Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jan. 31, 2014 | Mar. 04, 2014 | |
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 | ' | 7,213,454 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Jan-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $24,853,000 | $13,714,000 |
Receivables, net: | ' | ' |
Media Services operations | 36,048,000 | 47,203,000 |
Real estate operations and corporate | 31,000 | 107,000 |
Accounts Receivable Net | 36,079,000 | 47,310,000 |
Real estate inventory, net | 71,505,000 | 73,906,000 |
Investment assets, net | 10,876,000 | 10,876,000 |
Property, plant and equipment, net | 23,830,000 | 25,286,000 |
Intangible and other assets, net | 14,334,000 | 14,975,000 |
Taxes receivable | 76,000 | 175,000 |
Deferred income taxes, net | 10,073,000 | 9,614,000 |
TOTAL ASSETS | 191,626,000 | 195,856,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Accounts payable, net and accrued expenses | 73,602,000 | 85,340,000 |
Notes payable: | ' | ' |
Amounts due within one year | 238,000 | 144,000 |
Amounts due beyond one year | 8,954,000 | 4,827,000 |
Amounts due to related party - due beyond one year | 15,311,000 | 16,007,000 |
Notes Payable | 24,503,000 | 20,978,000 |
Other liabilities | 3,058,000 | 3,192,000 |
Accrued pension cost | 11,302,000 | 13,805,000 |
TOTAL LIABILITIES | 112,465,000 | 123,315,000 |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 7,438,704 at January 31, 2014 and 7,420,704 April 30, 2013 | 744,000 | 742,000 |
Capital contributed in excess of par value | 46,220,000 | 46,100,000 |
Retained earnings | 47,976,000 | 63,920,000 |
Accumulated other comprehensive loss, net | -11,564,000 | -11,564,000 |
Treasury stock, at cost; 225,250 shares at January 31, 2014 and 1,424,492 shares at April 30, 2013 | -4,215,000 | -26,657,000 |
TOTAL SHAREHOLDERS’ EQUITY | 79,161,000 | 72,541,000 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $191,626,000 | $195,856,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Jan. 31, 2014 | 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 | 7,438,704 | 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 | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | ||
REVENUES: | ' | ' | ' | ' | ||
Media Services operations | $22,307 | $21,225 | $64,140 | $62,079 | ||
Real estate land sales | 1,443 | 525 | 2,867 | 525 | ||
Interest and other | 62 | 2 | 77 | 61 | ||
Revenues | 23,812 | 21,752 | 67,084 | [1] | 62,665 | [1] |
COSTS AND EXPENSES: | ' | ' | ' | ' | ||
Real estate land sales | 1,400 | 380 | 2,589 | 380 | ||
Operating expenses: | ' | ' | ' | ' | ||
Media Services operations | 18,854 | 17,569 | 54,373 | 50,976 | ||
Real estate taxes and other | 552 | 500 | 1,623 | 1,280 | ||
Real estate selling expenses | 57 | 60 | 176 | 171 | ||
General and administrative: | ' | ' | ' | ' | ||
Media Services operations | 1,856 | 2,063 | 5,505 | 6,101 | ||
Real estate operations and corporate | 886 | 1,006 | 2,636 | 3,184 | ||
Impairment of assets | ' | ' | 0 | 169 | ||
Interest expense | 455 | 397 | 1,382 | 1,038 | ||
Costs and Expenses, Total | 24,060 | 21,975 | 68,284 | 63,299 | ||
LOSS BEFORE INCOME TAXES | -248 | -223 | -1,200 | -634 | ||
PROVISION (BENEFIT) FOR INCOME TAXES | -237 | -226 | -554 | -305 | ||
NET INCOME (LOSS) | -11 | 3 | -646 | -329 | ||
RETAINED EARNINGS, beginning of period | 47,987 | 66,426 | 63,920 | 66,758 | ||
Effect of the issuance of common stock from treasury shares | ' | ' | -15,298 | 0 | ||
RETAINED EARNINGS, end of period | $47,976 | $66,429 | $47,976 | $66,429 | ||
EARNINGS(LOSS) PER SHARE - BASIC AND DILUTED (in dollars per share) | $0 | $0 | ($0.09) | ($0.05) | ||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED (in shares) | 7,195 | 5,996 | 6,922 | 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 $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($646) | ($329) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Impairment of assets | 0 | 169 |
Depreciation and amortization | 2,775 | 2,793 |
Non-cash credits and charges: | ' | ' |
Pension accrual | 316 | 1,412 |
Provision (recoveries) of doubtful accounts, net | 488 | -229 |
Loss on disposal of assets, net | 29 | 21 |
Stock-based compensation | 17 | 0 |
Changes in assets and liabilities: | ' | ' |
Receivables | 10,743 | -6,119 |
Real estate inventory and investment assets | 2,401 | 246 |
Intangible and other assets | -456 | -408 |
Accounts payable and accrued expenses | -11,738 | -5,115 |
Taxes receivable and payable, net | 99 | -600 |
Deferred income taxes and other liabilities, net | -593 | -633 |
Accrued pension costs | -2,819 | -4,322 |
Total adjustments | 1,262 | -12,785 |
Net cash provided by (used in) operating activities | 616 | -13,114 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures - property, plant and equipment | -368 | -745 |
Proceeds from disposition of assets | 222 | 0 |
Acquisition of a business, net of cash acquired | 0 | -1,123 |
Net cash used in investing activities | -146 | -1,868 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock, net | 7,144 | 0 |
Borrowings from credit facilities | 21,294 | 16,374 |
Repayments of credit facilities | -17,769 | -11,269 |
Net cash provided by financing activities | 10,669 | 5,105 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 11,139 | -9,877 |
CASH AND CASH EQUIVALENTS, beginning of period | 13,714 | 27,847 |
CASH AND CASH EQUIVALENTS, end of period | 24,853 | 17,970 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Interest paid | 1,368 | 1,003 |
Income taxes paid (refunded), net | ($59) | $877 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | |
Jan. 31, 2014 | ||
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 (“Palm Coast”) and its subsidiary, FulCircle Media, LLC (“FulCircle”), 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, FulCircle and Kable are collectively referred to as “Media Services”) and the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries. The results of FulCircle have been included in the accompanying financial statements since that subsidiary acquired certain assets from a third party on 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 third quarter and first nine months of 2014 and 2013 mean the fiscal three and nine month periods ended January 31, 2014 and 2013. 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 | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
-2 | RECEIVABLES | ||||||||
Receivables, net consist of the following accounts receivable (in thousands): | |||||||||
January 31, | April 30, | ||||||||
2014 | 2013 | ||||||||
Media Services operations: | |||||||||
Subscription Fulfillment Services | $ | 13,349 | $ | 12,751 | |||||
Newsstand Distribution Services, net of estimated returns | 21,039 | 33,956 | |||||||
Product Packaging and Fulfillment Services and Other | 4,327 | 2,675 | |||||||
38,715 | 49,382 | ||||||||
Less allowance for doubtful accounts | (2,667 | ) | (2,179 | ) | |||||
$ | 36,048 | $ | 47,203 | ||||||
Real estate operations and corporate | $ | 31 | $ | 107 | |||||
Newsstand Distribution Services accounts receivable are net of estimated magazine returns to Newsstand Distribution Services of $70,293,000 and $75,897,000 at January 31, 2014 and April 30, 2013. | |||||||||
During the third quarter of 2014, Island Periodicals Puerto Rico LLC (“Island”), a sub-distributor of magazines and a customer of the Newsstand Distribution Services business, which is operated by Kable Distribution Services, Inc. (“Kable Distribution”), announced it was discontinuing operations. Based on this information, Kable Distribution recorded a charge to operations of $700,000 in the third quarter of 2014, which was substantially all of the estimated net accounts receivable due to Kable Distribution from Island based on expectations at that time of Island’s payment of amounts owed to Kable Distribution and estimates of future magazine return activity. | |||||||||
During the fourth quarter of 2013, Mercury Retail Services (“Mercury”), a wholesaler and customer of the Newsstand Distribution Services business, 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 and $600,000 during the three and nine months ended January 31, 2014. | |||||||||
INVESTMENT_ASSETS
INVESTMENT ASSETS | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Investment Assets [Abstract] | ' | ||||||||
Investment Assets Disclosure [Text Block] | ' | ||||||||
(3) | INVESTMENT ASSETS | ||||||||
Investment assets, net consist of the following (in thousands): | |||||||||
January 31, | April 30, | ||||||||
2014 | 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 | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
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): | |||||||||
January 31, | April 30, | ||||||||
2014 | 2013 | ||||||||
Land, buildings and improvements | $ | 27,358 | $ | 29,500 | |||||
Furniture and equipment | 24,203 | 23,736 | |||||||
51,561 | 53,236 | ||||||||
Less accumulated depreciation | (27,731 | ) | (27,950 | ) | |||||
$ | 23,830 | $ | 25,286 | ||||||
INTANGIBLE_AND_OTHER_ASSETS
INTANGIBLE AND OTHER ASSETS | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
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): | |||||||||||||||||
31-Jan-14 | 30-Apr-13 | ||||||||||||||||
Cost | Accumulated | Cost | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Deferred order entry costs | $ | 1,216 | $ | - | $ | 1,278 | $ | - | |||||||||
Prepaid expenses | 3,648 | - | 3,859 | - | |||||||||||||
Customer contracts and relationships | 17,048 | 8,983 | 17,048 | 7,917 | |||||||||||||
Other | 1,621 | 216 | 1,074 | 367 | |||||||||||||
$ | 23,533 | $ | 9,199 | $ | 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 | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
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): | |||||||||
January 31, | April 30, | ||||||||
2014 | 2013 | ||||||||
Publisher payables, net | $ | 61,415 | $ | 75,257 | |||||
Accrued expenses | 5,058 | 1,897 | |||||||
Trade payables | 2,313 | 3,275 | |||||||
Other | 4,816 | 4,911 | |||||||
$ | 73,602 | $ | 85,340 | ||||||
Newsstand Distribution Services accounts payable are net of estimated magazine returns to publishers of $67,078,000 and $72,275,000 at January 31, 2014 and April 30, 2013. | |||||||||
Kable Distribution operates with negative working capital (approximately $24,777,000 at January 31, 2014) and borrows funds under the Media Services Credit Facility (defined below) ($4,724,000 at January 31, 2014). The negative working capital of Kable Distribution represents the net payment obligation due to publisher clients and other third parties, which amounts will vary from period to period based on the level of magazine distribution. The negative working capital of Kable Distribution is calculated by deducting (a) the sum of the cash held by Kable Distribution plus the accounts receivable (net of estimated magazine returns to Kable Distribution) owed to Kable Distribution from wholesalers, retailers and other third parties from (b) the accounts payable (net of estimated magazine returns to publishers) owed by Kable Distribution to publisher clients and other third parties. | |||||||||
During the first quarter of 2014, Kable Distribution received notice that a significant customer contract providing Kable Distribution with a majority of its negative working capital liquidity would not be renewed upon its scheduled expiration in June 2014. Kable Distribution is evaluating its ability to pay, upon the expiration of this contract, the accounts payable owed by Kable Distribution to this significant customer. As of January 31, 2014, Kable Distribution had cash of approximately $16,956,000, accounts receivable (net of estimated magazine returns to Kable Distribution) of approximately $18,756,000, accounts payable (net of estimated magazine returns to publishers) of approximately $60,489,000 (of which approximately $39,465,000 was owed to this customer) and outstanding borrowings of $4,724,000 under the Media Services Credit Facility. Kable Distribution currently does not have sufficient capital or borrowing capacity to pay the accounts payable to this significant customer, and it will be unable to pay such amount 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 the accounts payable to this significant customer could have a material adverse effect on Kable Distribution’s business, financial condition and results of operations. | |||||||||
NOTES_PAYABLE
NOTES PAYABLE | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
-7 | NOTES PAYABLE | ||||||||
Notes payable consist of the following (in thousands): | |||||||||
January 31, | April 30, | ||||||||
2014 | 2013 | ||||||||
Credit facilities: | |||||||||
Media Services operations | $ | 4,724 | $ | 620 | |||||
Real estate operations | 15,311 | 16,007 | |||||||
Other notes payable | 4,468 | 4,351 | |||||||
$ | 24,503 | $ | 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 on May 12, 2015. At January 31, 2014, the borrowing availability under the Media Services Credit Facility was $14,654,000, and there was $4,724,000 outstanding against this availability. The borrowing availability of $14,654,000 included $3,000,000 ofavailability associated with the business activity of one significant customer whose contract will expire in June 2014 (See Note 6). The highest amount borrowed during the quarter was $11,098,000. | |||||||||
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 January 31, 2014 was 3.16%. | |||||||||
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 $69,562,000 as of January 31, 2014. 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 January 31, 2014, the outstanding principal of the loan was $15,311,000. | |||||||||
Other notes payable consist of a $4,236,000 mortgage note payable on a warehouse with a maturity date of February 2018 and an interest rate of 6.35%, and $232,000 of asset financing loans with maturity dates through April 2014 and an average interest rate of 8.95%. The amount of Other notes payable due within one year totals $238,000. | |||||||||
OTHER_LIABILITIES
OTHER LIABILITIES | 9 Months Ended | |
Jan. 31, 2014 | ||
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 Palm Coast did not meet the performance requirements for calendar year 2013 and does not expect to meet the performance requirements for calendar year 2014. | ||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |
Jan. 31, 2014 | ||
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 January 31, 2014 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 January 31, 2014 and April 30, 2013, the estimated fair values of the Company’s long-term, fixed-rate notes payable were $17,631,000 and $17,000,000 compared with carrying amounts of $19,779,000 and $20,358,000. | ||
PENSION_PLAN
PENSION PLAN | 9 Months Ended | |
Jan. 31, 2014 | ||
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 mortgages was approximately $8,086,000 as of January 31, 2014. 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 was $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 real property covered by 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 effect on the Company’s financial condition. | ||
INCOME_TAXES
INCOME TAXES | 9 Months Ended | |
Jan. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
(11) | INCOME TAXES | |
During the quarter ended January 31, 2014, the Company reached a settlement with the Internal Revenue Service (the “IRS”) with respect to the examination of the Company’s fiscal 2011 and 2012 federal income tax returns. The Company did not have to pay any additional federal taxes as a result of the IRS’s examination of the two years due to the Company’s existing net operating losses, which were reduced by approximately $2,400,000. As a result of the completion of the examinations, the Company reduced its liability for uncertain tax positions by $160,000, including accrued interest. This reduction had the effect of increasing the tax benefit in the accompanying financial statements for the quarter and nine months ended January 31, 2014. | ||
The total tax effect of gross unrecognized tax benefits at January 31, 2014 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. | ||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | |
Jan. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |
-12 | STOCK-BASED COMPENSATION | |
In 2006, the board of directors of the Company adopted and the shareholders approved the AMREP Corporation 2006 Equity Compensation Plan (the “Equity Plan”) that provides for the issuance of up to 400,000 shares of common stock of the Company to employees of the Company and its subsidiaries and non-employee members of the board of directors of the Company pursuant to incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, stock units and other stock-based awards. As of October 31, 2013, the Company had not issued any options, grants or other awards under the Equity Plan. | ||
During the quarter ended January 31, 2014, the board of directors of the Company issued to employees 18,000 shares of restricted common stock under the Equity Plan (“restricted shares”). The restricted shares vest in equal 6,000 share installments on August 1, 2014, 2015 and 2016 and are expected to vest assuming a zero forfeiture rate over the vesting term. No restricted shares vested during the quarter ended January 31, 2014. Shares of restricted common stock that are issued under the Equity Plan are considered to be issued and outstanding as of the grant date and have the same dividend and voting rights as other common stock. | ||
The fair value of the restricted shares is determined based on the trading price of the shares of the Company’s common stock on the date of grant, which was $6.80 per share for the 18,000 shares awarded, or an aggregate grant date fair value of $122,000. Compensation expense related to the restricted shares is recognized over the vesting period based on the fair value of the shares as of the date of grant. The Company recognized $17,000 of compensation expense for the quarter ended January 31, 2014. As of January 31, 2014, there was $105,000 of total unrecognized compensation expense related to outstanding restricted share awards granted under the Equity Plan, which is expected to be recognized over the remaining vesting term. | ||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended | |
Jan. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ' | |
Stockholders' Equity Note Disclosure [Text Block] | ' | |
-13 | 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. | ||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |
Jan. 31, 2014 | ||
Earnings Per Share [Abstract] | ' | |
Earnings Per Share [Text Block] | ' | |
-14 | EARNINGS PER SHARE | |
The restricted shares of common stock (Note 12) are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. The restricted shares of common stock are included in diluted earnings per share. Due to the net loss for periods presented all potentially dilutive shares have been excluded in the computation of diluted earnings per share because they are anti-dilutive. | ||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||||||
-15 | SEGMENT INFORMATION | |||||||||||||||||||||||
The following tables set forth summarized data relative to the industry segments in which the Company operated for the three and nine month periods ended January 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Subscription | Newsstand | Product | Real Estate | Corporate | ||||||||||||||||||||
Fulfillment | Distribution | Services and | Operations | and | Consolidated | |||||||||||||||||||
Services | Services | Other | Other | |||||||||||||||||||||
Three months ended January 31, 2014 (a): | ||||||||||||||||||||||||
Revenues | $ | 15,843 | $ | 1,638 | $ | 4,826 | $ | 1,576 | $ | (71 | ) | $ | 23,812 | |||||||||||
Net income (loss) | 803 | (421 | ) | 89 | (943 | ) | 461 | (11 | ) | |||||||||||||||
Provision (benefit) for income taxes | 472 | (464 | ) | 62 | (555 | ) | 248 | (237 | ) | |||||||||||||||
Interest expense (income), net | 184 | 22 | - | 700 | (451 | ) | 455 | |||||||||||||||||
Depreciation and amortization | 778 | 53 | 51 | 20 | 36 | 938 | ||||||||||||||||||
EBITDA (b) | $ | 2,237 | $ | (810 | ) | $ | 202 | $ | (778 | ) | $ | 294 | $ | 1,145 | ||||||||||
Capital expenditures | $ | 115 | $ | - | $ | 49 | $ | - | $ | - | $ | 164 | ||||||||||||
Three months ended January 31, 2013 (a): | ||||||||||||||||||||||||
Revenues | $ | 15,011 | $ | 2,169 | $ | 4,045 | $ | 595 | $ | (68 | ) | $ | 21,752 | |||||||||||
Net income (loss) | 325 | (49 | ) | 196 | (842 | ) | 373 | 3 | ||||||||||||||||
Provision (benefit) for income taxes | 195 | (239 | ) | 115 | (499 | ) | 202 | (226 | ) | |||||||||||||||
Interest expense (income), net | 190 | 12 | - | 575 | (380 | ) | 397 | |||||||||||||||||
Depreciation and amortization | 727 | 89 | 52 | 21 | 36 | 925 | ||||||||||||||||||
EBITDA (b) | $ | 1,437 | $ | (187 | ) | $ | 363 | $ | (745 | ) | $ | 231 | $ | 1,099 | ||||||||||
Capital expenditures | $ | 377 | $ | 43 | $ | 33 | $ | - | $ | - | $ | 453 | ||||||||||||
Nine months ended January 31, 2014 (a): | ||||||||||||||||||||||||
Revenues | $ | 44,849 | $ | 5,494 | $ | 13,797 | $ | 3,156 | $ | (212 | ) | $ | 67,084 | |||||||||||
Net income (loss) | 939 | (627 | ) | 537 | (2,836 | ) | 1,341 | (646 | ) | |||||||||||||||
Provision (benefit) for income taxes | 361 | (458 | ) | 330 | (1,492 | ) | 705 | (554 | ) | |||||||||||||||
Interest expense (income), net | 556 | 73 | - | 2,061 | (1,308 | ) | 1,382 | |||||||||||||||||
Depreciation and amortization | 2,287 | 155 | 164 | 60 | 109 | 2,775 | ||||||||||||||||||
EBITDA (b) | $ | 4,143 | $ | (857 | ) | $ | 1,031 | $ | (2,207 | ) | $ | 847 | $ | 2,957 | ||||||||||
Total assets | $ | 51,639 | $ | 40,704 | $ | 5,779 | $ | 88,352 | $ | 5,152 | $ | 191,626 | ||||||||||||
Capital expenditures | $ | 267 | $ | 18 | $ | 83 | $ | - | $ | - | $ | 368 | ||||||||||||
Nine months ended January 31, 2013 (a): | ||||||||||||||||||||||||
Revenues | $ | 43,069 | $ | 6,795 | $ | 12,215 | $ | 788 | $ | (202 | ) | $ | 62,665 | |||||||||||
Net income (loss) | 792 | (243 | ) | 704 | (2,594 | ) | 1,012 | (329 | ) | |||||||||||||||
Provision (benefit) for income taxes | 470 | (283 | ) | 413 | (1,444 | ) | 539 | (305 | ) | |||||||||||||||
Interest expense (income), net | 583 | 20 | - | 1,558 | (1,123 | ) | 1,038 | |||||||||||||||||
Depreciation and amortization | 2,174 | 283 | 166 | 61 | 109 | 2,793 | ||||||||||||||||||
Impairment of assets | - | - | - | 169 | - | 169 | ||||||||||||||||||
EBITDA (b) | $ | 4,019 | $ | (223 | ) | $ | 1,283 | $ | (2,250 | ) | $ | 537 | $ | 3,366 | ||||||||||
Total assets | $ | 55,072 | $ | 48,183 | $ | 5,661 | $ | 88,644 | $ | 2,758 | $ | 200,318 | ||||||||||||
Capital expenditures | $ | 468 | $ | 244 | $ | 33 | $ | - | $ | - | $ | 745 | ||||||||||||
(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) | 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. | |||||||||||||||||||||||
For the quarter ended January 31, 2014, the Company determined that, based on the characterization of certain transactions that occurred in prior periods, no intersegment interest income or expense relating to such transactions would be appropriate. As a result, the intersegment interest income and expense relating to such transactions has been removed from the presentation above for all periods presented. For each period presented, there was no effect on the reported EBITDA, which the Company uses as a key measure for segment performance and evaluation purposes. | ||||||||||||||||||||||||
RECEIVABLES_Tables
RECEIVABLES (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
Receivables, net consist of the following accounts receivable (in thousands): | |||||||||
January 31, | April 30, | ||||||||
2014 | 2013 | ||||||||
Media Services operations: | |||||||||
Subscription Fulfillment Services | $ | 13,349 | $ | 12,751 | |||||
Newsstand Distribution Services, net of estimated returns | 21,039 | 33,956 | |||||||
Product Packaging and Fulfillment Services and Other | 4,327 | 2,675 | |||||||
38,715 | 49,382 | ||||||||
Less allowance for doubtful accounts | (2,667 | ) | (2,179 | ) | |||||
$ | 36,048 | $ | 47,203 | ||||||
Real estate operations and corporate | $ | 31 | $ | 107 | |||||
INVESTMENT_ASSETS_Tables
INVESTMENT ASSETS (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Investment Assets [Abstract] | ' | ||||||||
Schedule Of Investment Assets [Table Text Block] | ' | ||||||||
Investment assets, net consist of the following (in thousands): | |||||||||
January 31, | April 30, | ||||||||
2014 | 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) | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Property, Plant and Equipment Disclosure [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Property, plant and equipment, net consist of the following (in thousands): | |||||||||
January 31, | April 30, | ||||||||
2014 | 2013 | ||||||||
Land, buildings and improvements | $ | 27,358 | $ | 29,500 | |||||
Furniture and equipment | 24,203 | 23,736 | |||||||
51,561 | 53,236 | ||||||||
Less accumulated depreciation | (27,731 | ) | (27,950 | ) | |||||
$ | 23,830 | $ | 25,286 | ||||||
INTANGIBLE_AND_OTHER_ASSETS_Ta
INTANGIBLE AND OTHER ASSETS (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
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): | |||||||||||||||||
31-Jan-14 | 30-Apr-13 | ||||||||||||||||
Cost | Accumulated | Cost | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Deferred order entry costs | $ | 1,216 | $ | - | $ | 1,278 | $ | - | |||||||||
Prepaid expenses | 3,648 | - | 3,859 | - | |||||||||||||
Customer contracts and relationships | 17,048 | 8,983 | 17,048 | 7,917 | |||||||||||||
Other | 1,621 | 216 | 1,074 | 367 | |||||||||||||
$ | 23,533 | $ | 9,199 | $ | 23,259 | $ | 8,284 | ||||||||||
ACCOUNTS_PAYABLE_NET_AND_ACCRU1
ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
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): | |||||||||
January 31, | April 30, | ||||||||
2014 | 2013 | ||||||||
Publisher payables, net | $ | 61,415 | $ | 75,257 | |||||
Accrued expenses | 5,058 | 1,897 | |||||||
Trade payables | 2,313 | 3,275 | |||||||
Other | 4,816 | 4,911 | |||||||
$ | 73,602 | $ | 85,340 | ||||||
NOTES_PAYABLE_Tables
NOTES PAYABLE (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
Notes payable consist of the following (in thousands): | |||||||||
January 31, | April 30, | ||||||||
2014 | 2013 | ||||||||
Credit facilities: | |||||||||
Media Services operations | $ | 4,724 | $ | 620 | |||||
Real estate operations | 15,311 | 16,007 | |||||||
Other notes payable | 4,468 | 4,351 | |||||||
$ | 24,503 | $ | 20,978 | ||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||||||||
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 nine month periods ended January 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Subscription | Newsstand | Product | Real Estate | Corporate | ||||||||||||||||||||
Fulfillment | Distribution | Services and | Operations | and | Consolidated | |||||||||||||||||||
Services | Services | Other | Other | |||||||||||||||||||||
Three months ended January 31, 2014 (a): | ||||||||||||||||||||||||
Revenues | $ | 15,843 | $ | 1,638 | $ | 4,826 | $ | 1,576 | $ | (71 | ) | $ | 23,812 | |||||||||||
Net income (loss) | 803 | (421 | ) | 89 | (943 | ) | 461 | (11 | ) | |||||||||||||||
Provision (benefit) for income taxes | 472 | (464 | ) | 62 | (555 | ) | 248 | (237 | ) | |||||||||||||||
Interest expense (income), net | 184 | 22 | - | 700 | (451 | ) | 455 | |||||||||||||||||
Depreciation and amortization | 778 | 53 | 51 | 20 | 36 | 938 | ||||||||||||||||||
EBITDA (b) | $ | 2,237 | $ | (810 | ) | $ | 202 | $ | (778 | ) | $ | 294 | $ | 1,145 | ||||||||||
Capital expenditures | $ | 115 | $ | - | $ | 49 | $ | - | $ | - | $ | 164 | ||||||||||||
Three months ended January 31, 2013 (a): | ||||||||||||||||||||||||
Revenues | $ | 15,011 | $ | 2,169 | $ | 4,045 | $ | 595 | $ | (68 | ) | $ | 21,752 | |||||||||||
Net income (loss) | 325 | (49 | ) | 196 | (842 | ) | 373 | 3 | ||||||||||||||||
Provision (benefit) for income taxes | 195 | (239 | ) | 115 | (499 | ) | 202 | (226 | ) | |||||||||||||||
Interest expense (income), net | 190 | 12 | - | 575 | (380 | ) | 397 | |||||||||||||||||
Depreciation and amortization | 727 | 89 | 52 | 21 | 36 | 925 | ||||||||||||||||||
EBITDA (b) | $ | 1,437 | $ | (187 | ) | $ | 363 | $ | (745 | ) | $ | 231 | $ | 1,099 | ||||||||||
Capital expenditures | $ | 377 | $ | 43 | $ | 33 | $ | - | $ | - | $ | 453 | ||||||||||||
Nine months ended January 31, 2014 (a): | ||||||||||||||||||||||||
Revenues | $ | 44,849 | $ | 5,494 | $ | 13,797 | $ | 3,156 | $ | (212 | ) | $ | 67,084 | |||||||||||
Net income (loss) | 939 | (627 | ) | 537 | (2,836 | ) | 1,341 | (646 | ) | |||||||||||||||
Provision (benefit) for income taxes | 361 | (458 | ) | 330 | (1,492 | ) | 705 | (554 | ) | |||||||||||||||
Interest expense (income), net | 556 | 73 | - | 2,061 | (1,308 | ) | 1,382 | |||||||||||||||||
Depreciation and amortization | 2,287 | 155 | 164 | 60 | 109 | 2,775 | ||||||||||||||||||
EBITDA (b) | $ | 4,143 | $ | (857 | ) | $ | 1,031 | $ | (2,207 | ) | $ | 847 | $ | 2,957 | ||||||||||
Total assets | $ | 51,639 | $ | 40,704 | $ | 5,779 | $ | 88,352 | $ | 5,152 | $ | 191,626 | ||||||||||||
Capital expenditures | $ | 267 | $ | 18 | $ | 83 | $ | - | $ | - | $ | 368 | ||||||||||||
Nine months ended January 31, 2013 (a): | ||||||||||||||||||||||||
Revenues | $ | 43,069 | $ | 6,795 | $ | 12,215 | $ | 788 | $ | (202 | ) | $ | 62,665 | |||||||||||
Net income (loss) | 792 | (243 | ) | 704 | (2,594 | ) | 1,012 | (329 | ) | |||||||||||||||
Provision (benefit) for income taxes | 470 | (283 | ) | 413 | (1,444 | ) | 539 | (305 | ) | |||||||||||||||
Interest expense (income), net | 583 | 20 | - | 1,558 | (1,123 | ) | 1,038 | |||||||||||||||||
Depreciation and amortization | 2,174 | 283 | 166 | 61 | 109 | 2,793 | ||||||||||||||||||
Impairment of assets | - | - | - | 169 | - | 169 | ||||||||||||||||||
EBITDA (b) | $ | 4,019 | $ | (223 | ) | $ | 1,283 | $ | (2,250 | ) | $ | 537 | $ | 3,366 | ||||||||||
Total assets | $ | 55,072 | $ | 48,183 | $ | 5,661 | $ | 88,644 | $ | 2,758 | $ | 200,318 | ||||||||||||
Capital expenditures | $ | 468 | $ | 244 | $ | 33 | $ | - | $ | - | $ | 745 | ||||||||||||
(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) | 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 $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Media Services operations: | ' | ' |
Media Services Operations Gross | $38,715 | $49,382 |
Less allowance for doubtful accounts | -2,667 | -2,179 |
Media services operations, net | 36,048 | 47,203 |
Real estate operations and corporate | 31 | 107 |
Media Services, Subscription Fulfillment Services [Member] | ' | ' |
Media Services operations: | ' | ' |
Media Services Operations Gross | 13,349 | 12,751 |
Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member] | ' | ' |
Media Services operations: | ' | ' |
Media Services Operations Gross | 21,039 | 33,956 |
Media Services, Product Services and Other [Member] | ' | ' |
Media Services operations: | ' | ' |
Media Services Operations Gross | $4,327 | $2,675 |
RECEIVABLES_Details_Textual
RECEIVABLES (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | |
Receivables [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $700,000 | $700,000 | $2,000,000 |
Allowance for Doubtful Accounts Receivable, Recoveries | 300,000 | 600,000 | ' |
Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member] | ' | ' | ' |
Receivables [Line Items] | ' | ' | ' |
Estimated Magazine Sales Returns | $70,293,000 | $70,293,000 | $75,897,000 |
INVESTMENT_ASSETS_Details
INVESTMENT ASSETS (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Investment Property, Net [Abstract] | ' | ' |
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 | 9 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 |
Asset Impairment Charges [Abstract] | ' | ' | ' |
Impairment of assets | $169 | $0 | $169 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $51,561 | $53,236 |
Less accumulated depreciation | -27,731 | -27,950 |
Property, plant and equipment, net | 23,830 | 25,286 |
Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 27,358 | 29,500 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $24,203 | $23,736 |
INTANGIBLE_AND_OTHER_ASSETS_De
INTANGIBLE AND OTHER ASSETS (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $23,533 | $23,259 |
Accumulated Amortization | 9,199 | 8,284 |
Deferred Order Entry Costs [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 1,216 | 1,278 |
Accumulated Amortization | 0 | 0 |
Prepaid Expenses [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 3,648 | 3,859 |
Accumulated Amortization | 0 | 0 |
Customer Contracts and Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 17,048 | 17,048 |
Accumulated Amortization | 8,983 | 7,917 |
Other Intangible Assets [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 1,621 | 1,074 |
Accumulated Amortization | $216 | $367 |
ACCOUNTS_PAYABLE_NET_AND_ACCRU2
ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable Net And Accrued Expenses [Line Items] | ' | ' |
Publisher payables, net | $61,415 | $75,257 |
Accrued expenses | 5,058 | 1,897 |
Trade payables | 2,313 | 3,275 |
Other | 4,816 | 4,911 |
Accounts Payable and Accrued Liabilities, Total | $73,602 | $85,340 |
ACCOUNTS_PAYABLE_NET_AND_ACCRU3
ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Details Textual) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Apr. 30, 2012 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 |
Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member] | Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member] | Kable Distribution Services Inc [Member] | Kable Distribution Services Inc [Member] | Kable Distribution Services Inc [Member] | |||||
Significant Customer [Member] | Media Services Credit Facility [Member] | ||||||||
Accounts Payable Net And Accrued Expenses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Magazine Purchase Returns | ' | ' | ' | ' | $67,078,000 | $72,275,000 | ' | ' | ' |
Negative Working Capital | ' | ' | ' | ' | ' | ' | 24,777,000 | ' | ' |
Customer Contract Expiry Date | ' | ' | ' | ' | ' | ' | 'June 2014 | ' | ' |
Cash and Cash Equivalents, at Carrying Value, Total | 24,853,000 | 13,714,000 | 17,970,000 | 27,847,000 | ' | ' | 16,956,000 | ' | ' |
Accounts Receivable, Net, Total | 36,079,000 | 47,310,000 | ' | ' | ' | ' | 18,756,000 | ' | ' |
Accounts Payable and Accrued Liabilities, Total | 73,602,000 | 85,340,000 | ' | ' | ' | ' | 60,489,000 | 39,465,000 | ' |
Other Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | $4,724,000 |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Credit facilities: | ' | ' |
Notes Payable | $24,503 | $20,978 |
Media Services Operations [Member] | ' | ' |
Credit facilities: | ' | ' |
Notes Payable | 4,724 | 620 |
Real Estate Operations and Corporate [Member] | ' | ' |
Credit facilities: | ' | ' |
Notes Payable | 15,311 | 16,007 |
Notes Payable, Other Payables [Member] | ' | ' |
Credit facilities: | ' | ' |
Notes Payable | $4,468 | $4,351 |
NOTES_PAYABLE_Details_Textual
NOTES PAYABLE (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2012 | Aug. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2014 | Aug. 13, 2012 | |
acre | |||||
Notes Payable [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $15,000,000 | $15,000,000 | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | 14,654,000 | 14,654,000 | ' |
Line of Credit Facility, Maximum Amount Outstanding During Period | ' | ' | 11,098,000 | ' | ' |
Debt Instrument, Eurodollar Variable Interest Rate | ' | ' | ' | 3.16% | ' |
Mortgage Notes Payable | ' | ' | 4,236,000 | 4,236,000 | ' |
Mortgage Loan Of Real Estate Final Maturity Date | ' | ' | ' | 'February 2018 | ' |
Mortgage Loans on Real Estate, Interest Rate | ' | ' | ' | 6.35% | ' |
Equipment Loans | ' | ' | 232,000 | 232,000 | ' |
Equipment Loan Maturity Date | ' | ' | ' | 'April 2014 | ' |
Equipment Loan Interest Rate | ' | ' | ' | 8.95% | ' |
Other Notes Payable, Current | ' | ' | 238,000 | 238,000 | ' |
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 | ' | ' | ' | '30-day LIBOR plus 3.5%, but not less than 5%, | ' |
Book Value Of Real Estate Property Collateralized | ' | ' | 69,562,000 | 69,562,000 | ' |
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 | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | 4,724,000 | 4,724,000 | ' |
Initial Prepaid Amount Percentage Description | ' | ' | ' | 'initially 5% of the amount prepaid, with the percentage declining by 1% each year | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | 12-May-15 | ' |
Debt Instrument, Maturity Date | ' | 1-Sep-12 | ' | ' | ' |
Customer One [Member] | ' | ' | ' | ' | ' |
Notes Payable [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | 3,000,000 | 3,000,000 | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | 30-Jun-14 | ' |
Line of Credit [Member] | Asw Credit Facility [Member] | ' | ' | ' | ' | ' |
Notes Payable [Line Items] | ' | ' | ' | ' | ' |
Cash Reserve For Interest Payments | ' | ' | 500,000 | 500,000 | ' |
Equipment Loans | ' | ' | $15,311,000 | $15,311,000 | ' |
OTHER_LIABILITIES_Details_Text
OTHER LIABILITIES (Details Textual) (USD $) | 9 Months Ended | ||
Jan. 31, 2014 | Apr. 30, 2013 | Jun. 30, 2009 | |
Other Liabilities [Abstract] | ' | ' | ' |
Other | $3,058,000 | $3,192,000 | $3,000,000 |
Incentive Received Award Agreement | 3,000,000 | ' | ' |
Settlement Of Repayment Amount | 1,305,000 | ' | ' |
Media Services Operations [Member] | ' | ' | ' |
Other Liabilities [Abstract] | ' | ' | ' |
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 $) | Jan. 31, 2014 | Apr. 30, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Payable, Total | $24,503,000 | $20,978,000 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | ' | 35,000 |
Notes Payable, Fair Value Disclosure | 17,631,000 | 17,000,000 |
Notes Payable, Total | $19,779,000 | $20,358,000 |
PENSION_PLAN_Details_Textual
PENSION PLAN (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2012 | Jan. 31, 2014 | Aug. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | |
PBGC [Member] | PBGC [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
PBGC [Member] | ||||||
Pension Plan [Line Items] | ' | ' | ' | ' | ' | ' |
Pension Benefit Plan Accelerated Funding | ' | $11,688,000 | ' | $5,019,000 | ' | ' |
Pension Contributions | 3,000,000 | 8,688,000 | 3,243,000 | 3,243,000 | ' | ' |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities | ' | ' | ' | ' | 8,688,000 | ' |
First Lien Mortgages On Real Property Appraised Value | ' | ' | 10,039,000 | ' | ' | ' |
Pension Contributions Towards Accelerated Funding Liability | ' | ' | ' | ' | ' | 426,000 |
Defined Pension Plan Real property Of Mortgage | ' | ' | ' | $8,086,000 | ' | ' |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
Income Tax Contingency [Line Items] | ' | ' |
Operating Loss Carryforwards | $2,400,000 | ' |
Unrecognized Tax Benefits | 58,000 | 58,000 |
Liability for Uncertain Tax Positions, Current | $160,000 | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details Textual) (USD $) | 12 Months Ended | 9 Months Ended |
Apr. 30, 2006 | Jan. 31, 2014 | |
Equity Compensation Plan 2006 [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 400,000 | ' |
Allocated Share-based Compensation Expense | ' | $17,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | ' | 105,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | 18,000 |
Share based Compensation Arrangement By Share based Payment Award, Equity Instruments Other than Options, Vest In First Installment | ' | 6,000 |
Share based Compensation Arrangement By Share based Payment Award, Equity Instruments Other than Options, Vest In Second Installment | ' | 6,000 |
Share based Compensation Arrangement By Share based Payment Award, Equity Instruments Other than Options, Vest In Third Installment | ' | 6,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $6.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | $122,000 |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |
Jul. 31, 2013 | Aug. 31, 2012 | Jan. 31, 2014 | Aug. 30, 2013 | Jan. 31, 2014 | |
PBGC [Member] | PBGC [Member] | ||||
Shareholder Equity [Line Items] | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 1,199,242 | ' | ' | ' | ' |
Sale of Stock, Price Per Share | $6.25 | ' | ' | ' | ' |
Proceeds from Sale of Treasury Stock | $7,144,000 | ' | ' | ' | ' |
Share Issuance Expenses | 350,000 | ' | ' | ' | ' |
Pension Contributions | ' | 3,000,000 | 8,688,000 | 3,243,000 | 3,243,000 |
Stock Issued During Period Value Reduction Of Retained Earnings | ' | ' | 15,298,000 | ' | ' |
Stock Issued During Period value Reduction Of Treasury Stock | ' | ' | $22,442,000 | ' | ' |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Apr. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Revenues | $23,812 | $21,752 | ' | $67,084 | [1] | $62,665 | [1] | ' | ||
Net income (loss) | -11 | 3 | ' | -646 | -329 | ' | ||||
Provision (benefit) for income taxes | -237 | -226 | ' | -554 | -305 | ' | ||||
Interest expense (income), net | 455 | 397 | ' | 1,382 | 1,038 | ' | ||||
Depreciation and amortization | 938 | 925 | ' | 2,775 | 2,793 | ' | ||||
Impairment of assets | ' | ' | 169 | 0 | 169 | ' | ||||
EBITDA (b) | 1,145 | [2] | 1,099 | [2] | ' | 2,957 | [2] | 3,366 | [2] | ' |
Total assets | 191,626 | ' | ' | 191,626 | ' | 195,856 | ||||
Capital expenditures | 164 | 453 | ' | 368 | 745 | ' | ||||
Subscription Fulfillment Services [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Revenues | 15,843 | 15,011 | ' | 44,849 | [1] | 43,069 | [1] | ' | ||
Net income (loss) | 803 | 325 | ' | 939 | 792 | ' | ||||
Provision (benefit) for income taxes | 472 | 195 | ' | 361 | 470 | ' | ||||
Interest expense (income), net | 184 | 190 | ' | 556 | 583 | ' | ||||
Depreciation and amortization | 778 | 727 | ' | 2,287 | 2,174 | ' | ||||
Impairment of assets | ' | ' | ' | ' | 0 | ' | ||||
EBITDA (b) | 2,237 | [2] | 1,437 | [2] | ' | 4,143 | [2] | 4,019 | [2] | ' |
Total assets | 51,639 | ' | ' | 51,639 | ' | ' | ||||
Capital expenditures | 115 | 377 | ' | 267 | 468 | ' | ||||
Newsstand Distribution Services [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Revenues | 1,638 | 2,169 | ' | 5,494 | [1] | 6,795 | [1] | ' | ||
Net income (loss) | -421 | -49 | ' | -627 | -243 | ' | ||||
Provision (benefit) for income taxes | -464 | -239 | ' | -458 | -283 | ' | ||||
Interest expense (income), net | 22 | 12 | ' | 73 | 20 | ' | ||||
Depreciation and amortization | 53 | 89 | ' | 155 | 283 | ' | ||||
Impairment of assets | ' | ' | ' | ' | 0 | ' | ||||
EBITDA (b) | -810 | [2] | -187 | [2] | ' | -857 | [2] | -223 | [2] | ' |
Total assets | 40,704 | ' | ' | 40,704 | ' | ' | ||||
Capital expenditures | 0 | 43 | ' | 18 | 244 | ' | ||||
Product Services and Other [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Revenues | 4,826 | 4,045 | ' | 13,797 | [1] | 12,215 | [1] | ' | ||
Net income (loss) | 89 | 196 | ' | 537 | 704 | ' | ||||
Provision (benefit) for income taxes | 62 | 115 | ' | 330 | 413 | ' | ||||
Interest expense (income), net | 0 | 0 | ' | 0 | 0 | ' | ||||
Depreciation and amortization | 51 | 52 | ' | 164 | 166 | ' | ||||
Impairment of assets | ' | ' | ' | ' | 0 | ' | ||||
EBITDA (b) | 202 | [2] | 363 | [2] | ' | 1,031 | [2] | 1,283 | [2] | ' |
Total assets | 5,779 | ' | ' | 5,779 | ' | ' | ||||
Capital expenditures | 49 | 33 | ' | 83 | 33 | ' | ||||
Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Revenues | 1,576 | 595 | ' | 3,156 | [1] | 788 | [1] | ' | ||
Net income (loss) | -943 | -842 | ' | -2,836 | -2,594 | ' | ||||
Provision (benefit) for income taxes | -555 | -499 | ' | -1,492 | -1,444 | ' | ||||
Interest expense (income), net | 700 | 575 | ' | 2,061 | 1,558 | ' | ||||
Depreciation and amortization | 20 | 21 | ' | 60 | 61 | ' | ||||
Impairment of assets | ' | ' | ' | ' | 169 | ' | ||||
EBITDA (b) | -778 | [2] | -745 | [2] | ' | -2,207 | [2] | -2,250 | [2] | ' |
Total assets | 88,352 | ' | ' | 88,352 | ' | ' | ||||
Capital expenditures | 0 | 0 | ' | 0 | 0 | ' | ||||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Revenues | -71 | -68 | ' | -212 | [1] | -202 | [1] | ' | ||
Net income (loss) | 461 | 373 | ' | 1,341 | 1,012 | ' | ||||
Provision (benefit) for income taxes | 248 | 202 | ' | 705 | 539 | ' | ||||
Interest expense (income), net | -451 | -380 | ' | -1,308 | -1,123 | ' | ||||
Depreciation and amortization | 36 | 36 | ' | 109 | 109 | ' | ||||
Impairment of assets | ' | ' | ' | ' | 0 | ' | ||||
EBITDA (b) | 294 | [2] | 231 | [2] | ' | 847 | [2] | 537 | [2] | ' |
Total assets | 5,152 | ' | ' | 5,152 | ' | ' | ||||
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] | 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. |