1. AMREP Corporation

2. General Information Index: NYSE Symbol: AXR Sector: Industrial Goods
Industry: Residential Construction
Sub-Industry: Diversified Commercial & Professional Services
Employees: 1,295
Senior Management: 4
Board of Directors: 7

3. Company Overview Product Categories: Real Estate Development
Rio Rancho, New Mexico:
500 businesses
17 shopping centers
Industrial properties
85 buildings with 4.5 million square feet.
Colorado:
Residential properties
160 acres with 350 homes
Commercial properties
10 acres
Focus of its current activity is on the entitlement, development and the sale of land for residential, commercial and industrial uses

4. Company Overview Product Categories: Magazine Service Operations
Provides an array of fulfillment services for publishers and distributes magazines to wholesalers, direct distributors and specialty retailers
Second largest provider of subscription fulfillment services to magazine publishers in the United States
725 different magazine titles, for 250 clients and almost 41 million active subscriber names

5. Additional Financial Information
Year Ended April 30
2006
2005
2004
Revenues:
Real Estate Operations - Land Sales
$57,810
$36,154
$28,012
Media Services Operations
$88,463
$96,913
$99,791
Interest and Other
$2,023
$1,439
$1,488
Total Revenues:
$148,296
$134,506
$129,291
Net Income
$26,050
$15,525
$11,677
EPS - Basic
3.93
2.35
1.77

6. One Year Chart

7. Competitors
Competitors for the magazine services: Anderson News Company, Chas. Levy Circulating Company, etc.
Competitors in real estate: Pulte Homes Industries, Lennar Corporation, etc.
I would probably eliminate this slide

8. Real Estate Comparisons
Amrep
Lennar
Pulte Homes
Stock Price
84.76
50.87
31.70
P/E
13.28
16.30
6.49
Current Ratio
7.059
4.851
3.354
Market Capitalization
563.23M
8.06B
8.07B
ROA
14.9%
12.00%
9.15%
ROE
29.4%
25.74%
20.43%
Debt to Equity
.034
.637
.79

9. Risks
Primary Risk: Interest rate risk on its long term debt and fixed rate receivables
Company does not hedge interest rate risk using financial instruments
Major decreases in land value in New Mexico and Colorado
Company’s real estate business is highly concentrated in one market (New Mexico), so current and future growth may be limited if the economy contracts in this market.
Substantial legal, regulatory, and other requirements regarding the development of the land
Beta: 1.82

10. James Wall, 69 - Senior Vice President of the Company since 1991; Chairman, President and Chief Executive Officer of AMREP Southwest Inc., a wholly-owned subsidiary of the Company, since 1991.
Peter M. Pizza, 55 - Vice President and Chief Financial Officer of the Company since May 2001; Vice President and Controller of the Company from 1997 to 2001.
Joseph S. Moran, 58 - Vice President, General Counsel and Secretary of the Company since June 2005; Mr. Moran previously served as Vice President, General Counsel and Secretary of SatCon Technology Corporation from 2001 to 2005.
Michael P. Duloc, 49 - President and Chief Operating Officer of the Company's Newsstand Distribution Services business since 1996 and of the Company's Fulfillment Services business since 2000.
Executive Officers
This information seems really uneccessary when evaluating the company

11. Reasons for Investing Large Revenue growth
From 2004 to 2005: %
From 2005 to 2006: %
Expansion: acquiring Palm Coast Data Holdco
67.79% increase in net income from 2005 to 2006
351% increase in cash flow from operating activities from 2005 to 2006
Higher ROA and ROE then competitors

12. Questions???