8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K/A

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 10, 2010              

AMREP Corporation

(Exact name of Registrant as specified in its charter)

Oklahoma	1-4702	59-0936128
(State or other jurisdiction of	(Commission File	(IRS Employer
incorporation)	Number)	Identification No.)

300 Alexander Park, Suite 204, Princeton, New Jersey	08540
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:  (609) 716-8200

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):

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

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

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

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

EXPLANATORY NOTE:  This Form 8-K/A is being filed to attach Exhibit 99.1, which was not attached to the Form 8-K filed today on September 15, 2010.

Item 2.02          Results of Operations and Financial Condition.

On September 10, 2010, AMREP Corporation issued a press release that reported its results of operations for the three month period ended July 31, 2010.  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.

                         (d) Exhibits.

Exhibit No.	Description
99.1	Press Release, dated September 10, 2010, 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
	(Registrant)
Date:  September 15, 2010	By:    /s/  Peter M. Pizza
	Peter M. Pizza
	Vice President and
	Chief Financial Officer

-2-

EXHIBIT INDEX
Exhibit No.	Description
99.1	Press release, dated September 10, 2010, issued by AMREP Corporation.

EX-99

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 2011 RESULTS

Princeton, New Jersey, September 10, 2010 - AMREP Corporation (NYSE: AXR) today reported a net loss of $498,000, or $0.08 per share, for its fiscal 2011 first quarter ended July 31, 2010, compared to a net loss of $1,056,000, or $0.18 per share, for the first quarter of the prior fiscal year.  Revenues were $25,087,000 in the first quarter of this fiscal year versus $32,457,000 for the same period last year.

First quarter 2011 revenues from land sales at the Company’s AMREP Southwest subsidiary were $824,000 compared to $1,485,000 for the same period of fiscal 2010.  Results for both periods were substantially lower than the Company has historically experienced in its principal market of Rio Rancho, New Mexico, due to a prolonged severe decline in the real estate market in the greater Albuquerque-metro and Rio Rancho areas.  The Company believes that this decline reflects the persistently weak national and local New Mexico economies due to high unemployment levels, low consumer confidence, reduced credit availability and weak consumer spending, among other factors. The average gross profit percentage on land sales was 52% for the first quarter of 2011 and 57% for the first quarter of 2010, with the variance being attributable to a change in the mix of areas from which undeveloped lots were sold in each period and the effect of indirect costs on the lower revenue base. 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 $30,768,000 in the first quarter of 2010 to $24,236,000 for the same period in 2011. Magazine publishers, who are the principal customers of these operations, continued to suffer from low advertising revenues and reduced subscription and newsstand sales, which caused some publishers to close magazine titles or seek more favorable terms from Kable or its competitors. As a result of these factors as well as the effect of customer losses, revenues from Kable’s Subscription Fulfillment Services operations decreased from $25,127,000 for the first quarter of 2010 to $18,852,000 for the same period of 2011. Revenues from Newsstand Distribution Services operations decreased from $3,205,000 for the first quarter 2010 to $3,114,000 for the same period of 2011 as a result of lower distribution volumes. Revenues from Kable’s Product Fulfillment Services and Other business segment also decreased, from $2,436,000 for the first quarter of 2010 to $2,270,000 for the same period in 2011, primarily due to the loss of a customer and lower volumes. Offsetting these revenue declines, Kable’s operating and general and administrative expenses decreased by $7,916,000 in the first quarter of 2011 compared to the same period in 2010, primarily as a result of reductions in payroll and benefit costs associated with the decreased revenues and lower facilities and equipment costs (including depreciation) as well as other 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.  This project is expected to be completed by October 31, 2010.

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 2010, which are included in the Company’s 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission.  The 2010 Annual Report is available through the Company’s website, www.amrepcorp.com, and any shareholder may receive a hard copy of the 2010 Annual Report without charge upon request to the Company.

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(Two Schedules Follow)

Schedule 1

AMREP CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

	Three Months Ended July 31,
	2010			2009
Revenues	$	25,087,000		$	32,457,000
Net income (loss)	$	(498,000	)	$	(1,056,000	)
Earnings (loss) per share – Basic and Diluted:	$	(0.08	)	$	(0.18	)
Weighted average number of common shares outstanding		5,996,000			5,996,000

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Schedule 2

The Company’s land sales in Rio Rancho, New Mexico were as follows (dollar amounts in thousands):

	Three months ended July 31,
	2010						2009
	Acres Sold		Revenues		Revenues per Acre		Acres  Sold		Revenues		Revenues per Acre
Developed
Residential		1.0	$	377	$	377		2.8	$	670	$	239
Commercial		-		-		-		-		-		-
Total Developed		1.0		377		377		2.8		670		239
Undeveloped		11.0		447		41		26.0		815		31
Total		12.0	$	824	$	69		28.8	$	1,485	$	52

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.