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FOR : CONTACT : AMREP Corporation 850 West Chester Pike , Suite 205 Havertown , PA 19083 Adrienne M. Uleau Vice President , Finance and Accounting ( 610 ) 487-0907 AMREP REPORTS FIRST QUARTER FISCAL 2022 RESULTS Exhibit 99.1 Havertown , Pennsylvania , September 14 , 2021 – AMREP Corporation ( NYSE : AXR ) today reported net income of $ 1,637,000 , or $ 0.22 per diluted share , for its 2022 fiscal first quarter ended July 31 , 2021 compared to net income of $ 593,000 , or $ 0.07 per diluted share , for the same period of the prior year . Revenues were $ 10,507,000 for the first quarter of 2022 and $ 4,206,000 for the first quarter of 2021 . More information about the Company's financial performance for the first quarters of 2022 and 2021 may be found in AMREP Corporation's financial statements on Form 10 - Q which have today been filed with the Securities and Exchange Commission and will be available on AMREP's website ( www.amrepcorp.com/sec-filings/ ) . AMREP Corporation , through its subsidiaries , is a major holder of land , leading developer of real estate and award - winning homebuilder in New Mexico . FINANCIAL HIGHLIGHTS Revenues Net income ( loss ) Income ( loss ) per share – basic Income ( loss ) per share – diluted Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding – diluted Three Months Ended July 31 , 2021 2020 $ 10,507,000 $ 4,206,000 1,637,000 $ 593,000 $ 0.22 $ 0.07 $ 0.22 $ 0.07 7,346,000 8,151,000 7,373,000 8,182,000