Amrep 4Q profit plunges as N.M. land sales plummet

PRINCETON, N.J. (AP) - Amrep Corp. on Monday posted a 92-percent drop in fiscal fourth-quarter profit, reflecting plummeting land sales at its Rio Rancho development in New Mexico. For the three months ended April 20, Amrep's net income was $529,000, or 9 cents per share, compared with $6.3 million or 95 cents per share, in the corresponding period last year. Revenue fell 27 percent to $35.2 million, from $48.3 million in the year-ago period. The company said revenue from real estate land sales at Amrep Southwest plunged 98 percent to $289,000 in the fourth quarter, from $15.1 million last year, largely due to "substantially lower land sales in the company's principal market of Rio Rancho," which reflected the "severe decline" in the market. Revenue from the company's Kable Media Services operations, which distributes... [read full story]