SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT


                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of report (Date of earliest event reported): April 15, 2003
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                                AMREP CORPORATION
                                -----------------
             (Exact name of registrant as specified in its Charter)



            Oklahoma                   1-4702                 59-0936128
            --------                   ------                 ----------
(State or other jurisdiction of     (Commission             (IRS Employer
incorporation or organization)      File Number)          Identification No.)





                 641 Lexington Avenue, New York, New York 10022
                 ----------------------------------------------
               (Address of principal executive offices) (Zip Code)




       Registrant's telephone number, including area code: (212) 705-4700
                                                           --------------


                                 Not Applicable
                                 --------------
                       (Former Name or Former Address, if
                           Changed Since Last Report)








ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.

     (a) On April 15, 2003, the Registrant  through Kable Fulfillment  Services,
     Inc. ("KFS"), a subsidiary of  the  Registrant's  Kable News Company,  Inc.
     ("Kable News") subsidiary,  acquired certain tangible and intangible assets
     and assumed certain liabilities  constituting the subscription  fulfillment
     business  of  Electronic  Data  Systems  Corporation  ("EDS"),  a  Delaware
     corporation,  and its  subsidiaries  EDS  Information  Services LLC and EDS
     Resource  Management  Corporation.  The acquisition was made pursuant to an
     Asset  Purchase  Agreement  dated as of March 31, 2003 by and among KFS and
     EDS and such  subsidiaries.  The Asset Purchase Agreement is filed herewith
     as Exhibit 10.1 and incorporated herein by reference.

     The purchase price for the assets of the subscription  fulfillment business
     of approximately $10.0 million (subject to a post-closing  adjustment based
     upon the value as of closing of certain  inventories  and  prepaid  postage
     amounts) was arrived at through  arm's length  negotiations.  Approximately
     $6.5  million  of the  purchase  price  was  paid in cash  and the  balance
     consisted of the assumption of certain  customer deposit  liabilities.  The
     payment of the cash portion of the purchase  price and related  acquisition
     expenses  was  financed  from  available  cash  and  borrowings   under   a
     collateralized credit line that Kable News and certain of its subsidiaries,
     including KFS, have with U.S. Bank National Association. In connection with
     the  acquisition,  that credit line,  which is  available to finance  Kable
     News' operations  including the additional working capital  requirements of
     the acquired business, was increased from $20 million to $30 million.

     (b) The physical  assets acquired in the  transaction  include  principally
     mail processing,  communications and data processing equipment located, for
     the most part, in the Louisville, Colorado leased facility at which EDS had
     conducted the acquired  business.  It is intended following the acquisition
     to continue to operate  these assets and conduct the  acquired  business at
     this facility.



ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

     (a) Financial  statements for the acquired  business  required by this Item
     have not been prepared but will be filed not later than June 30, 2003.

     (b) Pro  forma  financial  statements  reflecting  the  acquisition  of the
     acquired  business required by this Item have not been prepared but will be
     filed not later than June 30, 2003.

     (c) The following Exhibits are filed with this Report:

         Exhibit No.                         Exhibit
         ----------                          -------

            10.1    Asset  Purchase  Agreement dated as of March 31, 2003 by and
                    among Kable Fulfillment  Services,  Inc. and Electronic Data
                    Systems  Corporation,  EDS Information  Services LLC and EDS
                    Resource Management Corporation.


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            10.2    Amendment  to Loan  Agreement  dated as of March 31, 2003 by
                    and  among  Kable  News  Company,  Inc.,  Kable  Fulfillment
                    Services of Ohio, Inc., Kable  Distribution  Services,  Inc.
                    and Kable Fulfillment Services, Inc., and U.S. Bank National
                    Association.



                                   Signature


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                         AMREP Corporation

Date:  April  24, 2003                                   By: /s/ Peter M. Pizza
                                                         Peter M. Pizza
                                                         Vice President and
                                                         Chief Financial Officer




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                                  EXHIBIT INDEX




         Exhibit No.                           Exhibit
         ----------                            -------

         10.1       Asset  Purchase  Agreement dated as of March 31, 2003 by and
                    among Kable Fulfillment  Services,  Inc. and Electronic Data
                    Systems  Corporation,  EDS Information  Services LLC and EDS
                    Resource Management Corporation.


         10.2       Amendment  to Loan  Agreement  dated as of March 31, 2003 by
                    and  among  Kable  News  Company,  Inc.,  Kable  Fulfillment
                    Services of Ohio, Inc., Kable  Distribution  Services,  Inc.
                    and Kable Fulfillment Services, Inc., and U.S. Bank National
                    Association.



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