8-K

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 12, 2005

AMREP CORPORATION

(Exact Name of Registrant as Specified in Charter)

		Oklahoma		1-4702				59-0936128
(State or Other Jurisdiction			(Commission File				(IRS Employer
	of Incorporation)				Number)	Identification Number)

641 Lexington Avenue, New York, New York10022

(Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: (212) 705-4700

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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On September 12, 2005, AMREP Corporation issued a press release that reported its results of operations for the three month period ended July 31, 2005. 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 12, 2005, 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 13, 2005	By:		/s/ Peter M. Pizza
			Peter M. Pizza
			Vice President and
			Chief Financial Officer

- 2 -

EXHIBIT INDEX

Exhibit

Number Description

99.1 Press release, dated September 12, 2005, issued by AMREP Corporation.

- 3 -

EX-99

                                                                    EXHIBIT 99.1




FOR:           AMREP Corporation
               641 Lexington Avenue
               New York, NY 10022

CONTACT:       Peter M. Pizza
               Vice President and
               Chief Financial Officer
               (212) 705-4700

                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------

                       AMREP REPORTS FIRST QUARTER RESULTS

NEW YORK,  September 12, 2005 - AMREP Corporation  (NYSE:AXR) today reported net
income of  $5,364,000,  or $0.81 per share,  for its fiscal  2006 first  quarter
ended July 31, 2005,  compared to net income of $4,026,000,  or $0.61 per share,
in the first  quarter of the prior  fiscal  year.  This  consisted of 2006 first
quarter net income from continuing operations of $1,802,000, or $0.27 per share,
and from  discontinued  operations  of  $3,562,000,  or $0.54 per share,  versus
$3,941,000,  or $0.60 per share,  and $85,000,  or $0.01 per share,  in the same
period last year.  Revenues  were  $30,014,000  in the first  quarter  this year
versus $33,638,000 in the first quarter of fiscal 2005.

Net income from  discontinued  operations  in the first  quarter of 2006 was the
result of the after-tax gain  (including  interest  and net of  expenses) on the
disposition  through  condemnation  proceedings  of the  primary  assets  of the
Company's El Dorado, New Mexico water utility subsidiary.  Financial information
for  operations  from prior  periods  has been  reclassified  to conform to this
presentation.

Revenues  from  the  Company's  Kable  Media  Services,   Inc.  subsidiary  were
$22,155,000  in the first  quarter of 2006 compared to  $23,650,000  in the same
quarter last year.  This 6.3% decrease was the result of a 9.4% revenue  decline
in  Kable's  Fulfillment  Services  segment  offset  in part by a 13.5%  revenue
increase  in its  Newsstand  Distribution  Services  business.  The  decline  in
Fulfillment  Services  revenues was principally the result of customer losses at
Kable's Colorado fulfillment business that occurred throughout fiscal 2005, most
of which had been identified prior to the Company's acquisition of that business
in April 2003, while the increase in revenues of Newsstand Distribution Services
resulted  from  increased  sales of  magazines  distributed  due,  in  part,  to
additional business obtained from the purchase of certain distribution contracts
in the third quarter of fiscal 2005.  Kable's operating  expenses decreased 2.2%
in the first  quarter of 2006  compared to the same  period last year,  with the
operating  expenses of  Fulfillment  Services  decreasing  3.8% for this period,
primarily due to reduced payroll resulting from the revenue decrease.  Operating
costs for Newsstand  Distribution  Services  increased  12.5% in the first three
months  of 2006  compared  to the same  period  last  year as a result  of costs
associated  with the  distribution  contracts  purchased in the third quarter of
fiscal 2005.


Revenues at the Company's AMREP Southwest Real Estate subsidiary  decreased from
$9,965,000  in the first  quarter of 2005 to  $7,689,000 in the first quarter of
2006,  mainly  because the prior year  included  $1,913,000 of revenues from the
settlement of  condemnation  proceedings  involving the Company's last remaining
parcel of land in Florida. Revenues from land sales in the Company's core market
of Rio Rancho,  New Mexico  were  $7,409,000  in the first three  months of 2006
compared to $7,769,000 in 2005's first quarter.  The gross profit  percentage on
Rio Rancho land sales in the first quarter  decreased from 53% in 2005 to 36% in
2006 due to a change in the mix of developed  versus  unimproved  lots sold,  as
sales in the first  quarter of 2006  included a greater  proportion of developed
lots (which  generally  have a lower gross profit margin than  unimproved  lots)
than was the case in the first  quarter  of 2005.  Revenues  and  related  gross
profits from land sales can vary significantly from period to period as a result
of many factors,  including the nature and timing of specific transactions,  and
prior results are not  necessarily a good indication of what may occur in future
periods.

AMREP Corporation's Kable Media Services,  Inc. subsidiary distributes magazines
to wholesalers and provides  subscription  fulfillment  and related  services to
publishers  and  others,  and its AMREP  Southwest  Inc.  subsidiary  is a major
landholder and leading developer of real estate in New Mexico.

                                      *****

                                AMREP Corporation
                                and Subsidiaries
                              Financial Highlights
                                   (Unaudited)

                                            Three Months Ended July 31,
                                            ---------------------------
                                            2005                  2004
                                            ----                  ----
Revenues                               $ 30,014,000          $ 33,638,000

Net income:
   Continuing operations               $  1,802,000          $  3,941,000
   Discontinued operations                3,562,000                85,000
                                       ------------          ------------
                                       $  5,364,000          $  4,026,000

Earnings per share - Basic and
Diluted:
   Continuing operations               $       0.27          $       0.60
   Discontinued operations                     0.54                  0.01
                                       ------------          ------------
                                       $       0.81          $       0.61
                                       ------------          ------------

Weighted average number of common
shares outstanding                        6,626,000             6,606,000
                                       ------------          ------------