AMREP (AXR) 10-Q 16 Dec 13 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Oct. 31, 2013	Dec. 06, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'AMREP CORP.	'
Entity Central Index Key	'0000006207	'
Current Fiscal Year End Date	'--04-30	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'AXR	'
Entity Common Stock, Shares Outstanding	'	7,195,454
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Oct-13	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Oct. 31, 2013	Apr. 30, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$27,704	$13,714
Receivables, net:	'	'
Media Services operations	41,198	47,203
Real estate operations and corporate	10	107
Accounts Receivable Net	41,208	47,310
Real estate inventory, net	72,745	73,906
Investment assets, net	10,876	10,876
Property, plant and equipment, net	24,449	25,286
Intangible and other assets, net	13,636	14,975
Taxes receivable	49	175
Deferred income taxes, net	9,988	9,614
TOTAL ASSETS	200,655	195,856
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Accounts payable, net and accrued expenses	81,608	85,340
Notes payable:	'	'
Amounts due within one year	132	144
Amounts due beyond one year	10,020	4,827
Amounts due to related party - due beyond one year	15,655	16,007
Notes Payable	25,807	20,978
Other liabilities	3,218	3,192
Accrued pension cost	10,972	13,805
TOTAL LIABILITIES	121,605	123,315
SHAREHOLDERS' EQUITY:	'	'
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 7,420,704 at October 31, 2013 and April 30, 2013	742	742
Capital contributed in excess of par value	46,100	46,100
Retained earnings	47,987	63,920
Accumulated other comprehensive loss, net	-11,564	-11,564
Treasury stock, at cost; 225,250 shares at October 31, 2013 and 1,424,492 shares at April 30, 2013	-4,215	-26,657
TOTAL SHAREHOLDERS’ EQUITY	79,050	72,541
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$200,655	$195,856

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	Oct. 31, 2013	Apr. 30, 2013
Common stock, par value (in dollars per share)	$0.10	$0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,420,704	7,420,704
Treasury stock, shares	225,250	1,424,492

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Retained Earnings (USD $)	3 Months Ended				6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Oct. 31, 2013		Oct. 31, 2012		Oct. 31, 2013		Oct. 31, 2012
REVENUES:	'		'		'		'
Media Services operations	$21,555		$21,266		$41,833		$40,854
Real estate land sales	1,196		0		1,424		0
Interest and other	12		51		15		59
Revenues	22,763	[1]	21,317	[1]	43,272	[1]	40,913	[1]
COSTS AND EXPENSES:	'		'		'		'
Real estate land sales	999		0		1,189		0
Operating expenses:	'		'		'		'
Media Services operations	17,791		17,040		35,519		33,407
Real estate taxes and other	574		302		1,071		780
Real estate selling expenses	61		58		119		111
General and administrative:	'		'		'		'
Media Services operations	1,840		1,949		3,649		4,038
Real estate operations and corporate	899		1,106		1,750		2,178
Impairment of assets	'		'		0		169
Interest expense	462		314		927		641
Costs and Expenses, Total	22,626		20,769		44,224		41,324
INCOME (LOSS) BEFORE INCOME TAXES	137		548		-952		-411
PROVISION (BENEFIT) FOR INCOME TAXES	85		272		-317		-79
NET INCOME (LOSS)	52		276		-635		-332
RETAINED EARNINGS, beginning of period	47,937		66,150		63,920		66,758
Effect of the issuance of common stock from treasury shares	-2		0		-15,298		0
RETAINED EARNINGS, end of period	$47,987		$66,426		$47,987		$66,426
EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED (in dollars per share)	$0.01		$0.05		($0.09)		($0.06)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares)	7,195		5,996		6,785		5,996
[1]	Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination.

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Oct. 31, 2013	Oct. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net loss	($635)	($332)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Impairment of assets	0	169
Depreciation and amortization	1,837	1,868
Non-cash credits and charges:	'	'
Pension accrual	460	942
Recoveries of doubtful accounts	-143	-153
Loss on disposal of assets, net	4	21
Changes in assets and liabilities:	'	'
Receivables	6,245	-12,209
Real estate inventory and investment assets	1,161	-105
Intangible and other assets	539	19
Accounts payable and accrued expenses	-3,732	-1,744
Taxes receivable and payable, net	126	-587
Deferred income taxes and other liabilities, net	-348	-452
Accrued pension costs	-3,293	-4,322
Total adjustments	2,856	-16,553
Net cash provided by (used in) operating activities	2,221	-16,885
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures - property, plant and equipment	-204	-292
Net cash used in investing activities	-204	-292
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from issuance of common stock, net	7,144	0
Borrowings from credit facilities	12,101	8,836
Repayments of credit facilities	-7,272	-4,429
Net cash provided by financing activities	11,973	4,407
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	13,990	-12,770
CASH AND CASH EQUIVALENTS, beginning of period	13,714	27,847
CASH AND CASH EQUIVALENTS, end of period	27,704	15,077
SUPPLEMENTAL CASH FLOW INFORMATION:	'	'
Interest paid	913	599
Income taxes paid (refunded), net	($94)	$929

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Oct. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	'
	-1	BASIS OF PRESENTATION
	The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  The Company, through its subsidiaries, is primarily engaged in four business segments: the Subscription Fulfillment Services business operated by Palm Coast Data LLC and its subsidiary (“Palm Coast”), the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services and Other businesses operated by Kable Media Services, Inc. and its subsidiaries (“Kable”) (the businesses operated by Palm Coast and Kable are collectively referred to  as “Media Services”) and  the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries. On December 31, 2012, a newly-formed wholly-owned subsidiary of Palm Coast, FulCircle Media, LLC (“FulCircle”), acquired certain assets from a third party. The results of this subsidiary are included in the Subscription Fulfillment Services business since December 31, 2012. All significant intercompany accounts and transactions have been eliminated in consolidation.
	In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented.  The results of operations for such interim periods are not necessarily indicative of what may occur in future periods.  Unless otherwise qualified, all references to 2014 and 2013 are to the fiscal years ending April 30, 2014 and 2013 and all references to the second quarter and first six months of 2014 and 2013 mean the fiscal three and six month periods ended October 31, 2013 and 2012. Certain 2013 balances in the accompanying financial statements have been reclassified to conform to the current year presentation with no effect on the net income or loss or shareholders’ equity.
	The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2013, which was filed with the SEC on July 16, 2013 (the “2013 Form 10-K”).

RECEIVABLES

RECEIVABLES	6 Months Ended
	Oct. 31, 2013
Receivables [Abstract]	'
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	'
	-2	RECEIVABLES
	Receivables, net consist of the following accounts receivable (in thousands):
			October 31,		April 30,
			2013		2013
	Media Services operations:
	Subscription Fulfillment Services		$	12,370	$	12,751
	Newsstand Distribution Services, net of estimated returns			26,742		33,956
	Product Packaging and Fulfillment Services and Other			4,129		2,675
				43,241		49,382
	Less allowance for doubtful accounts			-2,043		-2,179
			$	41,198	$	47,203
	Real estate operations and corporate		$	10	$	107
	Newsstand Distribution Services accounts receivable are net of estimated magazine returns to Newsstand Distribution Services of $89,166,000 and $75,897,000 at October 31, 2013 and April 30, 2013.
	During the fourth quarter of 2013, Mercury Retail Services (“Mercury”), a wholesaler and customer of Kable Distribution Services, Inc. (“Kable Distribution”), announced that it was encountering liquidity issues and presented a restructuring plan to all national magazine distributors. Based on this information,  Kable Distribution recorded a charge to operations of $2,000,000 in the fourth quarter of 2013, which was substantially all of the estimated net accounts receivable due to Kable Distribution from Mercury based on expectations at that time of Mercury’s payment of amounts owed to Kable Distribution and estimates of future magazine return activity.  As a result of cash payments received from Mercury, higher magazine return activity than expected and an updated estimate of future magazine returns, Kable Distribution revised its original estimate of bad debt expense and reduced the reserve by $300,000 during the quarter ended October 31, 2013.

INVESTMENT_ASSETS

INVESTMENT ASSETS	6 Months Ended
	Oct. 31, 2013
Investment Assets [Abstract]	'
Investment Assets Disclosure [Text Block]	'
	(3)	INVESTMENT ASSETS
	Investment assets, net consist of the following (in thousands):
			October 31, 2013		April 30, 2013
	Land held for long-term investment		$	10,552	$	10,552
	Other			753		753
	Less accumulated depreciation and reserves			-429		-429
				324		324
			$	10,876	$	10,876
	Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale.  Other includes a building in Rio Rancho, New Mexico under contract for sale.  Depreciation is no longer taken on the building and an impairment reserve of $169,000 was recorded as a charge to operations during the quarter ended July 31, 2012.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Oct. 31, 2013
Property, Plant and Equipment Disclosure [Abstract]	'
Property, Plant and Equipment [Text Block]	'
	-4	PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment, net consist of the following (in thousands):
			October 31,		April 30,
			2013		2013
	Land, buildings and improvements		$	29,346	$	29,500
	Furniture and equipment			23,974		23,736
				53,320		53,236
	Less accumulated depreciation			-28,871		-27,950
			$	24,449	$	25,286

INTANGIBLE_AND_OTHER_ASSETS

INTANGIBLE AND OTHER ASSETS	6 Months Ended
	Oct. 31, 2013
Intangible and Other Assets [Abstract]	'
Intangible and Other Assets [Text Block]	'
	(5)	INTANGIBLE AND OTHER ASSETS
	Intangible and other assets, net consist of the following (in thousands):
			October 31, 2013				April 30, 2013
			Cost		Accumulated Amortization		Cost		Accumulated Amortization
	Deferred order entry costs		$	1,178	$	-	$	1,278	$	-
	Prepaid expenses			3,275		-		3,859		-
	Customer contracts and relationships			17,048		8,627		17,048		7,917
	Other			962		200		1,074		367
			$	22,463	$	8,827	$	23,259	$	8,284
	Deferred order entry costs represent costs incurred in connection with the data entry of customer subscription information to database files and are charged directly to operations generally over a twelve month period. Customer contracts and relationships are amortized on a straight line basis over twelve years.

ACCOUNTS_PAYABLE_NET_AND_ACCRU

ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES	6 Months Ended
	Oct. 31, 2013
Payables and Accruals [Abstract]	'
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	'
	-6	ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES
	Accounts payable, net and accrued expenses consist of the following (in thousands):
			October 31,		April 30,
			2013		2013
	Publisher payables, net		$	68,818	$	75,257
	Accrued expenses			4,358		1,897
	Trade payables			2,393		3,275
	Other			6,039		4,911
			$	81,608	$	85,340
	Newsstand Distribution Services accounts payable are net of estimated magazine returns to publishers of $65,684,000 and $72,275,000 at October 31, 2013 and April 30, 2013.
	The Company’s Media Services businesses operate with negative working capital ($18,028,000 at October 31, 2013) primarily through liquidity provided by one significant customer contract that expires in June 2014. The negative working capital of the Company’s Media Services businesses represents the net payment obligation due to this customer and certain other third parties.  During the first quarter of 2014, Kable Distribution received notice that this customer contract would not be renewed upon its scheduled expiration in June 2014.  Kable Distribution  is evaluating its ability  to pay, upon the expiration of the contract,  the net payment obligation represented by the negative working capital relating to this customer contract (approximately $17,155,000 as of October 31, 2013, which amount will vary from period to period based on the level of magazine distribution for this customer and utilization of the Media Services Credit Facility (defined below)). Kable Distribution currently does not have sufficient capital or borrowing capacity to fund in full this obligation, and it may be unable to pay such amount or obtain other sources of working capital absent the Company obtaining additional debt or equity funding or raising capital through the sale of assets.  Such additional funding or capital may not be available on acceptable terms or at all. Any failure to obtain the funds needed to pay such obligation could  have a material adverse effect on the Company’s business, financial condition and results of operations.

NOTES_PAYABLE

NOTES PAYABLE	6 Months Ended
	Oct. 31, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	-7	NOTES PAYABLE
	Notes payable consist of the following (in thousands):
			October 31,		April 30,
			2013		2013
	Credit facilities:
	Media Services operations		$	5,872	$	620
	Real estate operations			15,655		16,007
	Other notes payable			4,280		4,351
			$	25,807	$	20,978
	Media Services – Media Services has a Revolving Credit and Security Agreement with a bank (the “Media Services Credit Facility”) that provides the Media Services business with a revolving credit loan and letter of credit facility of up to $15,000,000, with availability within that limit based upon the lesser of (i) a percentage of the borrowers’ eligible accounts receivable, which may include certain unbilled accounts receivable, or (ii) the recent level of collections of accounts receivable. Subject to certain terms, funds may be borrowed, repaid and re-borrowed at any time. The Media Services Credit Facility matures May 12, 2015. At October 31, 2013, the borrowing availability under the Media Services Credit Facility was $14,859,000, and there was $5,872,000 outstanding against this availability. The borrowing availability of $14,859,000 included $3,000,000 of availability associated with the business activity with one significant customer whose contract will expire in June 2014 (See Note 6). The highest amount borrowed during the quarter was $7,167,000.
	The borrowers’ obligations under the Media Services Credit Facility are secured by substantially all of their assets other than real property. The interest rate on outstanding borrowings at October 31, 2013 was 3.17%.
	The borrowers may make payments (based upon a prescribed formula) on certain indebtedness due the borrowing group’s parent company that is not a party to the Media Services Credit Facility, which payments would be subject to the minimum fixed charge coverage ratio (as defined) required by the Media Services Credit Facility.  If there is a violation of a covenant and during the continuance of such violation, or if the borrowers do not maintain a prescribed minimum fixed charge coverage ratio, the Media Services companies are prohibited from repaying indebtedness to or otherwise distributing funds to the borrowing group’s parent company and the lender is entitled to terminate the Media Services Credit Facility and seek immediate payment of any outstanding borrowing.
	Real Estate - AMREP Southwest had a bank loan scheduled to mature on September 1, 2012 that, at August 13, 2012, had an outstanding principal balance of $16,214,000. The loan bore fluctuating interest at the annual rate of reserve adjusted 30-day LIBOR plus 3.5%, but not less than 5%, and required that a cash reserve of at least $500,000 be maintained with the lender to fund interest payments. The loan was secured by a mortgage on certain real property of AMREP Southwest in Rio Rancho, New Mexico and required that the appraised value of the collateral be at least 2.5 times the outstanding principal of the loan. The loan was subject to a number of restrictive covenants including a requirement that AMREP Southwest maintain a minimum tangible net worth and a restriction on AMREP Southwest making distributions and other payments to its parent company beyond a stated management fee.
	On August 13, 2012, a company (the “New Lender”) owned by Nicholas G. Karabots, a significant shareholder of the Company who was then Vice Chairman of the Company’s board of directors and its executive committee, purchased the bank loan and agreed to extend its maturity to December 1, 2012 on substantially its existing terms to accord the parties time to negotiate a longer extension or for AMREP Southwest to identify a possible alternate financing source. In August 2012, another director of the Company purchased a 20% participation in the loan from the New Lender.
	AMREP Southwest and the New Lender entered into an agreement effective December 1, 2012 amending the terms of the loan. Under the terms of the loan as now in effect, it matures on December 1, 2017, bears interest payable monthly at 8.5% per annum and is secured by its original collateral (the “originally mortgaged land”) and by additional collateral (the “newly mortgaged land”) comprised of the balance of the real property owned by AMREP Southwest in Rio Rancho  on December 1, 2012 and by a pledge of the stock of its subsidiary, Outer Rim Investments, Inc., which owns approximately 12,000 acres, for the most part scattered lots, in Sandoval County, New Mexico and which are not currently being offered for sale. The total book value of the real property collateralizing the loan was approximately $70,802,000 as of October 31, 2013. A sale transaction by AMREP Southwest of any newly mortgaged land for more than $50,000 or of any originally mortgaged land, other than land zoned and designated as a residential classification, for more than $100,000 requires the approval of the New Lender. Otherwise, the New Lender is required to release the lien of its mortgage on any land being sold by AMREP Southwest in the ordinary course to an unrelated party on terms AMREP Southwest believes to be commercially reasonable and at a price AMREP Southwest believes to be not less than the land’s fair market value or, in the case of the newly mortgaged land, its wholesale value, upon receipt of AMREP Southwest’s certification to such effect. The loan may be prepaid at any time without premium or penalty except that if the prepayment is in connection with the disposition of AMREP Southwest or substantially all of its assets there is a prepayment premium, initially 5% of the amount prepaid, with the percentage declining by 1% each year. No payments of principal are required until maturity, except that 25% of the net proceeds, as defined, from any sales of real property by AMREP Southwest are required to be applied to the payment of the loan. No new borrowings are permitted under this facility. The requirement to maintain the reserve for interest and the restrictive covenants that applied prior to the amendment for the most part continue to apply, including a covenant restricting AMREP Southwest from making distributions and other payments to its parent company beyond a stated management fee, except that there is no longer a requirement regarding the ratio of the appraised value of the collateral to the amount of the loan. At October 31, 2013, the outstanding principal of the loan was $15,655,000.
	Other notes payable consist of a $4,265,000 mortgage note payable on a warehouse with a maturity date of February 2018 and an interest rate of 6.35%, and $15,000 of equipment financing loans with maturity dates through April 2014 and an average interest rate of 7.54%. The amount of Other notes payable due within one year totals $132,000.

OTHER_LIABILITIES

OTHER LIABILITIES	6 Months Ended
	Oct. 31, 2013
Other Liabilities and Financial Instruments Subject To Mandatory Redemption [Abstract]	'
Other Liabilities Disclosure [Text Block]	'
	-8	OTHER LIABILITIES
	In June 2009, Palm Coast received $3,000,000 pursuant to an agreement with the State of Florida (the “Award Agreement”) as part of the incentives made available in connection with the Company’s project, completed in the second quarter of fiscal 2011, to consolidate its Subscription Fulfillment Services operations at its Palm Coast, Florida location. The Award Agreement includes certain performance requirements in terms of job retention, job creation and capital investment which, if not met by Palm Coast, entitle the State of Florida to obtain the return of a portion, or all, of the $3,000,000. Accordingly, the $3,000,000 has been recorded as a liability in the accompanying balance sheet. The award monies, if any, to which Palm Coast becomes irrevocably entitled will be amortized into income through a reduction of depreciation over the life of the assets acquired with those funds. Palm Coast has not met certain of the performance requirements, in large part due to the adverse economic conditions experienced by the magazine publishing industry since the Award Agreement was executed, and as a result, during 2013 the State of Florida made a demand of Palm Coast to repay approximately $1,305,000 of the $3,000,000 incentive award for calendar years 2010 through 2012. In addition, $1,222,000 of award monies and accrued interest for 2013 and 2014 remain open and are expected to be subject to repayment as the Company does not expect to meet the performance requirements for calendar years 2013 and 2014.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Oct. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	-9	FAIR VALUE MEASUREMENTS
	The Financial Instruments Topic of the Financial Accounting Standards Board Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate their value. The Topic excludes all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions are used in estimating fair value disclosure for financial instruments.  The carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. Debt that bears variable interest rates indexed to prime or LIBOR also approximates fair value as it re-prices when market interest rates change.
	The Company did not have any long-term, fixed-rate mortgage receivables at October 31, 2013 and the estimated fair value of the Company’s long-term, fixed-rate mortgage receivables was $35,000 at April 30, 2013 and was the approximate carrying amount at that date.  At October 31, 2013 and April 30, 2013, the estimated fair values of the Company’s long-term, fixed-rate notes payable were $16,297,000 and $17,000,000 compared with carrying amounts of $19,936,000 and $20,358,000.

PENSION_PLAN

PENSION PLAN	6 Months Ended
	Oct. 31, 2013
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Benefits Disclosure [Text Block]	'
	-10	PENSION PLAN
	The Company has a defined benefit retirement plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004.  Due to the closing of certain facilities in connection with the consolidation of the Company’s Subscription Fulfillment Services business and the associated work force reduction, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations thereunder, gave the Pension Benefit Guaranty Corporation (the “PBGC”) the right to require the Company to accelerate the funding of approximately $11,688,000 of accrued pension-related obligations to the Company’s defined benefit pension plan.  In August 2012, the Company and the PBGC reached an initial agreement with respect to this funding obligation, and as a result, the Company made a $3,000,000 cash contribution to the pension plan on August 16, 2012, thereby leaving a remaining accelerated funding liability of $8,688,000.
	On August 30, 2013, the Company entered into a settlement agreement (the “Settlement Agreement”) with the PBGC. In the Settlement Agreement, the PBGC agreed to forbear from asserting certain rights to obtain payment of the remaining $8,688,000 accelerated funding liability granted to it by ERISA, and the Company agreed (a) to pay $3,243,000 of the accelerated funding liability as a cash contribution to its pension plan, which payment was made on September 4, 2013, and (b) to provide first lien mortgages on certain real property with an aggregate appraised value of $10,039,000 in favor of the PBGC to secure the remaining unpaid amount of the accelerated funding liability. The total book value of the real property subject to the mortgage was approximately $8,104,000 as of October 31, 2013.  In addition, the PBGC agreed to credit $426,000 of contributions made by the Company to the pension plan in excess of the 2012 minimum funding requirements towards the accelerated funding liability, so that, after this credit and the $3,243,000 payment referred to above, the remaining accelerated funding liability is $5,019,000.
	On an annual basis, the Company is required to provide updated appraisals on each mortgaged property and, if the appraised value of the mortgaged properties is less than two times the amount of the accelerated funding liability then outstanding, the Company is required to make a payment to its pension plan in an amount equal to one-half of the amount of the shortfall. The mortgages in favor of the PBGC will be discharged following the termination date of the Settlement Agreement. In connection with the Settlement Agreement, the Company made certain representations and warranties and is required to comply with various covenants, reporting requirements and other requirements, including making all required minimum funding contributions to its pension plan. Any failure by the Company to comply with its obligations under the Settlement Agreement may result in an event of default, which would permit the PBGC to repossess, sell or foreclose on the properties that have been mortgaged in favor of the PBGC; however, if the Company complies with the terms of the Settlement Agreement, including making all future required minimum funding contributions to its pension plan and any payments required due to any shortfall in the appraised value of the mortgages described above, the Company will not be required to make any further cash payments to its pension plan with respect to the remaining accelerated funding liability.
	The Settlement Agreement is scheduled to terminate on the earlier of the date the accelerated funding liability has been paid in full or on August 30, 2018. Effective on the termination date of the Settlement Agreement, the PBGC will be deemed to have released and discharged the Company and any other members of its controlled group from any claims in connection with such members’ liability or obligations with respect to the accelerated funding liability. The Settlement Agreement does not address any future events that may accelerate any other accrued pension plan obligations. The Company may become subject to additional acceleration of its remaining accrued obligations to the pension plan if the Company closes other facilities and further reduces its work force. Any such acceleration could negatively impact the Company’s limited financial resources and could have a material adverse impact on the Company’s financial condition.

INCOME_TAXES

INCOME TAXES	6 Months Ended
	Oct. 31, 2013
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	(11)	INCOME TAXES
	The total tax effect of gross unrecognized tax benefits at October 31, 2013 and April 30, 2013 was $58,000, which, if recognized, would have an impact on the effective tax rate. The Company believes it is reasonably possible that the liability for unrecognized tax benefits will not change in the next twelve months.

SHAREHOLDERS_EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Oct. 31, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	-12	SHAREHOLDERS’ EQUITY
	In July 2013, the Company completed a rights offering to holders of the Company’s common stock.  As a result of the offering, the Company issued 1,199,242 shares of common stock at a price of $6.25 per share and raised proceeds of $7,144,000, net of expenses of approximately $350,000.  The net proceeds of the offering are being used for corporate and working capital purposes, including the payment of $3,243,000 in September 2013 to satisfy a portion of the Company’s obligation to the PBGC with respect to the Company’s pension plan (Note 10).  The shares of common stock were issued from the Company’s treasury stock, which reduced the recorded values of retained earnings by $15,298,000 and of treasury stock by $22,442,000.

SEGMENT_INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Oct. 31, 2013
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	-13	SEGMENT INFORMATION
	The following tables set forth summarized data relative to the industry segments in which the Company operated for the three and six month periods ended October 31, 2013 and 2012 (in thousands):
			Subscription		Newsstand		Product		Real Estate		Corporate		Consolidated
			Fulfillment		Distribution		Services and		Operations		and
			Services		Services		Other				Other
	Three months ended October 31, 2013 (a):
	Revenues		$	15,013	$	1,871	$	4,671	$	1,279	$	-71	$	22,763
	Net income (loss)			271		82		242		-982		439		52
	Provision (benefit) for income taxes			-32		154		147		-402		218		85
	Interest expense (income), net (b)			520		-330		22		682		-432		462
	Depreciation and amortization			752		51		56		19		37		915
	EBITDA (c)		$	1,511	$	-43	$	467	$	-683	$	262	$	1,514
	Capital expenditures		$	117	$	5	$	28	$	-	$	-	$	150
	Three months ended October 31, 2012 (a):
	Revenues		$	14,456	$	2,287	$	4,523	$	119	$	-68	$	21,317
	Net income (loss)			289		111		345		-787		318		276
	Provision (benefit) for income taxes			171		112		202		-382		169		272
	Interest expense (income), net (b)			534		-365		30		498		-383		314
	Depreciation and amortization			711		91		53		20		37		912
	EBITDA (c)		$	1,705	$	-51	$	630	$	-651	$	141	$	1,774
	Capital expenditures		$	61	$	201	$	-	$	-	$	-	$	262
	Six months ended October 31, 2013 (a):
	Revenues		$	29,006	$	3,856	$	8,971	$	1,580	$	-141	$	43,272
	Net income (loss)			-293		249		423		-1,893		879		-635
	Provision (benefit) for income taxes			-363		273		253		-937		457		-317
	Interest expense (income), net (b)			1,054		-671		41		1,360		-857		927
	Depreciation and amortization			1,509		102		113		40		73		1,837
	EBITDA (c)		$	1,907	$	-47	$	830	$	-1,430	$	552	$	1,812
	Total assets		$	54,008	$	47,348	$	5,736	$	87,700	$	5,863	$	200,655
	Capital expenditures		$	152	$	18	$	34	$	-	$	-	$	204
	Six months ended October 31, 2012 (a):
	Revenues		$	28,058	$	4,626	$	8,170	$	193	$	-134	$	40,913
	Net income (loss)			46		263		472		-1,752		639		-332
	Provision (benefit) for income taxes			28		225		277		-946		337		-79
	Interest expense (income), net (b)			1,061		-718		57		984		-743		641
	Depreciation and amortization			1,447		194		114		40		73		1,868
	Impairment of assets			-		-		-		169		-		169
	EBITDA (c)		$	2,582	$	-36	$	920	$	-1,505	$	306	$	2,267
	Total assets		$	55,248	$	49,086	$	5,051	$	88,401	$	3,801	$	201,587
	Capital expenditures		$	91	$	201	$	-	$	-	$	-	$	292
	(a)	Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination.
	(b)	Interest expense (income), includes inter-segment interest income that is eliminated in consolidation.
	(c)	The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.

RECEIVABLES_Tables

RECEIVABLES (Tables)	6 Months Ended
	Oct. 31, 2013
Receivables [Abstract]	'
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	'
	Receivables, net consist of the following accounts receivable (in thousands):
		October 31,		April 30,
		2013		2013
	Media Services operations:
	Subscription Fulfillment Services	$	12,370	$	12,751
	Newsstand Distribution Services, net of estimated returns		26,742		33,956
	Product Packaging and Fulfillment Services and Other		4,129		2,675
			43,241		49,382
	Less allowance for doubtful accounts		-2,043		-2,179
		$	41,198	$	47,203
	Real estate operations and corporate	$	10	$	107

INVESTMENT_ASSETS_Tables

INVESTMENT ASSETS (Tables)	6 Months Ended
	Oct. 31, 2013
Investment Assets [Abstract]	'
Schedule Of Investment Assets [Table Text Block]	'
	Investment assets, net consist of the following (in thousands):
		October 31, 2013		April 30, 2013
	Land held for long-term investment	$	10,552	$	10,552
	Other		753		753
	Less accumulated depreciation and reserves		-429		-429
			324		324
		$	10,876	$	10,876

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Oct. 31, 2013
Property, Plant and Equipment Disclosure [Abstract]	'
Property, Plant and Equipment [Table Text Block]	'
	Property, plant and equipment, net consist of the following (in thousands):
		October 31,		April 30,
		2013		2013
	Land, buildings and improvements	$	29,346	$	29,500
	Furniture and equipment		23,974		23,736
			53,320		53,236
	Less accumulated depreciation		-28,871		-27,950
		$	24,449	$	25,286

INTANGIBLE_AND_OTHER_ASSETS_Ta

INTANGIBLE AND OTHER ASSETS (Tables)	6 Months Ended
	Oct. 31, 2013
Intangible and Other Assets [Abstract]	'
Schedule Of Intangible and Other Assets [Table Text Block]	'
	Intangible and other assets, net consist of the following (in thousands):
		October 31, 2013				April 30, 2013
		Cost		Accumulated Amortization		Cost		Accumulated Amortization
	Deferred order entry costs	$	1,178	$	-	$	1,278	$	-
	Prepaid expenses		3,275		-		3,859		-
	Customer contracts and relationships		17,048		8,627		17,048		7,917
	Other		962		200		1,074		367
		$	22,463	$	8,827	$	23,259	$	8,284

ACCOUNTS_PAYABLE_NET_AND_ACCRU1

ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Oct. 31, 2013
Payables and Accruals [Abstract]	'
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	'
	Accounts payable, net and accrued expenses consist of the following (in thousands):
		October 31,		April 30,
		2013		2013
	Publisher payables, net	$	68,818	$	75,257
	Accrued expenses		4,358		1,897
	Trade payables		2,393		3,275
	Other		6,039		4,911
		$	81,608	$	85,340

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	6 Months Ended
	Oct. 31, 2013
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
	Notes payable consist of the following (in thousands):
		October 31,		April 30,
		2013		2013
	Credit facilities:
	Media Services operations	$	5,872	$	620
	Real estate operations		15,655		16,007
	Other notes payable		4,280		4,351
		$	25,807	$	20,978

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	6 Months Ended
	Oct. 31, 2013
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
	The following tables set forth summarized data relative to the industry segments in which the Company operated for the three and six month periods ended October 31, 2013 and 2012 (in thousands):
			Subscription		Newsstand		Product		Real Estate		Corporate		Consolidated
			Fulfillment		Distribution		Services and		Operations		and
			Services		Services		Other				Other
	Three months ended October 31, 2013 (a):
	Revenues		$	15,013	$	1,871	$	4,671	$	1,279	$	-71	$	22,763
	Net income (loss)			271		82		242		-982		439		52
	Provision (benefit) for income taxes			-32		154		147		-402		218		85
	Interest expense (income), net (b)			520		-330		22		682		-432		462
	Depreciation and amortization			752		51		56		19		37		915
	EBITDA (c)		$	1,511	$	-43	$	467	$	-683	$	262	$	1,514
	Capital expenditures		$	117	$	5	$	28	$	-	$	-	$	150
	Three months ended October 31, 2012 (a):
	Revenues		$	14,456	$	2,287	$	4,523	$	119	$	-68	$	21,317
	Net income (loss)			289		111		345		-787		318		276
	Provision (benefit) for income taxes			171		112		202		-382		169		272
	Interest expense (income), net (b)			534		-365		30		498		-383		314
	Depreciation and amortization			711		91		53		20		37		912
	EBITDA (c)		$	1,705	$	-51	$	630	$	-651	$	141	$	1,774
	Capital expenditures		$	61	$	201	$	-	$	-	$	-	$	262
	Six months ended October 31, 2013 (a):
	Revenues		$	29,006	$	3,856	$	8,971	$	1,580	$	-141	$	43,272
	Net income (loss)			-293		249		423		-1,893		879		-635
	Provision (benefit) for income taxes			-363		273		253		-937		457		-317
	Interest expense (income), net (b)			1,054		-671		41		1,360		-857		927
	Depreciation and amortization			1,509		102		113		40		73		1,837
	EBITDA (c)		$	1,907	$	-47	$	830	$	-1,430	$	552	$	1,812
	Total assets		$	54,008	$	47,348	$	5,736	$	87,700	$	5,863	$	200,655
	Capital expenditures		$	152	$	18	$	34	$	-	$	-	$	204
	Six months ended October 31, 2012 (a):
	Revenues		$	28,058	$	4,626	$	8,170	$	193	$	-134	$	40,913
	Net income (loss)			46		263		472		-1,752		639		-332
	Provision (benefit) for income taxes			28		225		277		-946		337		-79
	Interest expense (income), net (b)			1,061		-718		57		984		-743		641
	Depreciation and amortization			1,447		194		114		40		73		1,868
	Impairment of assets			-		-		-		169		-		169
	EBITDA (c)		$	2,582	$	-36	$	920	$	-1,505	$	306	$	2,267
	Total assets		$	55,248	$	49,086	$	5,051	$	88,401	$	3,801	$	201,587
	Capital expenditures		$	91	$	201	$	-	$	-	$	-	$	292
	(a)	Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination.
	(b)	Interest expense (income), includes inter-segment interest income that is eliminated in consolidation.
	(c)	The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.

RECEIVABLES_Details

RECEIVABLES (Details) (USD $)	Oct. 31, 2013	Apr. 30, 2013
In Thousands, unless otherwise specified
Media Services operations:	'	'
Media Services Operations Gross	$43,241	$49,382
Less allowance for doubtful accounts	-2,043	-2,179
Media services operations, net	41,198	47,203
Real estate operations and corporate	10	107
Media Services, Subscription Fulfillment Services [Member]	'	'
Media Services operations:	'	'
Accounts Receivables Media Services Operations Gross	12,370	12,751
Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member]	'	'
Media Services operations:	'	'
Accounts Receivables Media Services Operations Gross	26,742	33,956
Media Services, Product Services and Other [Member]	'	'
Media Services operations:	'	'
Accounts Receivables Media Services Operations Gross	$4,129	$2,675

RECEIVABLES_Details_Textual

RECEIVABLES (Details Textual) (USD $)	3 Months Ended
	Oct. 31, 2013	Oct. 31, 2013	Apr. 30, 2013
		Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member]	Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member]
Estimated Magazine Sales Returns	'	$89,166,000	$75,897,000
Allowance for Doubtful Accounts Receivable, Current	2,000,000	'	'
Allowance for Doubtful Accounts Receivable, Recoveries	$300,000	'	'

INVESTMENT_ASSETS_Details

INVESTMENT ASSETS (Details) (USD $)	Oct. 31, 2013	Apr. 30, 2013
In Thousands, unless otherwise specified
Land held for long-term investment	$10,552	$10,552
Other	753	753
Less accumulated depreciation and reserves	-429	-429
Real Estate Held-For-Sale, Net	324	324
Real Estate Investment Property, Net, Total	$10,876	$10,876

INVESTMENT_ASSETS_Details_Text

INVESTMENT ASSETS (Details Textual) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2012	Oct. 31, 2013	Oct. 31, 2012
Impairment of assets	$169,000	$0	$169

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	Oct. 31, 2013	Apr. 30, 2013
In Thousands, unless otherwise specified
Property, Plant and Equipment, Gross	$53,320	$53,236
Less accumulated depreciation	-28,871	-27,950
Property, plant and equipment, net	24,449	25,286
Land, Buildings and Improvements [Member]	'	'
Property, Plant and Equipment, Gross	29,346	29,500
Furniture and Fixtures [Member]	'	'
Property, Plant and Equipment, Gross	$23,974	$23,736

INTANGIBLE_AND_OTHER_ASSETS_De

INTANGIBLE AND OTHER ASSETS (Details) (USD $)	Oct. 31, 2013	Apr. 30, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets, Cost	$22,463	$23,259
Finite-Lived Intangible Assets, Accumulated Amortization	8,827	8,284
Deferred Order Entry Costs [Member]	'	'
Finite-Lived Intangible Assets, Cost	1,178	1,278
Finite-Lived Intangible Assets, Accumulated Amortization	0	0
Prepaid Expenses [Member]	'	'
Finite-Lived Intangible Assets, Cost	3,275	3,859
Finite-Lived Intangible Assets, Accumulated Amortization	0	0
Customer Contracts and Relationships [Member]	'	'
Finite-Lived Intangible Assets, Cost	17,048	17,048
Finite-Lived Intangible Assets, Accumulated Amortization	8,627	7,917
Other Intangible Assets [Member]	'	'
Finite-Lived Intangible Assets, Cost	962	1,074
Finite-Lived Intangible Assets, Accumulated Amortization	$200	$367

ACCOUNTS_PAYABLE_NET_AND_ACCRU2

ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Details) (USD $)	Oct. 31, 2013	Apr. 30, 2013
In Thousands, unless otherwise specified
Publisher payables, net	$68,818	$75,257
Accrued expenses	4,358	1,897
Trade payables	2,393	3,275
Other	6,039	4,911
Accounts Payable and Accrued Liabilities, Total	$81,608	$85,340

ACCOUNTS_PAYABLE_NET_AND_ACCRU3

ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Details Textual) (USD $)	6 Months Ended
	Oct. 31, 2013	Apr. 30, 2013
Customer Contract Expiry Date	'June 2014	'
Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member]	'	'
Estimated Magazine Purchase Returns	$65,684,000	$72,275,000
Negative Working Capital	17,155,000	'
Customer Contract Expiry Date	'June 2014	'
Media Services, Subscription Fulfillment Services [Member]	'	'
Negative Working Capital	$18,028,000	'

NOTES_PAYABLE_Details

NOTES PAYABLE (Details) (USD $)	Oct. 31, 2013	Apr. 30, 2013
In Thousands, unless otherwise specified
Credit facilities:	'	'
Notes Payable	$25,807	$20,978
Media Services Operations [Member]	'	'
Credit facilities:	'	'
Notes Payable	5,872	620
Real Estate Operations and Corporate [Member]	'	'
Credit facilities:	'	'
Notes Payable	15,655	16,007
Notes Payable, Other Payables [Member]	'	'
Credit facilities:	'	'
Notes Payable	$4,280	$4,351

NOTES_PAYABLE_Details_Textual

NOTES PAYABLE (Details Textual) (USD $)	6 Months Ended
	Oct. 31, 2013	Aug. 13, 2012
	acre
Line of Credit Facility, Maximum Borrowing Capacity	$15,000,000	'
Line of Credit Facility, Current Borrowing Capacity	14,859,000	'
Line of Credit Facility, Maximum Amount Outstanding During Period	7,167,000	'
Line of Credit Facility, Amount Outstanding	5,872,000	'
Debt Instrument, Eurodollar Variable Interest Rate	3.17%	'
Mortgage Notes Payable	4,265,000	'
Mortgage Loan Of Real Estate Final Maturity Date	'February 2018	'
Mortgage Loans on Real Estate, Interest Rate	6.35%	'
Equipment Loans	15,000	'
Equipment Loan Maturity Date	'April 2014	'
Equipment Loan Interest Rate	7.54%	'
Other Notes Payable, Current	132,000	'
Line Of Credit Facility Participation Percentage Purchased	'	20.00%
Area of Land	12,000	'
Debt Instrument, Interest Rate During Period	8.50%	'
Long-term Debt, Gross	'	16,214,000
Debt Instrument, Interest Rate Terms	'LIBOR plus 3.5%, but not less than 5%	'
Book Value Of Real Estate Property Collateralized	70,802,000	'
Percentage Of Proceeds To Be Applied For Loan Payment	25.00%	'
Participating Mortgage Loan, Description	'A sale transaction by AMREP Southwest of any newly mortgaged land for more than $50,000 or of any originally mortgaged land, other than land zoned and designated as a residential classification, for more than $100,000 requires the approval of the New Lender.	'
Customer One [Member]	'	'
Line of Credit Facility, Current Borrowing Capacity	3,000,000	'
Line of Credit [Member] | Asw Credit Facility [Member]	'	'
Cash Reserve For Interest Payments	500,000	'
Due To Related Parties, Noncurrent	$15,655,000	'

OTHER_LIABILITIES_Details_Text

OTHER LIABILITIES (Details Textual) (USD $)	6 Months Ended
	Oct. 31, 2013	Apr. 30, 2013	Jun. 30, 2009
Other	$3,218,000	$3,192,000	$3,000,000
Incentive Received Award Agreement	3,000,000	'	'
Settlement Of Repayment Amount	1,305,000	'	'
Media Services Operations [Member]	'	'	'
Award Agreement Objectives Description	'The Award Agreement includes certain performance requirements in terms of job retention, job creation and capital investment which, if not met by Palm Coast, entitle the State of Florida to obtain the return of a portion, or all, of the $3,000,000.	'	'
Incentive Received Award Agreement	$1,222,000	'	'

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details Textual) (USD $)	Oct. 31, 2013	Apr. 30, 2013
Notes Payable, Total	$25,807,000	$20,978,000
Estimate of Fair Value Measurement [Member]	'	'
Notes Receivable, Fair Value Disclosure	'	35,000
Notes Payable, Fair Value Disclosure	16,297,000	17,000,000
Notes Payable, Total	$19,936,000	$20,358,000

PENSION_PLAN_Details_Textual

PENSION PLAN (Details Textual) (USD $)	1 Months Ended	6 Months Ended
	Aug. 31, 2012	Oct. 31, 2013
Pension Benefit Plan Accelerated Funding	'	$11,688,000
Pension Contributions	3,000,000	8,688,000
PBGC [Member]	'	'
Pension Benefit Plan Accelerated Funding	'	5,019,000
Pension Contributions	'	3,243,000
Defined Pension Plan Real property Of Mortgage	'	8,104,000
Subsequent Event [Member]	'	'
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities	'	8,688,000
Subsequent Event [Member] | PBGC [Member]	'	'
First Lien Mortgages On Real Property Appraised Value	'	10,039,000
Pension Contributions Towards Accelerated Funding Liability	'	$426,000

INCOME_TAXES_Details_Textual

INCOME TAXES (Details Textual) (USD $)	Oct. 31, 2013	Apr. 30, 2013
Unrecognized Tax Benefits	$58,000	$58,000

SHAREHOLDERS_EQUITY_Details_Te

SHAREHOLDERS' EQUITY (Details Textual) (USD $)	1 Months Ended	6 Months Ended
	Aug. 31, 2012	Oct. 31, 2013	Jul. 03, 2013	Apr. 30, 2013
Common Stock, Shares, Issued	'	7,420,704	1,199,242	7,420,704
Common Stock, Par or Stated Value Per Share	'	$0.10	$6.25	$0.10
Proceeds from Sale of Treasury Stock	'	$7,144,000	'	'
Share Issuance Expenses	'	350,000	'	'
Pension Contributions	3,000,000	8,688,000	'	'
Stock Issued During Period Value Reduction Of Retained Earnings	'	15,298,000	'	'
Stock Issued During Period value Reduction Of Treasury Stock	'	22,442,000	'	'
PBGC [Member]	'	'	'	'
Pension Contributions	'	$3,243,000	'	'

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended					6 Months Ended
In Thousands, unless otherwise specified	Oct. 31, 2013		Oct. 31, 2012		Jul. 31, 2012	Oct. 31, 2013		Oct. 31, 2012		Apr. 30, 2013
Revenues	$22,763	[1]	$21,317	[1]	'	$43,272	[1]	$40,913	[1]	'
Net income (loss)	52		276		'	-635		-332		'
Provision (benefit) for income taxes	85		272		'	-317		-79		'
Interest expense (income), net (b)	462	[2]	314	[2]	'	927	[2]	641	[2]	'
Depreciation and amortization	915		912		'	1,837		1,868		'
Impairment of assets	'		'		169,000	0		169		'
EBITDA (c)	1,514	[3]	1,774	[3]	'	1,812	[3]	2,267	[3]	'
Total assets	200,655		201,587		'	200,655		201,587		195,856
Capital expenditures	150		262		'	204		292		'
Subscription Fulfillment Services [Member]	'		'		'	'		'		'
Revenues	15,013	[1]	14,456	[1]	'	29,006	[1]	28,058	[1]	'
Net income (loss)	271		289		'	-293		46		'
Provision (benefit) for income taxes	-32		171		'	-363		28		'
Interest expense (income), net (b)	520	[2]	534	[2]	'	1,054	[2]	1,061	[2]	'
Depreciation and amortization	752		711		'	1,509		1,447		'
Impairment of assets	'		'		'	'		0		'
EBITDA (c)	1,511	[3]	1,705	[3]	'	1,907	[3]	2,582	[3]	'
Total assets	54,008		55,248		'	54,008		55,248		'
Capital expenditures	117		61		'	152		91		'
Newsstand Distribution Services [Member]	'		'		'	'		'		'
Revenues	1,871	[1]	2,287	[1]	'	3,856	[1]	4,626	[1]	'
Net income (loss)	82		111		'	249		263		'
Provision (benefit) for income taxes	154		112		'	273		225		'
Interest expense (income), net (b)	-330	[2]	-365	[2]	'	-671	[2]	-718	[2]	'
Depreciation and amortization	51		91		'	102		194		'
Impairment of assets	'		'		'	'		0		'
EBITDA (c)	-43	[3]	-51	[3]	'	-47	[3]	-36	[3]	'
Total assets	47,348		49,086		'	47,348		49,086		'
Capital expenditures	5		201		'	18		201		'
Product Services and Other [Member]	'		'		'	'		'		'
Revenues	4,671	[1]	4,523	[1]	'	8,971	[1]	8,170	[1]	'
Net income (loss)	242		345		'	423		472		'
Provision (benefit) for income taxes	147		202		'	253		277		'
Interest expense (income), net (b)	22	[2]	30	[2]	'	41	[2]	57	[2]	'
Depreciation and amortization	56		53		'	113		114		'
Impairment of assets	'		'		'	'		0		'
EBITDA (c)	467	[3]	630	[3]	'	830	[3]	920	[3]	'
Total assets	5,736		5,051		'	5,736		5,051		'
Capital expenditures	28		0		'	34		0		'
Real Estate Operations [Member]	'		'		'	'		'		'
Revenues	1,279	[1]	119	[1]	'	1,580	[1]	193	[1]	'
Net income (loss)	-982		-787		'	-1,893		-1,752		'
Provision (benefit) for income taxes	-402		-382		'	-937		-946		'
Interest expense (income), net (b)	682	[2]	498	[2]	'	1,360	[2]	984	[2]	'
Depreciation and amortization	19		20		'	40		40		'
Impairment of assets	'		'		'	'		169		'
EBITDA (c)	-683	[3]	-651	[3]	'	-1,430	[3]	-1,505	[3]	'
Total assets	87,700		88,401		'	87,700		88,401		'
Capital expenditures	0		0		'	0		0		'
Corporate [Member]	'		'		'	'		'		'
Revenues	-71	[1]	-68	[1]	'	-141	[1]	-134	[1]	'
Net income (loss)	439		318		'	879		639		'
Provision (benefit) for income taxes	218		169		'	457		337		'
Interest expense (income), net (b)	-432	[2]	-383	[2]	'	-857	[2]	-743	[2]	'
Depreciation and amortization	37		37		'	73		73		'
Impairment of assets	'		'		'	'		0		'
EBITDA (c)	262	[3]	141	[3]	'	552	[3]	306	[3]	'
Total assets	5,863		3,801		'	5,863		3,801		'
Capital expenditures	$0		$0		'	$0		$0		'
[1]	Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination.
[2]	Interest expense (income), includes inter-segment interest income that is eliminated in consolidation.
[3]	The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.