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<SEC-DOCUMENT>0000006207-09-000007.txt : 20090914
<SEC-HEADER>0000006207-09-000007.hdr.sgml : 20090914
<ACCEPTANCE-DATETIME>20090914163226
ACCESSION NUMBER:		0000006207-09-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090909
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090914
DATE AS OF CHANGE:		20090914

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP.
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		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:		091067817

	BUSINESS ADDRESS:	
		STREET 1:		300 ALEXANDER PARK
		STREET 2:		SUITE 204
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540
		BUSINESS PHONE:		(609) 716-8200

	MAIL ADDRESS:	
		STREET 1:		300 ALEXANDER PARK
		STREET 2:		SUITE 204
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMREP CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REALTY & PETROLEUM CORP
		DATE OF NAME CHANGE:	19671019
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>axr8kq0110.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):   September 9, 2009
                                                        -------------------


                                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)


  300 Alexander Park, Suite 204, Princeton, New Jersey             08540
- --------------------------------------------------------------------------------
 (Address of Principal Executive Offices)                       (Zip Code)


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


                                 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  9,  2009,  AMREP  Corporation  issued a press  release  that
reported  its results of  operations  for the three month  period ended July 31,
2009. 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 September 9, 2009, 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:  September 9, 2009                 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 September 9, 2009, issued by
                              AMREP Corporation.






                                      -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>axr8kpressq01.txt
<TEXT>
                                                                    EXHIBIT 99.1

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 FIRST QUARTER FISCAL 2010 RESULTS
                 -----------------------------------------------

Princeton,  New Jersey,  September 9, 2009 - AMREP Corporation (NYSE: AXR) today
reported a net loss of $1,056,000, or $0.18 per share, for its fiscal 2010 first
quarter  ended July 31,  2009,  compared to net income of $71,000,  or $0.01 per
share, for the first quarter of the prior fiscal year. Revenues were $32,457,000
in the first quarter of this fiscal year versus $35,570,000 in the first quarter
of fiscal 2009.

First quarter 2010 revenues  from land sales at the  Company's  AMREP  Southwest
subsidiary were $1,485,000  compared to $1,263,000 for the same period of fiscal
2009, with the results of both periods  reflecting a continuing  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  home  building
industry and credit markets.  The average gross profit  percentage on land sales
decreased from 71% for the first quarter of 2009 to 57% for the first quarter of
2010,  primarily  attributable  to a  change  in the  mix of  areas  from  which
undeveloped  lots  were  sold in each  period.  As a result  of these  and other
factors, including the nature and timing of specific transactions,  revenues and
related  gross profits from real estate land sales can vary  significantly  from
period to period 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
$34,023,000 in the first quarter of 2009 to  $30,768,000  for the same period in
2010.  This  decrease was primarily  attributable  to  Subscription  Fulfillment
Services  operations,  where revenues  decreased from  $29,842,000 for the first
quarter  of 2009 to  $25,127,000  for the same  period of 2010,  primarily  as a
result of lower  publisher  customer  volumes and higher  attrition  of magazine
titles  offset,  in part, by revenue  gains from new and some existing  clients.
Revenues  from  Newsstand   Distribution   Services  operations  decreased  from
$3,355,000  for the first quarter 2009 to $3,205,000 for the same period of 2010
as a result of lower  distribution  volumes.  These  decreases in revenues  from
Fulfillment Services and Newsstand  Distribution  Services were partly offset by
increased revenues from Kable's Product Fulfillment  Services and Other business
segment,  which  increased  from  $825,000  for  the  first  quarter  of 2009 to
$2,436,000  for the same period in 2010,  primarily  from the  inclusion  of the
revenues  of a product  repackaging  and  fulfillment  business  and a temporary
staffing  business,  which were acquired in the third  quarter of 2009.  Kable's
operating  expenses  decreased  by  $2,215,000  for the  first  quarter  of 2010
compared to the same period in 2009, primarily attributable to lower payroll and
benefit  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  Corporation's  AMREP Southwest Inc.  subsidiary is a major landholder and
leading developer of real estate in Rio Rancho,  New Mexico, and its Kable Media
Services,  Inc.  subsidiary  distributes  magazines to wholesalers  and provides
subscription  and product  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.  The 2009 Annual Report is available through the Company's

<PAGE>

website,  www.amrepcorp.com,  and any shareholder may receive a hard copy of the
2009 Annual Report without charge upon request to the Company.

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

                             (Two Schedules Follow)
Schedule 1
                       AMREP CORPORATION AND SUBSIDIARIES
                              FINANCIAL HIGHLIGHTS

<TABLE>
<S>                                                  <C>                     <C>
                                                           Three Months Ended July 31,
                                                           ---------------------------
                                                           2009                    2008
                                                           ----                    ----
Revenues                                             $  32,457,000           $  35,570,000

Net income (loss)                                    $  (1,056,000)          $      71,000

Earnings (loss) per share - Basic and Diluted:       $       (0.18)          $        0.01

Weighted average number of common shares
outstanding                                              5,996,000               5,995,000
                                                     -------------           -------------
</TABLE>

                                      ####

Schedule 2

The  Company's  land sales in Rio  Rancho,  New Mexico  were as follows  (dollar
amounts in thousands):
<TABLE>
<S>                           <C>           <C>            <C>             <C>            <C>            <C>

                                                           Three months ended July 31,
                              ---------------------------------------------------------------------------------------
                                               2009                                          2008
                             ----------------------------------------      ------------------------------------------
                               Acres                       Revenues         Acres                          Revenues
                               Sold         Revenues       per Acre         Sold          Revenues         per Acre
                             ----------    -----------    -----------      --------      ------------    ------------
 Developed
   Residential                   2.8       $      670     $      239          1.4        $      342      $      244
   Commercial                     -                -              -           1.0               126             126
                             ----------    -----------    -----------      --------      ------------    ------------
  Total Developed                2.8              670            239          2.4               468             195
  Undeveloped                   26.0              815             31         44.8               795              18
                             ----------    -----------    -----------      --------      ------------    ------------
    Total                       28.8       $    1,485     $       52         47.2        $    1,263      $       27
                             ----------    -----------    -----------      --------      ------------    ------------
</TABLE>


The Company offers for sale developed and undeveloped  land in Rio Rancho from a
number of  different  projects,  and  selling  prices  may vary from  project to
project and within projects depending on location,  the stage of development and
other factors.


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