AMREP Reports Second Quarter and Six Month Results.

NEW YORK--(BUSINESS WIRE)--Dec. 15, 1998--AMREP Corporation (NYSE:AXR) today reported net income for its fiscal 1999 second quarter ended October 31, 1998 of $341,000, or $0.05 per share, compared to $2,539,000, or $0.34 per share, in the same period last year. Second quarter revenues decreased 17 percent from $43,540,000 last year to $35,930,000 this year.

Revenues for the six months ended October 31, 1998 were $82,153,000 and net income was $3,223,000, or $0.44 per share. In the same period in fiscal 1998, the Company had revenues of $81,335,000 and net income of $3,044,000, or $0.41 per share.

Commenting on these results, Board Chairman Edward B. Cloues, II said, "Revenues and earnings for the second quarter were substantially less than last year, principally because of the absence of major land sales in this period. The Company had a strong first quarter, however, and both revenues and earnings for the six month period were moderately higher compared to the prior year. In view of the irregular timing of our major land sales, which tend to be quite profitable, the results for the first half of fiscal 1999 present a more balanced picture of our business than either quarter standing alone. Management and the Board are in the process of examining each of the Company's major business operations in an effort to focus future growth on those areas which appear most promising. At the same time, management is continuing its efforts to reduce costs and improve efficiencies throughout the Company."

AMREP Corporation is a leading builder of affordable housing and developer of real estate, primarily in New Mexico, Colorado, northern California, Nevada and Oregon. Through its Kable News Company subsidiary, it also distributes magazines to wholesalers and provides subscription fulfillment and other services to publishers. -0-

                  AMREP Corporation and Subsidiaries
                         Financial Highlights
                              (Unaudited)


                                  Three Months Ended October 31,
                                      1998           1997

Revenues                           $35,930,000   $43,540,000
Net Income                         $   341,000   $ 2,539,000
Net Income Per Share-
      Basic and Diluted            $      0.05   $      0.34
Weighted Average Number of
      Common Shares Outstanding      7,369,000     7,369,000


                                   Six Months Ended October 31,
                                      1998          1997

Revenues                           $82,153,000   $81,335,000
Net Income                         $ 3,223,000   $ 3,044,000
Net Income Per Share-
      Basic and Diluted            $      0.44   $      0.41
Weighted Average Number of
     Common Shares Outstanding       7,369,000     7,369,000

This release is available on the KCSA Worldwide Public Relations Website at www.kcsa.com.