Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Jul. 24, 2015 | Oct. 31, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | AMREP CORP. | ||
Entity Central Index Key | 6,207 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 19,730,262 | ||
Trading Symbol | AXR | ||
Entity Common Stock, Shares Outstanding | 8,059,454 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
ASSETS | ||
CASH AND CASH EQUIVALENTS | $ 12,050 | $ 7,571 |
RECEIVABLES, net: | 11,265 | 10,956 |
REAL ESTATE INVENTORY | 66,321 | 71,289 |
INVESTMENT ASSETS, net | 15,364 | 16,010 |
PROPERTY, PLANT AND EQUIPMENT, net | 15,763 | 17,222 |
INTANGIBLE AND OTHER ASSETS, net | 10,440 | 12,643 |
TAXES RECEIVABLE | 0 | 9 |
DEFERRED INCOME TAXES, net | 5,837 | 8,068 |
ASSETS OF DISCONTINUED OPERATIONS | 1,689 | 42,337 |
TOTAL ASSETS | 138,729 | 186,105 |
LIABILITIES: | ||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 10,284 | 12,439 |
NOTES PAYABLE: | ||
Amounts due within one year | 128 | 218 |
Amounts due beyond one year | 3,959 | 4,186 |
Amounts due to related party | 14,003 | 15,141 |
Notes payable | 18,090 | 19,545 |
TAXES PAYABLE | 653 | 0 |
OTHER LIABILITIES AND DEFERRED REVENUE | 4,827 | 4,216 |
ACCRUED PENSION COST | 11,259 | 7,349 |
LIABILITIES OF DISCONTINUED OPERATIONS | 295 | 63,255 |
TOTAL LIABILITIES | 45,408 | 106,804 |
SHAREHOLDERS' EQUITY: | ||
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,281,704 at April 30, 2015 and 7,444,704 at April 30, 2014 | 828 | 744 |
Capital contributed in excess of par value | 50,538 | 46,264 |
Retained earnings | 57,003 | 45,683 |
Accumulated other comprehensive loss, net | (10,833) | (9,175) |
Treasury stock, at cost - 225,250 shares at April 30, 2015 and 2014 | (4,215) | (4,215) |
TOTAL SHAREHOLDERS’ EQUITY | 93,321 | 79,301 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 138,729 | $ 186,105 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Apr. 30, 2015 | 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 OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - Scenario, Unspecified [Domain] - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | ||
REVENUES: | |||
Fulfillment services | $ 43,684 | $ 58,479 | |
Real estate land sales | 5,883 | 3,634 | |
Other | 223 | 84 | |
Revenues | [1] | 49,790 | 62,197 |
COSTS AND EXPENSES: | |||
Real estate land sales | 4,329 | 2,784 | |
Operating expenses: | |||
Fulfillment services | 37,265 | 47,233 | |
Real estate selling expenses | 252 | 238 | |
Other | 1,389 | 2,162 | |
General and administrative: | |||
Fulfillment services | 4,359 | 5,039 | |
Real estate operations and corporate | 3,717 | 3,548 | |
Impairment of assets | 2,580 | 686 | |
Interest expense | 1,615 | 1,721 | |
Costs and Expenses, Total | 55,506 | 63,411 | |
Loss from continuing operations before income taxes | (5,716) | (1,214) | |
Benefit for income taxes | (2,132) | (567) | |
Loss from continuing operations | (3,584) | (647) | |
Discontinued operations (Note 2) | |||
Income (loss) from discontinued operations before income taxes | 11,408 | (2,627) | |
Gain on disposal of discontinued operations | 10,729 | 0 | |
Provision (benefit) for income taxes | 7,233 | (335) | |
Income (loss) from discontinued operations | 14,904 | (2,292) | |
Net income (loss) | $ 11,320 | $ (2,939) | |
Loss per share - continuing operations - basic and diluted | $ (0.45) | $ (0.09) | |
Earnings (loss) per share - discontinued operations - basic and diluted | 1.88 | (0.33) | |
Earnings (loss) per share, net - basic and diluted | $ 1.43 | $ (0.42) | |
Weighted average number of common shares outstanding | 7,919 | 6,988 | |
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Net income (loss) | $ 11,320 | $ (2,939) |
Other comprehensive income (loss), net of tax: | ||
Change in pension liability, net of tax ($1,016 in 2015 and $1,464 in 2014) | (1,658) | 2,389 |
Other comprehensive income (loss) | (1,658) | 2,389 |
Total comprehensive income (loss) | $ 9,662 | $ (550) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent, Total | $ 1,016 | $ 1,464 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital Contributions [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at Apr. 30, 2013 | $ 72,541 | $ 742 | $ 46,100 | $ 63,920 | $ (11,564) | $ (26,657) |
Balance (in shares) at Apr. 30, 2013 | 7,421 | |||||
Issuance of common stock from treasury shares | 7,144 | $ 0 | 0 | (15,298) | 0 | 22,442 |
Issuance of restricted common stock | 166 | $ 2 | 164 | 0 | 0 | 0 |
Issuance of restricted common stock (in shares) | 24 | |||||
Net income (loss) | (2,939) | $ 0 | 0 | (2,939) | 0 | 0 |
Other comprehensive income (loss) | 2,389 | 0 | 0 | 0 | 2,389 | 0 |
Balance at Apr. 30, 2014 | 79,301 | $ 744 | 46,264 | 45,683 | (9,175) | (4,215) |
Balance(in shares) at Apr. 30, 2014 | 7,445 | |||||
Issuance of common stock related to settlement | 4,274 | $ 83 | 4,191 | 0 | 0 | 0 |
Issuance of common stock related to settlement (in shares) | 825 | |||||
Issuance of restricted common stock | 84 | $ 1 | 83 | 0 | 0 | 0 |
Issuance of restricted common stock (in shares) | 12 | |||||
Net income (loss) | 11,320 | $ 0 | 0 | 11,320 | 0 | 0 |
Other comprehensive income (loss) | (1,658) | 0 | 0 | 0 | (1,658) | 0 |
Balance at Apr. 30, 2015 | $ 93,321 | $ 828 | $ 50,538 | $ 57,003 | $ (10,833) | $ (4,215) |
Balance(in shares) at Apr. 30, 2015 | 8,282 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss from continuing operations | $ (3,584) | $ (647) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Impairment of assets | 2,580 | 686 |
Depreciation and amortization | 3,264 | 3,190 |
Non-cash credits and charges: | ||
Provision for doubtful accounts | 42 | 416 |
Stock-based compensation | 122 | 47 |
Loss on disposal of assets | 0 | 58 |
Changes in assets and liabilities: | ||
Receivables | (351) | 1,363 |
Real estate inventory and investment assets | 3,660 | 2,574 |
Intangible and other assets | 628 | 926 |
Accounts payable and accrued expenses | (2,155) | 173 |
Taxes receivable and payable | 662 | (10) |
Deferred income taxes and other long-term liabilities | 3,858 | (678) |
Accrued pension costs | 1,236 | (2,603) |
Total adjustments | 13,546 | 6,142 |
Net cash provided by operating activities | 9,962 | 5,495 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures - property, plant and equipment | (1,127) | (1,259) |
Net cash used in investing activities | (1,127) | (1,259) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock, net | 0 | 7,144 |
Principal debt payments | (1,455) | (814) |
Net advances to discontinued operations | (2,901) | (5,562) |
Net cash provided by (used in) financing activities | (4,356) | 768 |
Increase in cash and cash equivalents | 4,479 | 5,004 |
Cash and cash equivalents, beginning of year | 7,571 | 2,567 |
Cash and cash equivalents, end of year | 12,050 | 7,571 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 1,611 | 1,790 |
Income taxes paid (refunded), net | 194 | (37) |
Non-cash transactions: | ||
Issuance of common stock in settlement | $ 4,274 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: Organization and principles of consolidation The consolidated financial statements include the accounts of AMREP Corporation, an Oklahoma corporation, and its subsidiaries (individually and collectively, as the context requires, the “Company”). The Company, through its subsidiaries, is primarily engaged in two business segments: the Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”) and its subsidiary, FulCircle Media, LLC (“FulCircle”) and the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries. The Company’s foreign sales are insignificant. All significant intercompany accounts and transactions have been eliminated in consolidation. Refer to Note 2 for subsidiaries of the Company that have been disposed of during 2015 and are classified as discontinued operations. The consolidated balance sheets are presented in an unclassified format since the Company has substantial operations in the real estate industry and its operating cycle is greater than one year. Certain 2014 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on the net income or loss or shareholders’ equity. Fiscal year The Company’s fiscal year ends on April 30. All references to 2015 and 2014 mean the fiscal years ended April 30, 2015 and 2014, unless the context otherwise indicates. Revenue recognition Fulfillment Services Real Estate Cost of land sales includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition costs and capitalized real estate taxes and interest, and an allocation of certain common development costs (such as roads, sewers and amenities) associated with the entire project. Common development costs include the installation of utilities and roads, and may be based upon estimates of cost to complete. The allocation of costs is based on the relative sales value of the property before development. Estimates and cost allocations are reviewed on a regular basis until a project is substantially completed, and are revised and reallocated as necessary on the basis of current estimates. Cash and cash equivalents Cash equivalents consist of highly liquid investments that have an original maturity of ninety days or less and are readily convertible into cash. Receivables Receivables are carried at original invoice or closing statement amounts less estimates made for doubtful accounts. Management determines the allowances for doubtful accounts by reviewing and identifying troubled accounts and by using historical experience applied to an aging of accounts. A receivable is considered to be past due if any portion of the receivable balance is outstanding for more than ninety days. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. Real estate inventory The Company accounts for its real estate inventories in accordance with ASC 360-10. The cost basis of the land and improvements includes all direct acquisition costs including development costs, certain amenities, capitalized interest, capitalized real estate taxes and other costs. Interest and real estate taxes are not capitalized unless active development is underway. Land and improvements on land held for future development or sale are stated at accumulated cost and tested for recoverability as described below under “Impairment of long-lived assets”. Take-back lots (as discussed above under “Revenue recognition”) are initially recorded at fair market value less estimated costs to sell, establishing a new cost basis and are subsequently measured at the lower of cost or fair market value less estimated costs to sell. Real estate inventory is to be evaluated and reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Provisions for impairment are recorded when undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of the assets. The amount of impairment would be equal to the difference between the carrying value of an asset and its fair value. For real estate projects under development, an estimate of future cash flows on an undiscounted basis is determined using estimated future expenditures necessary to complete such projects and using management’s best estimates about sales prices and holding periods. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. If the excess of undiscounted cash flows over the carrying value of a project is small, there is a greater risk of future impairment and any resulting impairment charges could be material. Due to the subjective nature of the estimates and assumptions used in determining future cash flows, actual results could differ materially from current estimates and the Company may be required to recognize additional impairment charges in the future. Investment assets Investment assets primarily consist of investment land, which represents vacant, undeveloped land not held for development or sale in the normal course of business, and is stated at the lower of cost or fair market value less estimated costs to sell. Property, plant and equipment Items capitalized as part of property, plant and equipment are recorded at cost. Expenditures for maintenance and repair and minor renewals are charged to expense as incurred, while those expenditures that improve or extend the useful life of existing assets are capitalized. Upon the sale or other disposition of assets, their cost and the related accumulated depreciation or amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in operations. Depreciation and amortization of property, plant and equipment are provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 years or less for furniture and fixtures (including equipment) and 25 to 40 years for buildings and improvements. Impairment of long-lived assets The Company accounts for it long-lived assets, including certain real estate, property, plant and equipment, and intangible and other assets, in accordance with ASC 360-10. Asset impairment determinations are based upon the intended use of assets, expected future cash flows and estimates of fair value of assets. Testing of operating asset groups includes an estimate of future cash flows on an undiscounted basis using estimated revenue streams, operating margins and administrative expenses. Similar to real estate inventory, the estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. Income taxes Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured by using currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. Earnings (loss) per share Basic earnings (loss) per share is based on the weighted average number of common shares outstanding during each year. The restricted shares of common stock (see Note 13) are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. The restricted shares of common stock are included in diluted earnings per share if they are dilutive. Pension plan The Company recognizes the over-funded or under-funded status of its defined benefit pension plan as an asset or liability as of the date of its year-end statement of financial position and changes in that funded status in the year in which the changes occur through comprehensive income (loss). Comprehensive income (loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events from non-owner sources. Total comprehensive income (loss) is the total of net income (loss) and other comprehensive income (loss) that, for the Company, consists solely of the minimum pension liability net of the related deferred income tax effect. Management’s estimates and assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates that affect the financial statements include, but are not limited to, (i) allowances for doubtful accounts; (ii) real estate cost of sales calculations, which are based on land development budgets and estimates of costs to complete; (iii) cash flow, asset groupings and valuation assumptions in performing asset impairment tests of long-lived assets (including real estate inventories) and assets held for sale; (iv) actuarially determined benefit obligation and other pension plan accounting and disclosures; (v) risk assessment of uncertain tax positions; and vi) the determination of the recoverability of net deferred tax assets. The Company bases its significant estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from these estimates. Recent accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Apr. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | (2) DISCONTINUED OPERATIONS: Newsstand Distribution Services Business and Product Packaging and Fulfillment Services Business Prior to February 9, 2015, the Company was also engaged in the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business, operated by Kable Media Services, Inc., Kable Distribution Services, Inc. (“Kable Distribution”), Kable News Company, Inc., Kable News International, Inc., Kable Distribution Services of Canada, Ltd. and Kable Product Services, Inc. (collectively, the “Company Group”). The Newsstand Distribution Services business operated a national distribution business that distributed publications and the Product Packaging and Fulfillment Services business offered electronic and traditional commerce solutions to customers. On February 9, 2015, American Investment Republic Co. (“ARIC”), a subsidiary of the Company, entered into a stock purchase agreement (the “Stock Purchase Agreement”) with DFI Holdings, LLC (“Distribution Buyer”) and KPS Holdco, LLC (“Products Buyer”, and together with Distribution Buyer, the “MD Buyers”), where each MD Buyer was controlled by Michael P. Duloc. The closing of the transactions contemplated by the Stock Purchase Agreement occurred on February 9, 2015. Pursuant to Accounting Standards Update 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, the companies sold are reported as discontinued operations in the accompanying financial statements. Prior to February 9, 2015, Mr. Duloc was the chief executive officer and president of the Company Group and certain other subsidiaries of the Company and was a principal executive officer of the Company. In connection with the closing of the transactions contemplated by the Stock Purchase Agreement, effective on February 9, 2015, Mr. Duloc was removed as an officer of each direct and indirect subsidiary of the Company and ceased to be a principal executive officer of the Company. Mr. Duloc is the son-in-law of Nicholas G. Karabots, a significant shareholder of the Company. Mr. Duloc’s spouse, who is Mr. Karabots’ daughter, is an officer of one of Mr. Karabots’ companies to which the Company Group and the Company’s Fulfillment Services business provide services. Pursuant to the Stock Purchase Agreement, Products Buyer acquired, through the purchase of all of the capital stock of Kable Product Services, Inc., the Company’s Product Packaging and Fulfillment Services business. Immediately following such acquisition, pursuant to the Stock Purchase Agreement, Distribution Buyer acquired, through the purchase of all of the capital stock of Kable Media Services, Inc. (“KMS”), the Company’s Newsstand Distribution Services business operated by KMS’s direct and indirect subsidiaries, namely Kable Distribution, Kable News Company, Inc., Kable News International, Inc. and Kable Distribution Services of Canada, Ltd. Consideration for MD Buyers acquiring the Company Group included MD Buyers paying ARIC $2,000,000, which consisted of $400,000 of cash paid by MD Buyers on February 9, 2015 and $1,600,000 paid by execution by MD Buyers of a secured promissory note, dated as of February 9, 2015 (the “Buyer Promissory Note”). As a result of the transaction, other than (i) the elimination of substantially all of the intercompany amounts of the Company Group due to or from the Company and its direct and indirect subsidiaries (not including the Company Group) through offset and capital contribution and (ii) certain other limited items identified in the Stock Purchase Agreement and the agreements entered into in connection with the Stock Purchase Agreement, the Company Group retained all of its pre-closing assets, liabilities, rights and obligations. At February 9, 2015, the Company Group had assets of $ 4,564,000 15,732,000 11,605,000 10,479,000 The following agreements, each dated as of February 9, 2015, were entered into in connection with the Stock Purchase Agreement: · Buyer Promissory Note · Releases · Line of Credit 2,000,000 1,500,000 1,000,000 The principal amount permitted to be borrowed under the Line of Credit is subject to the following borrowing base: (a) from February 9, 2015 until May 11, 2015, (i) 50% of eligible accounts receivable of the Company Group and (ii) 45% of eligible unbilled receivables of Kable Distribution and from May 12, 2015 until February 9, 2017, (i) 50% of eligible accounts receivable of the Company Group and (ii) 30% of eligible unbilled receivables of Kable Distribution. Amounts outstanding under the Line of Credit accrue interest at a rate per annum as determined on the first business day of each month equal to three percent plus the “prime rate,” as published in The Wall Street Journal. Amounts available but not advanced under the Line of Credit accrue “unused” fees at a rate of 1.0 · Guaranty of Company Group · Security Agreement The Company and its remaining direct and indirect subsidiaries retained their obligations under the Company’s defined benefit pension plan, without any funding acceleration or other changes in any of the obligations thereunder as a result of the sale of the Company Group. In addition, a subsidiary of the Company retained its ownership of a warehouse used by Kable Product Services, Inc. in its operations, which remains subject to a market rate lease with Kable Product Services, Inc. with a term that expires in November 2018 and remains subject to a promissory note to a third party lender with a maturity date of February 2018 and an outstanding principal balance of $4,087,000 as of April 30, 2015. Variable Interest As a result of the sale of the Company Group and the related debt agreements securing the transaction between ARIC and MD Buyers, the Company is considered to have a variable interest in the Company Group, as determined by ASC 810. The Company, however, is not a primary beneficiary of the Company Group and, as such, the Company Group is not considered a variable interest entity that the Company would otherwise be required to consolidate the Company Group’s financial statements with the Company’s financial statements. The Company’s determination that it is not the primary beneficiary of the Company Group was based on the fact that (i) it was not involved in the formation or original investment of the companies that acquired the Company Group, (ii) it has no ownership rights in the companies that acquired the Company Group, (iii) it is not involved in the management of the Company Group and (iv) has no obligation to absorb losses or has no expectation to receive residual returns of the Company Group. In addition, the Company has not provided, and does not intend in the future to provide, financial support to the Company Group that it was not previously contractually required to provide. April 30, 2015 Buyer Promissory Note receivable $ 1,600 Line of Credit receivable $ 2,000 As noted above, at April 30, 2015 ARIC had $1,600,000 due under the Buyer Promissory Note and $ 2,000,000 1,500,000 3,100,000 Staffing Services Business Prior to April 10, 2015, the Company was also engaged in the Staffing Services business, operated by Kable Staffing Resources LLC (“KSR”). The Staffing Services business provided temporary employees to local companies in the Fairfield, Ohio area. On April 10, 2015, KSR entered into an asset purchase agreement (the “Asset Purchase Agreement”) with TSJ Staffing, LLC (“Staffing Buyer”), pursuant to which Staffing Buyer acquired, through the purchase of certain assets of KSR, the Company’s Staffing Services business. The closing of the transactions contemplated by the Asset Purchase Agreement occurred on April 10, 2015. Pursuant to the Asset Purchase Agreement, Staffing Buyer (1) acquired from KSR all of KSR’s assets, other than cash, accounts receivables and certain other assets of KSR as of April 10, 2015, and (2) assumed all of KSR’s obligations and liabilities relating to or arising out of KSR’s office lease and KSR’s post-closing obligations and liabilities with respect to the purchased assets. The Asset Purchase Agreement provided standard representations, warranties, covenants and indemnities. Staffing Buyer paid KSR $ 250,000 1,482,000 315,000 250,000 April 30, 2015 2014 Carrying amounts of major classes of assets included as part of discontinued operations: Cash and cash equivalents $ 1,241 $ 5,358 Receivables, net 431 32,541 Deferred income taxes receivable - 977 Property, plant and equipment, net - 821 Intangible and other assets, net 17 2,640 Total assets classified as discontinued operations in the accompanying balance sheets $ 1,689 $ 42,337 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable, net and accrued expenses $ 150 $ 62,196 Deferred and income taxes payable 145 - Notes payable - 1,059 Total liabilities classified as discontinued operations in the accompanying balance sheets $ 295 $ 63,255 The following table provides a reconciliation of the carrying amounts of components of pretax income or loss of the discontinued operations to the amounts reported in the accompanying statements of operations (in thousands): April 30, 2015 2014 Components of pretax income (loss) from discontinued operations: Revenues $ 17,700 $ 25,405 Operating expenses (15,810) (25,526) General and administrative expenses (1,605) (2,164) Impairment of assets - (269) Interest expense (32) (73) Gain from settlement (Note 17) 11,155 - Gain on discontinued operations 10,729 - Income (loss) from discontinued operations before income taxes 22,137 (2,627) Provision (benefit) for income taxes 7,233 (335) Net income (loss) from discontinued operations $ 14,904 $ (2,292) Operating expenses for discontinued operations in 2015 includes a reduction in the reserve for bad debts of approximately $ 1,500,000 April 30, 2015 2014 Cash flows from discontinued operating activities: Net income (loss) $ 14,904 $ (2,292) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Non-cash gain on settlement (11,155) - Non-cash gain on discontinued operations (10,479) - Depreciation and amortization 311 466 Impairment of assets - 269 Non-cash credits and charges: Allowance for doubtful accounts (1,484) 2,041 Changes in assets and liabilities: Receivables 11,810 (6) Intangible and other assets (39) (1,089) Accounts payable and accrued expenses (10,127) (10,877) Other assets and liabilities (675) (291) Total adjustments (21,838) (9,487) Net cash provided by (used in) operating activities $ (6,934) $ (11,779) Cash flows from investing activities: Capital expenditures - property, plant and equipment $ (25) $ (152) Proceeds from disposition of assets - 428 Net cash provided by (used in) investing activities $ (25) $ 276 |
RECEIVABLES_
RECEIVABLES: | 12 Months Ended |
Apr. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (3) RECEIVABLES: April 30, 2015 2014 (in thousands) Fulfillment Services $ 7,993 $ 11,406 Buyer Promissory Note (refer to Note 2) 1,600 - Line of Credit receivable (refer to Note 2) 2,000 - Real estate operations and corporate 116 - 11,709 11,406 Less allowance for doubtful accounts (444) (450) $ 11,265 $ 10,956 The Company extends credit to various companies in its businesses that may be affected by changes in economic or other external conditions. Financial instruments that may potentially subject the Company to a significant concentration of credit risk primarily consist of trade accounts receivable from publishers in the magazine industry. As industry practices allow, the Company’s policy is to manage its exposure to credit risk through credit approvals and limits and, on occasion (particularly in connection with real estate sales), the taking of collateral. The Company also provides an allowance for doubtful accounts for potential losses based upon factors surrounding the credit risk of specific customers, historical trends and other financial and non-financial information. In connection with the Stock Purchase Agreement discussed in Note 2 above, MD Buyers entered into the Buyer Promissory Note, which requires MD Buyers to pay ARIC $1,600,000. In addition, ARIC provided the Company Group with the Line of Credit in connection with the Stock Purchase Agreement. The Line of Credit permits the Company Group to borrow from ARIC up to a maximum principal amount of $ 2,000,000 1,500,000 1,000,000 2,000,000 During 2015, revenues from one major customer of the Company’s Fulfillment Services business totaled $ 5,537 11.1 835,000 |
REAL ESTATE INVENTORY_
REAL ESTATE INVENTORY: | 12 Months Ended |
Apr. 30, 2015 | |
Inventory, Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (4) REAL ESTATE INVENTORY: Real estate inventory consists of land and improvements held for sale or development. Accumulated capitalized interest costs included in real estate inventory at April 30, 2015 and 2014 totaled $ 3,957,000 3,959,000 1,746,000 1,759,000 15,000 7,000 A substantial majority of the Company’s real estate assets are located in or adjacent to Rio Rancho, New Mexico. The Company currently has approximately 234 developed lots available for sale in Rio Rancho. The development of additional lots for sale in Rio Rancho will require significant additional financing or other sources of funding, which may not be available. Development activities performed in connection with real estate sales include obtaining necessary governmental approvals, acquiring access to water supplies, installing utilities and necessary storm drains and building or improving roads. As a result of this geographic concentration, the Company has been and will be affected by changes in economic conditions in that region. |
INVESTMENT ASSETS_
INVESTMENT ASSETS: | 12 Months Ended |
Apr. 30, 2015 | |
Investment Assets [Abstract] | |
Investment Assets Disclosure [Text Block] | (5) INVESTMENT ASSETS: April 30, 2015 2014 (in thousands) Land held for long-term investment $ 9,733 $ 10,234 Warehouse facility 6,572 6,572 Less accumulated depreciation (941) (796) 5,631 5,776 $ 15,364 $ 16,010 Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of April 30, 2015, the Company held approximately 12,000 The warehouse facility is leased to a third party at a market rate with a lease term that expires in November 2018. Depreciation associated with the warehouse facility of $ 145,000 |
PROPERTY, PLANT AND EQUIPMENT_
PROPERTY, PLANT AND EQUIPMENT: | 12 Months Ended |
Apr. 30, 2015 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment [Text Block] | (6) PROPERTY, PLANT AND EQUIPMENT: April 30, 2015 2014 (in thousands) Land, buildings and improvements $ 20,000 $ 20,191 Furniture and equipment 19,098 19,368 39,098 39,559 Less accumulated depreciation (23,335) (22,337) $ 15,763 $ 17,222 Depreciation of property, plant and equipment charged to operations was $ 1,811,000 1,871,000 |
INTANGIBLE AND OTHER ASSETS_
INTANGIBLE AND OTHER ASSETS: | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible and Other Assets [Text Block] | (7) INTANGIBLE AND OTHER ASSETS: April 30, 2015 April 30, 2014 (in thousands) Cost Accumulated Cost Accumulated Customer contracts and relationships $ 16,986 $ 10,757 $ 16,986 $ 9,342 Prepaid expenses 2,520 - 3,019 - Deferred order entry costs 961 - 1,168 - Other 730 - 824 12 $ 21,197 $ 10,757 $ 21,997 $ 9,354 Customer contracts and relationships are amortized on a straight line basis over twelve years. 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. Amortization related to intangible and other assets was $ 1,453,000 1,319,000 1,416,000 1,414,000 1,413,000 1,051,000 164,000 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: | 12 Months Ended |
Apr. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (8) ACCOUNTS PAYABLE AND ACCRUED EXPENSES: April 30, 2015 2014 (in thousands) Fulfillment Services $ 8,910 $ 10,692 Real estate operations and corporate 1,374 1,747 $ 10,284 $ 12,439 The April 30, 2015 accounts payable and accrued expenses total includes customer postage deposits of $ 4,832,000 1,142,000 1,641,000 2,669,000 5,669,000 1,445,000 1,622,000 3,703,000 |
NOTES PAYABLE_
NOTES PAYABLE: | 12 Months Ended |
Apr. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | (9) NOTES PAYABLE: Notes payable consist of: April 30, 2015 2014 (in thousands) Credit facilities: PNC Credit Facility $ - $ - Real estate operations 14,003 15,141 Other notes payable 4,087 4,404 $ 18,090 $ 19,545 Fiscal year maturities of principal on notes outstanding at April 30, 2015 were as follows: 2016 - $ 128,000 136,000 17,826,000 PNC Credit Facility The Company’s Fulfillment Services business has a revolving credit and security agreement with PNC Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility provides the Fulfillment Services business with a revolving credit loan and letter of credit facility of up to $ 5,000,000 15,000,000 7,500,000 7,500,000 5,000,000 2,447,000 The borrowers’ obligations under the PNC Credit Facility are secured by substantially all of their assets other than real property. The revolving loans under the PNC Credit Facility may be fluctuating rate borrowings or Eurodollar fixed rate based borrowings or a combination of the two as the borrowers may select. Fluctuating rate borrowings bear interest at a rate which is, at the borrowers’ option, either (i) the reserve adjusted daily published rate for one month LIBOR loans plus a margin of 3 3 2 5 3 2.75 The borrowers may make payments (based upon a prescribed formula) on certain indebtedness due the borrowing group’s parent company that is not a party to the PNC Credit Facility, which payments would be subject to the minimum fixed charge coverage ratio (as defined) required by the PNC Credit Facility. If there is a violation of a covenant and during the continuance of such violation, or if the borrowers do not maintain the prescribed minimum fixed charge coverage ratio, the Fulfillment Services companies are prohibited from repaying indebtedness to or otherwise distributing funds to the borrowing group’s parent company and the lender is entitled to terminate the PNC Credit Facility and seek immediate payment of any outstanding borrowing. At April 30, 2015, the borrowers were in compliance with the covenants of the PNC Credit Facility Real Estate Loan AMREP Southwest has a loan from a company owned by Nicholas G. Karabots, a significant shareholder of the Company and in which another director of the Company has a 20 14,003,000 8.5 12,000 500,000 63,786,000 25 1,258,000 1,348,000 Other Notes Payable Other notes payable consists of a promissory note with an outstanding principal balance of $ 4,087,000 6.35 128,000 |
OTHER LIABILITIES_
OTHER LIABILITIES: | 12 Months Ended |
Apr. 30, 2015 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Liabilities Disclosure [Text Block] | (10) OTHER LIABILITIES: In June 2009, Palm Coast received $ 3,000,000 3,000,000 2,527,000 |
DEFERRED REVENUE_
DEFERRED REVENUE: | 12 Months Ended |
Apr. 30, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue Disclosure [Text Block] | (11) 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 1,010,000 Lessee may extend the initial term of the Lease for an additional four years by paying ASW another payment of approximately $1,010,000. 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 2015. In addition, in September 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) 25 100,000 Revenue from this transaction is being recorded over the lease term and approximately $ 152,000 758,000 El Dorado Utilities, Inc. (“El Dorado”), a subsidiary of the Company, has a lease agreement for a warehouse facility owned by El Dorado in Fairfield, Ohio, with Kable Product Services, Inc., a member of the Company Group sold February 9, 2015 (refer to Note 2). At the inception of the lease in November 2008, El Dorado recorded deferred revenue and Kable Product Services, Inc. recorded an Other asset amount, which amounts were being amortized over the lease term and, prior to January 31, 2015, were eliminated in consolidation. As a result of the sale of the Company Group, the deferred rent revenue is no longer eliminated in consolidation and is included in Other liabilities in the accompanying balance sheet. The amount of El Dorado’s deferred rent revenue totaled $ 1,042,000 1,157,000 |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 12 Months Ended |
Apr. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (12) FAIR VALUE MEASUREMENTS: The FASB’s accounting guidance defines fair value and establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The FASB’s guidance classifies the inputs to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs for the asset or liability are unobservable and reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value on a non-recurring basis Certain assets and liabilities are measured at fair value on a non-recurring basis; that is the asset or liability is not measured at fair value on an ongoing basis but is subject to fair value adjustment in certain circumstances (for example, when there is evidence of impairment). Level 1 Level 2 Level 3 Impairment 2015: Real estate inventory $ - $ - $ 2,048 $ 1,504 Investment assets $ - $ - $ 1,439 $ 305 Property, plant and equipment $ - $ - $ - $ 771 2014: Real estate inventory $ - $ - $ 1,285 $ 406 Investment assets $ - $ - $ 787 $ 280 During 2015 and 2014, certain real estate inventory and investment assets were adjusted to their fair values, less estimated costs to sell, resulting in impairment charges of $ 1,809 686 771 The Financial Instruments Topic of the FASB 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. Fair value is determined under the hierarchy discussed above. 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; and other receivables or debt that bear variable interest rates indexed to prime or LIBOR also approximates fair value as it re-prices when market interest rates change. These financial assets and liabilities are categorized as Level 1 within the fair value hierarchy described above. The Company did not have any long-term, fixed-rate mortgage receivables at April 30, 2015 and 2014. The estimated fair value of the Company’s long-term, fixed-rate notes payable was $ 16,365,000 17,739,000 18,090,000 19,545,000 |
BENEFIT PLANS_
BENEFIT PLANS: | 12 Months Ended |
Apr. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (13) BENEFIT PLANS: Pension plan The Company has a defined benefit pension plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004. Due to the closing of certain facilities in 2011 in connection with the consolidation of the Company’s Fulfillment Services business and the associated work force reduction in 2011, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations thereunder, gave the Pension Benefit Guaranty Corporation (the “PBGC”) the right to require the Company to accelerate the funding of approximately $ 11,688,000 3,000,000 8,688,000 On August 30, 2013, the Company entered into a settlement agreement with the PBGC. In the settlement agreement, the PBGC agreed to forbear from asserting certain rights to obtain payment of the remaining $8,688,000 accelerated funding liability granted to it by ERISA, and the Company agreed (a) to pay $ 3,243,000 10,039,000 8,192,000 426,000 5,019,000 On an annual basis, the Company is required to provide updated appraisals on each mortgaged property and, if the appraised value of the mortgaged properties is less than two times the amount of the accelerated funding liability then outstanding, the Company is required to make a payment to its pension plan in an amount equal to one-half of the amount of the shortfall. The mortgages in favor of the PBGC will be discharged following the termination date of the settlement agreement. In connection with the settlement agreement, the Company made certain representations and warranties and is required to comply with various covenants, reporting requirements and other requirements, including making all required minimum funding contributions to its pension plan. Any failure by the Company to comply with its obligations under the settlement agreement may result in an event of default, which would permit the PBGC to repossess, sell or foreclose on the properties that have been mortgaged in favor of the PBGC; however, if the Company complies with the terms of the settlement agreement, including making all future required minimum funding contributions to its pension plan and any payments required due to any shortfall in the appraised value of real property covered by the mortgages described above, the Company will not be required to make any further cash payments to its pension plan with respect to the remaining accelerated funding liability. The settlement agreement is scheduled to terminate on the earlier of the date the accelerated funding liability has been paid in full or on August 30, 2018. Effective on the termination date of the settlement agreement, the PBGC will be deemed to have released and discharged the Company and any other members of its controlled group from any claims in connection with such members’ liability or obligations with respect to the accelerated funding liability. The settlement agreement does not address any future events that may accelerate any other accrued pension plan obligations. The Company may become subject to additional acceleration of its remaining accrued obligations to the pension plan if the Company closes other facilities and further reduces its work force of active pension plan participants. Any such acceleration could negatively impact the Company’s limited financial resources and could have a material adverse effect on the Company’s financial condition. Year Ended April 30, 2015 2014 Interest cost on projected benefit obligation $ 1,370 $ 1,294 Expected return on assets (2,230) (2,075) Plan expenses 247 234 Recognized net actuarial loss 1,257 1,662 Settlement (gain) loss 1,067 - Total cost recognized in pretax income 1,711 1,115 Cost (gain) recognized in pretax other comprehensive income 2,674 (3,853) Net periodic pension cost (income) $ 4,385 $ (2,738) The defined benefit pension plan was amended in November 2014 to provide for a window for lump sum distributions. As a result of the amendment and the subsequent election by plan participants, the defined benefit pension plan made settlement payments that totaled $ 2,317,000 1,067,000 863,000 543,000 January 31, 2015 Three Months Ended Nine Months Ended As Reported Revised As Reported Revised Income (loss) from continuing operations $ 201 $ (230) $ (532) $ (963) Income (loss) from discontinued operations 33 (79) 7,284 7,172 Net income (loss) $ 234 $ (309) $ 6,752 $ 6,209 Earnings (loss) per share continuing operations - basic and diluted $ 0.03 $ (0.03) $ (0.07) $ (0.12) Earnings (loss) per share discontinued operations - basic and diluted $ 0.00 $ (0.01) $ 0.92 $ 0.91 Earnings (loss) per share basic and diluted $ 0.03 $ (0.04) $ 0.85 $ 0.78 The effect on the January 31, 2015 balance sheet of this matter would result in a reduction of retained earnings and an increase to accumulated comprehensive loss of $ 543,000 The estimated net loss, transition obligation and prior service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year are $ 1,534,000 0 0 Year Ended April 30, 2015 Discount rate used to determine net periodic pension cost 3.90 % 3.47 % Discount rate used to determine pension benefit obligation 3.48 % 3.90 % Expected long-term rate of return on assets on assets 8.00 % 8.00 % April 30, 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 36,469 $ 38,582 Interest cost 1,370 1,294 Actuarial (gain) loss 5,098 (1,009) Benefits paid (4,634) (2,398) Benefit obligation at end of year $ 38,303 $ 36,469 Change in plan assets: Fair value of plan assets at beginning of year $ 29,120 $ 24,777 Company contributions 475 3,718 Actual return on plan assets 2,334 3,268 Benefits paid (4,634) (2,398) Plan expenses (251) (245) Fair value of plan assets at end of year $ 27,044 $ 29,120 Funded (underfunded) status: $ (11,259) $ (7,349) Recognition of underfunded status: Accrued pension cost $ (11,259) $ (7,349) The funded status of the pension plan is equal to the net liability recognized in the consolidated balance sheet. Year Ended April 30, 2015 2014 Pre-tax accumulated comprehensive loss $ 17,627 $ 14,953 The following table summarizes the changes in accumulated other comprehensive loss related to the pension plan for the years ended April 30, 2015 and 2014 (in thousands): Pension Benefits Pre-tax Net of Tax Accumulated comprehensive loss, May 1, 2013 $ 18,806 $ 11,564 Net actuarial gain (2,191) (1,359) Amortization of net loss (1,662) (1,030) Accumulated comprehensive loss, April 30, 2014 14,953 9,175 Net actuarial loss 4,998 3,099 Recognition of settlement loss (1,067) (662) Amortization of net loss (1,257) (779) Accumulated comprehensive loss, April 30, 2015 $ 17,627 $ 10,833 The Company recorded, net of tax, other comprehensive loss of $ 1,658,000 2,389,000 April 30, 2015 2014 Equity securities 69 % 65 % Fixed income securities 29 27 Other (principally cash and cash equivalents) 2 8 Total 100 % 100 % The investment mix between equity securities and fixed income securities is based upon seeking to achieve a desired return by balancing more volatile equity securities and less volatile fixed income securities. Pension plan assets are invested in portfolios of diversified public-market equity securities and fixed income securities. The pension plan holds no securities of the Company. Investment allocations are made across a range of markets, industry sectors, market capitalization sizes and, in the case of fixed income securities, maturities and credit quality. The Company has established long-term target allocations of approximately 50 80 20 50 0 30 The expected return on assets for the pension plan is based on management’s expectation of long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this assumption, management considers historical and expected returns for the asset classes in which the pension plan is invested, as well as current economic and market conditions. The Company is currently using an 8.0 The Company funds the pension plan in compliance with IRS funding requirements. The Company’s contributions to the pension plan totaled $ 475,000 3,718,000 3,243,000 2,598,000 2,791,000 an aggregate of approximately $12,000,000 is expected to be paid in the fiscal five-year period 2021 through 2025. The Company has adopted the disclosure requirements in ASC 715, which requires additional fair value disclosures consistent with those required by ASC 820. The following is a description of the valuation methodologies used for pension plan assets measured at fair value: Common stock valued at the closing price reported on a listed stock exchange; Corporate bonds, debentures and government agency securities valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flow; and U.S. Treasury securities valued at the closing price reported in the active market in which the security is traded. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. 2015 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 675 $ 675 $ - $ - Investments at fair value: Equity securities 18,634 18,634 - - Corporate bonds and debentures 7,735 - 7,735 - Total assets at fair value $ 27,044 $ 19,309 $ 7,735 $ - 2014 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,466 $ 2,466 $ - $ - Investments at fair value: Equity securities 18,844 18,844 - - Corporate bonds and debentures 7,810 - 7,810 - Total assets at fair value $ 29,120 $ 21,310 $ 7,810 $ - Savings and salary deferral plans The Company has a Savings and Salary Deferral Plan, commonly referred to as a 401(k) plan, in which participating employees contribute salary deductions. The Company may make discretionary matching contributions to the 401(k) plan, subject to the approval of the Company’s Board of Directors. The Company did not provide matching contributions to the 401(k) plan in 2015 and 2014. 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 36,000 364,000 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. Weighted Average Number of Grant Date Restricted time-based share awards Shares Fair Value Non-vested at April 30, 2013 - $ - Granted during 2014 24,000 6.96 Vested during 2014 - - Forfeited during 2014 - - Non-vested at April 30, 2014 24,000 6.96 Granted during 2015 12,000 6.90 Vested during 2015 (8,000) 6.80 Forfeited during 2015 - - Non-vested at April 30, 2015 28,000 $ 6.98 For 2015 and 2014, the Company recognized $ 122,000 47,000 81,000 |
INCOME TAXES_
INCOME TAXES: | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (14) INCOME TAXES: Year Ended April 30, 2015 2014 (in thousands) Current: Federal $ (676) $ (782) State and local 16 (104) (660) (886) Deferred: Federal (1,387) (235) State and local (85) 554 (1,472) 319 Total benefit for income taxes $ (2,132) $ (567) April 30, 2015 2014 (in thousands) Deferred income tax assets: State tax loss carryforwards $ 4,272 $ 3,340 Accrued pension costs 4,274 2,376 U.S. Federal NOL carryforward - 4,946 Vacation accrual 210 405 Intangibles and deductible goodwill 4,835 5,560 Real estate basis differences 4,296 3,309 Other 177 - Total deferred income tax assets 18,064 19,936 Deferred income tax liabilities: Depreciable assets (3,776) (4,049) Deferred gains on investment assets (4,423) (4,423) Capitalized costs for financial reporting purposes, expensed for tax (371) (451) Other - (318) Total deferred income tax liabilities (8,570) (9,241) Valuation allowance for realization of state tax loss carryforwards (3,657) (2,627) Net deferred income tax asset $ 5,837 $ 8,068 Valuation allowance is provided when it is considered more likely than not that certain deferred tax assets will not be realized. The valuation allowance of $ 3,657 1,030 The remaining state net operating loss carryforwards expire beginning in the fiscal years ending April 30, 2016 through April 30, 2036. The state net operating loss carryforwards of $ 106,973,000 0 0 0 0 1,969,000 105,004,000 Year Ended April 30, 2015 2014 (in thousands) Computed tax provision (benefit) at statutory rate $ (2,000) $ (470) Increase (reduction) in tax resulting from: State income taxes, net of federal income tax effect (45) (186) Expiration of state NOLs - 181 Meals and entertainment 11 16 Other (98) (108) Actual tax provision (benefit) $ (2,132) $ (567) The Company expects to utilize its U.S. federal net operating loss carryforward of approximately $ 14,416,000 9,148,000 The Company is subject to U.S. federal income taxes, and also to various state and local income taxes. Tax regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. During 2014, the Company reached a settlement with the Internal Revenue Service (the “IRS”) with respect to the examination of the Company’s fiscal year 2012 and 2011 federal income tax returns. The Company did not have to pay any additional federal taxes as a result of the IRS’s examination of the two years due to the Company’s existing net operating losses, which were reduced by approximately $ 2,400,000 160,000 The Company is not currently under examination by any tax authorities with respect to its income tax returns. Other than the U.S. federal tax return, in nearly all jurisdictions, the tax years through the fiscal year ended April 30, 2011 are no longer subject to examination due to the expiration of the statute of limitations. ASC 740-10 clarifies the accounting for uncertain tax positions, prescribing a minimum recognition threshold a tax position is required to meet before being recognized, and providing guidance on the derecognition, measurement, classification and disclosure relating to income taxes. 2015 2014 (in thousands) Gross unrecognized tax benefits at beginning of year $ 58 $ 1,516 Gross increases: Additions based on tax positions related to current year - - Additions based on tax positions of prior years - - Gross decreases: Reductions based on tax positions of prior years - (1,458) Reductions based on the lapse of the applicable statute of limitations - - Gross unrecognized tax benefits at end of year $ 58 $ 58 The total tax effect of gross unrecognized tax benefits at April 30, 2015 and 2014 was $ 58,000 0 0 134,000 |
SHAREHOLDERS' EQUITY_
SHAREHOLDERS' EQUITY: | 12 Months Ended |
Apr. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | (15) SHAREHOLDERS’ EQUITY: During the quarter ended July 31, 2014, the Company and its indirect subsidiaries, Kable Distribution and Palm Coast, entered into a settlement agreement with a significant customer resulting in the issuance by the Company to that customer of 825,000 83,000 4,191,000 During 2014, the Company completed a rights offering to holders of the Company’s common stock. As a result of the offering, the Company issued 1,199,242 6.25 7,144,000 350,000 3,243,000 15,298,000 22,442,000 The Company recorded, net of tax, other comprehensive loss of $ 1,658,000 2,389,000 |
IMPAIRMENT OF ASSETS_
IMPAIRMENT OF ASSETS: | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Asset Impairment Charges [Text Block] | (16) IMPAIRMENT OF ASSETS Real Estate 5,296,000 3,515,000 1,809,000 2,758,000 2,082,000 686,000 Fulfillment Services 771,000 |
GAIN FROM SETTLEMENT_
GAIN FROM SETTLEMENT: | 12 Months Ended |
Apr. 30, 2015 | |
Gain Loss From Settlement [Abstract] | |
Gain Loss From Settlement [Text Block] | ( GAIN FROM SETTLEMENT: During the first quarter of 2015, the Company and its indirect subsidiaries, Kable Distribution and Palm Coast, entered into a settlement agreement (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 4,274,000 10.3 |
COMMITMENTS AND CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES: | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES: The Company is obligated under long-term, non-cancelable leases for equipment and various real estate properties. Certain real estate leases provide that the Company will pay for taxes, maintenance and insurance costs and include renewal options. Rental expense for 2015 and 2014 was approximately $ 314,000 123,000 912,000 858,000 53,000 1,000 AMREP Southwest In connection with certain individual home site sales made prior to 1977 at Rio Rancho, New Mexico, if water, electric and telephone utilities have not reached the lot site when a purchaser is ready to build a home, AMREP Southwest is obligated to exchange a lot in an area then serviced by such utilities for the lot of the purchaser, without cost to the purchaser. AMREP Southwest has not incurred significant costs related to the exchange of lots. At April 30, 2015, AMREP Southwest has posted bonds to support its future development commitments in Rio Rancho of approximately $ 1,945,000 |
LITIGATION_
LITIGATION: | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | (19) LITIGATION: As described in Note 2, the Company sold all of its Product Packaging and Fulfillment Services business and its Newsstand Distribution Services business on February 9, 2015. In connection with the sale, the Product Packaging and Fulfillment Services business and the Newsstand Distribution Services business retained substantially all of their pre-closing assets, liabilities, rights and obligations, including any and all past, current and future liability with respect to this lawsuit: In March 2009, a civil action was commenced against one of the Company’s previously wholly-owned subsidiaries in the United States District Court for the Southern District of New York entitled Anderson News, L.L.C., et al. v. American Media, Inc., et al The Company and its subsidiaries are involved in various claims and legal actions arising in the normal course of business. While the ultimate results of these matters cannot be predicted with certainty, management believes that they will not have a material adverse effect on the Company’s consolidated financial position, liquidity or results of operations. |
INFORMATION ABOUT THE COMPANY'S
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS: | 12 Months Ended |
Apr. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS: The Company has identified two reportable segments in which it currently has business operations: (i) Fulfillment Services and (ii) Real Estate operations. Fulfillment Services performs subscription fulfillment and related services for publishers and other customers. Real Estate operations primarily include land sales activities, which involve the obtaining of approvals and the sale of both developed and undeveloped lots to homebuilders, commercial users and others, as well as investments in commercial and investment properties. Certain common expenses as well as identifiable assets are allocated among reportable segments based upon management’s estimate of each segment’s absorption. Other revenues and expenses not identifiable with a specific segment are shown as a separate segment in this presentation. The accounting policies of the segments are the same as those described in Note 1. See Note 14 for disclosure regarding differences between the U.S. federal statutory income tax rate to the actual tax provision. Corporate Fulfillment Real Estate and Services Operations Other Consolidated Year ended April 30, 2015: Revenues (a) $ 43,684 $ 6,366 $ (260) $ 49,790 Net income (loss) $ (1,630) $ (3,367) $ 1,413 $ (3,584) Provision (benefit) for income taxes (877) (1,977) 722 (2,132) Interest expense (income), net 700 2,730 (1,815) 1,615 Depreciation and amortization 2,999 91 174 3,264 Impairment of assets 771 1,809 - 2,580 EBITDA (b) $ 1,963 $ (714) $ 494 $ 1,743 Total assets excluding assets of discontinued operations $ 59,743 $ 82,187 $ (4,890) $ 137,040 Total liabilities excluding liabilities of discontinued operations $ 36,245 $ 37,744 $ (28,876) $ 45,113 Capital expenditures $ 1,127 $ - $ - $ 1,127 Year ended April 30, 2014: Revenues (a) $ 58,479 $ 4,000 $ (282) $ 62,197 Net income (loss) $ 1,689 $ (3,838) $ 1,502 $ (647) Provision (benefit) for income taxes 697 (2,103) 839 (567) Interest expense (income), net 730 2,740 (1,749) 1,721 Depreciation and amortization 3,506 80 (396) 3,190 Impairment of assets - 686 - 686 EBITDA (b) $ 6,622 $ (2,435) $ 196 $ 4,383 Total assets excluding assets of discontinued operations $ 58,672 $ 87,508 $ (2,412) $ 143,768 Total liabilities excluding liabilities of discontinued operations $ 35,682 $ 43,521 $ (35,654) $ 43,549 Capital expenditures $ 1,217 $ 42 $ - $ 1,259 (a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination. (b) The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: (Policies) | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization and principles of consolidation The consolidated financial statements include the accounts of AMREP Corporation, an Oklahoma corporation, and its subsidiaries (individually and collectively, as the context requires, the “Company”). The Company, through its subsidiaries, is primarily engaged in two business segments: the Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”) and its subsidiary, FulCircle Media, LLC (“FulCircle”) and the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries. The Company’s foreign sales are insignificant. All significant intercompany accounts and transactions have been eliminated in consolidation. Refer to Note 2 for subsidiaries of the Company that have been disposed of during 2015 and are classified as discontinued operations. The consolidated balance sheets are presented in an unclassified format since the Company has substantial operations in the real estate industry and its operating cycle is greater than one year. Certain 2014 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on the net income or loss or shareholders’ equity. |
Fiscal Period, Policy [Policy Text Block] | Fiscal year The Company’s fiscal year ends on April 30. All references to 2015 and 2014 mean the fiscal years ended April 30, 2015 and 2014, unless the context otherwise indicates. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Fulfillment Services Real Estate Cost of land sales includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition costs and capitalized real estate taxes and interest, and an allocation of certain common development costs (such as roads, sewers and amenities) associated with the entire project. Common development costs include the installation of utilities and roads, and may be based upon estimates of cost to complete. The allocation of costs is based on the relative sales value of the property before development. Estimates and cost allocations are reviewed on a regular basis until a project is substantially completed, and are revised and reallocated as necessary on the basis of current estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist of highly liquid investments that have an original maturity of ninety days or less and are readily convertible into cash. |
Receivables, Policy [Policy Text Block] | Receivables Receivables are carried at original invoice or closing statement amounts less estimates made for doubtful accounts. Management determines the allowances for doubtful accounts by reviewing and identifying troubled accounts and by using historical experience applied to an aging of accounts. A receivable is considered to be past due if any portion of the receivable balance is outstanding for more than ninety days. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. |
Inventory, Real Estate, Policy [Policy Text Block] | Real estate inventory The Company accounts for its real estate inventories in accordance with ASC 360-10. The cost basis of the land and improvements includes all direct acquisition costs including development costs, certain amenities, capitalized interest, capitalized real estate taxes and other costs. Interest and real estate taxes are not capitalized unless active development is underway. Land and improvements on land held for future development or sale are stated at accumulated cost and tested for recoverability as described below under “Impairment of long-lived assets”. Take-back lots (as discussed above under “Revenue recognition”) are initially recorded at fair market value less estimated costs to sell, establishing a new cost basis and are subsequently measured at the lower of cost or fair market value less estimated costs to sell. Real estate inventory is to be evaluated and reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Provisions for impairment are recorded when undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of the assets. The amount of impairment would be equal to the difference between the carrying value of an asset and its fair value. For real estate projects under development, an estimate of future cash flows on an undiscounted basis is determined using estimated future expenditures necessary to complete such projects and using management’s best estimates about sales prices and holding periods. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. If the excess of undiscounted cash flows over the carrying value of a project is small, there is a greater risk of future impairment and any resulting impairment charges could be material. Due to the subjective nature of the estimates and assumptions used in determining future cash flows, actual results could differ materially from current estimates and the Company may be required to recognize additional impairment charges in the future. |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Investment assets Investment assets primarily consist of investment land, which represents vacant, undeveloped land not held for development or sale in the normal course of business, and is stated at the lower of cost or fair market value less estimated costs to sell. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Items capitalized as part of property, plant and equipment are recorded at cost. Expenditures for maintenance and repair and minor renewals are charged to expense as incurred, while those expenditures that improve or extend the useful life of existing assets are capitalized. Upon the sale or other disposition of assets, their cost and the related accumulated depreciation or amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in operations. Depreciation and amortization of property, plant and equipment are provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 years or less for furniture and fixtures (including equipment) and 25 to 40 years for buildings and improvements. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets The Company accounts for it long-lived assets, including certain real estate, property, plant and equipment, and intangible and other assets, in accordance with ASC 360-10. Asset impairment determinations are based upon the intended use of assets, expected future cash flows and estimates of fair value of assets. Testing of operating asset groups includes an estimate of future cash flows on an undiscounted basis using estimated revenue streams, operating margins and administrative expenses. Similar to real estate inventory, the estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured by using currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (loss) per share Basic earnings (loss) per share is based on the weighted average number of common shares outstanding during each year. The restricted shares of common stock (see Note 13) are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. The restricted shares of common stock are included in diluted earnings per share if they are dilutive. |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension plan The Company recognizes the over-funded or under-funded status of its defined benefit pension plan as an asset or liability as of the date of its year-end statement of financial position and changes in that funded status in the year in which the changes occur through comprehensive income (loss). |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events from non-owner sources. Total comprehensive income (loss) is the total of net income (loss) and other comprehensive income (loss) that, for the Company, consists solely of the minimum pension liability net of the related deferred income tax effect. |
Use of Estimates, Policy [Policy Text Block] | Management’s estimates and assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates that affect the financial statements include, but are not limited to, (i) allowances for doubtful accounts; (ii) real estate cost of sales calculations, which are based on land development budgets and estimates of costs to complete; (iii) cash flow, asset groupings and valuation assumptions in performing asset impairment tests of long-lived assets (including real estate inventories) and assets held for sale; (iv) actuarially determined benefit obligation and other pension plan accounting and disclosures; (v) risk assessment of uncertain tax positions; and vi) the determination of the recoverability of net deferred tax assets. The Company bases its significant estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from these estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | As noted above, ARIC has the following assets related to MD Buyers (amounts in thousands): April 30, 2015 Buyer Promissory Note receivable $ 1,600 Line of Credit receivable $ 2,000 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table provides a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations noted above to the assets and liabilities classified as discontinued operations in the accompanying balance sheets (in thousands): April 30, 2015 2014 Carrying amounts of major classes of assets included as part of discontinued operations: Cash and cash equivalents $ 1,241 $ 5,358 Receivables, net 431 32,541 Deferred income taxes receivable - 977 Property, plant and equipment, net - 821 Intangible and other assets, net 17 2,640 Total assets classified as discontinued operations in the accompanying balance sheets $ 1,689 $ 42,337 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable, net and accrued expenses $ 150 $ 62,196 Deferred and income taxes payable 145 - Notes payable - 1,059 Total liabilities classified as discontinued operations in the accompanying balance sheets $ 295 $ 63,255 The following table provides a reconciliation of the carrying amounts of components of pretax income or loss of the discontinued operations to the amounts reported in the accompanying statements of operations (in thousands): April 30, 2015 2014 Components of pretax income (loss) from discontinued operations: Revenues $ 17,700 $ 25,405 Operating expenses (15,810) (25,526) General and administrative expenses (1,605) (2,164) Impairment of assets - (269) Interest expense (32) (73) Gain from settlement (Note 17) 11,155 - Gain on discontinued operations 10,729 - Income (loss) from discontinued operations before income taxes 22,137 (2,627) Provision (benefit) for income taxes 7,233 (335) Net income (loss) from discontinued operations $ 14,904 $ (2,292) Operating expenses for discontinued operations in 2015 includes a reduction in the reserve for bad debts of approximately $ 1,500,000 April 30, 2015 2014 Cash flows from discontinued operating activities: Net income (loss) $ 14,904 $ (2,292) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Non-cash gain on settlement (11,155) - Non-cash gain on discontinued operations (10,479) - Depreciation and amortization 311 466 Impairment of assets - 269 Non-cash credits and charges: Allowance for doubtful accounts (1,484) 2,041 Changes in assets and liabilities: Receivables 11,810 (6) Intangible and other assets (39) (1,089) Accounts payable and accrued expenses (10,127) (10,877) Other assets and liabilities (675) (291) Total adjustments (21,838) (9,487) Net cash provided by (used in) operating activities $ (6,934) $ (11,779) Cash flows from investing activities: Capital expenditures - property, plant and equipment $ (25) $ (152) Proceeds from disposition of assets - 428 Net cash provided by (used in) investing activities $ (25) $ 276 |
RECEIVABLES_ (Tables)
RECEIVABLES: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables consist of: April 30, 2015 2014 (in thousands) Fulfillment Services $ 7,993 $ 11,406 Buyer Promissory Note (refer to Note 2) 1,600 - Line of Credit receivable (refer to Note 2) 2,000 - Real estate operations and corporate 116 - 11,709 11,406 Less allowance for doubtful accounts (444) (450) $ 11,265 $ 10,956 |
INVESTMENT ASSETS_ (Tables)
INVESTMENT ASSETS: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Investment Assets [Abstract] | |
Schedule Of Investment Assets [Table Text Block] | Investment assets consist of: April 30, 2015 2014 (in thousands) Land held for long-term investment $ 9,733 $ 10,234 Warehouse facility 6,572 6,572 Less accumulated depreciation (941) (796) 5,631 5,776 $ 15,364 $ 16,010 |
PROPERTY, PLANT AND EQUIPMENT_
PROPERTY, PLANT AND EQUIPMENT: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of: April 30, 2015 2014 (in thousands) Land, buildings and improvements $ 20,000 $ 20,191 Furniture and equipment 19,098 19,368 39,098 39,559 Less accumulated depreciation (23,335) (22,337) $ 15,763 $ 17,222 |
INTANGIBLE AND OTHER ASSETS_ (T
INTANGIBLE AND OTHER ASSETS: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible and Other Assets [Table Text Block] | Intangible and other assets consist of: April 30, 2015 April 30, 2014 (in thousands) Cost Accumulated Cost Accumulated Customer contracts and relationships $ 16,986 $ 10,757 $ 16,986 $ 9,342 Prepaid expenses 2,520 - 3,019 - Deferred order entry costs 961 - 1,168 - Other 730 - 824 12 $ 21,197 $ 10,757 $ 21,997 $ 9,354 |
ACCOUNTS PAYABLE AND ACCRUED 35
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued expenses consist of: April 30, 2015 2014 (in thousands) Fulfillment Services $ 8,910 $ 10,692 Real estate operations and corporate 1,374 1,747 $ 10,284 $ 12,439 |
NOTES PAYABLE_ (Tables)
NOTES PAYABLE: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Notes payable consist of: April 30, 2015 2014 (in thousands) Credit facilities: PNC Credit Facility $ - $ - Real estate operations 14,003 15,141 Other notes payable 4,087 4,404 $ 18,090 $ 19,545 |
FAIR VALUE MEASUREMENTS_ (Table
FAIR VALUE MEASUREMENTS: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | The following presents assets by balance sheet caption and by the level within the fair value hierarchy (as described above) as of April 30, 2015 and 2014, for which a non-recurring change in fair value has been recorded during the years then ended (in thousands): Level 1 Level 2 Level 3 Impairment 2015: Real estate inventory $ - $ - $ 2,048 $ 1,504 Investment assets $ - $ - $ 1,439 $ 305 Property, plant and equipment $ - $ - $ - $ 771 2014: Real estate inventory $ - $ - $ 1,285 $ 406 Investment assets $ - $ - $ 787 $ 280 |
BENEFIT PLANS_ (Tables)
BENEFIT PLANS: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost for 2015 and 2014 was comprised of the following components (in thousands): Year Ended April 30, 2015 2014 Interest cost on projected benefit obligation $ 1,370 $ 1,294 Expected return on assets (2,230) (2,075) Plan expenses 247 234 Recognized net actuarial loss 1,257 1,662 Settlement (gain) loss 1,067 - Total cost recognized in pretax income 1,711 1,115 Cost (gain) recognized in pretax other comprehensive income 2,674 (3,853) Net periodic pension cost (income) $ 4,385 $ (2,738) |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the effect on the third quarter and year-to-date financial data as if the additional pension expense had been reported in the proper period (in thousands, except per share amounts): January 31, 2015 Three Months Ended Nine Months Ended As Reported Revised As Reported Revised Income (loss) from continuing operations $ 201 $ (230) $ (532) $ (963) Income (loss) from discontinued operations 33 (79) 7,284 7,172 Net income (loss) $ 234 $ (309) $ 6,752 $ 6,209 Earnings (loss) per share continuing operations - basic and diluted $ 0.03 $ (0.03) $ (0.07) $ (0.12) Earnings (loss) per share discontinued operations - basic and diluted $ 0.00 $ (0.01) $ 0.92 $ 0.91 Earnings (loss) per share basic and diluted $ 0.03 $ (0.04) $ 0.85 $ 0.78 |
Schedule of Assumptions Used [Table Text Block] | Assumptions used in determining net periodic pension cost and the benefit obligation were: Year Ended April 30, 2015 Discount rate used to determine net periodic pension cost 3.90 % 3.47 % Discount rate used to determine pension benefit obligation 3.48 % 3.90 % Expected long-term rate of return on assets on assets 8.00 % 8.00 % |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table sets forth changes in the pension plan’s benefit obligation and assets, and summarizes components of amounts recognized in the Company’s consolidated balance sheet (in thousands): April 30, 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 36,469 $ 38,582 Interest cost 1,370 1,294 Actuarial (gain) loss 5,098 (1,009) Benefits paid (4,634) (2,398) Benefit obligation at end of year $ 38,303 $ 36,469 Change in plan assets: Fair value of plan assets at beginning of year $ 29,120 $ 24,777 Company contributions 475 3,718 Actual return on plan assets 2,334 3,268 Benefits paid (4,634) (2,398) Plan expenses (251) (245) Fair value of plan assets at end of year $ 27,044 $ 29,120 Funded (underfunded) status: $ (11,259) $ (7,349) Recognition of underfunded status: Accrued pension cost $ (11,259) $ (7,349) |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | The following table summarizes the amounts recorded in accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs (in thousands): Year Ended April 30, 2015 2014 Pre-tax accumulated comprehensive loss $ 17,627 $ 14,953 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pension Benefits Pre-tax Net of Tax Accumulated comprehensive loss, May 1, 2013 $ 18,806 $ 11,564 Net actuarial gain (2,191) (1,359) Amortization of net loss (1,662) (1,030) Accumulated comprehensive loss, April 30, 2014 14,953 9,175 Net actuarial loss 4,998 3,099 Recognition of settlement loss (1,067) (662) Amortization of net loss (1,257) (779) Accumulated comprehensive loss, April 30, 2015 $ 17,627 $ 10,833 |
Schedule of Allocation of Plan Assets [Table Text Block] | The average asset allocation for the pension plan by asset category was as follows: April 30, 2015 2014 Equity securities 69 % 65 % Fixed income securities 29 27 Other (principally cash and cash equivalents) 2 8 Total 100 % 100 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The following tables set forth by level within the fair value hierarchy the pension plan’s assets at fair value as of April 30, 2015 and 2014 (in thousands): 2015 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 675 $ 675 $ - $ - Investments at fair value: Equity securities 18,634 18,634 - - Corporate bonds and debentures 7,735 - 7,735 - Total assets at fair value $ 27,044 $ 19,309 $ 7,735 $ - 2014 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,466 $ 2,466 $ - $ - Investments at fair value: Equity securities 18,844 18,844 - - Corporate bonds and debentures 7,810 - 7,810 - Total assets at fair value $ 29,120 $ 21,310 $ 7,810 $ - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | A summary of the 2014 and 2015 restricted share award activity presented below represents the maximum number of shares that could be vested: Weighted Average Number of Grant Date Restricted time-based share awards Shares Fair Value Non-vested at April 30, 2013 - $ - Granted during 2014 24,000 6.96 Vested during 2014 - - Forfeited during 2014 - - Non-vested at April 30, 2014 24,000 6.96 Granted during 2015 12,000 6.90 Vested during 2015 (8,000) 6.80 Forfeited during 2015 - - Non-vested at April 30, 2015 28,000 $ 6.98 |
INCOME TAXES_ (Tables)
INCOME TAXES: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of the following: Year Ended April 30, 2015 2014 (in thousands) Current: Federal $ (676) $ (782) State and local 16 (104) (660) (886) Deferred: Federal (1,387) (235) State and local (85) 554 (1,472) 319 Total benefit for income taxes $ (2,132) $ (567) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the net deferred income taxes are as follows: April 30, 2015 2014 (in thousands) Deferred income tax assets: State tax loss carryforwards $ 4,272 $ 3,340 Accrued pension costs 4,274 2,376 U.S. Federal NOL carryforward - 4,946 Vacation accrual 210 405 Intangibles and deductible goodwill 4,835 5,560 Real estate basis differences 4,296 3,309 Other 177 - Total deferred income tax assets 18,064 19,936 Deferred income tax liabilities: Depreciable assets (3,776) (4,049) Deferred gains on investment assets (4,423) (4,423) Capitalized costs for financial reporting purposes, expensed for tax (371) (451) Other - (318) Total deferred income tax liabilities (8,570) (9,241) Valuation allowance for realization of state tax loss carryforwards (3,657) (2,627) Net deferred income tax asset $ 5,837 $ 8,068 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company's actual tax provision: Year Ended April 30, 2015 2014 (in thousands) Computed tax provision (benefit) at statutory rate $ (2,000) $ (470) Increase (reduction) in tax resulting from: State income taxes, net of federal income tax effect (45) (186) Expiration of state NOLs - 181 Meals and entertainment 11 16 Other (98) (108) Actual tax provision (benefit) $ (2,132) $ (567) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following table summarizes the beginning and ending gross amount of unrecognized tax benefits: 2015 2014 (in thousands) Gross unrecognized tax benefits at beginning of year $ 58 $ 1,516 Gross increases: Additions based on tax positions related to current year - - Additions based on tax positions of prior years - - Gross decreases: Reductions based on tax positions of prior years - (1,458) Reductions based on the lapse of the applicable statute of limitations - - Gross unrecognized tax benefits at end of year $ 58 $ 58 |
INFORMATION ABOUT THE COMPANY40
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS: (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
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 (other than with respect to discontinued operations) (in thousands): Corporate Fulfillment Real Estate and Services Operations Other Consolidated Year ended April 30, 2015: Revenues (a) $ 43,684 $ 6,366 $ (260) $ 49,790 Net income (loss) $ (1,630) $ (3,367) $ 1,413 $ (3,584) Provision (benefit) for income taxes (877) (1,977) 722 (2,132) Interest expense (income), net 700 2,730 (1,815) 1,615 Depreciation and amortization 2,999 91 174 3,264 Impairment of assets 771 1,809 - 2,580 EBITDA (b) $ 1,963 $ (714) $ 494 $ 1,743 Total assets excluding assets of discontinued operations $ 59,743 $ 82,187 $ (4,890) $ 137,040 Total liabilities excluding liabilities of discontinued operations $ 36,245 $ 37,744 $ (28,876) $ 45,113 Capital expenditures $ 1,127 $ - $ - $ 1,127 Year ended April 30, 2014: Revenues (a) $ 58,479 $ 4,000 $ (282) $ 62,197 Net income (loss) $ 1,689 $ (3,838) $ 1,502 $ (647) Provision (benefit) for income taxes 697 (2,103) 839 (567) Interest expense (income), net 730 2,740 (1,749) 1,721 Depreciation and amortization 3,506 80 (396) 3,190 Impairment of assets - 686 - 686 EBITDA (b) $ 6,622 $ (2,435) $ 196 $ 4,383 Total assets excluding assets of discontinued operations $ 58,672 $ 87,508 $ (2,412) $ 143,768 Total liabilities excluding liabilities of discontinued operations $ 35,682 $ 43,521 $ (35,654) $ 43,549 Capital expenditures $ 1,217 $ 42 $ - $ 1,259 (a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination. (b) The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: (Details Textual) | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Depreciation Methods | Depreciation and amortization of property, plant and equipment are provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 years or less for furniture and fixtures (including equipment) and 25 to 40 years for buildings and improvements. |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | Feb. 09, 2015 | Apr. 30, 2015 |
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 2,000 | $ 1,600 |
Line of Credit [Member] | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 2,000 | |
Buyer Promissory Note | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 1,600 | $ 1,600 |
DISCONTINUED OPERATIONS (Deta43
DISCONTINUED OPERATIONS (Details 1) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Carrying amounts of major classes of assets included as part of discontinued operations: | ||
Cash and cash equivalents | $ 1,241 | $ 5,358 |
Receivables, net | 431 | 32,541 |
Deferred income taxes receivable | 0 | 977 |
Property, plant and equipment, net | 0 | 821 |
Intangible and other assets, net | 17 | 2,640 |
Total assets classified as discontinued operations in the accompanying balance sheets | 1,689 | 42,337 |
Carrying amounts of major classes of liabilities included as part of discontinued operations: | ||
Accounts payable, net and accrued expenses | 150 | 62,196 |
Deferred and income taxes payable | 145 | 0 |
Notes payable | 0 | 1,059 |
Total liabilities classified as discontinued operations in the accompanying balance sheets | $ 295 | $ 63,255 |
DISCONTINUED OPERATIONS (Deta44
DISCONTINUED OPERATIONS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | |
Components of pretax income (loss) from discontinued operations: | ||||
Income (loss) from discontinued operations before income taxes | $ 11,408 | $ (2,627) | ||
Provision (benefit) for income taxes | 7,233 | (335) | ||
Net income (loss) from discontinued operations | $ 33 | $ 7,284 | 14,904 | (2,292) |
Discontinued Operations [Member] | ||||
Components of pretax income (loss) from discontinued operations: | ||||
Revenues | 17,700 | 25,405 | ||
Operating expenses | (15,810) | (25,526) | ||
General and administrative expenses | (1,605) | (2,164) | ||
Impairment of assets | 0 | (269) | ||
Interest expense | (32) | (73) | ||
Gain from settlement (Note 17) | 11,155 | 0 | ||
Gain on discontinued operations | 10,729 | 0 | ||
Income (loss) from discontinued operations before income taxes | 22,137 | (2,627) | ||
Provision (benefit) for income taxes | 7,233 | (335) | ||
Net income (loss) from discontinued operations | $ 14,904 | $ (2,292) |
DISCONTINUED OPERATIONS (Deta45
DISCONTINUED OPERATIONS (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | |
Cash Flows from Discontinued Operating Activities: | ||||
Net income (loss) | $ 33 | $ 7,284 | $ 14,904 | $ (2,292) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 3,264 | 3,190 | ||
Impairment of assets | 2,580 | 686 | ||
Non-cash credits and charges: | ||||
Allowance for doubtful accounts | 42 | 416 | ||
Changes in assets and liabilities: | ||||
Accounts payable and accrued expenses | (2,155) | 173 | ||
Total adjustments | 13,546 | 6,142 | ||
Cash Flows from Investing Activities: | ||||
Capital expenditures - property, plant and equipment | (1,127) | (1,259) | ||
Discontinued Operations [Member] | ||||
Cash Flows from Discontinued Operating Activities: | ||||
Net income (loss) | 14,904 | (2,292) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Non-cash gain on settlement | (11,155) | 0 | ||
Non-cash gain on discontinued operations | (10,479) | 0 | ||
Depreciation and amortization | 311 | 466 | ||
Impairment of assets | 0 | 269 | ||
Non-cash credits and charges: | ||||
Allowance for doubtful accounts | (1,484) | 2,041 | ||
Changes in assets and liabilities: | ||||
Receivables | 11,810 | (6) | ||
Intangible and other assets | (39) | (1,089) | ||
Accounts payable and accrued expenses | (10,127) | (10,877) | ||
Other assets and liabilities | (675) | (291) | ||
Total adjustments | (21,838) | (9,487) | ||
Net cash provided by (used in) operating activities | (6,934) | (11,779) | ||
Cash Flows from Investing Activities: | ||||
Capital expenditures - property, plant and equipment | (25) | (152) | ||
Proceeds from disposition of assets | 0 | 428 | ||
Net cash provided by (used in) investing activities | $ (25) | $ 276 |
DISCONTINUED OPERATIONS (Deta46
DISCONTINUED OPERATIONS (Details Textual) - USD ($) | Apr. 10, 2015 | Feb. 09, 2015 | Apr. 30, 2015 | Apr. 30, 2015 | Feb. 09, 2017 | Aug. 05, 2016 | May. 12, 2015 | May. 11, 2015 | Apr. 30, 2014 |
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 2,000,000 | $ 1,600,000 | |||||||
Discontinued Operation Pro Forma Net Income Loss Before Tax | $ 10,479,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | 2,000,000 | |||||||
Line of Credit Facility, Borrowing Capacity, Description | The principal amount permitted to be borrowed under the Line of Credit is subject to the following borrowing base: (a) from February 9, 2015 until May 11, 2015, (i) 50% of eligible accounts receivable of the Company Group and (ii) 45% of eligible unbilled receivables of Kable Distribution and from May 12, 2015 until February 9, 2017, (i) 50% of eligible accounts receivable of the Company Group and (ii) 30% of eligible unbilled receivables of Kable Distribution. | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | 1,689,000 | 1,689,000 | $ 42,337,000 | ||||||
Disposal Group, Including Discontinued Operation, Liabilities | 295,000 | 295,000 | 63,255,000 | ||||||
Payments to Acquire Businesses, Gross | $ 250,000 | ||||||||
Accounts Receivable, Net | 11,265,000 | 11,265,000 | $ 10,956,000 | ||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 1,500,000 | ||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 3,100,000 | ||||||||
Kable Staffing Resources LLC [Member] | |||||||||
Cash | 1,482,000 | ||||||||
Accounts Receivable, Net | 1,609,000 | ||||||||
Accounts Payable | $ 315,000 | ||||||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 250,000 | ||||||||
Kable Distribution Services Inc [Member] | |||||||||
Net Working Capital | $ 11,605,000 | 11,605,000 | |||||||
Disposal Group, Including Discontinued Operation, Assets, Total | $ 4,564,000 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 15,732,000 | ||||||||
Buyer Promissory Note [Member] | |||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 1,600,000 | $ 1,600,000 | |||||||
Cash [Member] | |||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 400,000 | ||||||||
Subsequent Event [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||||||||
Line Of Credit Facility Unused Fee Percentage | 1.00% | ||||||||
Subsequent Event [Member] | ARIC Line of Credit [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 1,500,000 | $ 2,000,000 |
RECEIVABLES_ (Details)
RECEIVABLES: (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 11,709 | $ 11,406 |
Less allowance for doubtful accounts | (444) | (450) |
Accounts Receivable, Net | 11,265 | 10,956 |
Fulfillment Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | 7,993 | 11,406 |
Buyer Promissory Note [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 1,600 | 0 |
Line of Credit receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | 2,000 | |
Financing Receivable, Gross | 0 | |
Real Estate Operations and Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 116 | $ 0 |
RECEIVABLES_ (Details Textual)
RECEIVABLES: (Details Textual) - USD ($) | Feb. 09, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | Feb. 09, 2017 | Aug. 05, 2016 | May. 11, 2015 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 2,000,000 | 1,600,000 | |||||
Revenues, Total | [1] | 49,790,000 | $ 62,197,000 | ||||
Accounts Receivable, Net | 11,265,000 | 10,956,000 | |||||
Fulfillment Services [Member] | |||||||
Revenues, Total | [1] | 43,684,000 | $ 58,479,000 | ||||
Fulfillment Services [Member] | Customer Concentration Risk [Member] | |||||||
Revenues, Total | 5,537,000 | ||||||
Accounts Receivable, Net | $ 835,000 | ||||||
Concentration Risk, Percentage | 11.10% | ||||||
Buyer Promissory Note [Member] | |||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 1,600,000 | $ 1,600,000 | |||||
ARIC Line of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 1,500,000 | $ 2,000,000 | ||||
Long-term Line of Credit | $ 2,000,000 | ||||||
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination. |
REAL ESTATE INVENTORY_ (Details
REAL ESTATE INVENTORY: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Real Estate Disclosure [Line Items] | ||
Accumulated Capitalized Interest Costs | $ 3,957,000 | $ 3,959,000 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,746,000 | 1,759,000 |
Cost of Real Estate Sales, Interest | $ 15,000 | $ 7,000 |
INVESTMENT ASSETS_ (Details)
INVESTMENT ASSETS: (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Real Estate Investment Property, Net [Abstract] | ||
Land held for long-term investment | $ 9,733 | $ 10,234 |
Warehouse facility | 6,572 | 6,572 |
Less accumulated depreciation | (941) | (796) |
Warehouse facility, Net | 5,631 | 5,776 |
Real Estate Investment Property, Net, Total | $ 15,364 | $ 16,010 |
INVESTMENT ASSETS_ (Details Tex
INVESTMENT ASSETS: (Details Textual) | 12 Months Ended | |
Apr. 30, 2015USD ($)a | Apr. 30, 2014USD ($) | |
Investment Assets [Line Items] | ||
Area of Land | 12,000 | |
Ware House Facility [Member] | ||
Investment Assets [Line Items] | ||
Depreciation, Depletion and Amortization, Nonproduction | $ | $ 145,000 | $ 145,000 |
PROPERTY, PLANT AND EQUIPMENT52
PROPERTY, PLANT AND EQUIPMENT: (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 39,098 | $ 39,559 |
Less accumulated depreciation | (23,335) | (22,337) |
Property, plant and equipment, net | 15,763 | 17,222 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 20,000 | 20,191 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 19,098 | $ 19,368 |
PROPERTY, PLANT AND EQUIPMENT53
PROPERTY, PLANT AND EQUIPMENT: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 1,811,000 | $ 1,871,000 |
INTANGIBLE AND OTHER ASSETS_ (D
INTANGIBLE AND OTHER ASSETS: (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | $ 21,197 | $ 21,997 |
Finite-Lived Intangible Assets, Accumulated Amortization | 10,757 | 9,354 |
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 | 10,757 | 9,342 |
Prepaid Expenses [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | 2,520 | 3,019 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Deferred Order Entry Costs [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | 961 | 1,168 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | 730 | 824 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 12 |
INTANGIBLE AND OTHER ASSETS_ 55
INTANGIBLE AND OTHER ASSETS: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 1,453,000 | $ 1,319,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,416,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,414,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,413,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,051,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 164,000 | |
Customer-Related Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 12 years |
ACCOUNTS PAYABLE AND ACCRUED 56
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | $ 10,284 | $ 12,439 |
Real Estate Operations and Corporate [Member] | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | 1,374 | 1,747 |
Fulfillment Services [Member] | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | $ 8,910 | $ 10,692 |
ACCOUNTS PAYABLE AND ACCRUED 57
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Details Textual) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accrued Liabilities | $ 1,142,000 | $ 1,445,000 |
Customer Postage Deposits Current And Noncurrent | 4,832,000 | 5,669,000 |
Accounts Payable, Trade | 1,641,000 | 1,622,000 |
Other Accounts Payable and Accrued Liabilities | $ 2,669,000 | $ 3,703,000 |
NOTES PAYABLE_ (Details)
NOTES PAYABLE: (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Credit facilities: | ||
Notes Payable | $ 18,090 | $ 19,545 |
Other notes payable [Member] | ||
Credit facilities: | ||
Notes Payable | 4,087 | 4,404 |
PNC Credit Facility [Member] | ||
Credit facilities: | ||
Notes Payable | 0 | 0 |
Real estate operations [Member] | ||
Credit facilities: | ||
Notes Payable | $ 14,003 | $ 15,141 |
NOTES PAYABLE_ (Details Textual
NOTES PAYABLE: (Details Textual) | 12 Months Ended | |||
Apr. 30, 2015USD ($)a | Apr. 30, 2014USD ($) | Apr. 10, 2015USD ($) | Feb. 09, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,447,000 | |||
Other Notes Payable, Current | $ 128,000 | |||
Debt Instrument, Interest Rate During Period | 8.50% | |||
Debt Instrument, Maturity Date | Dec. 1, 2017 | |||
Book Value Of Real Estate Property Collateralized | $ 63,786,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 128,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 136,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 17,826,000 | |||
Long-term Debt, Gross | $ 14,003,000 | |||
Area of Land | a | 12,000 | |||
Percentage Of Proceeds To Be Applied For Loan Payment | 25.00% | |||
Initial Prepaid Amount Percentage Description | initially 5% of the amount prepaid, with the percentage declining by 1% each year | |||
Line Of Credit Facility Capacity Available For Accounts Receivables | $ 5,000,000 | |||
Interest Expense, Total | 1,615,000 | $ 1,721,000 | ||
PNC Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 5,000,000 | $ 7,500,000 | ||
PNC Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 7,500,000 | $ 15,000,000 | ||
AMREP Southwest [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Total | $ 1,258,000 | $ 1,348,000 | ||
Line of Credit [Member] | Media Services Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 5.00% | |||
Line of Credit [Member] | Media Services Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Debt Instrument Eurodollar Fixed Interest Rate | 2.75% | |||
Line of Credit [Member] | Media Services Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Debt Instrument Eurodollar Fixed Interest Rate | 3.00% | |||
Line of Credit [Member] | PNC Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Description | The borrowers’ obligations under the PNC Credit Facility are secured by substantially all of their assets other than real property. The revolving loans under the PNC Credit Facility may be fluctuating rate borrowings or Eurodollar fixed rate based borrowings or a combination of the two as the borrowers may select. Fluctuating rate borrowings bear interest at a rate which is, at the borrowers’ option, either (i) the reserve adjusted daily published rate for one month LIBOR loans plus a margin of 3% or (ii) the highest of two daily published market rates and the bank lender’s base commercial lending rate in effect from time to time, but in any case not less than 3% plus a margin of 2% (that is, not less than 5%). Eurodollar fixed rate based borrowings may be for one, two or six months and bear interest at the reserve adjusted Eurodollar interest rates for borrowings of such durations, plus a margin of 3%, which may be reduced to 2.75% depending on the borrowers’ financial condition. | |||
Line of Credit [Member] | AMREP Southwest [Member] | ||||
Debt Instrument [Line Items] | ||||
Line Of Credit Facility Participation Percentage Purchased | 20.00% | |||
Area of Land | a | 12,000 | |||
Cash Reserve For Interest Payments | $ 500,000 | |||
Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | |||
Debt Instrument, Face Amount | $ 4,087,000 |
OTHER LIABILITIES_ (Details Tex
OTHER LIABILITIES: (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2009 | Apr. 30, 2015 | |
Other Liabilities [Line Items] | ||
Incentive Received Award Agreement | $ 3,000,000 | |
Other Liabilities | 3,000,000 | |
Settlement Of Repayment Amount | $ 2,527,000 | |
Media Services [Member] | ||
Other Liabilities [Line Items] | ||
Award Agreement Objectives Description | The Award Agreement includes certain performance requirements in terms of job retention, job creation and capital investment which, if not met by Palm Coast, entitle the State of Florida to obtain the return of a portion, or all, of the $3,000,000. |
DEFERRED REVENUE_ (Details Text
DEFERRED REVENUE: (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2014USD ($) | Apr. 30, 2015USD ($)a | Jul. 31, 2015USD ($)a | Apr. 30, 2014USD ($) | |
Deferred Revenue Arrangement [Line Items] | ||||
Area of Land | a | 12,000 | |||
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 | $ 152,000 | |||
Deferred Revenue, Leases, Net | 758,000 | |||
Subsequent Event [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Area of Land | a | 55,000 | |||
El Dorado Utilities, Inc [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Deferred Revenue, Leases, Net | $ 1,042,000 | $ 1,157,000 |
FAIR VALUE MEASUREMENTS_ (Detai
FAIR VALUE MEASUREMENTS: (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Real estate inventory | $ 66,321 | $ 71,289 |
Property, plant and equipment | 771 | |
Real estate inventory, Impairment Loss Recorded | 1,504 | 406 |
Investment assets Impairment Loss Recorded | 305 | 280 |
Fair Value, Inputs, Level 1 [Member] | ||
Real estate inventory | 0 | 0 |
Investment assets | 0 | 0 |
Property, plant and equipment | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Real estate inventory | 0 | 0 |
Investment assets | 0 | 0 |
Property, plant and equipment | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Real estate inventory | 2,048 | 1,285 |
Investment assets | 1,439 | $ 787 |
Property, plant and equipment | $ 0 |
FAIR VALUE MEASUREMENTS_ (Det63
FAIR VALUE MEASUREMENTS: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of assets | $ 2,580,000 | $ 686,000 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | 18,090,000 | 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 | 16,365,000 | 17,739,000 |
Fulfillment Services [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of assets | 771,000 | 0 |
Real Estate Operations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of assets | $ 1,809,000 | $ 686,000 |
BENEFIT PLANS_ (Details)
BENEFIT PLANS: (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Interest cost on projected benefit obligation | $ 1,370 | $ 1,294 |
Expected return on assets | (2,230) | (2,075) |
Plan expenses | 247 | 234 |
Recognized net actuarial loss | 1,257 | 1,662 |
Settlement (gain) loss | 1,067 | 0 |
Total cost recognized in pretax income | 1,711 | 1,115 |
Cost (gain) recognized in pretax other comprehensive income | 2,674 | (3,853) |
Net periodic pension cost (income) | $ 4,385 | $ (2,738) |
BENEFIT PLANS_ (Details 1)
BENEFIT PLANS: (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | |
Income (loss) from continuing operations | $ 201 | $ (532) | $ (3,584) | $ (647) |
Income (loss) from discontinued operations | 33 | 7,284 | 14,904 | (2,292) |
Net income (loss) | $ 234 | $ 6,752 | $ 11,320 | $ (2,939) |
Earnings (loss) per share -continuing operations - basic and diluted | $ 0.03 | $ (0.07) | $ (0.45) | $ (0.09) |
Earnings (loss) per share - discontinued operations - basic and diluted | 0 | 0.92 | 1.88 | (0.33) |
Earnings (loss) per share - basic and diluted | $ 0.03 | $ 0.85 | $ 1.43 | $ (0.42) |
Revised [Member] | ||||
Income (loss) from continuing operations | $ (230) | $ (963) | ||
Income (loss) from discontinued operations | (79) | 7,172 | ||
Net income (loss) | $ (309) | $ 6,209 | ||
Earnings (loss) per share -continuing operations - basic and diluted | $ (0.03) | $ (0.12) | ||
Earnings (loss) per share - discontinued operations - basic and diluted | (0.01) | 0.91 | ||
Earnings (loss) per share - basic and diluted | $ (0.04) | $ 0.78 |
BENEFIT PLANS_ (Details 2)
BENEFIT PLANS: (Details 2) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Discount rate used to determine net periodic pension cost | 3.90% | 3.47% |
Discount rate used to determine pension benefit obligation | 3.48% | 3.90% |
Expected long-term rate of return on assets on assets | 8.00% | 8.00% |
BENEFIT PLANS_ (Details 3)
BENEFIT PLANS: (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Benefit obligation at beginning of year | $ 36,469 | $ 38,582 | ||
Interest cost | 1,370 | 1,294 | ||
Actuarial (gain) loss | 5,098 | (1,009) | ||
Benefits paid | (4,634) | (2,398) | ||
Benefit obligation at end of year | 38,303 | 36,469 | ||
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 29,120 | 24,777 | ||
Company contributions | 475 | 3,718 | ||
Actual return on plan assets | 2,334 | 3,268 | ||
Benefits paid | (4,634) | (2,398) | ||
Plan expenses | (251) | (245) | ||
Fair value of plan assets at end of year | 29,120 | 24,777 | $ 27,044 | $ 29,120 |
Funded (underfunded) status: | $ (11,259) | $ (7,349) | ||
Recognition of underfunded status: | ||||
Accrued pension cost | $ (11,259) | $ (7,349) |
BENEFIT PLANS_ (Details 4)
BENEFIT PLANS: (Details 4) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Pre-tax accumulated comprehensive loss | $ 17,627 | $ 14,953 | $ 18,806 |
BENEFIT PLANS_ (Details 5)
BENEFIT PLANS: (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Accumulated comprehensive loss, May 1, 2013 | $ 14,953 | $ 18,806 |
Net actuarial gain | 4,998 | (2,191) |
Amortization of net loss | (1,257) | (1,662) |
Accumulated comprehensive loss, April 30, 2015 | (10,833) | (9,175) |
Accumulated comprehensive loss, May 1, 2013 | (9,175) | 11,564 |
Net actuarial gain | 3,099 | (1,359) |
Recognition of settlement loss | (1,067) | |
Recognition of settlement loss | (662) | |
Amortization of net loss | (779) | (1,030) |
Accumulated comprehensive loss, April 30, 2015 | $ 17,627 | $ 14,953 |
BENEFIT PLANS_ (Details 6)
BENEFIT PLANS: (Details 6) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Schedule Of Allocation Of Plan Assets [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Schedule Of Allocation Of Plan Assets [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 69.00% | 65.00% |
Cash Equivalents [Member] | ||
Schedule Of Allocation Of Plan Assets [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 2.00% | 8.00% |
Fixed Income Securities [Member] | ||
Schedule Of Allocation Of Plan Assets [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 29.00% | 27.00% |
BENEFIT PLANS_ (Details 7)
BENEFIT PLANS: (Details 7) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 27,044 | $ 29,120 | $ 24,777 |
Cash Equivalents [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 675 | 2,466 | |
Equity Securities [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 18,634 | 18,844 | |
Corporate Bonds And Debentures [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,735 | 7,810 | |
Fair Value, Inputs, Level 1 [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 19,309 | 21,310 | |
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 675 | 2,466 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 18,634 | 18,844 | |
Fair Value, Inputs, Level 1 [Member] | Corporate Bonds And Debentures [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,735 | 7,810 | |
Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds And Debentures [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,735 | 7,810 | |
Fair Value, Inputs, Level 3 [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Bonds And Debentures [Member] | |||
Changes in Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
BENEFIT PLANS_ (Details 8)
BENEFIT PLANS: (Details 8) - $ / shares | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Number Of Shares - Non-vested | 24,000 | 0 |
Number Of Shares - Granted | 12,000 | 24,000 |
Number Of Shares - Vested | (8,000) | 0 |
Number Of Shares - Forfeited | 0 | 0 |
Number Of Shares - Non-vested | 28,000 | 24,000 |
Weighted Average Grant Date Fair Value Non-vested | $ 6.96 | $ 0 |
Weighted Average Grant Date Fair Value Granted | 6.90 | 6.96 |
Weighted Average Grant Date Fair Value Vested | 6.80 | 0 |
Weighted Average Grant Date Fair Value Forfeited | 0 | 0 |
Weighted Average Grant Date Fair Value Non-vested | $ 6.98 | $ 6.96 |
BENEFIT PLANS_ (Details Textual
BENEFIT PLANS: (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Aug. 30, 2013 | Aug. 31, 2012 | Jan. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | Dec. 31, 2006 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share-based Compensation, Total | $ 122,000 | $ 47,000 | |||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 2,389,000 | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | 100.00% | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% | 8.00% | |||||
Pension Contributions | $ 475,000 | $ 3,718,000 | |||||
Defined Benefit Plan Expected Future Benefit Payments For First Five Years Following Fiscal Year Description | The amount of future annual benefit payments is expected to be between $2,598,000 and $2,791,000 in fiscal years 2016 through 2020, and an aggregate of approximately $12,000,000 is expected to be paid in the fiscal five-year period 2021 through 2025. | ||||||
Defined Benefit Plan Expected Future Benefit Payments For Second Five Years Following Fiscal Year Description | an aggregate of approximately $12,000,000 is expected to be paid in the fiscal five-year period 2021 through 2025. | ||||||
Pension Benefit Plan Accelerated Funding | $ 11,688,000 | ||||||
Benefits paid | (4,634,000) | (2,398,000) | |||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | $ 863,000 | 1,067,000 | |||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 1,534,000 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | $ 0 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 36,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 364,000 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | $ 2,791,000 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 543,000 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,658,000) | 2,389,000 | |||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 543,000 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,658,000 | ||||||
Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Benefits paid | 2,317,000 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 2,598,000 | ||||||
Equity Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 400,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 81,000 | ||||||
PBGC [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Pension Contributions | $ 3,243,000 | $ 3,243,000 | $ 3,000,000 | $ 3,243,000 | |||
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities | 5,019,000 | 8,688,000 | |||||
First Lien Mortgages On Real Property Appraised Value | $ 10,039,000 | ||||||
Defined Pension Plan Real Property Of Mortgage | 8,192,000 | ||||||
PBGC [Member] | Subsequent Event [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Pension Contributions Towards Accelerated Funding Liability | $ 426,000 | ||||||
Fixed Income Securities [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 29.00% | 27.00% | |||||
Fixed Income Securities [Member] | Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% | ||||||
Fixed Income Securities [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% | ||||||
Other Current Assets [Member] | Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | ||||||
Other Current Assets [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | ||||||
Equity Securities [Member] | Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% | ||||||
Equity Securities [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 80.00% |
INCOME TAXES_ (Details)
INCOME TAXES: (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Current: | ||
Federal | $ (676) | $ (782) |
State and local | 16 | (104) |
Current Income Tax Expense (Benefit) | (660) | (886) |
Deferred: | ||
Federal | (1,387) | (235) |
State and local | (85) | 554 |
Deferred Income Tax Expense (Benefit) | (1,472) | 319 |
Total benefit for income taxes | $ (2,132) | $ (567) |
INCOME TAXES_ (Details 1)
INCOME TAXES: (Details 1) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Deferred income tax assets: | ||
State tax loss carryforwards | $ 4,272 | $ 3,340 |
Accrued pension costs | 4,274 | 2,376 |
U.S. Federal NOL carryforward | 0 | 4,946 |
Vacation accrual | 210 | 405 |
Intangibles and deductible goodwill | 4,835 | 5,560 |
Real estate basis differences | 4,296 | 3,309 |
Other | 177 | 0 |
Total deferred income tax assets | 18,064 | 19,936 |
Deferred income tax liabilities: | ||
Depreciable assets | (3,776) | (4,049) |
Deferred gains on investment assets | (4,423) | (4,423) |
Capitalized costs for financial reporting purposes, expensed for tax | (371) | (451) |
Other | 0 | (318) |
Total deferred income tax liabilities | (8,570) | (9,241) |
Valuation allowance for realization of state tax loss carryforwards | (3,657) | (2,627) |
Net deferred income tax asset | $ 5,837 | $ 8,068 |
INCOME TAXES_ (Details 2)
INCOME TAXES: (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Computed tax provision (benefit) at statutory rate | $ (2,000) | $ (470) |
Increase (reduction) in tax resulting from: | ||
State income taxes, net of federal income tax effect | (45) | (186) |
Expiration of state NOLs | 0 | 181 |
Meals and entertainment | 11 | 16 |
Other | (98) | (108) |
Actual tax provision (benefit) | $ (2,132) | $ (567) |
INCOME TAXES_ (Details 3)
INCOME TAXES: (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Gross unrecognized tax benefits at beginning of year | $ 58 | $ 1,516 |
Gross increases: | ||
Additions based on tax positions related to current year | 0 | 0 |
Additions based on tax positions of prior years | 0 | 0 |
Gross decreases: | ||
Reductions based on tax positions of prior years | 0 | (1,458) |
Reductions based on the lapse of the applicable statute of limitations | 0 | 0 |
Gross unrecognized tax benefits at end of year | $ 58 | $ 58 |
INCOME TAXES_ (Details Textual)
INCOME TAXES: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Operating Loss Carryforwards State Subject To Expiration Current | $ 106,973,000 | |
Operating Loss Carryforwards State Subject To Expiration In One Years | 0 | |
Operating Loss Carryforwards State Subject To Expiration In Two Years | 0 | |
Operating Loss Carryforwards State Subject To Expiration In Three Years | 0 | |
Operating Loss Carryforwards State Subject To Expiration In Four Years | 0 | |
Operating Loss Carryforwards State Subject To Expiration In five Years | 1,969,000 | |
Operating Loss Carryforwards State Subject To Expiration In Thereafter | 105,004,000 | |
Federal Operating Loss Carryforwards | 14,416,000 | |
Business Acquisition Purchase Price Allocation Goodwill | 9,148,000 | |
Federal Operating Loss Carryforwards Reduced Amount | 2,400,000 | |
Liability for Uncertain Tax Positions, Reduced Amount | 160,000 | |
Interest Liability On Unrecognized Tax Benefits | $ 0 | |
Tax Credit Adjustments | 0 | 134,000 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 58,000 | 58,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0 | 0 |
Deferred Tax Assets, Valuation Allowance | 3,657,000 | 2,627,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1,030,000 | $ 359,000 |
SHAREHOLDERS' EQUITY_ (Details
SHAREHOLDERS' EQUITY: (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Aug. 30, 2013 | Aug. 31, 2012 | Jul. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 1,199,242 | |||||
Sale of Stock, Price Per Share | $ 6.25 | |||||
Proceeds from Sale of Treasury Stock | $ 7,144,000 | |||||
Share Issuance Expenses | $ 350,000 | |||||
Pension Contributions | $ 475,000 | $ 3,718,000 | ||||
Stock Issued During Period Value Reduction Of Retained Earnings | 15,298,000 | |||||
Stock Issued During Period Value Reduction Of Treasury Stock | 22,442,000 | |||||
Other Comprehensive Income (Loss), Net of Tax | $ 1,658,000 | 2,389,000 | ||||
Common Stock [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 | |||||
Common Stock [Member] | Kable Distribution and Palm Coast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $ 83,000 | |||||
Additional Paid-in Capital [Member] | Kable Distribution and Palm Coast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $ 4,191,000 | |||||
PBGC [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension Contributions | $ 3,243,000 | $ 3,243,000 | $ 3,000,000 | $ 3,243,000 |
IMPAIRMENT OF ASSETS_ (Details
IMPAIRMENT OF ASSETS: (Details Textual) - Operating Activities [Domain] - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of assets | $ 2,580,000 | $ 686,000 |
Original Value Of Impaired Real Estate | 5,296,000 | 2,758,000 |
Fair Value Of Impaired Real Estate | 3,515,000 | 2,082,000 |
Fulfillment Services [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of assets | 771,000 | 0 |
Real Estate [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of Real Estate | $ 1,809,000 | $ 686,000 |
GAIN FROM SETTLEMENT_ (Details
GAIN FROM SETTLEMENT: (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Gain Loss From Settlement [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 1,199,242 | ||
Reduction of Accounts Receivable Due To Settlement | $ (22,626,000) | ||
Reduction of Accounts Payable Due To Settlement | (38,214,000) | ||
Discontinued Operations [Member] | |||
Gain Loss From Settlement [Line Items] | |||
Disposal Group, Including Discontinued Operation, Other Income | $ 11,155,000 | $ 0 | |
Common Stock [Member] | |||
Gain Loss From Settlement [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 825,000 | 825,000 | |
Stock Issued During Period, Value, New Issues | $ 4,274,000 | ||
Stock Issued During Period, Percentage | 10.30% |
COMMITMENTS AND CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Commitments And Contingencies [Line Items] | ||
Operating Leases, Rent Expense | $ 314,000 | $ 123,000 |
Operating Leases, Future Minimum Payments Due | 912,000 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 858,000 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,000 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | |
Future Development Commitments | 1,945,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | $ 53,000 |
INFORMATION ABOUT THE COMPANY83
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS: (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | [1] | $ 49,790 | $ 62,197 |
Net income (loss) | (3,584) | (647) | |
Provision (benefit) for income taxes | (2,132) | (567) | |
Interest expense (income), net | 1,615 | 1,721 | |
Depreciation and amortization | 3,264 | 3,190 | |
Impairment of assets | 2,580 | 686 | |
EBITDA | [2] | 1,743 | 4,383 |
Total assets excluding assets of discontinued operations | 137,040 | 143,768 | |
Total liabilities excluding liabilities of discontinued operations | 45,113 | 43,549 | |
Capital expenditures - property, plant and equipment | (1,127) | (1,259) | |
Fulfillment Services [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | [1] | 43,684 | 58,479 |
Net income (loss) | (1,630) | 1,689 | |
Provision (benefit) for income taxes | (877) | 697 | |
Interest expense (income), net | 700 | 730 | |
Depreciation and amortization | 2,999 | 3,506 | |
Impairment of assets | 771 | 0 | |
EBITDA | [2] | 1,963 | 6,622 |
Total assets excluding assets of discontinued operations | 59,743 | 58,672 | |
Total liabilities excluding liabilities of discontinued operations | 36,245 | 35,682 | |
Capital expenditures - property, plant and equipment | 1,127 | 1,217 | |
Real Estate Operations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | [1] | 6,366 | 4,000 |
Net income (loss) | (3,367) | (3,838) | |
Provision (benefit) for income taxes | (1,977) | (2,103) | |
Interest expense (income), net | 2,730 | 2,740 | |
Depreciation and amortization | 91 | 80 | |
Impairment of assets | 1,809 | 686 | |
EBITDA | [2] | (714) | (2,435) |
Total assets excluding assets of discontinued operations | 82,187 | 87,508 | |
Total liabilities excluding liabilities of discontinued operations | 37,744 | 43,521 | |
Capital expenditures - property, plant and equipment | 0 | 42 | |
Corporate and Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | [1] | (260) | (282) |
Net income (loss) | 1,413 | 1,502 | |
Provision (benefit) for income taxes | 722 | 839 | |
Interest expense (income), net | (1,815) | (1,749) | |
Depreciation and amortization | 174 | (396) | |
Impairment of assets | 0 | 0 | |
EBITDA | [2] | 494 | 196 |
Total assets excluding assets of discontinued operations | (4,890) | (2,412) | |
Total liabilities excluding liabilities of discontinued operations | (28,876) | (35,654) | |
Capital expenditures - property, plant and equipment | $ 0 | $ 0 | |
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying statements of operations. Corporate revenue is net of an intercompany revenue elimination. | ||
[2] | The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |