Amrep reports third quarter and nine months results.

NEW YORK--(BUSINESS WIRE)--March 14, 1996--AMREP Corp. (NYSE:AXR) today announced results for the third quarter and nine months ended January 31, 1996.

Revenues for the third quarter were $37,944,000, versus $37,960,000 for the same period last year. Net income was $494,000 or $.07 per share as compared to $1,175,000 or $0.16 per share for the comparable period last year.

For the nine months ended January 31, 1996 revenues increased 11 percent to $121,276,000 from $109,626,000 last year. Net income for the period amounted to $2,554,000 or $0.35 per share compared with $2,900,000 or $.40 per share in the same period in 1995.

During the nine month period revenues from home building operations increased seven percent which offset a decrease in revenues from land sales. Revenues from Kable News Company increased 35 percent primarily due to the company's acquisition of the business of Fulfillment Corporation of America (FCA) in January 1995. Kable News is now the third largest subscription fulfillment company in the country. For the third quarter, revenues from Kable's operations increased 21 percent and revenues from home building operations were generally comparable, offset by a decrease in land sale revenues. The decrease in net income in the third quarter and nine months compared to the last year is due in part to the decreased land sale activity and the ramification resulting from the integration of FCA's business into the operations of Kable News.

The company noted that the average revenue per housing unit in both the third quarter and nine months increased, resulting primarily from price increases and a shift to the building of larger, more expensive houses in the company's Rio Rancho, New Mexico community. Profit margins on housing sales have also increased, as a result of price increases as well as the favorable effect of production strategies and efficiencies introduced late last year.

AMREP Corp. is a leading builder of affordable housing and developer of real estate and, through its Kable News Company subsidiary, distributes magazines to wholesalers and provides subscription fulfillment and other services to publishers. -0-

                    FINANCIAL HIGHLIGHTS
             AMREP CORPORATION AND SUBSIDIARIES
                         (Unaudited)

                             Three Months Ended January 31,
                                   1996          1995

Revenues                      $37,944,000      $37,960,000
Net Income                    $   494,000      $ 1,175,000
Net Income Per Share          $      0.07      $      0.16

Weighted Average Number of
 Common Shares Outstanding      7,379,000        7,368,000

                              Nine Months Ended January 31,
                                   1996          1995

Revenues                     $121,276,000     $109,626,000
Net Income                   $  2,554,000     $  2,900,000

Net Income Per Share          $      0.35      $      0.40

Weighted Average Number of
 Common Shares Outstanding      7,390,000        7,330,000

CONTACT: AMREP Corp.

Mohan Vachani

212/705-4700

or

KCSA Public & Investor Relations

Leslie A. Schupak/Joseph A. Mansi

212/682-6300 ext. 207/205