Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2015 | Sep. 11, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | AMREP CORP. | |
Entity Central Index Key | 6,207 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | AXR | |
Entity Common Stock, Shares Outstanding | 8,059,454 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 9,697 | $ 12,050 |
Receivables, net | 10,933 | 11,265 |
Real estate inventory | 66,388 | 66,321 |
Investment assets, net | 15,328 | 15,364 |
Property, plant and equipment, net | 15,467 | 15,763 |
Intangible and other assets, net | 9,670 | 10,440 |
Taxes receivable | 1,781 | 0 |
Deferred income taxes, net | 5,837 | 5,837 |
Assets of discontinued operations | 0 | 1,689 |
TOTAL ASSETS | 135,101 | 138,729 |
LIABILITIES: | ||
Accounts payable and accrued expenses | 8,826 | 10,284 |
Notes payable: | ||
Amounts due within one year | 130 | 128 |
Amounts due beyond one year | 3,927 | 3,959 |
Amounts due to related party | 13,782 | 14,003 |
Notes payable | 17,839 | 18,090 |
Taxes payable | 0 | 653 |
Other liabilities and deferred revenue | 4,766 | 4,827 |
Accrued pension cost | 11,513 | 11,259 |
Liabilities of discontinued operations | 0 | 295 |
TOTAL LIABILITIES | 42,944 | 45,408 |
SHAREHOLDERS' EQUITY: | ||
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,284,704 at July 31, 2015 and 8,281,704 at April 30, 2015 | 828 | 828 |
Capital contributed in excess of par value | 50,553 | 50,538 |
Retained earnings | 55,824 | 57,003 |
Accumulated other comprehensive loss, net | (10,833) | (10,833) |
Treasury stock, at cost; 225,250 shares at July 31, 2015 and April 30, 2015 | (4,215) | (4,215) |
TOTAL SHAREHOLDERS’ EQUITY | 92,157 | 93,321 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 135,101 | $ 138,729 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - $ / shares | Jul. 31, 2015 | Apr. 30, 2015 |
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 | 8,284,704 | 8,281,704 |
Treasury stock, shares | 225,250 | 225,250 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Retained Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | ||
REVENUES: | |||
Fulfillment services | $ 9,181 | $ 11,909 | |
Real estate land sales | 110 | 384 | |
Other | 284 | 28 | |
Revenues | [1] | 9,575 | 12,321 |
COSTS AND EXPENSES: | |||
Real estate land sales | 36 | 222 | |
Operating expenses: | |||
Fulfillment services | 8,780 | 9,392 | |
Real estate selling expenses | 53 | 60 | |
Other | 347 | 441 | |
General and administrative expenses: | |||
Fulfillment services | 865 | 1,107 | |
Real estate operations and corporate | 1,019 | 827 | |
Impairment of assets | 0 | 925 | |
Interest expense | 379 | 392 | |
Costs and Expenses, Total | 11,479 | 13,366 | |
Loss from continuing operations before income taxes | (1,904) | (1,045) | |
Benefit for income taxes | [1] | (725) | (409) |
Loss from continuing operations | (1,179) | (636) | |
Discontinued operations (Note 2) | |||
Income from discontinued operations before income taxes | 0 | 10,968 | |
Provision for income taxes | 0 | 4,068 | |
Income from discontinued operations | 0 | 6,900 | |
Net income (loss) | (1,179) | 6,264 | |
Retained earnings, beginning of period | 57,003 | 45,683 | |
Retained earnings, end of period | $ 55,824 | $ 51,947 | |
Loss per share - continuing operations - basic and diluted (in dollars per share) | $ (0.15) | $ (0.08) | |
Earnings per share - discontinued operations - basic and diluted (in dollars per share) | 0 | 0.9 | |
Earnings (loss) per share, net - basic and diluted (in dollars per share) | $ (0.15) | $ 0.82 | |
Weighted average number of common shares outstanding (in shares) | 8,029 | 7,599 | |
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows from Continuing Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss from continuing operations | $ (1,179) | $ (636) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Impairment of assets | 0 | 925 | |
Depreciation and amortization | [1] | 746 | 826 |
Non-cash credits and charges: | |||
Allowance for (recovery of) doubtful accounts | 29 | (111) | |
Stock-based compensation | 21 | 36 | |
Changes in assets and liabilities, net of effects of discontinued operations: | |||
Receivables | 303 | 2,146 | |
Real estate inventory and investment assets | (67) | (274) | |
Intangible and other assets | 432 | 1,422 | |
Accounts payable and accrued expenses | (1,458) | (1,492) | |
Taxes receivable and payable | (2,434) | 3 | |
Deferred income taxes and other liabilities | (61) | (408) | |
Accrued pension costs | 254 | 53 | |
Total adjustments | (2,235) | 3,126 | |
Net cash provided by (used in) operating activities | (3,414) | 2,490 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures - property, plant and equipment | [1] | (82) | (377) |
Net cash used in investing activities | (82) | (377) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Principal debt payments | (251) | (71) | |
Net transfers from (to) discontinued operations | 1,394 | (1,311) | |
Net cash provided by (used in) financing activities | 1,143 | (1,382) | |
Increase (decrease) in cash and cash equivalents | (2,353) | 731 | |
Cash and cash equivalents, beginning of period | 12,050 | 7,571 | |
Cash and cash equivalents, end of period | 9,697 | 8,302 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 324 | 408 | |
Income taxes paid (refunded), net | 1,854 | (3) | |
Non-cash transactions: | |||
Issuance of common stock in settlement | $ 0 | $ 4,274 | |
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (1) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in 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. In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless otherwise qualified, all references to 2016 and 2015 are to the fiscal years ending April 30, 2016 and 2015 and all references to the first quarter and first three months of 2016 and 2015 mean the fiscal three month periods ended July 31, 2015 and 2014. The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2015, which was filed with the SEC on July 29, 2015 (the “2015 Form 10-K”). Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. This guidance defines how companies report revenues from contracts with customers and also requires enhanced disclosures. In July 2015, the Financial Accounting Standards Board voted to defer the effective date by one year, with early adoption on the original effective date permitted. The Company will be required to adopt the standard as of May 1, 2018 and early adoption is permitted as of May 1, 2017. The Company has not determined the transition approach that will be utilized nor has it estimated the impact of adopting the new accounting standard. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 3 Months Ended |
Jul. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | (2) DISCONTINUED OPERATIONS Prior to February 9, 2015, the Company had been engaged in the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business. On February 9, 2015, the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business were sold. In addition, prior to April 10, 2015, the Company had also been engaged in the Staffing Services business. On April 10, 2015, the Staffing Services business was sold. The Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business have been classified as “discontinued operations” in the Company’s financial statements. Financial information from prior periods has been reclassified to conform to this presentation. Refer to Item 1 of Part I of the 2015 Form 10-K for more detail about the sale of the Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business. July 31, April 30, Carrying amounts of major classes of assets included as part of discontinued operations: Cash and cash equivalents $ - $ 1,241 Receivables, net - 431 Intangible and other assets, net - 17 Total assets classified as discontinued operations in the accompanying balance sheets $ - $ 1,689 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable, net and accrued expenses $ - $ 150 Deferred and income taxes payable - 145 Total liabilities classified as discontinued operations in the accompanying balance sheets $ - $ 295 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): For the three months ended: July 31, July 31, Components of pretax income from discontinued operations: Revenues $ - $ 5,658 Operating expenses - (5,196) General and administrative expenses - (621) Gain from settlement (Note 11) - 11,155 Interest expense - (28) Income from discontinued operations before income taxes - 10,968 Provision for income taxes - 4,068 Net income from discontinued operations $ - $ 6,900 The following table provides the total operating and investing cash flows of the discontinued operations for the periods in which the results of operations of the discontinued operations are presented in the accompanying statements of operations (in thousands): For the three months ended: July 31, July 31, Cash flows from discontinued operating activities: Net income $ - $ 6,900 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Gain on settlement - (11,155) Depreciation and amortization - 106 Non-cash credits and charges: Allowance for doubtful accounts - 22 Changes in assets and liabilities: Receivables 431 (3,617) Intangible and other assets 17 (1,147) Accounts payable and accrued expenses (150) (1,781) Other (145) 4,041 Total adjustments 153 (13,531) Net cash provided by (used in) operating activities $ 153 $ (6,631) Cash flows from investing activities: Capital expenditures - property, plant and equipment $ - $ (31) Net cash used in investing activities $ - $ (31) |
RECEIVABLES
RECEIVABLES | 3 Months Ended |
Jul. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (3) RECEIVABLES July 31, April 30, Fulfillment Services $ 8,157 $ 7,993 Buyer promissory note 1,600 1,600 Line of credit receivable 1,500 2,000 Real estate operations and corporate 147 116 11,404 11,709 Less allowance for doubtful accounts (471) (444) $ 10,933 $ 11,265 Refer to Item 1 of Part I of the 2015 Form 10-K for detail about the buyer promissory note and line of credit issued in connection with the sale of the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business. During the first quarter of 2016, revenues from one major customer of the Company’s Fulfillment Services business totaled $1,230,000 or 12.8 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Jul. 31, 2015 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment [Text Block] | (4) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following (in thousands): July 31, April 30, 2015 2015 Land, buildings and improvements $ 20,003 $ 20,000 Furniture and equipment 18,797 19,098 38,800 39,098 Less accumulated depreciation (23,333) (23,335) $ 15,467 $ 15,763 |
INTANGIBLE AND OTHER ASSETS
INTANGIBLE AND OTHER ASSETS | 3 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible and Other Assets [Text Block] | (5) INTANGIBLE AND OTHER ASSETS Intangible and other assets, net consist of the following (in thousands): July 31, 2015 April 30, 2015 Cost Accumulated Cost Accumulated Customer contracts and relationships $ 16,986 $ 11,110 $ 16,986 $ 10,757 Prepaid expenses 2,606 - 2,520 - Deferred order entry costs 920 - 961 - Other 268 - 730 - $ 20,780 $ 11,110 $ 21,197 $ 10,757 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. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 3 Months Ended |
Jul. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES July 31, April 30, 2015 2015 Fulfillment Services $ 7,593 $ 8,910 Real estate operations and corporate 1,233 1,374 $ 8,826 $ 10,284 The July 31, 2015 accounts payable, net and accrued expenses total includes customer postage deposits of $ 4,140,000 1,852,000 986,000 1,848,000 4,832,000 1,142,000 1,641,000 2,669,000 |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | (7) NOTES PAYABLE July 31, April 30, Credit facilities: Real estate operations $ 13,782 $ 14,003 PNC Credit Facility - - Other notes payable 4,057 4,087 $ 17,839 $ 18,090 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 13,782,000 8.5 63,944,000 No payments of principal are required until maturity, except that the following amounts are required to be applied to the payment of the loan: (a) 25% of the net cash proceeds from any sales of real property by AMREP Southwest and (b) 25% of any royalty payments received by AMREP Southwest under the oil and gas lease Other Notes Payable Other notes payable consist of a mortgage note payable with an outstanding principal balance of $ 4,057,000 6.35 130,000 PNC Credit Facility The Company’s Fulfillment Services business had a revolving credit and security agreement with PNC Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility expired by its terms on August 12, 2015. There were no borrowings during the quarter ended July 31, 2015 and no balance outstanding at the end of the quarter. At July 31, 2015, the borrowers were in compliance with the covenants of the PNC Credit Facility. |
DEFERRED REVENUE
DEFERRED REVENUE | 3 Months Ended |
Jul. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue Disclosure [Text Block] | (8 DEFERRED REVENUE Refer to Item 8 of Part II of the 2015 Form 10-K for detail about the Oil and Gas Lease and the Addendum thereto with Thrust Energy, Inc. and Cebolla Roja, LLC. No royalties under the Lease were received during the first quarter of 2016. Revenue from this transaction is being recorded over the lease term and approximately $ 57,000 701,000 Refer to Item 8 of Part II of the 2015 Form 10-K for detail about a lease agreement for a warehouse facility owned by El Dorado Utilities, Inc. in Fairfield, Ohio. The amount of deferred rent revenue in connection with the lease totaled $ 1,013,000 1,042,000 29,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Jul. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (9) FAIR VALUE MEASUREMENTS The Financial Instruments Topic of the Financial Accounting Standards Board Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. The Topic excludes all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions are used in estimating fair value disclosure for financial instruments. The carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. The Company did not have any long-term, fixed-rate notes receivables at July 31, 2015 or April 30, 2015. The estimated fair values of the Company’s long-term, fixed-rate notes payable were $ 16,236,000 16,365,000 17,839,000 18,090,000 |
BENEFIT PLANS
BENEFIT PLANS | 3 Months Ended |
Jul. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (10) BENEFIT PLANS Retirement plan The Company has a defined benefit retirement plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004. The Company has secured $ 5,019,000 Equity compensation plan The Company issued 3,000 during the first quarter of 2016. During the first quarter of 2016, 4,000 vested leaving 27,000 21,000 36,000 share As of , there was 76,000 of total unrecognized compensation expense related to share , which is expected to be recognized over the remaining vesting term not to exceed three years. |
GAIN FROM SETTLEMENT
GAIN FROM SETTLEMENT | 3 Months Ended |
Jul. 31, 2015 | |
Gain Loss From Settlement [Abstract] | |
Gain Loss From Settlement [Text Block] | (11) GAIN FROM SETTLEMENT During the first quarter of 2015, the Company and certain of its subsidiaries entered into a settlement agreement with a significant customer, Heinrich Bauer (USA) LLC. As a result of the settlement agreement, the Company recognized a pretax gain of $11,155,000, which is included in the results of discontinued operations in the accompanying financial statements for 2015. Refer to Item 1 of Part I of the 2015 Form 10-K for additional detail about the settlement agreement. |
IMPAIRMENT OF ASSETS
IMPAIRMENT OF ASSETS | 3 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Asset Impairment Charges [Text Block] | (12) IMPAIRMENT OF ASSETS During the first quarter of 2015, the Company’s Fulfillment Services business recognized a $925,000 impairment charge relating to the discontinuance of the development of certain software. The impairment charge included previously capitalized software costs, internal labor costs and third party consulting costs. |
INFORMATION ABOUT THE COMPANY'S
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | 3 Months Ended |
Jul. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS Fulfillment Real Estate Corporate Consolidated Three months ended July 31, 2015 (a): Revenues $ 9,181 $ 168 $ 226 $ 9,575 Net income (loss) from continuing operations $ (776) $ (766) $ 363 $ (1,179) Provision (benefit) for income taxes (456) (454) 185 (725) Interest expense (income), net 167 671 (459) 379 Depreciation and amortization 716 23 7 746 EBITDA (b) $ (349) $ (526) $ 96 $ (779) Capital expenditures $ 82 $ - $ - $ 82 Three months ended July 31, 2014 (a): Revenues $ 11,909 $ 484 $ (72) $ 12,321 Net income (loss) from continuing operations $ (338) $ (754) $ 456 $ (636) Provision (benefit) for income taxes (198) (454) 243 (409) Interest expense (income), net 175 695 (478) 392 Depreciation and amortization 794 23 9 826 Impairment of assets 925 - - 925 EBITDA (b) $ 1,358 $ (490) $ 230 $ 1,098 Capital expenditures $ 377 $ - $ - $ 377 (a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. (b) The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in 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. In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless otherwise qualified, all references to 2016 and 2015 are to the fiscal years ending April 30, 2016 and 2015 and all references to the first quarter and first three months of 2016 and 2015 mean the fiscal three month periods ended July 31, 2015 and 2014. The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2015, which was filed with the SEC on July 29, 2015 (the “2015 Form 10-K”). |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. This guidance defines how companies report revenues from contracts with customers and also requires enhanced disclosures. In July 2015, the Financial Accounting Standards Board voted to defer the effective date by one year, with early adoption on the original effective date permitted. The Company will be required to adopt the standard as of May 1, 2018 and early adoption is permitted as of May 1, 2017. The Company has not determined the transition approach that will be utilized nor has it estimated the impact of adopting the new accounting standard. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
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 the major classes of assets and liabilities of the discontinued operations in the accompanying balance sheets (in thousands): July 31, April 30, Carrying amounts of major classes of assets included as part of discontinued operations: Cash and cash equivalents $ - $ 1,241 Receivables, net - 431 Intangible and other assets, net - 17 Total assets classified as discontinued operations in the accompanying balance sheets $ - $ 1,689 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable, net and accrued expenses $ - $ 150 Deferred and income taxes payable - 145 Total liabilities classified as discontinued operations in the accompanying balance sheets $ - $ 295 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): For the three months ended: July 31, July 31, Components of pretax income from discontinued operations: Revenues $ - $ 5,658 Operating expenses - (5,196) General and administrative expenses - (621) Gain from settlement (Note 11) - 11,155 Interest expense - (28) Income from discontinued operations before income taxes - 10,968 Provision for income taxes - 4,068 Net income from discontinued operations $ - $ 6,900 The following table provides the total operating and investing cash flows of the discontinued operations for the periods in which the results of operations of the discontinued operations are presented in the accompanying statements of operations (in thousands): For the three months ended: July 31, July 31, Cash flows from discontinued operating activities: Net income $ - $ 6,900 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Gain on settlement - (11,155) Depreciation and amortization - 106 Non-cash credits and charges: Allowance for doubtful accounts - 22 Changes in assets and liabilities: Receivables 431 (3,617) Intangible and other assets 17 (1,147) Accounts payable and accrued expenses (150) (1,781) Other (145) 4,041 Total adjustments 153 (13,531) Net cash provided by (used in) operating activities $ 153 $ (6,631) Cash flows from investing activities: Capital expenditures - property, plant and equipment $ - $ (31) Net cash used in investing activities $ - $ (31) |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables, net consist of the following (in thousands): July 31, April 30, Fulfillment Services $ 8,157 $ 7,993 Buyer promissory note 1,600 1,600 Line of credit receivable 1,500 2,000 Real estate operations and corporate 147 116 11,404 11,709 Less allowance for doubtful accounts (471) (444) $ 10,933 $ 11,265 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consist of the following (in thousands): July 31, April 30, 2015 2015 Land, buildings and improvements $ 20,003 $ 20,000 Furniture and equipment 18,797 19,098 38,800 39,098 Less accumulated depreciation (23,333) (23,335) $ 15,467 $ 15,763 |
INTANGIBLE AND OTHER ASSETS (Ta
INTANGIBLE AND OTHER ASSETS (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible and Other Assets [Table Text Block] | Intangible and other assets, net consist of the following (in thousands): July 31, 2015 April 30, 2015 Cost Accumulated Cost Accumulated Customer contracts and relationships $ 16,986 $ 11,110 $ 16,986 $ 10,757 Prepaid expenses 2,606 - 2,520 - Deferred order entry costs 920 - 961 - Other 268 - 730 - $ 20,780 $ 11,110 $ 21,197 $ 10,757 |
ACCOUNTS PAYABLE AND ACCRUED 24
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued expenses consist of the following (in thousands): July 31, April 30, 2015 2015 Fulfillment Services $ 7,593 $ 8,910 Real estate operations and corporate 1,233 1,374 $ 8,826 $ 10,284 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Notes payable consist of the following (in thousands): July 31, April 30, Credit facilities: Real estate operations $ 13,782 $ 14,003 PNC Credit Facility - - Other notes payable 4,057 4,087 $ 17,839 $ 18,090 |
INFORMATION ABOUT THE COMPANY26
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables) | 3 Months Ended |
Jul. 31, 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) for the three month periods ended July 31, 2015 and 2014 (in thousands). Fulfillment Real Estate Corporate Consolidated Three months ended July 31, 2015 (a): Revenues $ 9,181 $ 168 $ 226 $ 9,575 Net income (loss) from continuing operations $ (776) $ (766) $ 363 $ (1,179) Provision (benefit) for income taxes (456) (454) 185 (725) Interest expense (income), net 167 671 (459) 379 Depreciation and amortization 716 23 7 746 EBITDA (b) $ (349) $ (526) $ 96 $ (779) Capital expenditures $ 82 $ - $ - $ 82 Three months ended July 31, 2014 (a): Revenues $ 11,909 $ 484 $ (72) $ 12,321 Net income (loss) from continuing operations $ (338) $ (754) $ 456 $ (636) Provision (benefit) for income taxes (198) (454) 243 (409) Interest expense (income), net 175 695 (478) 392 Depreciation and amortization 794 23 9 826 Impairment of assets 925 - - 925 EBITDA (b) $ 1,358 $ (490) $ 230 $ 1,098 Capital expenditures $ 377 $ - $ - $ 377 (a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. (b) The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
Carrying amounts of major classes of assets included as part of discontinued operations: | ||
Cash and cash equivalents | $ 0 | $ 1,241 |
Receivables, net | 0 | 431 |
Intangible and other assets, net | 0 | 17 |
Total assets classified as discontinued operations in the accompanying balance sheets | 0 | 1,689 |
Carrying amounts of major classes of liabilities included as part of discontinued operations: | ||
Accounts payable, net and accrued expenses | 0 | 150 |
Deferred and income taxes payable | 0 | 145 |
Total liabilities classified as discontinued operations in the accompanying balance sheets | $ 0 | $ 295 |
DISCONTINUED OPERATIONS (Deta28
DISCONTINUED OPERATIONS (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2015 | |
Components of pretax income from discontinued operations: | |||
Income from discontinued operations before income taxes | $ 0 | $ 10,968 | |
Provision for income taxes | 0 | 4,068 | |
Net income from discontinued operations | 0 | 6,900 | |
Discontinued Operations [Member] | |||
Components of pretax income from discontinued operations: | |||
Revenues | 0 | 5,658 | |
Operating expenses | 0 | (5,196) | |
General and administrative expenses | 0 | (621) | |
Gain from settlement (Note 11) | 0 | 11,155 | $ 11,155 |
Interest expense | 0 | (28) | |
Income from discontinued operations before income taxes | 0 | 10,968 | |
Provision for income taxes | 0 | 4,068 | |
Net income from discontinued operations | $ 0 | $ 6,900 |
DISCONTINUED OPERATIONS (Deta29
DISCONTINUED OPERATIONS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | ||
Cash Flows from Discontinued Operating Activities: | |||
Net income | $ 0 | $ 6,900 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | [1] | 746 | 826 |
Non-cash credits and charges: | |||
Allowance for doubtful accounts | 29 | (111) | |
Changes in assets and liabilities: | |||
Accounts payable and accrued expenses | (1,458) | (1,492) | |
Total adjustments | (2,235) | 3,126 | |
Cash Flows from Investing Activities: | |||
Capital expenditures - property, plant and equipment | [1] | (82) | (377) |
Discontinued Operations [Member] | |||
Cash Flows from Discontinued Operating Activities: | |||
Net income | 0 | 6,900 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Gain on settlement | 0 | (11,155) | |
Depreciation and amortization | 0 | 106 | |
Non-cash credits and charges: | |||
Allowance for doubtful accounts | 0 | 22 | |
Changes in assets and liabilities: | |||
Receivables | 431 | (3,617) | |
Intangible and other assets | 17 | (1,147) | |
Accounts payable and accrued expenses | (150) | (1,781) | |
Other assets and liabilities | (145) | 4,041 | |
Total adjustments | 153 | (13,531) | |
Net cash provided by (used in) operating activities | 153 | (6,631) | |
Cash Flows from Investing Activities: | |||
Capital expenditures - property, plant and equipment | 0 | (31) | |
Net cash used in investing activities | $ 0 | $ (31) | |
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. |
RECEIVABLES (Details)
RECEIVABLES (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 11,404 | $ 11,709 |
Less allowance for doubtful accounts | (471) | (444) |
Accounts Receivable, Net | 10,933 | 11,265 |
Fulfillment Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | 8,157 | 7,993 |
Buyer Promissory Note [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 1,600 | 1,600 |
Line of Credit receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | 1,500 | 2,000 |
Real Estate Operations and Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 147 | $ 116 |
RECEIVABLES (Details Textual)
RECEIVABLES (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jul. 31, 2015 | Jul. 31, 2014 | Aug. 31, 2015 | Apr. 30, 2015 | ||
Revenues, Total | [1] | $ 9,575 | $ 12,321 | ||
Accounts Receivable, Net | 10,933 | $ 11,265 | |||
Fulfillment Services [Member] | |||||
Revenues, Total | [1] | 9,181 | $ 11,909 | ||
Fulfillment Services [Member] | Customer Concentration Risk [Member] | |||||
Revenues, Total | $ 1,230 | ||||
Concentration Risk, Percentage | 12.80% | ||||
Fulfillment Services [Member] | Customer Concentration Risk [Member] | Subsequent Event [Member] | |||||
Accounts Receivable, Net | $ 433 | ||||
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. |
PROPERTY, PLANT AND EQUIPMENT32
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 38,800 | $ 39,098 |
Less accumulated depreciation | (23,333) | (23,335) |
Property, plant and equipment, net | 15,467 | 15,763 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 20,003 | 20,000 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 18,797 | $ 19,098 |
INTANGIBLE AND OTHER ASSETS (De
INTANGIBLE AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | $ 20,780 | $ 21,197 |
Finite-Lived Intangible Assets, Accumulated Amortization | 11,110 | 10,757 |
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 | 11,110 | 10,757 |
Prepaid Expenses [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | 2,606 | 2,520 |
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 | 920 | 961 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Cost | 268 | 730 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
ACCOUNTS PAYABLE AND ACCRUED 34
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | $ 8,826 | $ 10,284 |
Fulfillment Services [Member] | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | 7,593 | 8,910 |
Real Estate Operations and Corporate [Member] | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | $ 1,233 | $ 1,374 |
ACCOUNTS PAYABLE AND ACCRUED 35
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Textual) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accrued Liabilities | $ 1,852,000 | $ 1,142,000 |
Customer Postage Deposits Current And Noncurrent | 4,140,000 | 4,832,000 |
Accounts Payable, Trade | 986,000 | 1,641,000 |
Other Accounts Payable and Accrued Liabilities | $ 1,848,000 | $ 2,669,000 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
Credit facilities: | ||
Notes Payable | $ 17,839 | $ 18,090 |
Other notes payable [Member] | ||
Credit facilities: | ||
Notes Payable | 4,057 | 4,087 |
Real estate operations [Member] | ||
Credit facilities: | ||
Notes Payable | 13,782 | 14,003 |
PNC Credit Facility [Member] | ||
Credit facilities: | ||
Notes Payable | $ 0 | $ 0 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) - Jul. 31, 2015 - USD ($) | Total |
Debt Instrument [Line Items] | |
Mortgage Notes Payable | $ 4,057,000 |
Mortgage Loans on Real Estate, Interest Rate | 6.35% |
Other Notes Payable, Current | $ 130,000 |
Real Estate Loan [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate During Period | 8.50% |
Notes Payable, Related Parties, Noncurrent | $ 13,782,000 |
Book Value Of Real Estate Property Collateralized | $ 63,944,000 |
Line Of Credit Facility Participation Percentage Purchased | 20.00% |
Debt Instrument, Payment Terms | No payments of principal are required until maturity, except that the following amounts are required to be applied to the payment of the loan: (a) 25% of the net cash proceeds from any sales of real property by AMREP Southwest and (b) 25% of any royalty payments received by AMREP Southwest under the oil and gas lease |
DEFERRED REVENUE_ (Details Text
DEFERRED REVENUE: (Details Textual) - USD ($) | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2015 | |
Deferred Revenue Arrangement [Line Items] | |||
Operating Leases, Income Statement, Lease Revenue | $ 57,000 | ||
Deferred Revenue, Leases, Net | 701,000 | ||
Real Estate Operations and Corporate General and Administrative Expenses | 1,019,000 | $ 827,000 | |
El Dorado Utilities, Inc [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred Revenue, Leases, Net | 1,013,000 | $ 1,042,000 | |
Real Estate Operations and Corporate General and Administrative Expenses | $ 29,000 | $ 29,000 |
FAIR VALUE MEASUREMENTS_ (Detai
FAIR VALUE MEASUREMENTS: (Details Textual) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 17,839,000 | $ 18,090,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 16,236,000 | $ 16,365,000 |
BENEFIT PLANS (Details Textual)
BENEFIT PLANS (Details Textual) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Share-based Compensation, Total | $ 21,000 | $ 36,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 76,000 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 3,000 | |
Equity Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Share-based Compensation, Total | $ 21,000 | $ 36,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 4,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 27,000 | |
PBGC [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued Pension Benefit Plan Obligation | $ 5,019,000 |
IMPAIRMENT OF ASSETS_ (Details
IMPAIRMENT OF ASSETS: (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of assets | $ 0 | $ 925 |
Fulfillment Services [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of assets | $ 925 | $ 925 |
GAIN FROM SETTLEMENT_ (Details
GAIN FROM SETTLEMENT: (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2015 | |
Discontinued Operations [Member] | |||
Gain Loss From Settlement [Line Items] | |||
Disposal Group, Including Discontinued Operation, Other Income | $ 0 | $ 11,155 | $ 11,155 |
INFORMATION ABOUT THE COMPANY43
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | [1] | $ 9,575 | $ 12,321 |
Net income (loss) from continuing operations | [1] | (1,179) | (636) |
Provision (benefit) for income taxes | [1] | (725) | (409) |
Interest expense (income), net | [1] | 379 | 392 |
Depreciation and amortization | [1] | 746 | 826 |
Impairment of assets | 0 | 925 | |
EBITDA | [1],[2] | (779) | 1,098 |
Capital expenditures - property, plant and equipment | [1] | (82) | (377) |
Fulfillment Services [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | [1] | 9,181 | 11,909 |
Net income (loss) from continuing operations | [1] | (776) | (338) |
Provision (benefit) for income taxes | [1] | (456) | (198) |
Interest expense (income), net | [1] | 167 | 175 |
Depreciation and amortization | [1] | 716 | 794 |
Impairment of assets | 925 | 925 | |
EBITDA | [1],[2] | (349) | 1,358 |
Capital expenditures - property, plant and equipment | [1] | 82 | 377 |
Real Estate Operations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | [1] | 168 | 484 |
Net income (loss) from continuing operations | [1] | (766) | (754) |
Provision (benefit) for income taxes | [1] | (454) | (454) |
Interest expense (income), net | [1] | 671 | 695 |
Depreciation and amortization | [1] | 23 | 23 |
Impairment of assets | 0 | ||
EBITDA | [1],[2] | (526) | (490) |
Capital expenditures - property, plant and equipment | [1] | 0 | 0 |
Corporate and Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | [1] | 226 | (72) |
Net income (loss) from continuing operations | [1] | 363 | 456 |
Provision (benefit) for income taxes | [1] | 185 | 243 |
Interest expense (income), net | [1] | (459) | (478) |
Depreciation and amortization | [1] | 7 | 9 |
Impairment of assets | 0 | ||
EBITDA | [1],[2] | 96 | 230 |
Capital expenditures - property, plant and equipment | [1] | $ 0 | $ 0 |
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. | ||
[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. |