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AMREP Reports Third Quarter And Nine Month Results

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, product and related services to publishers and others.  

    
    
    Attachment 1
    
                             AMREP Corporation
                              and Subsidiaries
                            Financial Highlights
    
                               (Unaudited)
    
                                            Three Months Ended January 31,
                                            ------------------------------
                                                 2010              2009
                                                 ----              ----
    Revenues                                $28,916,000       $35,720,000
                                                        
    Net (loss)                                $(721,000)        $(100,000)
                                                         
    (Loss) per share – Basic and Diluted        $ (0.12)           $(0.02)
                                                        
    Weighted average number of common shares 
     outstanding                              5,996,000         5,996,000
                                                        
    
                                             Nine Months Ended January 31,
                                             -----------------------------
                                                 2010              2009
                                                 ----              ----
    Revenues                                $93,706,000      $111,580,000
                                                        
    Net income (loss)                       $(2,762,000)       $2,866,000
                                                        
    Earnings (loss) per share – Basic and 
     Diluted                                    $ (0.46)           $ 0.48
                                                        
    Weighted average number of common shares 
     outstanding                              5,996,000         5,996,000
    
    
    
    Attachment 2
    
    The Company's land sales in Rio Rancho, New Mexico were as follows 
    (dollar amounts in thousands):
    
                      --------------------------   ---------------------------
                                 2010                         2009
                      --------------------------   ---------------------------
                                        Revenues                     Revenues
                      Acres   Revenues  Per Acre   Acres   Revenues  Per Acre
                      Sold   (in 000s)  (in 000s)  Sold   (in 000s)  (in 000s)
                      -----  ---------  ---------  -----  ---------  ---------
    
    Three months ended 
     January 31:          
      Developed           
           Residential  0.4       $99      $248       1.5      $361      $241
           Commercial     -         -         -         -         -         -
                        ---       ---       ---       ---       ---       ---
      Total Developed   0.4        99       248       1.5       361       241
      Undeveloped       4.4       380        86       2.5       160        64
                        ---       ---       ---       ---       ---       ---
          Total         4.8      $479      $100       4.0      $521      $130
                        ---       ---       ---       ---       ---       ---
                           
    Nine months ended 
     January 31:          
      Developed           
           Residential  5.6    $1,544      $276       3.2      $789      $247
           Commercial   1.7       895       526       1.0       126       126
                        ---       ---       ---       ---       ---       ---
      Total Developed   7.3     2,439       334       4.2       915       218
      Undeveloped      30.4     1,195        39     134.4     5,679        42
                       ----     -----       ---     -----     -----       ---
          Total        37.7    $3,634       $96     138.6    $6,594       $48
                       ----     -----       ---     -----     -----       ---

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.

SOURCE AMREP Corporation

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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