Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Oct. 31, 2014 | Dec. 05, 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-Oct-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2015 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2014 | Apr. 30, 2014 | |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | |
Cash and cash equivalents | $22,054 | $12,929 | |
Receivables, net | 14,026 | 43,497 | |
Real estate inventory | 69,398 | 71,289 | |
Investment assets, net | 10,234 | 10,234 | |
Property, plant and equipment, net | 22,442 | 23,819 | |
Intangible and other assets, net | 12,935 | 14,126 | |
Taxes receivable | 0 | 12 | |
Deferred income taxes, net | 5,561 | 9,042 | |
TOTAL ASSETS | 156,650 | [1] | 184,948 |
LIABILITIES: | ' | ' | |
Accounts payable, net and accrued expenses | 33,497 | 74,636 | |
Notes payable: | ' | ' | |
Amounts due within one year | 2,804 | 218 | |
Amounts due beyond one year | 4,123 | 5,245 | |
Amounts due to related party | 14,418 | 15,141 | |
Notes payable | 21,345 | 20,604 | |
Taxes payable | 146 | 0 | |
Other liabilities and deferred revenue | 3,930 | 3,058 | |
Accrued pension cost | 7,556 | 7,349 | |
TOTAL LIABILITIES | 66,474 | [1] | 105,647 |
SHAREHOLDERS' EQUITY: | ' | ' | |
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,281,704 at October 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 | 52,201 | 45,683 | |
Accumulated other comprehensive loss, net | -9,175 | -9,175 | |
Treasury stock, at cost; 225,250 shares at October 31, 2014 and April 30, 2014 | -4,215 | -4,215 | |
TOTAL SHAREHOLDERS' EQUITY | 90,176 | 79,301 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $156,650 | $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 $) | Oct. 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 | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | ||||
REVENUES: | ' | ' | ' | ' | ||||
Media Services operations | $16,784 | $21,555 | $34,300 | $41,833 | ||||
Real estate land sales | 2,513 | 1,196 | 2,897 | 1,424 | ||||
Other | 41 | 12 | 69 | 15 | ||||
Revenues | 19,338 | [1] | 22,763 | [1] | 37,266 | [1] | 43,272 | [1] |
COSTS AND EXPENSES: | ' | ' | ' | ' | ||||
Real estate land sales | 2,188 | 999 | 2,410 | 1,189 | ||||
Operating expenses: | ' | ' | ' | ' | ||||
Media Services operations | 13,512 | 17,791 | 28,049 | 35,519 | ||||
Real estate selling expenses | 67 | 61 | 127 | 119 | ||||
Other | 328 | 574 | 769 | 1,071 | ||||
General and administrative: | ' | ' | ' | ' | ||||
Media Services operations | 1,637 | 1,840 | 3,365 | 3,649 | ||||
Real estate operations and corporate | 818 | 899 | 1,646 | 1,750 | ||||
Impairment of assets | ' | ' | 925 | [1] | 0 | |||
Interest expense | 436 | 462 | 855 | 927 | ||||
Costs and Expenses, Total | 18,986 | 22,626 | 38,146 | 44,224 | ||||
LOSS BEFORE OTHER INCOME | ' | ' | -880 | -952 | ||||
Other - Gain from settlement (Note 11) | ' | ' | 11,155 | [1] | 0 | |||
INCOME (LOSS) BEFORE INCOME TAXES | 352 | 137 | 10,275 | -952 | ||||
PROVISION FOR INCOME TAXES | 98 | [1] | 85 | [1] | 3,757 | [1] | -317 | [1] |
NET INCOME | 254 | [1] | 52 | [1] | 6,518 | [1] | -635 | [1] |
RETAINED EARNINGS, beginning of period | 51,947 | 47,937 | 45,683 | 63,920 | ||||
Effect of the issuance of common stock from treasury shares | 0 | -2 | 0 | -15,298 | ||||
RETAINED EARNINGS, end of period | $52,201 | $47,987 | $52,201 | $47,987 | ||||
INCOME (LOSS) PER SHARE - BASIC AND DILUTED (in dollars per share) | $0.03 | $0.01 | $0.83 | ($0.09) | ||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 8,026 | 7,195 | 7,813 | 6,785 | ||||
[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 $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ||
Net income (loss) | $6,518 | [1] | ($635) | [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 | 1,844 | [1] | 1,837 | [1] |
Non-cash credits and charges: | ' | ' | ||
Allowance for doubtful accounts | -850 | -143 | ||
Stock-based compensation | 66 | 0 | ||
Loss on disposal of assets, net | 0 | 4 | ||
Changes in assets and liabilities: | ' | ' | ||
Receivables | 7,695 | 6,245 | ||
Real estate inventory and investment assets | 1,891 | 1,161 | ||
Intangible and other assets | 402 | 539 | ||
Accounts payable and accrued expenses | -3,084 | -3,732 | ||
Taxes receivable and payable | 158 | 126 | ||
Deferred income taxes and other liabilities | 4,353 | -348 | ||
Accrued pension costs | 207 | -2,833 | ||
Total adjustments | 2,452 | 2,856 | ||
Net cash provided by operating activities | 8,970 | 2,221 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ||
Capital expenditures - property, plant and equipment | -586 | [1] | -204 | [1] |
Net cash used in investing activities | -586 | -204 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ||
Proceeds from issuance of common stock, net | 0 | 7,144 | ||
Proceeds from debt financing | 6,618 | 12,101 | ||
Principal debt payments | -5,877 | -7,272 | ||
Net cash provided by financing activities | 741 | 11,973 | ||
INCREASE IN CASH AND CASH EQUIVALENTS | 9,125 | 13,990 | ||
CASH AND CASH EQUIVALENTS, beginning of period | 12,929 | 13,714 | ||
CASH AND CASH EQUIVALENTS, end of period | 22,054 | 27,704 | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ||
Interest paid | 851 | 913 | ||
Income taxes paid (refunded), net | 119 | -94 | ||
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 | 6 Months Ended | ||
Oct. 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 second quarter and first six months of 2015 and 2014 mean the fiscal three and six month periods ended October 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. | |||
Recently Issued Accounting Pronouncements | |||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which establishes a comprehensive revenue recognition standard under GAAP for virtually all industries. The new standard will apply for annual periods beginning after December 15, 2016, including interim periods therein. Early adoption is prohibited. The Company is currently evaluating the impact of ASU 2014-09 on its consolidated financial statements. | |||
RECEIVABLES
RECEIVABLES | 6 Months Ended | |||||||
Oct. 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): | ||||||||
October 31, | April 30, | |||||||
2014 | 2014 | |||||||
Media Services operations: | ||||||||
Subscription Fulfillment Services | $ | 8,379 | $ | 11,406 | ||||
Newsstand Distribution Services, net of estimated returns | 3,854 | 31,226 | ||||||
Product Packaging and Fulfillment Services and Staffing | 3,027 | 3,978 | ||||||
15,260 | 46,610 | |||||||
Less allowance for doubtful accounts | -1,235 | -3,113 | ||||||
14,025 | $ | 43,497 | ||||||
Real estate operations and corporate | 1 | - | ||||||
$ | 14,026 | $ | 43,497 | |||||
Newsstand Distribution Services accounts receivable are net of estimated magazine returns of $45,231,000 and $70,437,000 at October 31, 2014 and April 30, 2014. | ||||||||
During the quarter ended July 31, 2014, 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 substantial reduction of accounts receivable, net of Newsstand Distribution Services. See further detail regarding the Settlement Agreement in Note 11. | ||||||||
A significant wholesaler and a customer of Kable Distribution announced at the end of May 2014 that it planned to discontinue operations and it filed for bankruptcy in June 2014. Kable Distribution recorded $1,300,000 as bad debt expense in the fourth quarter of 2014. During the second quarter of 2015, as a result of updated estimates of magazine returns and trade credits, Kable Distribution reversed $900,000 of this bad debt expense. | ||||||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended | |||||||
Oct. 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): | ||||||||
October 31, | April 30, | |||||||
2014 | 2014 | |||||||
Land, buildings and improvements | $ | 27,436 | $ | 27,935 | ||||
Furniture and equipment | 24,134 | 23,952 | ||||||
51,570 | 51,887 | |||||||
Less accumulated depreciation | -29,128 | -28,068 | ||||||
$ | 22,442 | $ | 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 12 for further detail. | ||||||||
INTANGIBLE_AND_OTHER_ASSETS
INTANGIBLE AND OTHER ASSETS | 6 Months Ended | |||||||||||||
Oct. 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): | ||||||||||||||
October 31, 2014 | April 30, 2014 | |||||||||||||
Accumulated | Accumulated | |||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||
Deferred order entry costs | $ | 1,019 | $ | - | $ | 1,168 | $ | - | ||||||
Prepaid expenses | 4,123 | - | 4,365 | - | ||||||||||
Customer contracts and relationships | 16,986 | 10,049 | 16,986 | 9,342 | ||||||||||
Other | 963 | 107 | 1,183 | 234 | ||||||||||
$ | 23,091 | $ | 10,156 | $ | 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 | 6 Months Ended | |||||||
Oct. 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): | ||||||||
October 31, | April 30, | |||||||
2014 | 2014 | |||||||
Media Services operations: | ||||||||
Subscription Fulfillment Services | $ | 9,890 | $ | 10,692 | ||||
Newsstand Distribution Services, net of estimated returns | 21,004 | 60,696 | ||||||
Product Packaging and Fulfillment Services and Staffing | 966 | 1,502 | ||||||
31,860 | 72,890 | |||||||
Real estate operations and corporate | 1,637 | 1,746 | ||||||
$ | 33,497 | $ | 74,636 | |||||
The October 31, 2014 accounts payable, net and accrued expenses total includes net publisher payables of $17,884,000, customer postage deposits of $5,821,000, accrued expenses of $3,557,000, trade payables of $1,394,000 and other of $4,841,000. 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 $42,202,000 and $67,088,000 at October 31, 2014 and April 30, 2014. | ||||||||
During the quarter ended July 31, 2014, the Company and its indirect subsidiaries, Kable Distribution and Palm Coast, entered into the Settlement Agreement with a significant customer resulting in a substantial reduction of accounts payable, net of Newsstand Distribution Services. See further detail regarding the Settlement Agreement in Note 11. | ||||||||
Kable Distribution had negative working capital of approximately $12,672,000 at October 31, 2014, which included outstanding borrowings by Kable Distribution of $2,238,000 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 plus outstanding bank borrowings of Kable Distribution under the Media Services Credit Facility. | ||||||||
NOTES_PAYABLE
NOTES PAYABLE | 6 Months Ended | |||||||
Oct. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
-6 | NOTES PAYABLE | |||||||
Notes payable consist of the following (in thousands): | ||||||||
October 31, | April 30, | |||||||
2014 | 2014 | |||||||
Credit facilities: | ||||||||
Media Services operations | $ | 2,582 | $ | 1,059 | ||||
Real estate operations | 14,418 | 15,141 | ||||||
Other notes payable | 4,345 | 4,404 | ||||||
$ | 21,345 | $ | 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 October 31, 2014, the borrowing availability under the Media Services Credit Facility was $7,842,000, and there was $2,582,000 outstanding against this availability. The highest amount borrowed during the first six months of 2015 was $6,569,000 and the interest rate at October 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 $14,418,000 at October 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 $66,954,000 as of October 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 an oil and gas lease. See further detail regarding the oil and gas lease in Note 7. | ||||||||
Other Notes Payable | ||||||||
Other notes payable consist of a mortgage note payable with an outstanding principal balance of $4,148,000 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 $222,000. | ||||||||
DEFERRED_REVENUE
DEFERRED REVENUE | 6 Months Ended | ||
Oct. 31, 2014 | |||
Deferred Revenue Disclosure [Abstract] | ' | ||
Deferred Revenue Disclosure [Text Block] | ' | ||
-7 | DEFERRED REVENUE | ||
During the second quarter of 2015, 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. No royalties were received by ASW during the second quarter of 2015. | |||
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. | |||
Revenue from this transaction is being recorded over the lease term and approximately $38,000 was recognized during the second quarter of 2015, which is included in Other revenues in the accompanying financial statements. At October 31, 2014, there remained $872,000 of deferred revenue. | |||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | ||
Oct. 31, 2014 | |||
Fair Value Disclosures [Abstract] | ' | ||
Fair Value Disclosures [Text Block] | ' | ||
-8 | 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 October 31, 2014 and April 30, 2014, the estimated fair values of the Company’s long-term, fixed-rate notes payable were $17,226,000 and $17,739,000 compared with carrying amounts of $18,763,000 and $19,545,000. | |||
BENEFIT_PLANS
BENEFIT PLANS | 6 Months Ended | ||
Oct. 31, 2014 | |||
Compensation and Retirement Disclosure [Abstract] | ' | ||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||
-9 | 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 second 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. | |||
Shares of restricted common stock that are issued under the Equity Plan (“restricted shares”) 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 of each grant based on the fair value of the shares as of the date of grant. The fair value of each grant of restricted shares is determined based on the trading price of the Company’s common stock on the date of such grant, and this amount will be charged to expense over the vesting term of the grant. | |||
During the quarter ended October 31, 2014, 6,000 shares of common stock issued under the Equity Plan vested leaving 30,000 shares issued under the Equity Plan that have not vested. For the second quarter and first six months of 2015, the Company recognized $30,000 and $66,000 of compensation expense related to all shares of common stock issued under the Equity Plan. As of October 31, 2014 , there was $137,000 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 not to exceed three years. | |||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended | ||
Oct. 31, 2014 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||
-10 | SHAREHOLDERS’ EQUITY | ||
During the quarter ended July 31, 2014, 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 11. 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 | 6 Months Ended | ||
Oct. 31, 2014 | |||
Gain Loss From Settlement [Abstract] | ' | ||
Gain Loss From Settlement [Text Block] | ' | ||
-11 | GAIN FROM SETTLEMENT | ||
During the quarter ended July 31, 2014, 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 were parties to an ordinary course of business contract pursuant to which Palm Coast provided 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. | |||
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 | 6 Months Ended | |
Oct. 31, 2014 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |
Asset Impairment Charges [Text Block] | ' | |
-12 | IMPAIRMENT OF ASSETS | |
During the quarter ended July 31, 2014, 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. | ||
INFORMATION_ABOUT_THE_COMPANYS
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | 6 Months Ended | |||||||||||||||||||
Oct. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||
-13 | INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENTINDUSTRY SEGMENTS | |||||||||||||||||||
The following tables set forth summarized data relative to the industry segments in which the Company operated for the three and six month periods ended October 31, 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 October 31, 2014 (a): | ||||||||||||||||||||
Revenues | $ | 11,831 | $ | 1,309 | $ | 3,644 | $ | 2,625 | $ | -71 | $ | 19,338 | ||||||||
Net income (loss) | -40 | 361 | -24 | -543 | 500 | 254 | ||||||||||||||
Provision (benefit) for income taxes | 134 | 133 | -23 | -411 | 265 | 98 | ||||||||||||||
Interest expense (income), net | 177 | 62 | 5 | 693 | -501 | 436 | ||||||||||||||
Depreciation and amortization | 758 | 41 | 54 | 22 | 37 | 912 | ||||||||||||||
EBITDA (b) | $ | 1,029 | $ | 597 | $ | 12 | $ | -239 | $ | 301 | $ | 1,700 | ||||||||
Capital expenditures | $ | 178 | $ | - | $ | - | $ | - | $ | - | $ | 178 | ||||||||
Three months ended October 31, 2013 (a): | ||||||||||||||||||||
Revenues | $ | 15,013 | $ | 1,871 | $ | 4,671 | $ | 1,279 | $ | -71 | $ | 22,763 | ||||||||
Net income (loss) | 483 | -142 | 254 | -982 | 439 | 52 | ||||||||||||||
Provision (benefit) for income taxes | 92 | 23 | 153 | -402 | 219 | 85 | ||||||||||||||
Interest expense (income), net | 184 | 25 | 4 | 682 | -433 | 462 | ||||||||||||||
Depreciation and amortization | 752 | 51 | 56 | 19 | 37 | 915 | ||||||||||||||
EBITDA (b) | $ | 1,511 | $ | -43 | $ | 467 | $ | -683 | $ | 262 | $ | 1,514 | ||||||||
Capital expenditures | $ | 117 | $ | 5 | $ | 28 | $ | - | $ | - | $ | 150 | ||||||||
Six months ended October 31, 2014 (a): | ||||||||||||||||||||
Revenues | $ | 23,776 | $ | 2,656 | $ | 7,868 | $ | 3,109 | $ | -143 | $ | 37,266 | ||||||||
Net income (loss) | -390 | 7,098 | 148 | -1,297 | 959 | 6,518 | ||||||||||||||
Provision (benefit) for income taxes | -53 | 4,087 | 78 | -865 | 510 | 3,757 | ||||||||||||||
Interest expense (income), net | 352 | 88 | 6 | 1,388 | -979 | 855 | ||||||||||||||
Depreciation and amortization | 1,525 | 92 | 109 | 45 | 73 | 1,844 | ||||||||||||||
Gain on settlement | - | -11,155 | - | - | - | -11,155 | ||||||||||||||
Impairment of assets | 925 | - | - | - | - | 925 | ||||||||||||||
EBITDA (b) | $ | 2,359 | $ | 210 | $ | 341 | $ | -729 | $ | 563 | $ | 2,744 | ||||||||
Total assets | $ | 47,038 | $ | 7,792 | $ | 6,531 | $ | 86,224 | $ | 9,065 | $ | 156,650 | ||||||||
Total liabilities | $ | 32,867 | $ | 25,264 | $ | 2,739 | $ | 43,488 | $ | -37,884 | $ | 66,474 | ||||||||
Capital expenditures | $ | 555 | $ | 6 | $ | 25 | $ | - | $ | - | $ | 586 | ||||||||
Six months ended October 31, 2013 (a): | ||||||||||||||||||||
Revenues | $ | 29,006 | $ | 3,856 | $ | 8,971 | $ | 1,580 | $ | -141 | $ | 43,272 | ||||||||
Net income (loss) | 137 | -206 | 447 | -1,893 | 879 | -635 | ||||||||||||||
Provision (benefit) for income taxes | -111 | 6 | 268 | -937 | 457 | -317 | ||||||||||||||
Interest expense (income), net | 371 | 51 | 2 | 1,360 | -857 | 927 | ||||||||||||||
Depreciation and amortization | 1,510 | 102 | 113 | 40 | 73 | 1,837 | ||||||||||||||
EBITDA (b) | $ | 1,907 | $ | -47 | $ | 830 | $ | -1,430 | $ | 552 | $ | 1,812 | ||||||||
Total assets | $ | 52,247 | $ | 30,312 | $ | 5,549 | $ | 87,700 | $ | 24,847 | $ | 200,655 | ||||||||
Total liabilities | $ | 37,156 | $ | 76,803 | $ | 1,397 | $ | 42,287 | $ | -36,038 | $ | 121,605 | ||||||||
Capital expenditures | $ | 152 | $ | 18 | $ | 34 | $ | - | $ | - | $ | 204 | ||||||||
(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 second quarter and first six months 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) | 6 Months Ended | |||||||
Oct. 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): | ||||||||
October 31, | April 30, | |||||||
2014 | 2014 | |||||||
Media Services operations: | ||||||||
Subscription Fulfillment Services | $ | 8,379 | $ | 11,406 | ||||
Newsstand Distribution Services, net of estimated returns | 3,854 | 31,226 | ||||||
Product Packaging and Fulfillment Services and Staffing | 3,027 | 3,978 | ||||||
15,260 | 46,610 | |||||||
Less allowance for doubtful accounts | -1,235 | -3,113 | ||||||
14,025 | $ | 43,497 | ||||||
Real estate operations and corporate | 1 | - | ||||||
$ | 14,026 | $ | 43,497 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended | |||||||
Oct. 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): | ||||||||
October 31, | April 30, | |||||||
2014 | 2014 | |||||||
Land, buildings and improvements | $ | 27,436 | $ | 27,935 | ||||
Furniture and equipment | 24,134 | 23,952 | ||||||
51,570 | 51,887 | |||||||
Less accumulated depreciation | -29,128 | -28,068 | ||||||
$ | 22,442 | $ | 23,819 | |||||
INTANGIBLE_AND_OTHER_ASSETS_Ta
INTANGIBLE AND OTHER ASSETS (Tables) | 6 Months Ended | |||||||||||||
Oct. 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): | ||||||||||||||
October 31, 2014 | April 30, 2014 | |||||||||||||
Accumulated | Accumulated | |||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||
Deferred order entry costs | $ | 1,019 | $ | - | $ | 1,168 | $ | - | ||||||
Prepaid expenses | 4,123 | - | 4,365 | - | ||||||||||
Customer contracts and relationships | 16,986 | 10,049 | 16,986 | 9,342 | ||||||||||
Other | 963 | 107 | 1,183 | 234 | ||||||||||
$ | 23,091 | $ | 10,156 | $ | 23,702 | $ | 9,576 | |||||||
ACCOUNTS_PAYABLE_NET_AND_ACCRU1
ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Tables) | 6 Months Ended | |||||||
Oct. 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): | ||||||||
October 31, | April 30, | |||||||
2014 | 2014 | |||||||
Media Services operations: | ||||||||
Subscription Fulfillment Services | $ | 9,890 | $ | 10,692 | ||||
Newsstand Distribution Services, net of estimated returns | 21,004 | 60,696 | ||||||
Product Packaging and Fulfillment Services and Staffing | 966 | 1,502 | ||||||
31,860 | 72,890 | |||||||
Real estate operations and corporate | 1,637 | 1,746 | ||||||
$ | 33,497 | $ | 74,636 | |||||
NOTES_PAYABLE_Tables
NOTES PAYABLE (Tables) | 6 Months Ended | |||||||
Oct. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt [Table Text Block] | ' | |||||||
Notes payable consist of the following (in thousands): | ||||||||
October 31, | April 30, | |||||||
2014 | 2014 | |||||||
Credit facilities: | ||||||||
Media Services operations | $ | 2,582 | $ | 1,059 | ||||
Real estate operations | 14,418 | 15,141 | ||||||
Other notes payable | 4,345 | 4,404 | ||||||
$ | 21,345 | $ | 20,604 | |||||
INFORMATION_ABOUT_THE_COMPANYS1
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables) | 6 Months Ended | |||||||||||||||||||
Oct. 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 six month periods ended October 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 October 31, 2014 (a): | ||||||||||||||||||||
Revenues | $ | 11,831 | $ | 1,309 | $ | 3,644 | $ | 2,625 | $ | -71 | $ | 19,338 | ||||||||
Net income (loss) | -40 | 361 | -24 | -543 | 500 | 254 | ||||||||||||||
Provision (benefit) for income taxes | 134 | 133 | -23 | -411 | 265 | 98 | ||||||||||||||
Interest expense (income), net | 177 | 62 | 5 | 693 | -501 | 436 | ||||||||||||||
Depreciation and amortization | 758 | 41 | 54 | 22 | 37 | 912 | ||||||||||||||
EBITDA (b) | $ | 1,029 | $ | 597 | $ | 12 | $ | -239 | $ | 301 | $ | 1,700 | ||||||||
Capital expenditures | $ | 178 | $ | - | $ | - | $ | - | $ | - | $ | 178 | ||||||||
Three months ended October 31, 2013 (a): | ||||||||||||||||||||
Revenues | $ | 15,013 | $ | 1,871 | $ | 4,671 | $ | 1,279 | $ | -71 | $ | 22,763 | ||||||||
Net income (loss) | 483 | -142 | 254 | -982 | 439 | 52 | ||||||||||||||
Provision (benefit) for income taxes | 92 | 23 | 153 | -402 | 219 | 85 | ||||||||||||||
Interest expense (income), net | 184 | 25 | 4 | 682 | -433 | 462 | ||||||||||||||
Depreciation and amortization | 752 | 51 | 56 | 19 | 37 | 915 | ||||||||||||||
EBITDA (b) | $ | 1,511 | $ | -43 | $ | 467 | $ | -683 | $ | 262 | $ | 1,514 | ||||||||
Capital expenditures | $ | 117 | $ | 5 | $ | 28 | $ | - | $ | - | $ | 150 | ||||||||
Six months ended October 31, 2014 (a): | ||||||||||||||||||||
Revenues | $ | 23,776 | $ | 2,656 | $ | 7,868 | $ | 3,109 | $ | -143 | $ | 37,266 | ||||||||
Net income (loss) | -390 | 7,098 | 148 | -1,297 | 959 | 6,518 | ||||||||||||||
Provision (benefit) for income taxes | -53 | 4,087 | 78 | -865 | 510 | 3,757 | ||||||||||||||
Interest expense (income), net | 352 | 88 | 6 | 1,388 | -979 | 855 | ||||||||||||||
Depreciation and amortization | 1,525 | 92 | 109 | 45 | 73 | 1,844 | ||||||||||||||
Gain on settlement | - | -11,155 | - | - | - | -11,155 | ||||||||||||||
Impairment of assets | 925 | - | - | - | - | 925 | ||||||||||||||
EBITDA (b) | $ | 2,359 | $ | 210 | $ | 341 | $ | -729 | $ | 563 | $ | 2,744 | ||||||||
Total assets | $ | 47,038 | $ | 7,792 | $ | 6,531 | $ | 86,224 | $ | 9,065 | $ | 156,650 | ||||||||
Total liabilities | $ | 32,867 | $ | 25,264 | $ | 2,739 | $ | 43,488 | $ | -37,884 | $ | 66,474 | ||||||||
Capital expenditures | $ | 555 | $ | 6 | $ | 25 | $ | - | $ | - | $ | 586 | ||||||||
Six months ended October 31, 2013 (a): | ||||||||||||||||||||
Revenues | $ | 29,006 | $ | 3,856 | $ | 8,971 | $ | 1,580 | $ | -141 | $ | 43,272 | ||||||||
Net income (loss) | 137 | -206 | 447 | -1,893 | 879 | -635 | ||||||||||||||
Provision (benefit) for income taxes | -111 | 6 | 268 | -937 | 457 | -317 | ||||||||||||||
Interest expense (income), net | 371 | 51 | 2 | 1,360 | -857 | 927 | ||||||||||||||
Depreciation and amortization | 1,510 | 102 | 113 | 40 | 73 | 1,837 | ||||||||||||||
EBITDA (b) | $ | 1,907 | $ | -47 | $ | 830 | $ | -1,430 | $ | 552 | $ | 1,812 | ||||||||
Total assets | $ | 52,247 | $ | 30,312 | $ | 5,549 | $ | 87,700 | $ | 24,847 | $ | 200,655 | ||||||||
Total liabilities | $ | 37,156 | $ | 76,803 | $ | 1,397 | $ | 42,287 | $ | -36,038 | $ | 121,605 | ||||||||
Capital expenditures | $ | 152 | $ | 18 | $ | 34 | $ | - | $ | - | $ | 204 | ||||||||
(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 $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Media Services operations: | ' | ' |
Accounts Receivable, Net | $14,026 | $43,497 |
Media Services Operations, Subscription Fulfillment Services [Member] | ' | ' |
Media Services operations: | ' | ' |
Accounts Receivable, Gross | 8,379 | 11,406 |
Media Services Operations, Newsstand Distribution Services [Member] | ' | ' |
Media Services operations: | ' | ' |
Accounts Receivable, Gross | 3,854 | 31,226 |
Media Services Operations, Product Packaging And Fulfillment Services And Staffing [Member] | ' | ' |
Media Services operations: | ' | ' |
Accounts Receivable, Gross | 3,027 | 3,978 |
Media Services Operations, Excluding Real Estate Operations and Corporate [Member] | ' | ' |
Media Services operations: | ' | ' |
Accounts Receivable, Gross | 15,260 | 46,610 |
Accounts Receivable, Net | 14,025 | 43,497 |
Media Services Operations [Member] | ' | ' |
Media Services operations: | ' | ' |
Less allowance for doubtful accounts | -1,235 | -3,113 |
Real Estate Operations and Corporate [Member] | ' | ' |
Media Services operations: | ' | ' |
Accounts Receivable, Net | $1 | $0 |
RECEIVABLES_Details_Textual
RECEIVABLES (Details Textual) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2014 |
Kable Distribution [Member] | |||
Subsequent Event [Member] | |||
Receivables [Line Items] | ' | ' | ' |
Estimated Magazine Sales Returns | $45,231,000 | $70,437,000 | ' |
Allowance for Doubtful Accounts Receivable, Current | ' | ' | 1,300,000 |
Allowance for Doubtful Accounts Receivable, Recoveries | ' | ' | $900,000 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $51,570 | $51,887 |
Less accumulated depreciation | -29,128 | -28,068 |
Property, plant and equipment, net | 22,442 | 23,819 |
Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 27,436 | 27,935 |
Furniture and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $24,134 | $23,952 |
PROPERTY_PLANT_AND_EQUIPMENT_D1
PROPERTY, PLANT AND EQUIPMENT (Details Textual) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2014 | ||
Subscription Fulfillment Services [Member] | Subscription Fulfillment Services [Member] | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ||
Impairment of assets | $925 | [1] | $0 | $925 | $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 $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Cost | $23,091 | $23,702 |
Finite-Lived Intangible Assets, Accumulated Amortization | 10,156 | 9,576 |
Deferred Order Entry Costs [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Cost | 1,019 | 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 | 4,123 | 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 | 10,049 | 9,342 |
Other [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Cost | 963 | 1,183 |
Finite-Lived Intangible Assets, Accumulated Amortization | $107 | $234 |
ACCOUNTS_PAYABLE_NET_AND_ACCRU2
ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ' | ' |
Accounts payable, net and accrued expenses | $33,497 | $74,636 |
Media Services Operations, Subscription Fulfillment Services [Member] | ' | ' |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ' | ' |
Accounts payable, net and accrued expenses | 9,890 | 10,692 |
Media Services Operations, Newsstand Distribution Services [Member] | ' | ' |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ' | ' |
Accounts payable, net and accrued expenses | 21,004 | 60,696 |
Media Services Operations, Product Packaging and Fulfillment Services and Other [Member] | ' | ' |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ' | ' |
Accounts payable, net and accrued expenses | 966 | 1,502 |
Media Services Operations, Excluding Real Estate Operations and Corporate [Member] | ' | ' |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ' | ' |
Accounts payable, net and accrued expenses | 31,860 | 72,890 |
Real Estate Operations and Corporate [Member] | ' | ' |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ' | ' |
Accounts payable, net and accrued expenses | $1,637 | $1,746 |
ACCOUNTS_PAYABLE_NET_AND_ACCRU3
ACCOUNTS PAYABLE, NET AND ACCRUED EXPENSES (Details Textual) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ' | ' |
Accounts Payable, Other | $17,884,000 | $53,506,000 |
Accrued Liabilities | 3,557,000 | 6,840,000 |
Customer Postage Deposits Current And Noncurrent | 5,821,000 | 5,708,000 |
Accounts Payable, Trade | 1,394,000 | 3,242,000 |
Other Accounts Payable and Accrued Liabilities | 4,841,000 | 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 | 42,202,000 | 67,088,000 |
Kable Distribution Services Inc [Member] | ' | ' |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ' | ' |
Negative Working Capital | 12,672,000 | ' |
Other Borrowings | $2,238,000 | ' |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Credit facilities: | ' | ' |
Notes Payable | $21,345 | $20,604 |
Other notes payable [Member] | ' | ' |
Credit facilities: | ' | ' |
Notes Payable | 4,345 | 4,404 |
Media Services [Member] | ' | ' |
Credit facilities: | ' | ' |
Notes Payable | 2,582 | 1,059 |
Real estate operations [Member] | ' | ' |
Credit facilities: | ' | ' |
Notes Payable | $14,418 | $15,141 |
NOTES_PAYABLE_Details_Textual
NOTES PAYABLE (Details Textual) (USD $) | 6 Months Ended |
Oct. 31, 2014 | |
Debt Instrument [Line Items] | ' |
Mortgage Notes Payable | $4,148,000 |
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 | 222,000 |
Media Services Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Line of Credit Facility, Current Borrowing Capacity | 7,842,000 |
Long-term Line of Credit | 2,582,000 |
Debt Instrument, Interest Rate During Period | 3.16% |
Maximum Amount Borrowed | 6,569,000 |
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 | 14,418,000 |
Debt Instrument, Maturity Date | 1-Dec-17 |
Book Value Of Real Estate Property Collateralized | $66,954,000 |
Line Of Credit Facility Participation Percentage Purchased | 20.00% |
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 an oil and gas lease. |
DEFERRED_REVENUE_Details_Textu
DEFERRED REVENUE (Details Textual) (USD $) | 3 Months Ended |
Oct. 31, 2014 | |
acre | |
Deferred Revenue Arrangement [Line Items] | ' |
Area of Land | 55,000 |
Deferred Revenue, Leases, Gross | $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 |
Operating Leases, Income Statement, Lease Revenue | 38,000 |
Deferred Revenue, Leases, Net | $872,000 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details Textual) (USD $) | Oct. 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 | $18,763,000 | $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 | $17,226,000 | $17,739,000 |
BENEFIT_PLANS_Details_Textual
BENEFIT PLANS (Details Textual) (USD $) | 6 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Dec. 31, 2006 | Oct. 31, 2014 | Oct. 31, 2014 | |
Equity Plan [Member] | Equity Plan [Member] | Subsequent Event [Member] | PBGC [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 | ' | ' |
Share-based Compensation, Total | 66,000 | 0 | 30,000 | ' | 66,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | ' | ' | $137,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | 6,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | 30,000 | ' | ' | ' |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) (USD $) | 6 Months Ended | 3 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | |
Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | ||
Kable Distribution and Palm Coast [Member] | Kable Distribution and Palm Coast [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 825,000 | 825,000 | ' |
Stock Issued During Period, Value, New Issues | $4,274,000 | ' | $83,000 | $4,191,000 |
GAIN_FROM_SETTLEMENT_Details_T
GAIN FROM SETTLEMENT (Details Textual) (USD $) | 6 Months Ended | ||
Oct. 31, 2014 | Oct. 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 | ' | |
[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 $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2014 | ||
Subscription Fulfillment Services [Member] | Subscription Fulfillment Services [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||
Asset Impairment Charges, Total | $925 | [1] | $0 | $925 | $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. |
INFORMATION_ABOUT_THE_COMPANYS2
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Oct. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | ||||||||||||||||||||||||
Subscription Fulfillment Services [Member] | Subscription Fulfillment Services [Member] | Subscription Fulfillment Services [Member] | Subscription Fulfillment Services [Member] | Subscription Fulfillment Services [Member] | Newsstand Distribution Services [Member] | Newsstand Distribution Services [Member] | Newsstand Distribution Services [Member] | Newsstand Distribution Services [Member] | Product Services and Staffing [Member] | Product Services and Staffing [Member] | Product Services and Staffing [Member] | Product Services and Staffing [Member] | Real Estate Operations [Member] | Real Estate Operations [Member] | Real Estate Operations [Member] | Real Estate Operations [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | Corporate and Other [Member] | ||||||||||||||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Revenues | $19,338 | [1] | $22,763 | [1] | $37,266 | [1] | $43,272 | [1] | ' | $11,831 | [1] | ' | $15,013 | [1] | $23,776 | [1] | $29,006 | [1] | $1,309 | [1] | $1,871 | [1] | $2,656 | [1] | $3,856 | [1] | $3,644 | [1] | $4,671 | [1] | $7,868 | [1] | $8,971 | [1] | $2,625 | [1] | $1,279 | [1] | $3,109 | [1] | $1,580 | [1] | ($71) | [1] | ($71) | [1] | ($143) | [1] | ($141) | [1] |
Net income (loss) | 254 | [1] | 52 | [1] | 6,518 | [1] | -635 | [1] | ' | -40 | [1] | ' | 483 | [1] | -390 | [1] | 137 | [1] | 361 | [1] | -142 | [1] | 7,098 | [1] | -206 | [1] | -24 | [1] | 254 | [1] | 148 | [1] | 447 | [1] | -543 | [1] | -982 | [1] | -1,297 | [1] | -1,893 | [1] | 500 | [1] | 439 | [1] | 959 | [1] | 879 | [1] |
Provision (benefit) for income taxes | 98 | [1] | 85 | [1] | 3,757 | [1] | -317 | [1] | ' | 134 | [1] | ' | 92 | [1] | -53 | [1] | -111 | [1] | 133 | [1] | 23 | [1] | 4,087 | [1] | 6 | [1] | -23 | [1] | 153 | [1] | 78 | [1] | 268 | [1] | -411 | [1] | -402 | [1] | -865 | [1] | -937 | [1] | 265 | [1] | 219 | [1] | 510 | [1] | 457 | [1] |
Interest expense (income), net | 436 | [1] | 462 | [1] | 855 | [1] | 927 | [1] | ' | 177 | [1] | ' | 184 | [1] | 352 | [1] | 371 | [1] | 62 | [1] | 25 | [1] | 88 | [1] | 51 | [1] | 5 | [1] | 4 | [1] | 6 | [1] | 2 | [1] | 693 | [1] | 682 | [1] | 1,388 | [1] | 1,360 | [1] | -501 | [1] | -433 | [1] | -979 | [1] | -857 | [1] |
Depreciation and amortization | 912 | [1] | 915 | [1] | 1,844 | [1] | 1,837 | [1] | ' | 758 | [1] | ' | 752 | [1] | 1,525 | [1] | 1,510 | [1] | 41 | [1] | 51 | [1] | 92 | [1] | 102 | [1] | 54 | [1] | 56 | [1] | 109 | [1] | 113 | [1] | 22 | [1] | 19 | [1] | 45 | [1] | 40 | [1] | 37 | [1] | 37 | [1] | 73 | [1] | 73 | [1] |
Gain on settlement | ' | ' | -11,155 | [1] | 0 | ' | ' | ' | ' | 0 | [1] | ' | ' | ' | -11,155 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ||||||||||||||||||
Impairment of assets | ' | ' | 925 | [1] | 0 | ' | ' | 925 | ' | 925 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ||||||||||||||||||
EBITDA | 1,700 | [1],[2] | 1,514 | [1],[2] | 2,744 | [1],[2] | 1,812 | [1],[2] | ' | 1,029 | [1],[2] | ' | 1,511 | [1],[2] | 2,359 | [1],[2] | 1,907 | [1],[2] | 597 | [1],[2] | -43 | [1],[2] | 210 | [1],[2] | -47 | [1],[2] | 12 | [1],[2] | 467 | [1],[2] | 341 | [1],[2] | 830 | [1],[2] | -239 | [1],[2] | -683 | [1],[2] | -729 | [1],[2] | -1,430 | [1],[2] | 301 | [1],[2] | 262 | [1],[2] | 563 | [1],[2] | 552 | [1],[2] |
Total assets | 156,650 | [1] | 200,655 | [1] | 156,650 | [1] | 200,655 | [1] | 184,948 | 47,038 | [1] | ' | 52,247 | [1] | 47,038 | [1] | 52,247 | [1] | 7,792 | [1] | 30,312 | [1] | 7,792 | [1] | 30,312 | [1] | 6,531 | [1] | 5,549 | [1] | 6,531 | [1] | 5,549 | [1] | 86,224 | [1] | 87,700 | [1] | 86,224 | [1] | 87,700 | [1] | 9,065 | [1] | 24,847 | [1] | 9,065 | [1] | 24,847 | [1] |
Total liabilities | 66,474 | [1] | 121,605 | [1] | 66,474 | [1] | 121,605 | [1] | 105,647 | 32,867 | [1] | ' | 37,156 | [1] | 32,867 | [1] | 37,156 | [1] | 25,264 | [1] | 76,803 | [1] | 25,264 | [1] | 76,803 | [1] | 2,739 | [1] | 1,397 | [1] | 2,739 | [1] | 1,397 | [1] | 43,488 | [1] | 42,287 | [1] | 43,488 | [1] | 42,287 | [1] | -37,884 | [1] | -36,038 | [1] | -37,884 | [1] | -36,038 | [1] |
Capital expenditures | $178 | [1] | $150 | [1] | $586 | [1] | $204 | [1] | ' | $178 | [1] | ' | $117 | [1] | $555 | [1] | $152 | [1] | $0 | [1] | $5 | [1] | $6 | [1] | $18 | [1] | $0 | [1] | $28 | [1] | $25 | [1] | $34 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $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. |