2015 Press Releases

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8210

AMREP REPORTS SECOND QUARTER FISCAL 2016 RESULTS

Princeton, New Jersey, December 11, 2015 ñ AMREP Corporation (the ìCompanyî) (NYSE: AXR) today reported a net loss of $676,000, or $0.08 per share, for its 2016 fiscal second quarter ended October 31, 2015 compared to net income of $254,000, or $0.03 per share, for the second quarter of fiscal year 2015 ended October 31, 2014. For the first six months of 2016, the Company had a net loss of $1,855,000, or $0.23 per share, compared to net income of $6,518,000, or $0.83 per share, for the same period of 2015. The Companyís results for both periods in fiscal 2016 were entirely from continuing operations. The results for the three months ended October 31, 2014 consisted of (i) a net loss from continuing operations of $97,000, or $0.01 per share, and (ii) net income from discontinued operations of $351,000, or $0.04 per share. The results for the six months ended October 31, 2014 consisted of (i) a net loss from continuing operations of $733,000, or $0.10 per share, which included a non-cash impairment charge of $925,000 ($583,000 after tax, or $0.07 per share) reflecting the discontinuance of the development of certain software in the Companyís Fulfillment Services business, and (ii) net income from discontinued operations of $7,251,000, or $0.93 per share, which included a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.90 per share) from a settlement agreement with a major customer of the Companyís former Newsstand Distribution Services business. Revenues from continuing operations were $11,221,000 and $20,796,000 for the second quarter and first six months of 2016 compared to $14,357,000 and $26,678,000 for the same periods of the prior year.

Prior to fiscal 2016, the Company had been engaged in the Newsstand Distribution Services, Product Packaging and Fulfillment Services and Staffing Services businesses. These businesses were sold during the fourth quarter of fiscal 2015, and their operations have been classified as ìdiscontinued operationsî in the Companyís financial statements. Financial information for prior periods has been reclassified to conform to this presentation.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC provides subscription fulfillment and related services to publishers and others, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

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AMREP CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS

Three Months Ended October 31,   2015   2014 Revenues $ 11,221,000   $ 14,357,000 Net Income (loss)           Continuing Operations $ (676,000)   $ (97,000)     Discontinued Operations $               -   $ 351,000   $ (676,000)   $ 254,000 Earnings (loss) per share - Basic and Diluted           Continuing Operations $ (0.08)   $ (0.01)     Discontinued Operations $         -   $ 0.04   $ (0.08)   $ 0.03 Weighted average number of common shares outstanding 8,038,000   8,026,000

Six Months Ended October 31,   2015   2014 Revenues $ 20,796,000   $ 26,678,000 Net Income (loss)           Continuing Operations $ (1,855,000)   $ (733,000)     Discontinued Operations $                  -   $ 7,251,000   $ (1,855,000)   $ 6,518,000 Earnings (loss) per share - Basic and Diluted           Continuing Operations $ (0.23)   $ (0.10)     Discontinued Operations $         -   $ 0.93   $ (0.23)   $ 0.83 Weighted average number of common shares outstanding 8,034,000   7,813,000

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8210

AMREP REPORTS FIRST QUARTER FISCAL 2016 RESULTS

Princeton, New Jersey, September 14, 2015 ñ AMREP Corporation (the ìCompanyî) (NYSE: AXR) today reported a net loss of $1,179,000, or $0.15 per share, for its 2016 fiscal first quarter ended July 31, 2015 compared to net income of $6,264,000, or $0.82 per share, for the first quarter of fiscal year 2015 ended July 31, 2014. The results for the prior year consisted of (i) a net loss from continuing operations of $636,000, or $0.08 per share, which included a non-cash impairment charge of $925,000 ($583,000 after tax, or $0.08 per share) reflecting the discontinuance of the development of certain software in the Companyís Fulfillment Services business, and (ii) net income from discontinued operations of $6,900,000, or $0.90 per share, which included a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.92 per share) from a settlement agreement with a major customer in the Companyís former Newsstand Distribution Services business. Revenues from continuing operations were $9,575,000 for the first quarter of 2016 compared to $12,321,000 for the same period in the prior year.

Prior to fiscal 2016, the Company had been engaged in the Newsstand Distribution Services, Product Packaging and Fulfillment Services and Staffing Services businesses. These businesses were sold during the fourth quarter of fiscal 2015, and their operations have been classified as ìdiscontinued operationsî in the Companyís financial statements. Financial information for prior periods has been reclassified to conform to this presentation.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC and its subsidiary, FulCircle Media, LLC, provides subscription fulfillment and related services to publishers and others, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

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AMREP CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS

Three Months Ended July 31,   2015   2014 Revenues $ 9,575,000   $ 12,321,000 Net Income (loss)           Continuing Operations $ (1,179,000)   $ (636,000)     Discontinued Operations -   $ 6,900,000   $ (1,179,000)   $ 6,264,000 Earnings (loss) per share - Basic and Diluted           Continuing Operations $ (0.15)   $ (0.08)     Discontinued Operations -   $ 0.90   $ (0.15)   $ 0.82 Weighted average number of common shares outstanding 8,029,000   7,599,000

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8210

AMREP REPORTS FISCAL 2015 RESULTS

Princeton, New Jersey, July 29, 2015 ñ AMREP Corporation (the "Company") (NYSE: AXR) today reported total net income of $11,320,000, or $1.43 per share, for its 2015 fiscal year ended April 30, 2015 compared to a net loss of $2,939,000, or $0.42 per share, in 2014. Results consisted of (i) a net loss from continuing operations of $3,584,000, or $0.45 per share, in 2015 compared to a net loss of $647,000, or $0.09 per share, in 2014 and (ii) net income from discontinued operations of $14,904,000, or $1.88 per share, in 2015, compared to a net loss of $2,292,000, or $0.33 per share, for 2014.

The net loss from continuing operations for 2015 included pre-tax, non-cash impairment charges of $2,580,000 ($1,625,000 after tax, or $0.21 per share) while the results from continuing operations for 2014 included pre-tax, non-cash impairment charges of $686,000 ($432,000 after tax, or $0.06 per share), with the charges in both years primarily reflecting the write-down of certain real estate inventory and investment assets. Excluding the impairment charges in both years, results of continuing operations for 2015 were a net loss of $1,959,000, or $0.25 per share, compared to a net loss of $215,000, or $0.03 per share, for 2014. Revenues for 2015 were $49,790,000 compared to $62,197,000 in 2014.

The net income from discontinued operations for 2015 included a pre-tax gain of $10,729,000 ($7,608,000 after tax, or $0.96 per share) from the gain on the sales of the Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business and a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.89 per share) from a previously disclosed settlement agreement in the Newsstand Distribution business with a major customer in the first quarter of the year. The results from discontinued operations for 2015 were also favorably impacted by the reversal of a previously recorded bad debt reserve of $1,500,000 ($945,000 after tax, or $0.12 per share) in the Newsstand Distribution Services business as a result of revised estimates of magazine returns and other customer statement credits. Excluding the gains from the sales of the businesses, the settlement agreement and the reversal of the bad debt reserve, the pre-tax loss from discontinued operations for 2015 was $1,247,000 ($677,000 after tax, or $0.09 per share).

For additional information regarding the Company's financial results, please refer to the Company's Annual Report on Form 10-K filed today with the Securities and Exchange Commission.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: the Fulfillment Services business operated by Palm Coast Data LLC and its subsidiary, FulCircle Media, LLC, provides subscription fulfillment and related services to publishers and others, and its AMREP Southwest Inc. subsidiary is a major holder of real estate in New Mexico.

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AMREP CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS

Twelve Months Ended April 30,   2015   2014 Revenues $ 49,790,000   $ 62,197,000 Net Income (loss)           Continuing Operations $ (3,584,000)   $ (647,000)     Discontinued Operations $ 14,904,000   $ (2,292,000)   $ 11,320,000   $ (2,939,000) Earnings (loss) per share - Basic and Diluted           Continuing Operations $ (0.45)   $ (0.09)     Discontinued Operations $ 1.88   $ (0.33)   $ 1.43   $ (0.42) Weighted average number of common shares outstanding 7,919,000   6,988,000

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8210

AMREP REPORTS THIRD QUARTER FISCAL 2015 RESULTS

Princeton, New Jersey, March 17, 2015 - AMREP Corporation (NYSE: AXR) today reported net income from continuing operations of $201,000, or $0.03 per share, for its fiscal 2015 third quarter ended January 31, 2015, compared to $290,000, or $0.04 per share, in the same period of fiscal 2014. For the first nine months of 2015, the Companyís continuing operations had a net loss of $532,000, or $0.07 per share, compared to a net loss of $583,000, or $0.08 per share, for the same period of 2014. The results for the first nine months of 2015 included a non-cash impairment charge of $925,000 ($583,000 after tax, or $0.07 per share) in the Companyís Fulfillment Services business. Revenues from continuing operations were $16,084,000 and $47,734,000 for the third quarter and first nine months of 2015 compared to $20,252,000 and $55,703,000 for the same periods in the prior year.

The Company accounted for its Newsstand Distribution Services business and Product Packaging and Fulfillment Services business as ìDiscontinued Operationsî in the quarter ended January 31, 2015 as a result of the previously announced sale of these businesses on February 9, 2015. Accordingly, financial information from prior periods has been reclassified to conform to this presentation. Net income from discontinued operations was $33,000, or $0.00 per share, in the third quarter of fiscal 2015 compared to a net loss of $301,000, or $0.04 per share, for the same period of 2014. For the first nine months of 2015, there was net income from discontinued operations of $7,284,000, or $0.92 per share, compared to a net loss of $63,000, or $0.01 per share, for the same period of 2014. The results from discontinued operations for the first nine months of 2015 included a pretax gain of $11,155,000 ($7,025,000 after tax, or $0.89 per share) from a previously disclosed settlement agreement with a major customer.

AMREP Corporation, through its subsidiaries, is primarily engaged in three business segments: the Fulfillment Services business operated by Palm Coast Data LLC and its subsidiary, FulCircle Media, LLC, provides subscription fulfillment and related services to publishers and others, the Staffing Services business operated by Kable Staffing Resources LLC provides temporary staffing personnel to a number of industries and its AMREP Southwest Inc. subsidiary is a major holder of real estate in New Mexico.

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AMREP CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(unaudited)

	Three Months Ended January 31,
	2015		2014
Revenues	$ 16,084,000		$ 20,252,000
Net Income (loss)
Continuing Operations	$ 201,000		$ 290,000
Discontinued Operations	$ 33,000		$ (301,000)
	$ 234,000		$ (11,000)
Earnings (loss) per share - Basic and Diluted
Continuing Operations	$ 0.03		$ 0.04
Discontinued Operations	$ 0.00		$ (0.04)
	$ 0.03		$ 0.00
Weighted average number of common shares outstanding	8,026,000		7,195,000

 

	Nine Months Ended January 31,
	2015		2014
Revenues	$ 47,734,000		$ 55,703,000
Net Income (loss)
Continuing Operations	$ (532,000)		$ (583,000)
Discontinued Operations	$ 7,284,000		$ (63,000)
	$ 6,752,000		$ (646,000)
Earnings (loss) per share - Basic and Diluted
Continuing Operations	$ (0.07)		$ (0.08)
Discontinued Operations	$ 0.92		$ (0.01)
	$ 0.85		$ (0.09)
Weighted average number of common shares outstanding	7,884,000		6,922,000

 

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8210

AMREP SELLS ITS NEWSSTAND DISTRIBUTION SERVICES BUSINESS AND ITS PRODUCT PACKAGING AND FULFILLMENT SERVICES BUSINESS

Princeton, New Jersey, February 9, 2015 - AMREP Corporation (NYSE:AXR) today reported that it has sold its Newsstand Distribution Services business and its Product Packaging and Fulfillment Services business pursuant to the sale of capital stock to entities controlled by Michael P. Duloc. The closing of the sale occurred on February 9, 2015.

The buyers paid an aggregate purchase price of $2.0 million, which consisted of $400,000 of cash paid on the closing and $1.6 million paid by execution of a secured promissory note. The Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business will retain all of their third party pre-closing assets, liabilities, rights and obligations, including the negative working capital of the Newsstand Distribution Services business, which totaled $12,672,000 at October 31, 2014. AMREP expects to recognize a pre-tax gain on its financial statements as a result of the transaction in the fourth quarter of fiscal year 2015 which it estimates will range from approximately $8 million to $10 million.

Revenues from land sales at AMREP Southwest were $2,513,000 and $2,897,000 for the second quarter and first six months of 2015 compared to $1,196,000 and $1,424,000 for the same periods of 2014. The average gross profit percentage on land sales was 12.9% and 16.8% for the second quarter and first six months of 2015 compared to 16.5% for each of the same two periods of 2014. Revenues, average selling prices 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 the type and location of land being sold.

Prior to the closing, Mr. Duloc was the chief executive officer and president of AMREP's Newsstand Distribution Services business and Product Packaging and Fulfillment Services business and certain other subsidiaries of AMREP.

"After many years in the magazine distribution and product fulfillment businesses, we are pleased that this transaction will allow AMREP to focus primarily on its real estate and subscription fulfillment services businesses to drive shareholder value," said Edward B. Cloues, II, Chairman of AMREP. "This disposition will sharpen our focus and strengthen AMREP's balance sheet by eliminating the negative working capital overhang."

Additional details on the sale transaction are provided in AMREP's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2015.

About AMREP - AMREP Corporation's Palm Coast Data subsidiary provides subscription related services to publishers, membership organizations and others, its Kable Staffing subsidiary provides temporary staffing services and its AMREP Southwest subsidiary is a major holder of real estate in New Mexico.

Forward-Looking Statements - This press release may contain certain forward-looking statements, including statements with regard to the expected gain, if any, to be recognized as a result of the transaction and the expected focus of AMREP in the future. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are discussed in the filings AMREP makes with the Securities and Exchange Commission. AMREP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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