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 13, 2013              

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))

Item 2.02  Results of Operations and Financial Condition.

On September 13, 2013, AMREP Corporation issued a press release that reported its results of operations for the three month period ended July 31, 2013.  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 Number	Description
99.1	Press release, dated September 13, 2013, issued by AMREP Corporation.

SIGNATURES

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, 2013	By:	/s/ Peter M. Pizza
		Peter M. Pizza
		Vice President and Chief Financial Officer

EXHIBIT INDEX 

Exhibit Number	Description
99.1	Press release, dated September 13, 2013, issued by AMREP Corporation.

EX-99

EXHIBIT 99.1

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 2014 RESULTS

Princeton, New Jersey, September 13, 2013 - AMREP Corporation (NYSE: AXR) today reported a net loss of $687,000, or $0.11 per share, for its fiscal 2014 first quarter ended July 31, 2013, compared to a net loss of $608,000, or $0.10 per share, for the first quarter of the prior fiscal year. Results for the first quarter of fiscal 2013 included a non-cash impairment charge of $169,000 ($107,000 after tax, or $0.02 per share) reflecting the write-down of a real estate investment asset. Revenues were $20,509,000 in the first quarter of this fiscal year versus $19,596,000 for the same period last year.

Revenues from the Company’s Media Services operations, which include Subscription Fulfillment Services operations conducted by the Company’s Palm Coast Data subsidiary (including its FulCircle Media business acquired December 31, 2012) and Newsstand Distribution and Product and Packaging Services and other operations conducted by its Kable Media Services subsidiary, increased from $19,588,000 for the first quarter of 2013 to $20,278,000 for the same period in 2014.   This revenue was due to the addition of FulCircle, whose revenues in the first quarter totaled $1,359,000.  Media Services’ operating expenses increased from $16,367,000 for the first quarter of 2013 (83.6% of Media Services revenues) to $17,728,000 for the first quarter of 2014 (87.4% of Media Services revenues), primarily from expenses associated with FulCircle.

Revenues from land sales at AMREP Southwest were $228,000 for the first quarter of 2014 compared to no land sale revenue for the same period of 2013.  The average gross profit percentage on land sales was 17% for the first quarter 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 prior results are not necessarily a good indication of what may occur in future periods.

AMREP Corporation's Media Services operations, conducted by its Kable Media Services, Inc. and Palm Coast Data LLC subsidiaries, distribute magazines to wholesalers and provide subscription and product 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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2

AMREP CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

	Three Months Ended July 31,
	2013			2012
Revenues	$	20,509,000		$	19,596,000
Net income (loss)	$	(687,000	)	$	(608,000	)
Earnings (loss) per share – Basic and Diluted	$	(0.11	)	$	(0.10	)
Weighted average number of common shares outstanding		6,374,000			5,996,000