AMREP Corporation reported revenues of $6.1 million for the first quarter of fiscal 2027, down 66.1% from $17.9 million a year earlier, with net income of $276,000, or 5 cents per share, versus $4.7 million, or 87 cents per share. Land sale revenues fell 97.7% to $173,000 and home sale revenues declined 48.9% to $4.9 million, while other revenues rose 26.7% to $997,000. Within the segments, land development revenues were $1.8 million against $9.7 million a year earlier and the segment posted a loss of $167,000 versus a profit of $4.8 million, while homebuilding revenues were $4.2 million compared with $8.2 million and segment profit fell to $490,000 from $1.8 million. AMREP sold 12 homes in the quarter compared with 22 a year earlier, at an average selling price of $407,000 versus $434,000, and home sale gross margin narrowed to 23% from 25%. The company said it expects significantly reduced revenues from sales of developed residential land during fiscal 2027, citing fewer active land development projects, delays in certain new projects and its increased focus on homebuilding.
AMREP CorporationQ1 revenue fell 66.1% and net income dropped to $276,000 from $4.7M, with land sale revenues plunging 97.7%.
