ 16,063,000               $  5,062,000
   Discontinued operations                       -                       (6,000)
                                       --------------             --------------
                                        $ 16,063,000               $  5,056,000

Earnings per share - Basic and
Diluted:
   Continuing operations                $       2.42               $      0.76
   Discontinued operations                      0.00                      0.00
                                       --------------             --------------
                                        $       2.42               $      0.76
                                       --------------             --------------


Weighted average number of common
shares outstanding                         6,649,000                 6,630,000
                                       --------------             --------------


                                               Six Months Ended October 31,
                                               ----------------------------
                                             2006                       2005
                                             ----                       ----
Revenues                                $114,324,000               $ 64,861,000

Net income:
   Continuing operations                $ 31,866,000               $  6,864,000
   Discontinued operations                       -                    3,556,000
                                       --------------             --------------
                                        $ 31,866,000               $ 10,420,000

Earnings per share - Basic and
Diluted:
    Continuing operations               $       4.79               $       1.04
    Discontinued operations                     0.00                       0.53
                                       --------------             --------------
                                        $       4.79               $       1.57
                                       --------------             --------------

Weighted average number of common
shares outstanding                         6,646,000                  6,628,000
                                       --------------             --------------




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