<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.


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