AMREP (AXR) 10-Q 15 Sep 14 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Jul. 31, 2014	Sep. 12, 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	'	8,056,454
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Jul-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2015	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jul. 31, 2014		Apr. 30, 2014
In Thousands, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$9,879		$12,929
Receivables, net	22,431		43,497
Real estate inventory	71,563		71,289
Investment assets, net	10,234		10,234
Property, plant and equipment, net	22,789		23,819
Intangible and other assets, net	13,479		14,126
Taxes receivable	35		12
Deferred income taxes, net	5,383		9,042
TOTAL ASSETS	155,793	[1]	184,948
LIABILITIES:	'		'
Accounts payable, net and accrued expenses	33,308		74,636
Notes payable:	'		'
Amounts due within one year	2,850		218
Amounts due beyond one year	4,154		5,245
Amounts due to related party - due beyond one year	15,099		15,141
Notes payable	22,103		20,604
Other liabilities	3,058		3,058
Accrued pension cost	7,402		7,349
TOTAL LIABILITIES	65,871	[1]	105,647
SHAREHOLDERS’ EQUITY:	'		'
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,281,704 at July 31, 2014 and 7,444,704 at April 30, 2014	828		744
Capital contributed in excess of par value	50,537		46,264
Retained earnings	51,947		45,683
Accumulated other comprehensive loss, net	-9,175		-9,175
Treasury stock, at cost; 225,250 shares at July 31, 2014 and April 30, 2014	-4,215		-4,215
TOTAL SHAREHOLDERS' EQUITY	89,922		79,301
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$155,793		$184,948
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets [Parenthetical] (USD $)	Jul. 31, 2014	Apr. 30, 2014
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	8,281,704	7,444,704
Treasury stock, shares	225,250	225,250

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Retained Earnings (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jul. 31, 2014		Jul. 31, 2013
REVENUES:	'		'
Media Services operations	$17,516		$20,278
Real estate land sales	384		228
Other	28		3
Revenues	17,928	[1]	20,509	[1]
COSTS AND EXPENSES:	'		'
Real estate land sales	222		190
Operating expenses:	'		'
Media Services operations	14,537		17,728
Real estate selling expenses	60		58
Other	441		497
General and administrative:	'		'
Media Services operations	1,728		1,809
Real estate operations and corporate	828		851
Impairment of assets	925	[1]	0
Interest expense	419		465
Costs and Expenses, Total	19,160		21,598
LOSS BEFORE OTHER INCOME	-1,232		-1,089
Other - Gain on settlement (Note 10)	11,155	[1]	0
INCOME (LOSS) BEFORE INCOME TAXES	9,923		-1,089
PROVISION (BENEFIT) FOR INCOME TAXES	3,659	[1]	-402	[1]
NET INCOME (LOSS)	6,264	[1]	-687	[1]
RETAINED EARNINGS, beginning of period	45,683		63,920
Issuance of common stock from treasury shares	0		-15,296
RETAINED EARNINGS, end of period	$51,947		$47,937
INCOME (LOSS) PER SHARE - BASIC AND DILUTED (in dollars per share)	$0.82		($0.11)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares)	7,599		6,374
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014		Jul. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'		'
Net income (loss)	$6,264	[1]	($687)	[1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'		'
Gain on settlement	-11,155	[1]	0
Impairment of assets	925	[1]	0
Depreciation and amortization	932	[1]	922	[1]
Non-cash credits and charges:	'		'
Provision for (recoveries of) doubtful accounts	-89		24
Stock-based compensation	36		0
Changes in assets and liabilities:	'		'
Receivables	-1,471		-4,412
Real estate inventory and investment assets	-274		173
Intangible and other assets	275		604
Accounts payable and accrued expenses	-3,273		-3,243
Taxes receivable and payable	-23		97
Deferred income taxes and other liabilities	3,659		-402
Accrued pension costs	53		80
Net cash used in operating activities	-4,141		-6,844
CASH FLOWS FROM INVESTING ACTIVITIES:	'		'
Capital expenditures - property, plant and equipment	-408	[1]	-54	[1]
Net cash used in investing activities	-408		-54
CASH FLOWS FROM FINANCING ACTIVITIES:	'		'
Proceeds from issuance of common stock, net	0		7,146
Proceeds from debt financing	2,678		7,959
Principal debt payments	-1,179		-54
Net cash provided by financing activities	1,499		15,051
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-3,050		8,153
CASH AND CASH EQUIVALENTS, beginning of period	12,929		13,714
CASH AND CASH EQUIVALENTS, end of period	9,879		21,867
SUPPLEMENTAL CASH FLOW INFORMATION:	'		'
Interest paid	417		452
Income taxes paid (refunded), net	24		-97
Non-cash transactions:	'		'
Reduction of accounts receivable due to settlement	22,626		0
Reduction of accounts payable due to settlement	38,214		0
Issuance of common stock in settlement	$4,274		$0
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jul. 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 Staffing businesses operated by Kable Media Services, Inc. and its subsidiaries (“Kable”) (the Subscription Fulfillment Services business, the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services and Staffing businesses are collectively referred to as “Media Services”) and the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries. 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 2015 and 2014 are to the fiscal years ending April 30, 2015 and 2014 and all references to the first quarter of 2015 and 2014 mean the fiscal three month periods ended July 31, 2014 and 2013.
	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, 2014, which was filed with the SEC on July 29, 2014.

RECEIVABLES

RECEIVABLES	3 Months Ended
	Jul. 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):
			July 31,		April 30,
			2014		2014
	Media Services operations:
	Subscription Fulfillment Services		$	9,242	$	11,406
	Newsstand Distribution Services, net of estimated returns			12,482		31,226
	Product Packaging and Fulfillment Services and Staffing			3,714		3,978
				25,438		46,610
	Less allowance for doubtful accounts			-3,011		-3,113
			$	22,427	$	43,497
	Real estate operations and corporate		$	4	$	-
	Newsstand Distribution Services accounts receivable are net of estimated magazine returns of $41,502,000 and $70,437,000 at July 31, 2014 and April 30, 2014.
	During the first quarter of 2015, the Company and its indirect subsidiaries, Kable Distribution Services, Inc. (“Kable Distribution”) and Palm Coast, entered into a settlement agreement (the “Settlement Agreement”) with a significant customer resulting in a significant reduction of accounts receivable of Newsstand Distribution Services. See further detail regarding the Settlement Agreement in Note 10.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Jul. 31, 2014
Property, Plant and Equipment Disclosure [Abstract]	'
Property, Plant and Equipment [Text Block]	'
	-3	PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment, net consist of the following (in thousands):
			July 31,		April 30,
			2014		2014
	Land, buildings and improvements		$	27,364	$	27,935
	Furniture and equipment			24,028		23,952
				51,392		51,887
	Less accumulated depreciation			-28,603		-28,068
			$	22,789	$	23,819
	The Company recorded an impairment charge of $925,000 related to certain assets of the Fulfillment Services business during the quarter ended July 31, 2014. See Note 11 for further detail.

INTANGIBLE_AND_OTHER_ASSETS

INTANGIBLE AND OTHER ASSETS	3 Months Ended
	Jul. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Intangible and Other Assets [Text Block]	'
	-4	INTANGIBLE AND OTHER ASSETS
	Intangible and other assets, net consist of the following (in thousands):
			July 31, 2014				April 30, 2014
			Cost		Accumulated		Cost		Accumulated
					Amortization				Amortization
	Deferred order entry costs		$	1,089	$	-	$	1,168	$	-
	Prepaid expenses			4,178		-		4,365		-
	Customer contracts and relationships			16,986		9,695		16,986		9,342
	Other			1,170		249		1,183		234
			$	23,423	$	9,944	$	23,702	$	9,576
	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	3 Months Ended
	Jul. 31, 2014
Payables and Accruals [Abstract]	'
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	'
	-5	ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES
	Accounts payable, net and accrued expenses consist of the following (in thousands):
			July 31,		April 30,
			2014		2014
	Media Services operations:
	Subscription Fulfillment Services		$	9,175	$	10,692
	Newsstand Distribution Services, net of estimated returns			21,568		60,696
	Product Packaging and Fulfillment Services and Staffing			1,010		1,502
				31,753		72,890
	Real estate operations and corporate			1,555		1,746
			$	33,308	$	74,636
	The July 31, 2014 accounts payable, net and accrued expenses total includes net publisher payables of $19,744,000, customer postage deposits of $5,004,000, accrued expenses of $2,588,000, trade payables of $1,657,000 and other of $4,315,000. The April 30, 2014 accounts payable, net and accrued expenses total includes net publisher payables of $53,506,000, customer postage deposits of $5,708,000, accrued expenses of $6,840,000, trade payables of $3,242,000 and other of $5,340,000.
	Accounts payable of Newsstand Distribution Services, which is operated through Kable Distribution, are net of estimated magazine returns of $38,545,000 and $67,088,000 at July 31, 2014 and April 30, 2014.
	During the first quarter of 2015, the Company and its indirect subsidiaries, Kable Distribution and Palm Coast, entered into the Settlement Agreement with a significant customer resulting in a significant reduction of accounts payable, net of Newsstand Distribution Services. See further detail regarding the Settlement Agreement in Note 10.
	Kable Distribution had negative working capital of approximately $10,273,000 at July 31, 2014 and had outstanding borrowings of $2,115,000 at July 31, 2014 under a revolving credit facility between the Company’s Media Services businesses and a bank (the “Media Services Credit Facility”). The negative working capital of Kable Distribution represents the net payment obligation due to publisher clients and other third parties, which amount 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) and accrued expenses owed by Kable Distribution to publisher clients and other third parties.

NOTES_PAYABLE

NOTES PAYABLE	3 Months Ended
	Jul. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	-6	NOTES PAYABLE
	Notes payable consist of the following (in thousands):
			July 31,		April 30,
			2014		2014
	Credit facilities:
	Media Services operations		$	2,629	$	1,059
	Real estate operations			15,099		15,141
	Other notes payable			4,375		4,404
			$	22,103	$	20,604
	Media Services Credit Facility
	The Media Services Credit Facility provides the Media Services business with a revolving credit loan and letter of credit facility of up to $15,000,000 that matures on May 12, 2015. At July 31, 2014, the borrowing availability under the Media Services Credit Facility was $11,074,000, and there was $2,629,000 outstanding against this availability. The highest amount borrowed during the first quarter of 2015 was $3,198,000 and the interest rate at July 31, 2014 was 3.16%. The borrowers’ obligations under the Media Services Credit Facility are secured by substantially all of their assets other than real property.
	Real Estate Loan
	AMREP Southwest has a loan with a company owned by Nicholas G. Karabots, a significant shareholder of the Company and in which another director of the Company has a 20% participation. The loan had an outstanding principal amount of $15,099,000 at July 31, 2014, is scheduled to mature on December 1, 2017, bears interest payable monthly at 8.5% per annum, and is secured by a mortgage on all real property of AMREP Southwest in Rio Rancho and by a pledge of the stock of its subsidiary, Outer Rim Investments, Inc. The total book value of the real property collateralizing the loan was approximately $69,119,000 as of July 31, 2014.  No payments of principal are required until maturity, except that the following amounts are required to be applied to the payment of the loan: (a) 25% of the net proceeds from any sales of real property by AMREP Southwest and (b) 25% of any royalty payments received by AMREP Southwest under the Oil and Gas Lease discussed in Note 12.
	Other Notes Payable
	Other notes payable consist of a mortgage note payable with an outstanding principal balance of $4,178,000 on a warehouse with a maturity date of February 2018 and an interest rate of 6.35%, and $197,000 of an asset financing loan with a maturity date of December 2015 and an interest rate of 9.0%. The amount of Other notes payable due within one year totals $221,000.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jul. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	-7	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 that 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.
	At July 31, 2014 and April 30, 2014, the estimated fair values of the Company’s long-term, fixed-rate notes payable were $17,758,000 and $17,739,000 compared with carrying amounts of $19,474,000 and $19,545,000.

BENEFIT_PLANS

BENEFIT PLANS	3 Months Ended
	Jul. 31, 2014
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Benefits Disclosure [Text Block]	'
	-8	BENEFIT PLANS
	Retirement 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. The Company has secured $5,019,000 of accrued pension-related obligations with first lien mortgages on certain real property in favor of the Pension Benefit Guaranty Corporation (the “PBGC”). 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 accrued pension-related obligations secured by the mortgages, 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. During the first quarter of 2015, there was no change in the appraised value of the mortgaged property that required the Company to make any additional payments to its pension plan.
	Equity compensation plan
	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.
	During the first quarter of 2015, the board of directors of the Company issued to employees 12,000 shares of restricted common stock under the Equity Plan (“restricted shares”). The restricted shares vest in equal 4,000 share installments on July 8, 2015, 2016 and 2017 and are expected to vest assuming a zero forfeiture rate over the vesting term. 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. 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 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 $6.90 per share for the 12,000 shares awarded, or an aggregate grant date fair value of $83,000 which will be charged to expense over the vesting term.
	No shares of common stock issued under the Equity Plan vested during the first quarter of 2015. For the first quarter of 2015, the Company recognized $36,000 of compensation expense related to all shares of common stock issued under the Equity Plan. As of July 31, 2014, there was $167,000 of total unrecognized compensation expense related to shares of common stock issued under the Equity Plan, which is expected to be recognized over the remaining vesting term.

SHAREHOLDERS_EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Jul. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	-9	SHAREHOLDERS’ EQUITY
	During the first quarter of 2015, the Company and its indirect subsidiaries, Kable Distribution and Palm Coast, entered into the Settlement Agreement with a significant customer resulting in the issuance by the Company to that customer of 825,000 shares of its common stock. See further detail regarding the Settlement Agreement in Note 10. As a result of the issuance of these shares, the Company increased its common stock account by $83,000 and its contributed capital account by $4,191,000.

GAIN_FROM_SETTLEMENT

GAIN FROM SETTLEMENT	3 Months Ended
	Jul. 31, 2014
Gain Loss From Settlement [Abstract]	'
Gain Loss From Settlement [Text Block]	'
	-10	GAIN FROM SETTLEMENT
	During the first quarter of 2015, the Company and its indirect subsidiaries, Kable Distribution and Palm Coast, entered into the Settlement Agreement with a significant customer, Heinrich Bauer (USA) LLC (“Bauer”).
	Kable Distribution and Bauer were parties to an ordinary course of business contract pursuant to which Kable Distribution distributed certain magazines of Bauer in return for a commission. Palm Coast and Bauer are parties to an ordinary course of business contract pursuant to which Palm Coast provides certain fulfillment services to Bauer in return for service fees. During the first quarter of 2014, Kable Distribution received notice that its ordinary course of business contract with Bauer, which provided Kable Distribution with a substantial amount of negative working capital liquidity, would not be renewed upon its scheduled expiration in June 2014. See further detail regarding the negative working capital of Kable Distribution in Note 5.
	Pursuant to the Settlement Agreement, Kable Distribution agreed to eliminate the commission paid by Bauer to Kable Distribution for distribution services through expiration of the contract period at June 30, 2014 and to amend the payment procedures with respect to amounts received by Kable Distribution from wholesalers or retailers relating to the domestic sale by Kable Distribution of Bauer magazines to such wholesalers or retailers; Palm Coast agreed to reduce certain fees charged to Bauer for fulfillment services, with Bauer agreeing to extend the term of its fulfillment agreement to at least December 31, 2018; and the Company agreed to issue to Bauer 825,000 shares of common stock of the Company, with a fair market value of $4,274,000 and which represented approximately 10.3% of the outstanding shares of common stock of the Company following such issuance, with Bauer agreeing to not sell or transfer such shares for a period of six months. In return for such consideration, Bauer released all claims it may have had against each of Kable Distribution, Palm Coast, the Company and its related persons, other than the obligations of Kable Distribution, Palm Coast and the Company under the Settlement Agreement, the future obligations of Kable Distribution under its distribution agreement as amended by the Settlement Agreement and the future obligations of Palm Coast under its fulfillment agreement as amended by the Settlement Agreement. In particular, the Settlement Agreement transferred to Bauer all amounts and accounts receivable owing from wholesalers to Kable Distribution relating to the domestic sale by Kable Distribution of Bauer magazines ($22,626,000) and released Kable Distribution from having to pay the accounts payable owed to Bauer relating to the domestic sale by Kable Distribution of Bauer magazines other than to the extent amounts had been received by Kable Distribution or Bauer on or after May 14, 2014 from wholesalers or retailers relating to the domestic sale by Kable Distribution of Bauer magazines to such wholesalers or retailers ($38,214,000). After considering the value of the various components of the Settlement Agreement, Kable Distribution recorded a gain of $11,155,000 during the first quarter of 2015.

IMPAIRMENT_OF_ASSETS

IMPAIRMENT OF ASSETS	3 Months Ended
	Jul. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Asset Impairment Charges [Text Block]	'
	-11	IMPAIRMENT OF ASSETS
	During the first quarter of 2015, the Company’s Subscription Fulfillment Services business recognized a $925,000 impairment charge relating to the discontinuance of the development of certain software. The impairment charge included previously capitalized software costs, internal labor costs and third party consulting costs.

SUBSEQUENT_EVENT

SUBSEQUENT EVENT	3 Months Ended
	Jul. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	-12	SUBSEQUENT EVENT
	On September 8, 2014, AMREP Southwest and one of its subsidiaries (collectively, “ASW”) entered into an Oil and Gas Lease and the Addendum thereto (collectively, the “Lease”) with Thrust Energy, Inc. and Cebolla Roja, LLC (collectively, the “Lessee”).
	Pursuant to the Lease, ASW leased to Lessee all minerals and mineral rights owned by ASW or for which ASW has executive rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico (the “Leased Premises”) for the purpose of exploring for, developing, producing and marketing oil and gas. As partial consideration for entering into the Lease, the Lessee paid approximately $1,010,000 to ASW. The Lease will be in force for an initial term of four years and for as long thereafter as oil or gas is produced and marketed in paying quantities from the Leased Premises or for additional limited periods of time if Lessee undertakes certain operations or makes certain de minimis shut-in royalty payments. In addition, Lessee may extend the initial term of the Lease for an additional four years by paying ASW another payment of approximately $1,010,000. The Lease does not require Lessee to drill any oil or gas wells.
	Lessee has agreed to pay ASW a royalty on oil and gas produced from the Leased Premises of 1/7th of the gross proceeds received by Lessee from the sale of such oil and gas to an unaffiliated third party of Lessee or 1/7th of the market value of the oil and gas if sold to an affiliate of Lessee. ASW’s royalty will be charged with 1/7th of any expenses to place the oil and gas, if any, in marketable condition after it is brought to the surface. Amounts payable under the Lease will not be reduced by any payments made to other holders of mineral rights or other production royalty payment interests in the Leased Premises, other than payments pursuant to rights granted by ASW in deeds transferring portions of the Leased Premises to third parties, primarily in the 1960s and 1970s. ASW and Lessee may assign, in whole or in part, their interests in the Lease. The oil and gas from ASW’s mineral rights will not be pooled or unitized with any other oil and gas except as required by law. Lessee has assumed all risks and liabilities in connection with Lessee’s activities under the Lease and agreed to indemnify ASW with respect thereto.
	In addition, on September 8, 2014, AMREP Southwest entered into a Consent Agreement (the “Consent Agreement”) with the mortgage holder on certain portions of the Leased Premises, pursuant to which the mortgage holder provided its consent to AMREP Southwest entering into the Lease and agreed to enter into a subordination, non-disturbance and attornment agreement with Lessee. Pursuant to the Consent Agreement, AMREP Southwest agreed to pay the mortgage holder (a) 25% of any royalty payments received by AMREP Southwest under the Lease with respect to oil and gas produced from the Leased Premises, which will be credited against any outstanding loan amounts due to the mortgage holder from AMREP Southwest, and such payments will cease upon payment in full of such outstanding loan amounts and (b) a separate consent fee of $100,000, which will not be credited against the outstanding loan amounts due to the mortgage holder from AMREP Southwest.

INFORMATION_ABOUT_THE_COMPANYS

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	3 Months Ended
	Jul. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	(13)       INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
	The following tables set forth summarized data relative to the industry segments in which the Company operated for the three month periods ended July 31, 2014 and 2013 (in thousands):
			Subscription		Newsstand		Product				Corporate
			Fulfillment		Distribution		Services and		Real Estate		and
			Services		Services		Staffing		Operations		Other		Consolidated
	Three months ended July 31, 2014 (a):
	Revenues		$	11,945	$	1,347	$	4,224	$	484	$	-72	$	17,928
	Net income (loss)			-350		6,737		172		-754		459		6,264
	Provision (benefit) for income taxes			-187		3,954		101		-454		245		3,659
	Interest expense (income), net			175		26		1		695		-478		419
	Depreciation and amortization			767		51		55		23		36		932
	Gain on settlement			-		-11,155		-		-		-		-11,155
	Impairment of assets			925		-		-		-		-		925
	EBITDA (b)		$	1,330	$	-387	$	329	$	-490	$	262	$	1,044
	Total assets		$	46,775	$	10,900	$	5,620	$	87,358	$	5,140	$	155,793
	Total liabilities		$	33,574	$	29,803	$	1,244	$	43,644	$	-42,394	$	65,871
	Capital expenditures		$	377	$	6	$	25	$	-	$	-	$	408
	Three months ended July 31, 2013 (a):
	Revenues		$	13,993	$	1,985	$	4,300	$	301	$	-70	$	20,509
	Net income (loss)			-346		-64		194		-911		440		-687
	Provision (benefit) for income taxes			-202		-17		113		-535		239		-402
	Interest expense (income), net			187		26		-1		678		-425		465
	Depreciation and amortization			757		51		57		21		36		922
	EBITDA (b)		$	396	$	-4	$	363	$	-747	$	290	$	298
	Total assets		$	52,477	$	52,698	$	4,563	$	88,255	$	9,077	$	207,070
	Total liabilities		$	36,429	$	80,718	$	1,484	$	41,927	$	-32,487	$	128,071
	Capital expenditures		$	35	$	13	$	6	$	-	$	-	$	54
		(a)	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.
		(b)	The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash gain on settlement and impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.
	During the third quarter of 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 the first quarter of 2014 and 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)	3 Months Ended
	Jul. 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):
		July 31,		April 30,
		2014		2014
	Media Services operations:
	Subscription Fulfillment Services	$	9,242	$	11,406
	Newsstand Distribution Services, net of estimated returns		12,482		31,226
	Product Packaging and Fulfillment Services and Staffing		3,714		3,978
			25,438		46,610
	Less allowance for doubtful accounts		-3,011		-3,113
		$	22,427	$	43,497
	Real estate operations and corporate	$	4	$	-

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Jul. 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):
		July 31,		April 30,
		2014		2014
	Land, buildings and improvements	$	27,364	$	27,935
	Furniture and equipment		24,028		23,952
			51,392		51,887
	Less accumulated depreciation		-28,603		-28,068
		$	22,789	$	23,819

INTANGIBLE_AND_OTHER_ASSETS_Ta

INTANGIBLE AND OTHER ASSETS (Tables)	3 Months Ended
	Jul. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule Of Intangible and Other Assets [Table Text Block]	'
	Intangible and other assets, net consist of the following (in thousands):
		July 31, 2014				April 30, 2014
		Cost		Accumulated		Cost		Accumulated
				Amortization				Amortization
	Deferred order entry costs	$	1,089	$	-	$	1,168	$	-
	Prepaid expenses		4,178		-		4,365		-
	Customer contracts and relationships		16,986		9,695		16,986		9,342
	Other		1,170		249		1,183		234
		$	23,423	$	9,944	$	23,702	$	9,576

ACCOUNTS_PAYABLE_NET_AND_ACCRU1

ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Jul. 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):
		July 31,		April 30,
		2014		2014
	Media Services operations:
	Subscription Fulfillment Services	$	9,175	$	10,692
	Newsstand Distribution Services, net of estimated returns		21,568		60,696
	Product Packaging and Fulfillment Services and Staffing		1,010		1,502
			31,753		72,890
	Real estate operations and corporate		1,555		1,746
		$	33,308	$	74,636

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	3 Months Ended
	Jul. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
	Notes payable consist of the following (in thousands):
		July 31,		April 30,
		2014		2014
	Credit facilities:
	Media Services operations	$	2,629	$	1,059
	Real estate operations		15,099		15,141
	Other notes payable		4,375		4,404
		$	22,103	$	20,604

INFORMATION_ABOUT_THE_COMPANYS1

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	3 Months Ended
	Jul. 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 month periods ended July 31, 2014 and 2013 (in thousands):
			Subscription		Newsstand		Product				Corporate
			Fulfillment		Distribution		Services and		Real Estate		and
			Services		Services		Staffing		Operations		Other		Consolidated
	Three months ended July 31, 2014 (a):
	Revenues		$	11,945	$	1,347	$	4,224	$	484	$	-72	$	17,928
	Net income (loss)			-350		6,737		172		-754		459		6,264
	Provision (benefit) for income taxes			-187		3,954		101		-454		245		3,659
	Interest expense (income), net			175		26		1		695		-478		419
	Depreciation and amortization			767		51		55		23		36		932
	Gain on settlement			-		-11,155		-		-		-		-11,155
	Impairment of assets			925		-		-		-		-		925
	EBITDA (b)		$	1,330	$	-387	$	329	$	-490	$	262	$	1,044
	Total assets		$	46,775	$	10,900	$	5,620	$	87,358	$	5,140	$	155,793
	Total liabilities		$	33,574	$	29,803	$	1,244	$	43,644	$	-42,394	$	65,871
	Capital expenditures		$	377	$	6	$	25	$	-	$	-	$	408
	Three months ended July 31, 2013 (a):
	Revenues		$	13,993	$	1,985	$	4,300	$	301	$	-70	$	20,509
	Net income (loss)			-346		-64		194		-911		440		-687
	Provision (benefit) for income taxes			-202		-17		113		-535		239		-402
	Interest expense (income), net			187		26		-1		678		-425		465
	Depreciation and amortization			757		51		57		21		36		922
	EBITDA (b)		$	396	$	-4	$	363	$	-747	$	290	$	298
	Total assets		$	52,477	$	52,698	$	4,563	$	88,255	$	9,077	$	207,070
	Total liabilities		$	36,429	$	80,718	$	1,484	$	41,927	$	-32,487	$	128,071
	Capital expenditures		$	35	$	13	$	6	$	-	$	-	$	54
		(a)	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.
		(b)	The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash gain on settlement and 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 $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Media Services Operations, Subscription Fulfillment Services [Member]	'	'
Media Services operations:	'	'
Accounts Receivable, Gross	$9,242	$11,406
Media Services Operations, Newsstand Distribution Services [Member]	'	'
Media Services operations:	'	'
Accounts Receivable, Gross	12,482	31,226
Media Services Operations, Product Packaging And Fulfillment Services And Staffing [Member]	'	'
Media Services operations:	'	'
Accounts Receivable, Gross	3,714	3,978
Media Services Operations, Excluding Real Estate Operations and Corporate [Member]	'	'
Media Services operations:	'	'
Accounts Receivable, Gross	25,438	46,610
Accounts Receivable, Net	22,427	43,497
Media Services Operations [Member]	'	'
Media Services operations:	'	'
Less allowance for doubtful accounts	-3,011	-3,113
Real Estate Operations and Corporate [Member]	'	'
Media Services operations:	'	'
Accounts Receivable, Net	$4	$0

RECEIVABLES_Details_Textual

RECEIVABLES (Details Textual) (Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member], USD $)	Jul. 31, 2014	Apr. 30, 2014
Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member]	'	'
Receivables [Line Items]	'	'
Estimated Magazine Sales Returns	$41,502,000	$70,437,000

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Property, Plant and Equipment [Line Items]	'	'
Property, Plant and Equipment, Gross	$51,392	$51,887
Less accumulated depreciation	-28,603	-28,068
Property, plant and equipment, net	22,789	23,819
Land, Buildings and Improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, Plant and Equipment, Gross	27,364	27,935
Furniture and equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, Plant and Equipment, Gross	$24,028	$23,952

PROPERTY_PLANT_AND_EQUIPMENT_D1

PROPERTY, PLANT AND EQUIPMENT (Details Textual) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014		Jul. 31, 2013
Property, Plant and Equipment [Line Items]	'		'
Impairment of assets	$925	[1]	$0
Subscription Fulfillment Services [Member]	'		'
Property, Plant and Equipment [Line Items]	'		'
Impairment of assets	$925	[1]	'
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

INTANGIBLE_AND_OTHER_ASSETS_De

INTANGIBLE AND OTHER ASSETS (Details) (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Cost	$23,423	$23,702
Finite-Lived Intangible Assets, Accumulated Amortization	9,944	9,576
Deferred Order Entry Costs [Member]	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Cost	1,089	1,168
Finite-Lived Intangible Assets, Accumulated Amortization	0	0
Prepaid Expenses [Member]	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Cost	4,178	4,365
Finite-Lived Intangible Assets, Accumulated Amortization	0	0
Customer Contracts and Relationships [Member]	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Cost	16,986	16,986
Finite-Lived Intangible Assets, Accumulated Amortization	9,695	9,342
Other Intangible Assets [Member]	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Cost	1,170	1,183
Finite-Lived Intangible Assets, Accumulated Amortization	$249	$234

ACCOUNTS_PAYABLE_NET_AND_ACCRU2

ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Details) (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Accounts Payable and Accrued Liabilities, Total	$33,308	$74,636
Media Services Operations, Subscription Fulfillment Services [Member]	'	'
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Accounts Payable and Accrued Liabilities, Total	9,175	10,692
Media Services Operations, Newsstand Distribution Services [Member]	'	'
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Accounts Payable and Accrued Liabilities, Total	21,568	60,696
Media Services Operations, Product Packaging and Fulfillment Services and Other [Member]	'	'
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Accounts Payable and Accrued Liabilities, Total	1,010	1,502
Media Services Operations, Excluding Real Estate Operations and Corporate [Member]	'	'
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Accounts Payable and Accrued Liabilities, Total	31,753	72,890
Real Estate Operations and Corporate [Member]	'	'
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Accounts Payable and Accrued Liabilities, Total	$1,555	$1,746

ACCOUNTS_PAYABLE_NET_AND_ACCRU3

ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Details Textual) (USD $)	Jul. 31, 2014	Apr. 30, 2014
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Accounts Payable, Other	$19,744,000	$53,506,000
Accrued Liabilities	2,588,000	6,840,000
Customer Postage Deposits Current And Noncurrent	5,004,000	5,708,000
Accounts Payable, Trade	1,657,000	3,242,000
Other Accounts Payable and Accrued Liabilities	4,315,000	5,340,000
Media Services, Newsstand Distribution Services, Net Of Estimated Returns [Member]	'	'
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Estimated Magazine Purchase Returns	38,545,000	67,088,000
Kable Distribution Services Inc [Member]	'	'
Accounts Payable and Accrued Liabilities Disclosure [Line Items]	'	'
Negative Working Capital	10,273,000	'
Other Borrowings	$2,115,000	'

NOTES_PAYABLE_Details

NOTES PAYABLE (Details) (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Credit facilities:	'	'
Notes Payable	$22,103	$20,604
Other notes payable [Member]	'	'
Credit facilities:	'	'
Notes Payable	4,375	4,404
Media Services [Member]	'	'
Credit facilities:	'	'
Notes Payable	2,629	1,059
Real estate operations [Member]	'	'
Credit facilities:	'	'
Notes Payable	$15,099	$15,141

NOTES_PAYABLE_Details_Textual

NOTES PAYABLE (Details Textual) (USD $)	3 Months Ended
	Jul. 31, 2014	Apr. 30, 2014
Debt Instrument [Line Items]	'	'
Mortgage Notes Payable	$4,178,000	'
Mortgage Loan Of Real Estate Final Maturity Date	'February 2018	'
Mortgage Loans on Real Estate, Interest Rate	6.35%	'
Equipment Loan	197,000	'
Equipment Loan Maturity Date	'December 2015	'
Equipment Loan Interest Rate	9.00%	'
Other Notes Payable, Current	221,000	'
Notes Payable, Related Parties, Noncurrent	15,099,000	15,141,000
Debt Instrument, Payment Terms	'No payments of principal are required until maturity, except that the following amounts are required to be applied to the payment of the loan: (a) 25% of the net proceeds from any sales of real property by AMREP Southwest and (b) 25% of any royalty payments received by AMREP Southwest under the Oil and Gas Lease discussed in Note 12	'
Media Services Credit Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Line of Credit Facility, Current Borrowing Capacity	11,074,000	'
Long-term Line of Credit	2,629,000	'
Debt Instrument, Interest Rate During Period	3.16%	'
Maximum Amount Borrowed	3,198,000	'
Line of Credit Facility, Maximum Borrowing Capacity	15,000,000	'
Line of Credit Facility, Expiration Date	12-May-15	'
Real Estate Loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt Instrument, Interest Rate During Period	8.50%	'
Notes Payable, Related Parties, Noncurrent	15,099,000	'
Debt Instrument, Maturity Date	1-Dec-17	'
Book Value Of Real Estate Property Collateralized	$69,119,000	'
Line Of Credit Facility Participation Percentage Purchased	20.00%	'

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details Textual) (USD $)	Jul. 31, 2014	Apr. 30, 2014
Reported Value Measurement [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Notes Payable, Fair Value Disclosure	$19,474,000	$19,545,000
Estimate of Fair Value Measurement [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Notes Payable, Fair Value Disclosure	$17,758,000	$17,739,000

BENEFIT_PLANS_Details_Textual

BENEFIT PLANS (Details Textual) (USD $)	3 Months Ended			12 Months Ended	3 Months Ended
	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2014	Dec. 31, 2006	Jul. 31, 2014	Jul. 31, 2014	Jul. 31, 2014
			Equity Plan [Member]	Equity Plan [Member]	Subsequent Event [Member]	Restricted Stock [Member]	PBGC [Member]
					Equity Plan [Member]	Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]	'	'	'	'	'	'	'
Accrued Pension Benefit Plan Obligation	'	'	'	'	'	'	$5,019,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	'	'	'	400,000	'	'	'
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total	'	'	12,000	'	12,000	'	'
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vest In First Installment	'	'	'	'	'	4,000	'
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vest In Second Installment	'	'	'	'	'	4,000	'
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vest In Third Installment	'	'	'	'	'	4,000	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	'	'	$6.90	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	'	'	83,000	'	'	'	'
Share-based Compensation, Total	36,000	0	'	'	36,000	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	'	'	$167,000	'	'	'	'

SHAREHOLDERS_EQUITY_Details_Te

SHAREHOLDERS' EQUITY (Details Textual) (USD $)	3 Months Ended
	Jul. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock Issued During Period, Value, New Issues	$4,274,000
Common Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock Issued During Period, Shares, New Issues	825,000
Stock Issued During Period, Value, New Issues	83,000
Additional Paid-in Capital [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock Issued During Period, Value, New Issues	$4,191,000

GAIN_FROM_SETTLEMENT_Details_T

GAIN FROM SETTLEMENT (Details Textual) (USD $)	3 Months Ended
	Jul. 31, 2014		Jul. 31, 2013
Gain Loss From Settlement [Line Items]	'		'
Stock Issued During Period, Value, New Issues	$4,274,000		'
Stock Issued During Period, Percentage	10.30%		'
Reduction of Accounts Receivable Due To Settlement	-22,626,000		0
Reduction of Accounts Payable Due To Settlement	-38,214,000		0
Gain Loss on Settlement	11,155,000	[1]	0
Common Stock [Member]	'		'
Gain Loss From Settlement [Line Items]	'		'
Stock Issued During Period, Shares, New Issues	825,000		'
Stock Issued During Period, Value, New Issues	$83,000		'
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

IMPAIRMENT_OF_ASSETS_Details_T

IMPAIRMENT OF ASSETS (Details Textual) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014		Jul. 31, 2013
Indefinite-lived Intangible Assets [Line Items]	'		'
Asset Impairment Charges, Total	$925	[1]	$0
Subscription Fulfillment Services [Member]	'		'
Indefinite-lived Intangible Assets [Line Items]	'		'
Asset Impairment Charges, Total	$925	[1]	'
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

SUBSEQUENT_EVENT_Details_Textu

SUBSEQUENT EVENT (Details Textual) (USD $)	0 Months Ended
	Sep. 08, 2014
	acre
Subsequent Event [Line Items]	'
Area of Land	55,000
Operating Leases, Income Statement, Lease Revenue	$1,010,000
Lessee Leasing Arrangements, Operating Leases, Term of Contract	'4 years
Description of Lessee Leasing Arrangements, Operating Leases	'Lessee may extend the initial term of the Lease for an additional four years by paying ASW another payment of approximately $1,010,000
Percentage Of Royalty Payments To Mortgage Holder	25.00%
Consent Fee	$100,000

INFORMATION_ABOUT_THE_COMPANYS2

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014		Jul. 31, 2013		Apr. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]	'		'		'
Revenues	$17,928	[1]	$20,509	[1]	'
Net income (loss)	6,264	[1]	-687	[1]	'
Provision (benefit) for income taxes	3,659	[1]	-402	[1]	'
Interest expense (income), net	419	[1]	465	[1]	'
Depreciation and amortization	932	[1]	922	[1]	'
Gain on settlement	-11,155	[1]	0		'
Impairment of assets	925	[1]	0		'
EBITDA	1,044	[1],[2]	298	[1],[2]	'
Total assets	155,793	[1]	207,070	[1]	184,948
Total liabilities	65,871	[1]	128,071	[1]	105,647
Capital expenditures	408	[1]	54	[1]	'
Subscription Fulfillment Services [Member]	'		'		'
Segment Reporting, Revenue Reconciling Item [Line Items]	'		'		'
Revenues	11,945	[1]	13,993	[1]	'
Net income (loss)	-350	[1]	-346	[1]	'
Provision (benefit) for income taxes	-187	[1]	-202	[1]	'
Interest expense (income), net	175	[1]	187	[1]	'
Depreciation and amortization	767	[1]	757	[1]	'
Gain on settlement	0	[1]	'		'
Impairment of assets	925	[1]	'		'
EBITDA	1,330	[1],[2]	396	[1],[2]	'
Total assets	46,775	[1]	52,477	[1]	'
Total liabilities	33,574	[1]	36,429	[1]	'
Capital expenditures	377	[1]	35	[1]	'
Newsstand Distribution Services [Member]	'		'		'
Segment Reporting, Revenue Reconciling Item [Line Items]	'		'		'
Revenues	1,347	[1]	1,985	[1]	'
Net income (loss)	6,737	[1]	-64	[1]	'
Provision (benefit) for income taxes	3,954	[1]	-17	[1]	'
Interest expense (income), net	26	[1]	26	[1]	'
Depreciation and amortization	51	[1]	51	[1]	'
Gain on settlement	-11,155	[1]	'		'
Impairment of assets	0	[1]	'		'
EBITDA	-387	[1],[2]	-4	[1],[2]	'
Total assets	10,900	[1]	52,698	[1]	'
Total liabilities	29,803	[1]	80,718	[1]	'
Capital expenditures	6	[1]	13	[1]	'
Product Services and Staffing [Member]	'		'		'
Segment Reporting, Revenue Reconciling Item [Line Items]	'		'		'
Revenues	4,224	[1]	4,300	[1]	'
Net income (loss)	172	[1]	194	[1]	'
Provision (benefit) for income taxes	101	[1]	113	[1]	'
Interest expense (income), net	1	[1]	-1	[1]	'
Depreciation and amortization	55	[1]	57	[1]	'
Gain on settlement	0	[1]	'		'
Impairment of assets	0	[1]	'		'
EBITDA	329	[1],[2]	363	[1],[2]	'
Total assets	5,620	[1]	4,563	[1]	'
Total liabilities	1,244	[1]	1,484	[1]	'
Capital expenditures	25	[1]	6	[1]	'
Real Estate Operations [Member]	'		'		'
Segment Reporting, Revenue Reconciling Item [Line Items]	'		'		'
Revenues	484	[1]	301	[1]	'
Net income (loss)	-754	[1]	-911	[1]	'
Provision (benefit) for income taxes	-454	[1]	-535	[1]	'
Interest expense (income), net	695	[1]	678	[1]	'
Depreciation and amortization	23	[1]	21	[1]	'
Gain on settlement	0	[1]	'		'
Impairment of assets	0	[1]	'		'
EBITDA	-490	[1],[2]	-747	[1],[2]	'
Total assets	87,358	[1]	88,255	[1]	'
Total liabilities	43,644	[1]	41,927	[1]	'
Capital expenditures	0	[1]	0	[1]	'
Corporate and Other [Member]	'		'		'
Segment Reporting, Revenue Reconciling Item [Line Items]	'		'		'
Revenues	-72	[1]	-70	[1]	'
Net income (loss)	459	[1]	440	[1]	'
Provision (benefit) for income taxes	245	[1]	239	[1]	'
Interest expense (income), net	-478	[1]	-425	[1]	'
Depreciation and amortization	36	[1]	36	[1]	'
Gain on settlement	0	[1]	'		'
Impairment of assets	0	[1]	'		'
EBITDA	262	[1],[2]	290	[1],[2]	'
Total assets	5,140	[1]	9,077	[1]	'
Total liabilities	-42,394	[1]	-32,487	[1]	'
Capital expenditures	$0	[1]	$0	[1]	'
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.
[2]	The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash gain on settlement and impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.