|   |  (Mark One) |
|--------|------------------|

|   |  [x ]  |  Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|--------|------------------|--------------------------------------------------------------------------------------------|
|   |             |  For the fiscal year ended April 30, 2010                                   |

|   |  [  ] |  Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934                                                                                                                                                        |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |            |  For the transition period from                       to                    |

| AMREP CORPORATION                                      |
|--------------------------------------------------------|
| (Exact name of Registrant as specified in its charter) |

| Oklahoma                        | 59-0936128          |
|---------------------------------|---------------------|
| (State or other jurisdiction of | (IRS Employer       |
| incorporation or organization)  | Identification No.) |

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

| Yes |   | No | X |
|-----|--------|----|---|

| Yes |   | No | X |
|-----|--------|----|---|

| Yes |   X | No |   |
|-----|----------|----|--------|

| Yes |   | No |   |
|-----|--------|----|--------|

| Large accelerated filer |   |   | Accelerated filer         |   |
|-------------------------|--------|--------|---------------------------|--------|
|                    |   |   |                      |   |
| Non-accelerated filer   | X      |   | Smaller reporting company |   |

| Yes |   | No | X |
|-----|--------|----|---|

|                                                  |   | Acres Sold |                  |   | Revenues |   |       | RevenuesPer Acre (a) |   |
|-------------------------------------------------------|--------|------------|-----------------------|--------|----------|--------|------------|----------------------|--------|
| 2010:                                                 |   |       |                  |   |     |   |       |                 |   |
|   Developed                                 |   |       |                  |   |     |   |       |                 |   |
|        Residential |   |       | 6                     |   |     | $      | 1,891,000  |                 |   | $ | 293,000 |   |
|        Commercial  |   |       | 2                     |   |     |   | 894,000    |                 |   |   | 523,000 |   |
|   Total Developed                           |   |       | 8                     |   |     |   | 2,785,000  |                 |   |   | 341,000 |   |
|   Undeveloped                               |   |       | 48          |   |     |   | 2,400,000  |                 |   |   | 50,000 |   |
|       Total             |   |       | 56          |   |     | $      | 5,185,000  |                 |   | $ | 92,000 |   |
|                                                  |   |       |                  |   |     |   |       |                 |   |   |   |   |
| 2009:                                                 |   |       |                  |   |     |   |       |                 |   |   |   |   |
|   Developed                                 |   |       |                  |   |     |   |       |                 |   |   |   |   |
|        Residential |   |       | 13               |   |     | $      | 3,109,000  |                 |   | $ | 244,000 |   |
|        Commercial  |   |       | 1                     |   |     |   | 126,000    |                 |   |   | 126,000 |   |
|   Total Developed                           |   |       | 14               |   |     |   | 3,235,000  |                 |   |   | 236,100 |   |
|   Undeveloped                               |   |       | 134    |   |     |   | 5,679,000  |                 |   |   | 42,400 |   |
|       Total             |   |       | 148         |   |     | $      | 8,914,000  |                 |   | $ | 60,200 |   |
|                                                  |   |       |                  |   |     |   |       |                 |   |   |   |   |
| 2008:                                                 |   |       |                  |   |     |   |       |                 |   |   |   |   |
|   Developed                                 |   |       |                  |   |     |   |       |                 |   |   |   |   |
|        Residential |   |       | 30                    |   |     | $      | 9,542,000  |                 |   | $ | 318,100 |   |
|        Commercial  |   |       | 39                    |   |     |   | 8,651,000  |                 |   |   | 221,800 |   |
|   Total Developed                           |   |       | 69                    |   |     |   | 18,193,000 |                 |   |   | 263,700 |   |
|   Undeveloped                               |   |       | 337         |   |     |   | 9,709,000  |                 |   |   | 28,800 |   |
|       Total             |   |       | 406         |   |     | $      | 27,902,000 |                 |   | $ | 68,700 |   |

|  (a) |  Revenues per acre may not calculate precisely due to rounding of acres sold amounts. |
|-----------|--------------------------------------------------------------------------------------------|

|   | • |   | the Company may not be able to acquire a desired property because of competition from other real estate investors who may have greater capital or better access to cash than the Company has;                                                                                             |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |
|   | • |   | the Company may not be able to obtain or renew financing on acceptable terms, or at all;                                                                                                                                                                                                  |
|   |    |
|   | • |   | an adverse change in market conditions during the interval between acquisition and sale of a property may result in a lower than originally anticipated profit;                                                                                                                           |
|   |    |
|   | • |   | the Company may underestimate the cost of development required to bring an acquired property up to standards established for the market position intended for that property;                                                                                                              |
|   |    |
|   | • |   | acquired properties may be located in new markets where the Company may face risks associated with a lack of market knowledge or understanding of the local economy, a lack of business relationships in the area or unfamiliarity with local governmental and permitting procedures; and |
|   |    |
|   | • |   | the Company may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into its existing operations.                                                                                                                     |

|   | • |   | periods of general economic slowdown or recession;                                                      |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------|
|   |    |
|   | • |   | changes in government regulation;                                                                       |
|   |    |
|   | • |   | rising interest rates and a decline in the general availability or affordability of mortgage financing; |
|   |    |   |                                                                                                    |
|   | • |   | adverse changes in local or regional economic conditions;                                               |

|   | • |   | shifts in population away from the markets that the Company serves; |
|--------|---------|--------|---------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | • |   | tax law changes, including potential limits on, or elimination of, the deductibility of certain mortgage interest expense, real property taxes and employee relocation expenses; and |
|--------|---------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | • |   | acts of God, including hurricanes, earthquakes and other natural disasters. |
|--------|---------|--------|-----------------------------------------------------------------------------|

|   | • |   | variations in the Company’s quarterly and annual operating results, which could be significant; |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------|
|   |    |
|   | • |   | material announcements by the Company or the Company’s competitors;                             |
|   |    |
|   | • |   | sales of a substantial number of shares of the Company’s common stock; and                      |
|   |    |
|   | • |   | adverse changes in general market conditions or economic trends.                                      |

|   | • |   | classify the Company’s Board of Directors into three classes, each of which serves for a term of three years, with one class being elected each year; and |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |
|   | • |   | prohibit shareholders from calling a special meeting of shareholders.                                                                                           |

| Name             |     Office Held / Principal Occupation for Past Five Years        |   | Age    |
|------------------|-------------------------------------------------------------------------------------------------|--------|--------|
|             |                                                                                            |   |   |
| James Wall       | Senior Vice President of the Company since 1991; Chairman, President                            |   | 73     |
|             | and Chief Executive Officer of AMREP Southwest Inc. since 1991.                                 |   |   |
|             |                                                                                            |   |   |
| Peter M. Pizza   | Vice President and Chief Financial Officer of the Company since 2001;                           |   | 59     |
|             | Vice President and Controller of the Company from 1997 to 2001.                                 |   |   |
|             |                                                                                            |   |   |
| Irving Needleman | Vice President, General Counsel and Secretary of the Company                                    |   | 72     |
|             | since November 2006.  Of counsel to the law firm of McElroy, Deutsch,                 |   |   |
|             | Mulvaney & Carpenter, LLP from September 2005 to October 2006.                              |   |   |
|             | Partner in the law firm of Jacobs Persinger & Parker for more than one                      |   |   |
|             | year prior to September 2005.                                                                   |   |   |
|             |                                                                                            |   |   |
| Michael P. Duloc | President and Chief Executive Officer of Kable Media Services, Inc.                             |   | 53     |
|             | since June 1, 2007; President of Kable’s Newsstand  Distribution                |   |   |
|             | Services business since 1996 and Chief Operating Officer of that business                       |   |   |
|             | until June 2007; President and Chief Operating Officer of Kable’s                         |   |   |
|             | Fulfillment Services business from 2000 until January 2007.                                     |   |   |
|             |                                                                                            |   |   |
| John Meneough    | Executive Vice President, Fulfillment Services of Kable Media                                   |   | 62     |
|             | Services, Inc. and President and Chief Operating Officer of the Company’s                 |   |   |
|             | Subscription Fulfillment Services business since January 2007.  President of          |   |   |
|             | Palm Coast Data Holdco, Inc. and Palm Coast Data LLC since 2002 and                             |   |   |
|             | President of their predecessor companies since 1996.                                            |   |   |

| Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity |
|---------|---------------------------------------------------------------------------------------------------|

|   |   | FIRST  |   |   | SECOND |   |   | THIRD  |   |   | FOURTH |   |
|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|   |   | HIGH   |   |   | LOW    |   |   | HIGH   |   |   | LOW    |   |   | HIGH |   |   | LOW |   |   | HIGH |   |   | LOW |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010   |   | $      | 20.60  |   |   | $      | 9.70   |   |   | $      | 15.39  |   |   | $ | 11.04 |   |   | $ | 14.79 |   |   | $ | 12.09 |   |   | $ | 15.75 |   |   | $ | 13.38 |   |
| 2009   |   | $      | 56.67  |   |   | $      | 41.12  |   |   | $      | 62.66  |   |   | $ | 26.91 |   |   | $ | 40.27 |   |   | $ | 22.01 |   |   | $ | 34.50 |   |   | $ | 13.18 |   |

| Company Name / Index | 2005 | 2006   | 2007   | 2008   | 2009  | 2010   |
|----------------------|------|--------|--------|--------|-------|--------|
| AMREP Corporation    | 100  | 222.48 | 293.29 | 261.37 | 93.17 | 72.67  |
| S&P 500 Index    | 100  | 115.42 | 133.00 | 126.78 | 82.01 | 113.87 |
| Similar Cap Issuers  | 100  | 134.84 | 150.35 | 133.94 | 89.73 | 121.15 |

|                                                                                            | Year Ended April 30, |
|-------------------------------------------------------------------------------------------------|----------------------|
|                                                                                            |                 | 2010(a) |   | 2009(b) |   | 2008 | 2007 | 2006 |
|                                                                                            |                 | (In thousands, except per share amounts) |   |
| Financial Summary:                                                                              |                 |   |   |   |   |   |   |   |   |   |
|   Revenues                                                                            |  $              |        120,498 |  $ |       145,901 |  $ |      172,061 |  $ |    204,839 | $   |  148,296 |
|   Income (Loss) from Continuing     Operations               |  $              |           (9,480) |  $ |        (43,466) |  $ |         13,762 |  $ |       46,697 |  $    |    22,494 |
|   Income (Loss) from Discontinued Operations, net of tax                         |  $              |                  - |  $ |                  - |  $ |              (57) |  $ |        (1,591) |  $      |      3,556 |
|   Net Income (Loss)                                                                   |  $              |          (9,480) |  $ |       (43,466) |  $ |       13,705 |  $ |      45,106 | $   |    26,050 |
|   Total Assets                                                                        |  $              |       211,509 |  $ |       227,652 |  $ |     284,951 |  $ |    292,659 | $   |  189,041 |
|                                                                                            |                 |   |   |   |   |   |   |   |   |   |
| Capitalization:                                                                                 |                 |   |   |   |   |   |   |   |   |   |
|   Shareholders’ Equity                                                          |  $              |         86,567 |  $ |         96,281 |  $ |     145,056 |  $ |    160,004 | $   |  118,970 |
|   Notes Payable                                                                       |  $              |         28,654 |  $ |         37,936 |  $ |       25,980 |  $ |      32,299 | $       |      6,016 |
|                                                                                            |                 |   |   |   |   |   |   |   |   |   |
| Per Share:                                                                                      |                 |   |   |   |   |   |   |   |   |   |
|    Earnings (Loss) from Continuing      Operations |  $              |            (1.58) |  $ |            (7.25) |  $ |            2.20 |  $ |           7.02 |  $        |       3.39 |
|    Income (Loss) from      Discontinued Operations |  $              |                 - |  $ |                 - |  $ |           (0.01) |  $ |          (0.24) |  $         |       0.54 |
|    Earnings (Loss) -                                                             |                 |   |   |   |   |   |   |   |   |   |
|       Basic and Diluted                                           |  $              |           (1.58) |  $ |           (7.25) |  $ |           2.19 |  $ |          6.78 | $       |       3.93 |
|    Book Value                                                                    |  $              |          14.44 |  $ |          16.06 |  $ |         24.20 |  $ |        24.05 | $       |     17.91 |
|    Cash Dividend                                                                 |  $              |                - |  $ |                - |  $ |           1.00 |  $ |          0.85 | $        |       4.05 |
|                                                                                            |                 |   |   |   |   |   |   |   |   |   |
| Shares Outstanding, End of Year                                                                 |                 |           5,996 |   |           5,996 |   |          5,995 |   |        6,654 |         |     6,644 |
|                                                                                            |                 |   |   |   |   |   |   |   |   |   |

| (a)   | Includes a pre-tax charge of $2,075 related to the impairment of certain real estate ($1,307 after tax, or $0.22 per share). See Note 9 to the consolidated financial statements included in this annual report on Form 10-K for further information. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Includes a pre-tax charge of $50,246 related to the impairment of goodwill ($41,557 after tax, or $6.93 per share). See Note 9 to the consolidated financial statements included in this annual report on Form 10-K for further information. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations                    |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   Contractual Obligations |   |  Total |   |   | Less than1 year |   |   | 1-3 years |   |   | 3-5 years |   |   | More than5 years |   |
|-------------------------------------|--------|-------------|--------|--------|-----------------|--------|--------|----------------|--------|--------|----------------|--------|--------|------------------|--------|
|                                |   |        |   |   |            |   |   |           |   |   |           |   |   |             |   |
| Notes payable                       |   | $           | 28,654 |   |            | $      | 24,052 |           |   | $      | 265            |   |   | $                | 249    |   |   | $ | 4,088 |   |
| Operating leases and other          |   |        | 8,881  |   |            |   | 3,327  |           |   |   | 4,639          |   |   |             | 615    |   |   |   | 300 |   |
| Total                               |   | $           | 37,535 |   |            | $      | 27,379 |           |   | $      | 4,904          |   |   | $                | 864    |   |   | $ | 4,388 |   |
|                                |   |        |   |   |            |   |   |           |   |   |           |   |   |             |   |   |   |   |   |   |

|                                                |   | 2011   |       | 2012   |   | 2013      |   | 2014   |    | 2015   |   | There-after |   | Total  |      | FMV at4/30/10 |   |
|-----------------------------------------------------|--------|--------|------------|--------|--------|-----------|--------|--------|---------|--------|--------|-------------|--------|--------|-----------|---------------|--------|
|                                                |   |   |       |   |   |      |   |   |    |   |   |        |   |   |      |          |   |
| Fixed rate receivables                              |   | $      | 1,175      |   | $      | 3         |   | $      | 65      |   |   | -           |   |   | -         |          |   | - |   | $ | 1,243 |   | $ | 1,238 |   |
|                                                |   |   |       |   |   |      |   |   |    |   |   |        |   |   |      |          |   |   |   |   |   |   |   |   |   |
| Weighted average   interest rate     |   |   |  9.9% |   |   | 8.5%      |   |   | 8.5%    |   |   |  -     |   |   |  -   |          |   |  - |   |   | 10.2% |   |   |   |   |
|                                                |   |   |       |   |   |      |   |   |    |   |   |        |   |   |      |          |   |   |   |   |   |   |   |   |   |
| Fixed rate debt                                     |   | $      | 1,552      |   | $      |  139 |   | $      | 126     |   | $      |  128   |   | $      |  121 |          | $      |  4,088 |   | $ | 6,154 |   | $ | 6,648 |   |
|                                                |   |   |       |   |   |      |   |   |    |   |   |        |   |   |      |          |   |   |   |   |   |   |   |   |   |
| Weighted average   interest rate (a) |   |   | 5.3%       |   |   | 6.7%      |   |   | 6.6%    |   |   | 6.6%        |   |   | 6.4%      |          |   | 6.4% |   |   | 6.1% |   |   |   |   |
|                                                |   |   |       |   |   |      |   |   |    |   |   |        |   |   |      |          |   |   |   |   |   |   |   |   |   |
| Variable rate debt                                  |   | $      | 22,500     |   |   | -         |   |   | -       |   |   | -           |   |   | -         |          |   | - |   | $ | 22,500 |   | $ | 22,500 |   |
|                                                |   |   |       |   |   |      |   |   |    |   |   |        |   |   |      |          |   |   |   |   |   |   |   |   |   |
| Weighted average   interest rate (a) |   |   | 5.0%       |   |   |  -   |   |   |  - |   |   |  -     |   |   |  -   |          |   |  - |   |   | 5.0% |   |   |   |   |

| ASSETS                                                                                                                                                                                                         |   | 2010   |         |   | 2009   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------|
|                                                                                                                                                                                                           |   |   |         |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                                                                                                                                      |   | $      | 25,531       |   |   | $      | 29,018 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| RECEIVABLES, net:                                                                                                                                                                                              |   |   |         |   |   |   |   |   |
| Real estate operations and other                                                                                                                                                                               |   |   | 1,195        |   |   |   | 3,367 |   |
|    Media services operations                                                                                                                                                                    |   |   | 33,175       |   |   |   | 34,614 |   |
|                                                                                                                                                                                                           |   |   | 34,370       |   |   |   | 37,981 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| TAXES RECEIVABLE                                                                                                                                                                                               |   |   | 2,126        |   |   |   | 3,009 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| REAL ESTATE INVENTORY                                                                                                                                                                                          |   |   | 80,375       |   |   |   | 81,561 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| INVESTMENT ASSETS, net                                                                                                                                                                                         |   |   | 12,474       |   |   |   | 11,389 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| PROPERTY, PLANT AND EQUIPMENT, net                                                                                                                                                                             |   |   | 31,174       |   |   |   | 34,656 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| INTANGIBLE AND OTHER ASSETS, net                                                                                                                                                                               |   |   | 18,953       |   |   |   | 26,145 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| DEFERRED INCOME TAXES                                                                                                                                                                                          |   |   | 2,613        |   |   |   | - |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| GOODWILL                                                                                                                                                                                                       |   |   | 3,893        |   |   |   | 3,893 |   |
| TOTAL ASSETS                                                                                                                                                                                                   |   | $      | 211,509      |   |   | $      | 227,652 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                                     |   |   |         |   |   |   |   |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| LIABILITIES:                                                                                                                                                                                                   |   |   |         |   |   |   |   |   |
| ACCOUNTS PAYABLE AND ACCRUED EXPENSES                                                                                                                                                                          |   | $      | 79,969       |   |   | $      | 79,429 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| NOTES PAYABLE:Amounts due within one year                                                                                                                                                                      |   |   |  24,052 |   |   |   |  25,770 |   |
| Amounts subsequently due                                                                                                                                                                                       |   |   | 4,602        |   |   |   | 12,166 |   |
|                                                                                                                                                                                                           |   |   | 28,654       |   |   |   | 37,936 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| OTHER LONG TERM LIABILITIES                                                                                                                                                                                    |   |   | 4,244        |   |   |   | 2,270 |   |
| DEFERRED INCOME TAXES                                                                                                                                                                                          |   |   | -            |   |   |   | 1,071 |   |
| ACCRUED PENSION COST                                                                                                                                                                                           |   |   | 12,075       |   |   |   | 10,665 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| TOTAL LIABILITIES                                                                                                                                                                                              |   |   | 124,942      |   |   |   | 131,371 |   |
|                                                                                                                                                                                                           |   |   |         |   |   |   |   |   |
| SHAREHOLDERS’ EQUITY:Common stock, $.10 par value;      shares authorized - 20,000,000; shares issued - 7,420,704 at      April 30, 2010 and 2009 |   |   |  742    |   |   |   |  742 |   |
| Capital contributed in excess of par value                                                                                                                                                                     |   |   | 46,100       |   |   |   | 46,100 |   |
| Retained earnings                                                                                                                                                                                              |   |   | 75,462       |   |   |   | 84,942 |   |
| Accumulated other comprehensive loss, net                                                                                                                                                                      |   |   | (9,080       | )      |   |   | (8,846 | ) |
| Treasury stock, 1,424,492 shares at April 30, 2010 and 2009, at cost                                                                                                                                           |   |   | (26,657      | )      |   |   | (26,657 | ) |
| TOTAL SHAREHOLDERS’ EQUITY                                                                                                                                                                               |   |   | 86,567       |   |   |   | 96,281 |   |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                               |   | $      | 211,509      |   |   | $      | 227,652 |   |

|                                                                |   | Year Ended April 30, |        |
|---------------------------------------------------------------------|--------|----------------------|-------------|
|                                                                |   | 2010                 |        |   | 2009 |   |   | 2008 |   |
| REVENUES:                                                           |   |                 |        |   |   |   |   |   |   |
| Real estate land sales                                              |   | $                    | 5,185       |   |   | $ | 8,914 |   |   | $ | 27,902 |   |
| Media services operations                                           |   |                 | 115,016     |   |   |   | 136,206 |   |   |   | 138,696 |   |
| Interest and other                                                  |   |                 | 297         |   |   |   | 781 |   |   |   | 5,463 |   |
|                                                                |   |                 | 120,498     |   |   |   | 145,901 |   |   |   | 172,061 |   |
|                                                                |   |                 |        |   |   |   |   |   |   |   |   |   |
| COSTS AND EXPENSES:                                                 |   |                 |        |   |   |   |   |   |   |   |   |   |
| Real estate land sales                                              |   |                 | 3,137       |   |   |   | 2,156 |   |   |   | 9,760 |   |
| Operating expenses:                                                 |   |                 |        |   |   |   |   |   |   |   |   |   |
| Media services operations                                           |   |                 | 104,662     |   |   |   | 127,324 |   |   |   | 120,021 |   |
| Real estate commissions and selling                                 |   |                 | 368         |   |   |   | 342 |   |   |   | 731 |   |
| Restructuring and fire recovery costs                               |   |                 | 5,547       |   |   |   | 1,050 |   |   |   | 1,513 |   |
| Other                                                               |   |                 | 2,580       |   |   |   | 1,489 |   |   |   | 840 |   |
| General and administrative:                                         |   |                 |        |   |   |   |   |   |   |   |   |   |
| Media services operations                                           |   |                 | 11,613      |   |   |   | 12,694 |   |   |   | 12,053 |   |
| Real estate operations and corporate                                |   |                 | 4,272       |   |   |   | 4,239 |   |   |   | 4,550 |   |
|     Impairment of assets                        |   |                 | 2,075       |   |   |   | 50,246 |   |   |   | - |   |
| Interest expense, net of capitalized amounts                        |   |                 | 1,615       |   |   |   | 715 |   |   |   | 1,012 |   |
|                                                                |   |                 | 135,869     |   |   |   | 200,255 |   |   |   | 150,480 |   |
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES        |   |                 | (15,371     | ) |   |   | (54,354 | ) |   |   |  21,581 |   |
|                                                                |   |                 |        |   |   |   |   |   |   |   |   |   |
| PROVISION (BENEFIT) FOR INCOME TAXES FROM CONTINUING OPERATIONS     |   |                 | (5,891      | ) |   |   | (10,888 | ) |   |   |  7,819 |   |
|                                                                |   |                 |        |   |   |   |   |   |   |   |   |   |
| INCOME (LOSS) FROM CONTINUING OPERATIONS                            |   |                 | (9,480      | ) |   |   |  (43,466 | ) |   |   |  13,762 |   |
|                                                                |   |                 |        |   |   |   |   |   |   |   |   |   |
| LOSS FROM OPERATIONS OF DISCONTINUED BUSINESS (NET OF INCOME TAXES) |   |                 |  -     |   |   |   |  - |   |   |   | (57 | ) |
|                                                                |   |                 |        |   |   |   |   |   |   |   |   |   |
| NET INCOME (LOSS)                                                   |   | $                    | (9,480      | ) |   | $ | (43,466 | ) |   | $ | 13,705 |   |
|                                                                |   |                 |        |   |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS                |   | $                    | (1.58       | ) |   | $ | (7.25 | ) |   | $ |  2.20 |   |
| LOSS PER SHARE FROM  DISCONTINUED OPERATIONS              |   |                 |  -     |   |   |   |  - |   |   |   | (0.01 | ) |
|                                                                |   |                 |        |   |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED                       |   | $                    | (1.58       | ) |   | $ | (7.25 | ) |   | $ |  2.19 |   |
|                                                                |   |                 |        |   |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING                |   |                 |  5,996 |   |   |   |  5,996 |   |   |   |  6,248 |   |

|                                                   |   |   Common Stock |    |   | Capital Contributed in Excess of |   |    |   Retained |   |   | AccumulatedOther Comprehensive |   |   | Treasury Stock, at |    |   |   |   |
|--------------------------------------------------------|--------|--------------------------|---------|--------|----------------------------------|--------|---------|----------------------|--------|--------|--------------------------------|--------|--------|------------------------------|---------|--------|--------|--------|
|                                                   |   | Shares                   |    |   | Amount                           |   |    | Par Value            |   |   | Earnings                       |   |   | Loss                         |    |   | Cost   |   |   | Total |   |
|                                                   |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |
| BALANCE, April 30, 2008                                |   |                     | 7,420   |   |                             | $      | 742     |                 |   | $      | 46,085                         |   |   | $                            | 121,333 |   |   | $      | (2,862 | ) |   | $ | (5,294 | ) |   | $ | 160,004 |   |
|                                                   |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net income                     |   |                     | -       |   |                             |   | -       |                 |   |   | -                              |   |   |                         | 13,705  |   |   |   | - |   |   |   | - |   |   |   | 13,705 |   |
|     Other comprehensive loss       |   |                     | -       |   |                             |   | -       |                 |   |   | -                              |   |   |                         | -       |   |   |   | (660 | ) |   |   | - |   |   |   | (660 | ) |
|     Total comprehensive income     |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   | 13,045 |   |
|     Cash dividend, $1.00 per share |   |                     |  - |   |                             |   |  - |                 |   |   |  -                        |   |   |                         | (6,630  | )      |   |   |  - |   |   |   |  - |   |   |   |  (6,630 | ) |
|                                                   |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Acquisition of treasury        |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     stock, 658,400 shares          |   |                     | -       |   |                             |   | -       |                 |   |   | -                              |   |   |                         | -       |   |   |   | - |   |   |   | (21,363 | ) |   |   | (21,363 | ) |
| BALANCE, April 30, 2009                                |   |                     | 7,420   |   |                             |   | 742     |                 |   |   | 46,085                         |   |   |                         | 128,408 |   |   |   | (3,522 | ) |   |   | (26,657 | ) |   |   | 145,056 |   |
|                                                   |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net loss                       |   |                     | -       |   |                             |   | -       |                 |   |   | -                              |   |   |                         | (43,466 | )      |   |   | - |   |   |   | - |   |   |   | (43,466 | ) |
|     Other comprehensive loss       |   |                     | -       |   |                             |   | -       |                 |   |   | -                              |   |   |                         | -       |   |   |   | (5,324 | ) |   |   | - |   |   |   | (5,324 | ) |
|     Total comprehensive loss       |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   | (48,790 | ) |
|     Exercise of stock options      |   |                     | 1       |   |                             |   | -       |                 |   |   | 15                             |   |   |                         | -       |   |   |   | - |   |   |   | - |   |   |   | 15 |   |
| BALANCE, April 30, 2010                                |   |                     | 7,421   |   |                             |   | 742     |                 |   |   | 46,100                         |   |   |                         | 84,942  |   |   |   | (8,846 | ) |   |   | (26,657 | ) |   |   | 96,281 |   |
|                                                   |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net loss                       |   |                     | -       |   |                             |   | -       |                 |   |   | -                              |   |   |                         | (9,480  | )      |   |   | - |   |   |   | - |   |   |   | (9,480 | ) |
|     Other comprehensive loss       |   |                     | -       |   |                             |   | -       |                 |   |   | -                              |   |   |                         | -       |   |   |   | (234 | ) |   |   | - |   |   |   | (234 | ) |
|     Total comprehensive loss       |   |                     |    |   |                             |   |    |                 |   |   |                           |   |   |                         |    |   |   |   |   |   |   |   |   |   |   |   | (9,714 | ) |
|                                                   |   |                     | 7,421   |   |                             | $      | 742     |                 |   | $      | 46,100                         |   |   | $                            | 75,462  |   |   | $      | (9,080 | ) |   | $ | (26,657 | ) |   | $ | 86,567 |   |

|                                                                                    |   |  Year Ended April 30, |    |
|-----------------------------------------------------------------------------------------|--------|----------------------------|---------|
|                                                                                    |   |  2010                 |    |   |   | 2009 |   |   |   |  2008 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                   |   |                       |    |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                       |   | $                          | (9,480  | ) |   |   | $ | (43,466 | ) |   |   | $ | 13,705 |   |
| Adjustments to reconcile net income                                                     |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
|    to net cash provided by (used in) operating activities:               |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| Impairment of assets                                                                    |   |                       | 2,075   |   |   |   |   | 50,246 |   |   |   |   | - |   |
| Depreciation and amortization                                                           |   |                       | 11,554  |   |   |   |   | 10,159 |   |   |   |   | 10,524 |   |
| Non-cash credits and charges:                                                           |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
|     Loss (gain) on disposition of assets                            |   |                       | 74      |   |   |   |   | 114 |   |   |   |   | (1,679 | ) |
|     Provision for (recoveries of) doubtful accounts                 |   |                       | (721    | ) |   |   |   | 6,775 |   |   |   |   | (676 | ) |
|     Pension accrual                                                 |   |                       | 1,032   |   |   |   |   | 34 |   |   |   |   | (967 | ) |
| Changes in assets and liabilities, excluding the effect of acquisitions:                |   |                       |    |   |   |   |   |   |   |   |   |
|    Receivables                                                           |   |                       | 2,175   |   |   |   |   | 7,647 |   |   |   |   | 10,901 |   |
|    Real estate inventory                                                 |   |                       | 166     |   |   |   |   | (4,313 | ) |   |   |   | (19,696 | ) |
|    Taxes receivable                                                      |   |                       | 883     |   |   |   |   | (3,009 | ) |   |   |   | - |   |
|    Other assets                                                          |   |                       | 1,947   |   |   |   |   | (189 | ) |   |   |   | 272 |   |
|    Accounts payable and accrued expenses, and deferred revenue           |   |                       | 540     |   |   |   |   | (16,997 | ) |   |   |   | 8,535 |   |
|    Taxes payable                                                         |   |                       | -       |   |   |   |   | (980 | ) |   |   |   | 925 |   |
|    Deferred income taxes and long-term liabilities                       |   | (1,566                     | )       |   |   |  (8,548 | ) |   |   | 4,407 |   |
|       Net cash provided by (used in) operating activities |   |  8,679                |    |   |   |  (2,527 | ) |   |   |  26,251 |   |
|                                                                                    |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                   |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures - property, plant, and equipment                                   |   |                       | (2,884  | ) |   |   |   | (5,212 | ) |   |   |   | (5,169 | ) |
| Capital expenditures - investment assets                                                |   |                       | -       |   |   |   |   | - |   |   |   |   | (1,208 | ) |
| Proceeds from disposition of assets                                                     |   |                       | -       |   |   |   |   | - |   |   |   |   | 4,749 |   |
| Acquisition, net of cash acquired                                                       |   | -                          |    |   |   | (3,075 | ) |   |   |  195 |   |
|       Net cash used in investing activities               |   | (2,884                     | )       |   |   | (8,287 | ) |   |   |  (1,433 | ) |
|                                                                                    |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                   |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from debt financing                                                            |   |                       | 26,982  |   |   |   |   | 54,136 |   |   |   |   | 86,860 |   |
| Principal debt payments                                                                 |   |                       | (36,264 | ) |   |   |   | (46,927 | ) |   |   |   | (93,179 | ) |
| Exercise of stock options                                                               |   |                       | -       |   |   |   |   | 15 |   |   |   |   | - |   |
| Acquisition of treasury stock                                                           |   |                       | -       |   |   |   |   | - |   |   |   |   | (21,363 | ) |
| Cash dividends                                                                          |   |                       | -       |   |   |   |   | - |   |   |   |   | (6,630 | ) |
|       Net cash provided by (used in) financing activities |   |                       | (9,282  | ) |   |   |   | 7,224 |   |   |   |   | (34,312 | ) |
|                                                                                    |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| DECREASE IN CASH AND CASH EQUIVALENTS                                                   |   |                       | (3,487  | ) |   |   |   | (3,590 | ) |   |   |   | (9,494 | ) |
| Cash and cash equivalents, beginning of year                                            |   | 29,018                     |    |   |   |  32,608 |   |   |   |  42,102 |   |
| Cash and cash equivalents, end of year                                                  |   | $                          | 25,531  |   |   |   | $ | 29,018 |   |   |   | $ | 32,608 |   |
|                                                                                    |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION:                                                     |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
|    Interest paid – net of amounts capitalized                      |   | $                          | 1,647   |   |   |   | $ | 694 |   |   |   | $ | 1,085 |   |
|                                                                                    |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
|    Income taxes paid (refunded), net                                     |   | $                          | (2,207  | ) |   |   | $ | 1,648 |   |   |   | $ | 2,453 |   |
|                                                                                    |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
|    Non-cash transactions:                                                |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| Repossession of real estate inventory                                                   |   | $                          | 1,040   |   |   |   | $ | 6,979 |   |   |   | $ | 3,892 |   |
|                                                                                    |   |                       |    |   |   |   |   |   |   |   |   |   |   |   |
| Repossession of real estate investment assets                                           |   | $                          | 1,117   |   |   |   | $ | 1,125 |   |   |   | $ | - |   |

| (1) | SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: |
|-----|---------------------------------------------------------------------|

| Receivables consist of:                                            |   | April 30,   |   |
|--------------------------------------------------------------------|--------|-------------|--------|
|                                                               |   | 2010        |   | 2009 |   |
|                                                               |   | (Thousands) |   |
| Real estate operations:                                            |   |        |   |   |   |   |
| Mortgage notes and other receivables                               |   | $           | 1,266  |   |   | $ | 3,457 |   |
| Less allowance for doubtful accounts                               |   |        | (71    | ) |   |   | (90 | ) |
|                                                               |   | $           | 1,195  |   |   | $ | 3,367 |   |
| Media services operations (maturing within one year):              |   |        |   |   |   |   |   |   |
|     Subscription Fulfillment Services          |   | $           | 17,727 |   |   | $ | 24,711 |   |
| Newsstand Distribution Services, net of estimated returns          |   |        | 14,112 |   |   |   | 8,970 |   |
|     Product Services and Other                 |   |        | 2,165  |   |   |   | 1,863 |   |
|                                                               |   |        | 34,004 |   |   |   | 35,544 |   |
|      Less allowance for doubtful accounts |   |        | (829   | ) |   |   | (930 | ) |
|                                                               |   | $           | 33,175 |   |   | $ | 34,614 |   |

| Investment assets consist of:      |   | April 30,   |         |
|------------------------------------|--------|-------------|--------------|
|                               |   | 2010        |         |   | 2009 |   |
|                               |   | (Thousands) |         |
|                               |   |        |         |   |   |   |
| Land held for long-term investment |   | $           | 11,981       |   |   | $ | 10,879 |   |
|                               |   |        |         |   |   |   |   |   |
| Other                              |   |        | 794          |   |   |   | 794 |   |
| Less accumulated depreciation      |   |        | (301         | ) |   |   | (284 | ) |
|                               |   |        | 493          |   |   |   | 510 |
|                               |   | $           | 12,474  |   |   | $ | 11,389  |

| Property, plant and equipment consist of: |   | April 30,   |    |
|-------------------------------------------|--------|-------------|---------|
|                                      |   | 2010        |    |   | 2009 |   |
|                                      |   | (Thousands) |    |
|                                      |   |        |    |   |   |   |
| Land, buildings and improvements          |   | $           | 29,144  |   |   | $ | 27,397 |   |
| Furniture and equipment                   |   |        | 40,567  |   |   |   | 41,950 |   |
|                                      |   |        | 69,711  |   |   |   | 69,347 |   |
| Less accumulated depreciation             |   |        | (38,537 | ) |   |   | (34,691 | ) |
|                                      |   | $           | 31,174  |   |   | $ | 34,656 |   |

|                                 |    | April 30, 2010                                        |   |    | April 30, 2009                                                                                    |
|--------------------------------------|---------|-------------------------------------------------------|--------|---------|---------------------------------------------------------------------------------------------------|
|                                 |    |                                                  |   |    | (Thousands)                                                                                       |   |   |   |
|                                 |    | Cost                                                  |   |    | Accumulated Amortization                                                                          |   |   | Cost |   |   | Accumulated Amortization |
|                                 |    |                                                  |   |    |                                                                                              |   |   |   |   |   |   |
| Software development costs           |  $ |    1,666                               |   |  $ |       1,356                                                         |   | $ |       10,056 |   |  $ |     6,156 |
| Deferred order entry costs           |    |         2,772 |   |    |                 - |   |   |         4,835 |   |   |                 - |
| Prepaid expenses                     |    |         3,661 |   |    |                 - |   |   |         3,681 |   |   |                 - |
| Customer contracts and relationships |    |       15,000            |   |    |          4,112                                       |   |   |       15,000 |   |   |          2,863 |
| Other                                |    |         2,042 |   |    |             720                       |   |   |         2,775 |   |   |          1,183 |
|                                 |  $ |   25,141                                    |   |  $ |      6,188                                                               |   | $ |       36,347 |   |  $ |   10,202 |

| Accounts payable and accrued expenses consist of: |   | April 30,   |   |   |
|---------------------------------------------------|--------|-------------|--------|--------|
|                                              |   | 2010        |   |   |  2009 |   |   |
|                                              |   | (Thousands) |
|                                              |   |        |   |   |   |
| Publisher payables, net                           |   | $           | 64,803 |   |   | $ | 63,074 |   |
| Accrued expenses                                  |   |        | 5,643  |   |   |   | 4,473 |   |
| Trade payables                                    |   |        | 3,311  |   |   |   | 3,772 |   |
| Other                                             |   |        | 6,212  |   |   |   | 8,110 |   |
|                                              |   | $           | 79,969 |   |   | $ | 79,429 |   |

| Notes payable consist of:                          |   | April 30,   |         |
|----------------------------------------------------|--------|-------------|--------------|
|                                               |   | 2010        |         |   | 2009 |   |
|                                               |   | (Thousands) |         |
| Line-of-credit arrangements:Real estate operations |   | $           |  22,500 |   |   | $ |  24,000 |   |
| Media services operations                          |   |        | 1,354        |   |   |   | 8,866 |   |
|    Other notes payable              |   |        | 4,800        |   |   |   | 5,070 |   |
|                                               |   | $           | 28,654       |   |   | $ | 37,936 |   |

| Level 1 | Unadjusted quoted prices for identical assets or liabilities in active markets. |
|---------|---------------------------------------------------------------------------------|

| Level 2 | Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Level 3 | Inputs for the asset or liability are unobservable and reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                  |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | Impairment Loss Recorded |   |
|-----------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------------------------|--------|
|                  |   |    |   |   |    |   |   |    |   |   |                     |   |
| Real estate inventory |   | $       | -      |   |    | $      | -      |    |   | $      | 4,190                    |   |   | $ | 2,075 |   |

|                                                                                  |   | Year Ended April 30, |        |
|---------------------------------------------------------------------------------------|--------|----------------------|-------------|
|                                                                                  |   | 2010                 |        |   | 2009 |   |   | 2008 |   |
|                                                                                  |   |                 |        |   | (Thousands) |   |   |   |   |
| Interest cost on projectedbenefit obligation                                          |   | $                    |  1,918 |   |   | $ |  1,806 |   |   | $ |  1,736 |   |
| Expected return on assets                                                             |   |                 | (1,307      | ) |   |   | (2,077 | ) |   |   | (2,310 | ) |
| Plan expenses                                                                         |   |                 | 190         |   |   |   | 253 |   |   |   | 146 |   |
| Recognized net actuarial loss                                                         |   |                 | 1,160       |   |   |   | 291 |   |   |   | 164 |   |
| Total cost (benefit) recognized in pretax income                                      |   |                 | 1,961       |   |   |   | 273 |   |   |   | (264 | ) |
| Cost recognized in pretax other                                                       |   |                 |        |   |   |   |   |   |   |   |   |   |
|     comprehensive income                                          |   |                 | 389         |   |   |   | 8,586 |   |   |   | 1,065 |   |
|           Net periodic pension cost |   |  $              | 2,350       |   |   | $ | 8,859 |   |   | $ | 801 |   |

|                                                       | Year Ended April 30,                      |
|------------------------------------------------------------|-------------------------------------------|
|                                                       | 2010                                      |   | 2009 |   | 2008 |
|                                                       |                                      |   |   |   |   |
| Discount rate used to determine net periodic pension cost  |       7.08% |   |        6.42% |   |       5.75% |
| Discount rate used to determine pension benefit obligation |       5.44% |   |        7.08% |   |       6.42% |
| Expected long-term rate of return on assets on assets      |       8.00% |   |        8.00% |   |       8.00% |

|                               |                                           |     |     |   |     | April 30, |   |    |                                                                                  |
|------------------------------------|------------------------------------------------|----------|----------|--------|----------|-----------|--------|---------|---------------------------------------------------------------------------------------|
|                               |                                           |     | 2010     |   |     | 2009      |   |    | 2008                                                                                  |
|                               |                                           |     |     |   |     |      |   |    |                                                                                  |
| Change in benefit obligation:      |                                           |     |     |   |     |      |   |    |
|                               | Benefit obligation at beginning of year        | $        | 28,247   |   | $        | 29,270    |   | $       | 31,283                                                                                |
|                               | Interest cost                                  |     | 1,918    |   |     | 1,806     |   |    | 1,736                                                                                 |
|                               | Actuarial (gain) loss                          |     | 4,833    |   |     | (529)     |   |    | (1,616)                                                                               |
|                               | Benefits paid                                  |     | (2,430)  |   |     | (2,300)   |   |    | (2,133)                                                                               |
|                               | Benefit obligation at end of year              | $        | 32,568   |   | $        | 28,247    |   | $       | 29,270                                                                                |
|                               |                                           |     |     |   |     |      |   |    |                                                                                  |
| Change in plan assets:             |                                           |     |     |   |     |      |   |    |
|                               | Fair value of plan assets at beginning of year | $        | 17,582   |   | $        | 27,225    |   | $       | 30,040                                                                                |
|                               | Company contributions                          |     | 940      |   |     | 240       |   |    |               - |
|                               | Actual return on plan assets                   |     | 4,628    |   |     | (7,393)   |   |    | (507)                                                                                 |
|                               | Benefits paid                                  |     | (2,430)  |   |     | (2,300)   |   |    | (2,133)                                                                               |
|                               | Plan expenses                                  |     | (227)    |   |     | (190)     |   |    | (175)                                                                                 |
|                               | Fair value of plan assets at end of year       | $        | 20,493   |   | $        | 17,582    |   | $       | 27,225                                                                                |
| Funded (underfunded) status:       | $                                              | (12,075) |     | $      | (10,665) |      | $      | (2,045) |
|                               |                                           |     |     |   |     |      |   |    |                                                                                  |
| Recognition of underfunded status: |                                           |     |     |   |     |      |   |    |
|                               | Accrued pension cost                           | $        | (12,075) |   | $        | (10,665)  |   | $       | (2,045)                                                                               |

|                                   |   | 2010 |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------|--------|------|--------|--------|--------|--------|--------|--------|--------|
| Pre-tax accumulated comprehensive loss |   | $    | 14,800 |   |   | $      | 14,423 |   |   | $ | 5,836 |   |

|                                                      |   | Pension Benefits |   |
|-----------------------------------------------------------|--------|------------------|--------|
|                                                      |   | Pre-tax          |   |   | Net of Tax |   |
|                                                      |   |             |   |   |   |   |
| Accumulated comprehensive loss, May 1, 2008               |   | $                | 5,836  |   |   | $ | 3,522 |   |
| Net actuarial loss                                        |   |             | 8,877  |   |   |   | 5,504 |   |
| Amortization of net loss                                  |   |             | (290   | ) |   |   | (180 | ) |
| Accumulated comprehensive loss,  April 30, 2009 |   |             | 14,423 |   |   |   | 8,846 |   |
| Net actuarial loss                                        |   |             | 1,537  |   |   |   | 953 |   |
| Amortization of net loss                                  |   |             | (1,160 | ) |   |   | (719 | ) |
| Accumulated comprehensive loss,  April 30, 2010 |   | $                | 14,800 |   |   | $ | 9,080 |   |

|                                          | April 30,                          |
|-----------------------------------------------|------------------------------------|
|                                          | 2010                               |   | 2009 |
| Equity securities                             |      78%            |   |         68% |
| Fixed income securities                       |   19                     |   |     28 |
| Other (principally cash and cash equivalents) |     3          |   |      4 |
| Total                                         |      100% |   |       100% |

|                                                                         |   | Total  |   |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|------------------------------------------------------------------------------|--------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
| Cash and cash equivalents                                                    |   | $      | 762    |   |    | $      | 762    |    |   | $      | -       |   |   | $ | - |   |
| Investments at fair value:                                                   |   |   |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
|      Equity securities                              |   |   | 15,963 |   |    |   | 15,963 |    |   |   | -       |   |   |   | - |   |
|      Corporate bonds and debentures                 |   |   | 2,583  |   |    |   | 2,583  |    |   |   | -       |   |   |   | - |   |
|      U.S. Treasury and government agency securities |   |   | 1,185  |   |    |   | 1,185  |    |   |   | -       |   |   |   | - |   |
| Total assets at fair value                                                   |   | $      | 20,493 |   |    | $      | 20,493 |    |   | $      | -       |   |   | $ | - |   |

|                                                            |   | 2010     |        |   |          |   |         | 2009     |   |   |                  |   |   | 2008     |         |   |          |   |
|-----------------------------------------------------------------|--------|----------|-------------|--------|---------------|--------|--------------|----------|--------|--------|-----------------------|--------|--------|----------|--------------|--------|---------------|--------|
|                                                            |   |     |        |   | Weighted      |   |         |     |   |   | Weighted              |   |   |     |         |   | Weighted      |   |
|                                                            |   | Number   |        |   | Average       |   |         | Number   |   |   | Average               |   |   | Number   |         |   | Average       |   |
|                                                            |   | ofShares |        |   | ExercisePrice |   |         | ofShares |   |   | ExercisePrice         |   |   | ofShares |         |   | ExercisePrice |   |
| Options outstanding at beginning of year                        |   |     |  3,500 |   |          | $      |   21.74 |     |   |   |  4,500           |   |   | $        |   20.28 |   |          |   |  4,500 |   |   | $ |   20.28 |   |
|                                                            |   |     |        |   |          |   |         |     |   |   |                  |   |   |     |         |   |          |   |   |   |   |   |   |   |
| Granted                                                         |   |     | -           |   |          |   | -            |     |   |   | -                     |   |   |     | -            |   |          |   | - |   |   |   | - |   |
| Exercised                                                       |   |     | -           |   |          |   | -            |     |   |   | (1,000)               |   |   | $        | 15.19        |   |          |   | - |   |   |   | - |   |
| Expired or canceled                                             |   |     | (1,500)     |   |          |   | -            |     |   |   | -                     |   |   |     | -            |   |          |   | - |   |   |   | - |   |
| Options outstanding at                                          |   |     |        |   |          |   |         |     |   |   |                  |   |   |     |         |   |          |   |   |   |   |   |   |   |
|   end of year                                         |   |     | 2,000       |   |          | $      | 24.88        |     |   |   | 3,500                 |   |   | $        | 21.74        |   |          |   | 4,500 |   |   | $ | 20.28 |   |
|                                                            |   |     |        |   |          |   |         |     |   |   |                  |   |   |     |         |   |          |   |   |   |   |   |   |   |
| Available for grant at                                          |   |     |        |   |          |   |         |     |   |   |                  |   |   |     |         |   |          |   |   |   |   |   |   |   |
|   end of year                                         |   |     | -           |   |          |   |         |     |   |   | -                     |   |   |     |         |   |          |   | - |   |   |   |   |   |
| Options exercisable at  end of year                   |   |     |  2,000 |   |          |   |         |     |   |   |  3,500           |   |   |     |         |   |          |   |  4,500 |   |   |   |   |   |
| Range of exercise prices for options exercisable at end of year |   | $        |  24.88 |   |          |   |         |     |   | $      |  17.55 to $24.88 |   |   |     |         |   |          | $      |  15.19 to $24.88 |   |   |   |   |   |

|                                       |   | Year Ended April 30, |   |
|--------------------------------------------|--------|----------------------|--------|
|                                       |   | 2010                 |   |   | 2009 |   |   | 2008 |   |
|                                       |   |                 |   |   | (Thousands) |   |   |   |   |
| Current:                                   |   |                 |   |   |   |   |   |   |   |
| Federal                                    |   | $                    | (2,811 | ) |   | $ | (3,169 | ) |   | $ | 5,511 |   |
|     State and local         |   |                 | 96     |   |   |   | 305 |   |   |   | (812 | ) |
|                                       |   |                 | (2,715 | ) |   |   | (2,864 | ) |   |   | 4,699 |         |
| D Deferred:                                |   |                 |   |   |   |   |   |   |   |   |   |   |
|     Federal                 |   |                 | (3,401 | ) |   |   | (6,746 | ) |   |   | 2,777 |   |
|     State and local         |   |                 | 225    |   |   |   | (1,278 | ) |   |   | 309 |   |
|                                       |   |                 | (3,176 | ) |   |   | (8,024 | ) |   |   | 3,086 |   |
| Total provision (benefit) for income taxes |   | $                    | (5,891 | ) |   | $ | (10,888 | ) |   | $ | 7,785 |   |

|                                       |   | Year Ended April 30, |   |
|--------------------------------------------|--------|----------------------|--------|
|                                       |   | 2010                 |   |   | 2009 |   |   | 2008 |   |
|                                       |   |                 |   |   | (Thousands) |   |   |   |   |
|                                       |   |                 |   |   |   |   |   |   |   |
| Continuing operations                      |   | $                    | (5,891 | ) |   | $ | (10,888 | ) |   | $ | 7,819 |   |
| Discontinued operations                    |   |                 | -      |   |   |   | - |   |   |   | (34 | ) |
| Total provision (benefit) for income taxes |   | $                    | (5,891 | ) |   | $ | (10,888 | ) |   | $ | 7,785 |   |

|                                                                             |   | April 30,   |         |
|----------------------------------------------------------------------------------|--------|-------------|--------------|
|                                                                             |   | 2010        |         | 2009 |   |
|                                                                             |   | (Thousands) |         |
| Deferred income tax assets:                                                      |   |        |         |   |   |   |
| State tax loss carryforwards                                                     |   | $           | 4,109        |   |   | $ | 3,956 |   |
| Accrued pension costs                                                            |   |        | 4,597        |   |   |   | 3,719 |   |
| Federal NOL carryforward                                                         |   |        | 1,790        |   |   |   | 1,790 |   |
| Vacation accrual                                                                 |   |        | 884          |   |   |   | 1,175 |   |
| Intangibles and deductible goodwill                                              |   |        | 8,935        |   |   |   | 9,712 |   |
| Other                                                                            |   |        | 225          |   |   |   | (195 | ) |
|         Total deferred income tax assets |   |        | 20,540  |   |   |   | 20,157  |   |
|                                                                             |   |        |         |   |   |   |   |   |
| Deferred income tax liabilities:                                                 |   |        |         |   |   |   |   |   |
| Real estate basis differences                                                    |   |        | (1,793       | ) |   |   | (1,765 | ) |
| Reserve for periodical returns                                                   |   |        | (1,732       | ) |   |   | (1,883 | ) |
| Depreciable assets                                                               |   |        | (4,865       | ) |   |   | (5,772 | ) |
| Deferred gains on investment assets                                              |   |        | (5,044       | ) |   |   | (5,869 | ) |
| Capitalized costs for financial reportingpurposes, expensed for tax              |   |        | (1,330       | ) |   |   | (3,525 | ) |
| Total deferred income tax liabilities                                            |   |        | (14,764      | ) |   |   | (18,814 | ) |
|                                                                             |   |        |         |   |   |   |   |   |
|  Valuation allowance for realization of state tax loss carryforwards        |   |        | (3,163       | ) |   |   | (2,414  | ) |
|  Net deferred income tax asset (liability)                                  |   | $           | 2,613   |   |   |  $ | (1,071 | ) |

|                                                                                                                                                                        |   | Year Ended April 30, |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|
|                                                                                                                                                                        |   | 2010                 |   |   | 2009 |   |   |  2008 |   |   |
|                                                                                                                                                                        |   |                 |   |   | (Thousands) |   |   |   |
| Computed tax provision (benefit) at statutory rate                                                                                                                          |   | $                    | (5,379 | ) |   | $ | (19,013 | ) |   | $ | 7,554 |   |
| Increase (reduction) in tax resulting from:State income taxes, net of federal     income tax effect                                                |   |                 | (1,058 | ) |   |   | (631 | ) |   |   | (325 | ) |
|        Expiration of state NOLs and change in            valuation allowance |   |                 |  1,267 |   |   |   |  - |   |   |   |  - |   |
|        Real estate charitable land contribution                                                                                          |   |                 | - |   |   |   | - |   |   |   | (481 | ) |
|        Adjustment for unrecognized tax benefits                                                                                          |   |                 | (932 | ) |   |   | (481 | ) |   |   | 1,160 |   |
|        Non-deductible goodwill impairment (see Note 9)                                                                                   |   |                 | - |   |   |   | 9,367 |   |   |   | - |   |
|        Other                                                                                                                             |   |                 | 211 |   |   |   | (130 | ) |   |   | (89 | ) |
| Actual tax provision (benefit)                                                                                                                                              |   | $                    | (5,891 | ) |   | $ | (10,888 | ) |   | $ | 7,819 |   |

|                                                                                                      |   | 2010   |   |   | 2009   |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Gross unrecognized tax benefits at beginning of year                                                      |   | $      | 4,623  |   |   | $      | 5,223 |   |
| Gross increases:                                                                                          |   |   |   |   |   |   |   |   |
| Additions based on tax positions related to current year                                                  |   |   | 76     |   |   |   | 64 |   |
| Additions based on tax positions of prior years                                                           |   |   | -      |   |   |   | 589 |   |
| Gross decreases:                                                                                          |   |   |   |   |   |   |   |   |
| Reductions based on tax positions of prior years                                                          |   |   | (712   | )      |   |   | (406 | ) |
| Reductions based on the lapse of the applicable      statute of limitations |   |   | (734   | )      |   |   | (847 | ) |
| Gross unrecognized tax benefits at end of year                                                            |   | $      | 3,253  |   |   | $      | 4,623 |   |

|                                                            |   |   Real EstateOperations |   |   |  SubscriptionFulfillmentServices |   |   |   NewsstandDistribution Services |   |   |  Product Services and Other |   |   |    Other |   |   |    Consolidated |   |
|-----------------------------------------------------------------|--------|-----------------------------------|--------|--------|---------------------------------------|--------|--------|--------------------------------------------|--------|--------|---------------------------------------|--------|--------|-------------------------|--------|--------|--------------------------------|--------|
| Year ended April 30, 2010 (a):                                  |   |                              |   |   |                                  |   |   |                                       |   |   |                                  |   |   |                    |   |   |                           |   |
| Revenues                                                        |   | $                                 | 5,714  |   |                                  | $      | 92,022 |                                       |   | $      | 12,947                                |   |   | $                       | 10,047 |   |                           | $      | (232 | ) |   | $ | 120,498 |   |
| Income (loss) from continuing operations                        |   | $                                 | (2,688 | )      |                                  | $      | (9,168 | )                                          |   | $      | 1,671                                 |   |   | $                       | (105   | )      |                           | $      | 810 |   |   | $ | (9,480 | ) |
| Provision (benefit) for income taxes from continuing operations |   |                              | (2,738 | )      |                                  |   | (4,649 | )                                          |   |   |  1,097                           |   |   |                    | (55    | )      |                           |   |  454 |   |   |   | (5,891 | ) |
| Interest expense (income), net (b)                              |   |                              | 877    |   |                                  |   | 2,591  |                                       |   |   | (1,197                                | )      |   |                    | 88     |   |                           |   | (744 | ) |   |   | 1,615 |   |
| Depreciation and amortization                                   |   |                              | 106    |   |                                  |   | 10,523 |                                       |   |   | 555                                   |   |   |                    | 222    |   |                           |   | 148 |   |   |   | 11,554 |   |
| EBITDA (c)                                                      |   | $                                 | (4,443 | )      |                                  | $      | (703   | )                                          |   | $      | 2,126                                 |   |   | $                       | 150    |   |                           | $      | 668 |   |   | $ | (2,202 | ) |
|                                                            |   |                              |   |   |                                  |   |   |                                       |   |   |                                  |   |   |                    |   |   |                           |   |   |   |   |   |   |   |
| Goodwill                                                        |   | $                                 | -      |   |                                  | $      | -      |                                       |   | $      | 3,893                                 |   |   | $                       | -      |   |                           | $      | - |   |   | $ | 3,893 |   |
| Total assets                                                    |   | $                                 | 90,260 |   |                                  | $      | 70,338 |                                       |   | $      | 37,087                                |   |   | $                       | 4,683  |   |                           | $      | 9,141 |   |   | $ | 211,509 |   |
| Capital expenditures                                            |   | $                                 | -      |   |                                  | $      | 2,631  |                                       |   | $      | 15                                    |   |   | $                       | 228    |   |                           | $      | 10 |   |   | $ | 2,884 |   |
|                                                            |   |                              |   |   |                                  |   |   |                                       |   |   |                                  |   |   |                    |   |   |                           |   |   |   |   |   |   |   |

| Year ended April 30, 2009 (a):                                  |   |   |        |   |   |   |       |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |        |   |
|-----------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|------------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-------------|--------|
| Revenues                                                        |   | $      | 9,621       |   |   | $      | 115,964    |   |   | $      | 12,400    |   |   | $      | 7,842     |   |   | $      | 74        |   |   | $      | 145,901     |   |
| Income (loss) from continuing operations                        |   | $      | 2,565       |   |   | $      | (43,839    | )      |   | $      | (3,510    | )      |   | $      | 304       |   |   | $      | 1,014     |   |   | $      | (43,466     | )      |
| Provision (benefit) for income taxes from continuing operations |   |   |  465   |   |   |   | (10,490    | )      |   |   | (1,786    | )      |   |   |  223 |   |   |   |  700 |   |   |   | (10,888     | )      |
| Interest expense (income), net (b)                              |   |   | 73          |   |   |   | 2,855      |   |   |   | (1,050    | )      |   |   | 31        |   |   |   | (1,194    | )      |   |   | 715         |   |
| Depreciation and amortization                                   |   |   | 39          |   |   |   | 9,423      |   |   |   | 564       |   |   |   | 56        |   |   |   | 77        |   |   |   | 10,159      |   |
| Goodwill impairment                                             |   |   | -           |   |   |   | 50,246     |   |   |   | -         |   |   |   | -         |   |   |   | -         |   |   |   | 50,246      |   |
| EBITDA (c)                                                      |   | $      | 3,142       |   |   | $      | 8,195      |   |   | $      | (5,782    | )      |   | $      | 614       |   |   | $      | 597       |   |   | $      | 6,766       |   |
|                                                            |   |   |        |   |   |   |       |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |        |   |
| Goodwill                                                        |   | $      | -           |   |   | $      | -          |   |   | $      | 3,893     |   |   | $      | -         |   |   | $      | -         |   |   | $      | 3,893       |   |
| Total assets                                                    |   | $      | 97,970      |   |   | $      | 56,111     |   |   | $      | 55,918    |   |   | $      | 4,618     |   |   | $      | 13,035    |   |   | $      | 227,652     |   |
| Capital expenditures                                            |   | $      | 3,114       |   |   | $      | 1,698      |   |   | $      | 10        |   |   | $      | 326       |   |   | $      | 64        |   |   | $      | 5,212       |   |
|                                                            |   |   |        |   |   |   |       |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |        |   |
| Year ended April 30, 2008 (a):                                  |   |   |        |   |   |   |       |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |        |   |
| Revenues                                                        |   | $      | 33,073      |   |   | $      | 122,521    |   |   | $      | 12,916    |   |   | $      | 3,259     |   |   | $      | 292       |   |   | $      | 172,061     |   |
| Income from continuing operations                               |   | $      | 12,187      |   |   | $      | (1,554     | )      |   | $      | 1,293     |   |   | $      | 141       |   |   | $      | 1,695     |   |   | $      | 13,762      |   |
| Provision (benefit) for income taxes from continuing operations |   |   |  6,932 |   |   |   |  (830 | )      |   |   |  812 |   |   |   |  75  |   |   |   |  830 |   |   |   |  7,819 |   |
| Interest expense (income), net (b)                              |   |   | -           |   |   |   | 5,041      |   |   |   | (1,571    | )      |   |   | -         |   |   |   | (2,458    | )      |   |   | 1,012       |   |
| Depreciation and amortization                                   |   |   | 135         |   |   |   | 9,434      |   |   |   | 872       |   |   |   | 77        |   |   |   | 6         |   |   |   | 10,524      |   |
| EBITDA (c)                                                      |   | $      | 19,254      |   |   | $      | 12,091     |   |   | $      | 1,406     |   |   | $      | 293       |   |   | $      | 73        |   |   | $      | 33,117      |   |
|                                                            |   |   |        |   |   |   |       |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |        |   |
| Goodwill                                                        |   | $      | -           |   |   | $      | 50,246     |   |   | $      | 3,893     |   |   | $      | -         |   |   | $      | -         |   |   | $      | 54,139      |   |
| Total assets                                                    |   | $      | 94,610      |   |   | $      | 135,335    |   |   | $      | 51,297    |   |   | $      | -         |   |   | $      | 3,709     |   |   | $      | 284,951     |   |
| Capital expenditures                                            |   | $      | 1,312       |   |   | $      | 4,888      |   |   | $      | 174       |   |   | $      | -         |   |   | $      | 3         |   |   | $      | 6,377       |   |

| (a)   | Segment information reported above does not include net income (loss) from discontinued operations of $0, $0 and ($57,000) in 2010, 2009 and 2008.  Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Interest expense (income), net includes inter-segment interest income that is eliminated in consolidation. |
|-----------------|------------------------------------------------------------------------------------------------------------|

| (c)   | The Company uses EBITDA (which the Company defines as income before interest expense, net, income taxes and depreciation and amortization) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                            |   | (In thousands, except per share amounts) |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|--------|
|                                                                                                                                                            |   | Quarter Ended                            |   |
|                                                                                                                                                            |   |                                     |   |   |   |   |   |   |   |   |   |   |
| Year ended April 30, 2010:                                                                                                                                      |   | July 31,2009                             |   |   | October 31,2009 |   |   | January 31,2010 |   |   | April 30,2010 (a) |   |
| Revenues                                                                                                                                                        |   | $                                        | 32,457 |   |   | $ | 32,333 |   |   | $ | 28,916 |   |   | $ | 26,792 |   |
| Gross profit (loss)                                                                                                                                             |   | $                                        | 2,764  |   |   | $ | 3,002 |   |   | $ | 1,739 |   |   | $ | (2,933 | ) |
| Net loss                                                                                                                                                        |   | $                                        | (1,056 | ) |   | $ | (985 | ) |   | $ | (721 | ) |   | $ | (6,718 | ) |
|                                                                                                                                                            |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share – basic and diluted                                                                                                                        |   | $                                        | (.18   | ) |   | $ | (.16 | ) |   | $ | (.12 | ) |   | $ | (1.12 | ) |
|                                                                                                                                                            |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                            |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Year ended April 30, 2009:                                                                                                                                      |   | July 31,2008                             |   |   | October 31,2008 |   |   | January 31,2009 |   |   | April 30,2009 (c) |   |
| Revenues                                                                                                                                                        |   | $                                        | 35,570 |   |   | $ | 40,290 |   |   | $ | 35,720 |   |   | $ | 34,321 |   |
| Gross profit (loss)                                                                                                                                             |   | $                                        | 4,201  |   |   | $ | 9,443 |   |   | $ | 4,131 |   |   | $ | (3,893 | ) |
| Net income (loss)                                                                                                                                               |   | $                                        | 71     |   |   | $ | 2,895 |   |   | $ | (100 | ) |   | $ | (46,332 | ) |
|                                                                                                                                                            |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per share – basic and diluted (b)                                                                                                         |   | $                                        | .01    |   |   | $ | .48 |   |   | $ | (.02 | ) |   | $ | (7.73 | ) |
|                                                                                                                                                            |   |
|   (a) Includes a pre-tax charge of $2,075 related to the impairment of certain real estate assets ($1,307 after tax, or $0.22 per share), see Note 9. |   |
|   (b) The sum of the quarters does not equal the full year earnings per share due to rounding in 2009.                                                |   |
|   (c) Includes a pre-tax charge of $50,246 related to the impairment of goodwill ($41,557 after tax, or $6.93 per share), see Note 9.                 |   |

| Item 15. | Exhibits and Financial Statement Schedules |
|----------|--------------------------------------------|

| ·   | Management’s Annual Report on Internal Control Over Financial Reporting |
|--------------------|-------------------------------------------------------------------------------|

| ·   | Report of Independent Registered Public Accounting Firm dated July 21, 2010 – McGladrey & Pullen, LLP |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| ·   | Consolidated Balance Sheets - April 30, 2010 and 2009 |
|--------------------|-------------------------------------------------------|

| ·   | Consolidated Statements of Operations for the Three Years Ended April 30, 2010 |
|--------------------|--------------------------------------------------------------------------------|

| ·   | Consolidated Statements of Shareholders' Equity for the Three Years Ended April 30, 2010 |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | Consolidated Statements of Cash Flows for the Three Years Ended April 30, 2010 |
|--------------------|--------------------------------------------------------------------------------|

| ·   | Notes to Consolidated Financial Statements |
|--------------------|--------------------------------------------|

|                                  | AMREP CORPORATION                 |
|---------------------------------------|-----------------------------------|
|                                  |    (Registrant)    |
|                                  |                              |
|  Dated:  July 21, 2010 |                              |
|                                  |                              |
|                                  | By: /s/  Peter M. Pizza |
|                                  | Peter M. Pizza                    |
|                                  | Vice President and                |
|                                  | Chief Financial Officer           |

|                                                  |               |                                   |   |
|-------------------------------------------------------|--------------------|----------------------------------------|--------|
| /s/  Peter M. Pizza                         |               | /s/  Albert V. Russo         |   |
| Peter M. Pizza                                        |               | Albert V. Russo                        |   |
| Vice President and Chief Financial Officer            | Director           |                                   |
| Principal Financial Officer                           |               | Dated:  July 21, 2010        |   |
| and Principal Accounting Officer*                     |               |                                   |
| Dated:  July 21, 2010                       |               |                                   |   |
|                                                  |               |                                   |   |
|                                             |               |                                   |
| /s/  Edward B. Cloues, II                   |               | /s/  Samuel N. Seidman       |   |
| Edward B. Cloues, II                                  |               | Samuel N. Seidman                      |
| Director                                              |               | Director                               |   |
| Dated:  July 21, 2010                       |               | Dated:  July 21, 2010        |   |
|                                                  |               |                                   |   |
|                                                  |               |                                   |   |
| /s/  Lonnie A. Coombs                       |               | /s/  James Wall              |   |
| Lonnie A. Coombs        |               | James Wall                             |   |
| Director                                              |               | Director*                              |   |
| Dated:  July 21, 2010                       |               | Dated:  July 21, 2010        |   |
|                                                  |               |                                   |   |
|                                                  |               |                                   |   |
| /s/  Nicholas G. Karabots                   |               | /s/  Jonathan B. Weller      |   |
| Nicholas G. Karabots                                  | Jonathan B. Weller |                                   |
| Director                                              |               | Director                               |   |
| Dated:  July 21, 2010                       |               | Dated:  July 21, 2010        |   |
|                                                  |               |                                   |   |
|                                                  |               |                                   |   |
|                                                  |               | /s/  Michael P. Duloc        |   |
|                                                  |               | Michael P. Duloc                       |   |
|                                                  |               | President, Kable Media Services, Inc.* |
|                                                  |               | Dated:  July 21, 2010        |   |

|                                                                                                                                                |   |   |       |                                                                |   | Additions    |                                                                |   |          |                                              |   |       |                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|---------------------------------------------------------------------|--------|--------------|---------------------------------------------------------------------|--------|---------------|---------------------------------------------------|--------|------------|--------------------------------------------------------------|
|                                                                                                                                                |   |   |       |                                                                |   | Charges      |                                                                |   | Charged       |                                              |   |       |                                                         |   |   |   |
|                                                                                                                                                |   |   | Balance at |                                                                |   | (Credits) to |                                                                |   | (Credited) to |                                              |   |       |                                                         |   |   |   |
|                                                                                                                                                |   |   | Beginning  |                                                                |   | Costs and    |                                                                |   | Other         |                                              |   |       |                                                         | Balance at End |   |
|                                                                                                                                                |   |   | Period     |                                                                |   | Expenses     |                                                                |   | Accounts      |                                              |   | Deductions |                                                         | of Period |   |
|  FOR THE YEAR ENDED                                                                                                                            |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
|  APRIL 30, 2010:                                                                                                                               |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| Allowance for doubtful accounts (included in receivables - real estate operations on the consolidated balance sheet)                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| $                                                                                                                                                   | 90     |   | $          |            - |   | $            |           -       |   | $             | 19                                                |   | $          | 71                                                           |   |
|                                                                                                                                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| Allowance for estimated returns and doubtful accounts (included in receivables - media services operations on the consolidated balance sheet)       |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| $                                                                                                                                                   | 56,137 |   | $          | (7,105)                                                             |   | $            |           -       |   | $             | 195                                               |   | $          | 48,837                                                       |   |
|                                                                                                                                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
|  FOR THE YEAR ENDED                                                                                                                            |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
|  APRIL 30, 2009:                                                                                                                               |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| Allowance for doubtful accounts (included in receivables - real estate operations on the consolidated balance sheet)                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| $                                                                                                                                                   | 112    |   | $          |            - |   | $            |           -       |   | $             | 22                                                |   | $          | 90                                                           |   |
|                                                                                                                                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| Allowance for estimated returns and doubtful accounts (included in receivables - media services operations on the consolidated balance sheet)       |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| $                                                                                                                                                   | 56,585 |   | $          | (264)                                                               |   | $            |           -       |   | $             | 184                                               |   | $          | 56,137                                                       |   |
|                                                                                                                                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
|  FOR THE YEAR ENDED                                                                                                                            |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
|  APRIL 30, 2008:                                                                                                                               |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| Allowance for doubtful accounts (included in receivables - real estate operations on the consolidated balance sheet)                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| $                                                                                                                                                   | 48     |   | $          | 64                                                                  |   | $            |            - |   | $             |         - |   | $          | 112                                                          |   |
|                                                                                                                                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
| Allowance for estimated returns and doubtful accounts (included in receivables – media services operations on the consolidated balance sheet) |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |
| $                                                                                                                                                   | 53,606 |   | $          |   3,521                                                   |   | $            |            - |   | $             | 542                                               |   | $          |          56,585 |   |
|                                                                                                                                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |
|                                                                                                                                                |   |   |       |                                                                |   |         |                                                                |   |          |                                              |   |       |                                                         |   |   |

| NUMBER |   | ITEM   |
|--------|--------|--------|
|   | 2.1    |   | Agreement and Plan of Merger by and among AMREP Corporation, Kable Media Services, Inc., Glen Garry Acquisition, Inc., Palm Coast Data Holdco, Inc., Palm Coast Data LLC and the Sellers set forth on the signature page thereto, dated as of November 7, 2006 - Incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K filed January 19, 2007. |
|   |   |   |   |
|   | 3.1    |   | Certificate of Incorporation, as amended - Incorporated by reference to Exhibit 3.1 to Registrant's Registration Statement on Form S-3 filed March 21, 2007. |
|   |   |   |   |
|   | 3.2    |   | By-Laws, as amended- Incorporated by reference to Exhibit 3(b) to Registrant's Quarterly Report on Form 10-Q filed December 14, 2006. |
|   |   |   |   |
|   | 4.1    |   | Second Amended and Restated Loan and Security Agreement dated as of January 16, 2007 among Kable Media Services, Inc., Kable News Company, Inc., Kable Distribution Services, Inc., Kable News Export, Ltd., Kable News International, Inc., Kable Fulfillment Services, Inc., Kable Fulfillment Services of Ohio, Inc., Palm Coast Data Holdco, Inc. and Palm Coast Data LLC and LaSalle Bank National Association - Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed January 19, 2007. |
|   |   |   |   |
|   | 4.2    |   | First Modification to Loan Documents dated as of January 18, 2008, modifying the Second Amended and Restated Loan and Security Agreement dated as of January 16, 2007 among Kable News Company, Inc., Kable Distribution Services, Inc., Kable News Export, Ltd., Kable News International, Inc., Kable Fulfillment Services, Inc., Kable Fulfillment Services of Ohio, Inc., Palm Coast Data Holdco, Inc. and Palm Coast Data LLC, and LaSalle Bank National Association and related loan documents - Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed February 5, 2008. |
|   |   |   |   |
|   | 4.3    |   | Second Modification to Loan Documents dated effective as of October 1, 2008, modifying the Second Amended and Restated Loan and Security Agreement dated as of January 16, 2007 among Kable News Company, Inc., Kable Distribution Services, Inc., Kable News Export, Ltd., Kable News International, Inc., Kable Fulfillment Services, Inc., Kable Fulfillment Services of Ohio, Inc., Palm Coast Data Holdco, Inc. and Palm Coast Data LLC, and LaSalle Bank National Association and related loan documents as the same were amended by the First Modification to Loan Documents - Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed November 13, 2008. |
|   |   |   |   |
|   | 4.4    |   | Third Modification to Loan Documents dated effective as of April 27, 2009, modifying the Second Amended and Restated Loan and Security Agreement dated as of January 16, 2007 among Kable News Company, Inc., Kable Distribution Services, Inc., Kable News Export, Ltd., Kable News International, Inc., Kable Fulfillment Services, Inc., Kable Fulfillment Services of Ohio, Inc., Palm Coast Data Holdco, Inc. and Palm Coast Data LLC, and LaSalle Bank National Association and related loan documents as the same were amended by the First Modification to Loan Documents and the Second Modification to Loan Documents – Incorporated by reference to Exhibit 4.4 to the Registrant’s Annual Report on Form 10-K filed July 14, 2009. |
|   |   |   |   |
|   | 4.5    |   | Third Amended and Restated Loan and Security  Agreement  dated as of July 13, 2009, by and among Kable Media Services,  Inc., Kable News Company, Inc., Kable Distribution Services, Inc., Kable News  International, Inc., Kable Fulfillment Services, Inc., Palm Coast  Data Holdco,  Inc., Palm Coast Data LLC, Kable Product  Services, Inc., Kable Specialty  Packaging Services LLC, and Kable Staffing  Resources  LLC and Bank of America, N.A., as successor by merger with LaSalle Bank National Association – Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed July 14, 2009. |
|   |   |   |   |
|   | 4.6    |   | Revolving Credit and Security Agreement dated as of May 13, 2010, by and among Kable Media Services, Inc., Kable Distribution Services, Inc., Kable Product Services, Inc., Kable News Company, Inc., Palm Coast Data Holdco, Inc., Kable Staffing Resources LLC, Kable Specialty Packaging Services LLC, Kable News International, Inc., Kable Fulfillment Services, Inc., and Palm Coast Data LLC, and PNC Bank, National Association, as Agent and Lender – Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed May 18, 2010. |

|   | 4.7    |   | Loan Agreement dated January 8, 2007 between AMREP Southwest Inc. and Compass Bank - Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed January 12, 2007.                                                                                 |
|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 4.8    |   | $25,000,000 Promissory Note (Revolving Line of Credit) dated September 18, 2006 of AMREP Southwest Inc. payable to the order of Compass Bank - Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed September 21, 2006.                 |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 4.9    |   | Loan Agreement dated December 17, 2009 between AMREP Southwest Inc. and Compass Bank – Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed December 22, 2009.                                                                  |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 4.10   |   | $22,500,000 Promissory Note dated December 17, 2009 of AMREP Southwest Inc. payable to the order of Compass Bank – Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed December 22, 2009.                                      |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 10.1   |   | Non-Employee Directors Option Plan, as amended - Incorporated by reference to Exhibit 10(i) to Registrant's Annual Report on Form 10-K for the fiscal year ended April 30, 1997.*                                                                                                 |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 10.2   |   | Amended and Restated Distribution Agreement dated as of July 1, 2008 between Kappa Publishing Group, Inc. and Kable Distribution Services, Inc. – Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed March 12, 2009.** |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 10.3   |   | 2006 Equity Compensation Plan – Incorporated by reference to Appendix B to the Registrant’s Proxy Statement for its 2006 Annual Meeting of Shareholders forming a part of Registrant’s Definitive Schedule 14A filed August 14, 2006.*                          |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 21     |   | Subsidiaries of Registrant – Filed herewith.                                                                                                                                                                                                                                |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 23     |   | Consent of McGladrey & Pullen, LLP - Filed herewith.                                                                                                                                                                                                                          |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 31.1   |   | Certification required by Rule 13a - 14 (a) under the Securities Exchange Act of 1934 - Filed herewith.                                                                                                                                                                           |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 31.2   |   | Certification required by Rule 13a - 14 (a) under the Securities Exchange Act of 1934 - Filed herewith.                                                                                                                                                                           |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 31.3   |   | Certification required by Rule 13a - 14 (a) under the Securities Exchange Act of 1934 - Filed herewith.                                                                                                                                                                           |
|   |   |   |                                                                                                                                                                                                                                                                              |
|   | 32.1   |   | Certification required by Rule 13a - 14 (b) under the Securities Exchange Act of 1934 - Filed herewith.                                                                                                                                                                           |