AMREP (AXR) 10-Q 15 Mar 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 31, 2016	Feb. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2016	Apr. 30, 2015
ASSETS
Cash and cash equivalents	$ 13,857	$ 12,050
Receivables, net	8,053	11,265
Real estate inventory	63,583	66,321
Investment assets, net	15,241	15,364
Property, plant and equipment, net	15,547	15,763
Intangible and other assets, net	8,470	10,440
Taxes receivable, net	1,718	0
Deferred income taxes, net	6,578	5,837
Assets of discontinued operations	0	1,689
TOTAL ASSETS	133,047	138,729
LIABILITIES:
Accounts payable and accrued expenses	8,708	10,284
Notes payable:
Amounts due within one year	454	128
Amounts due beyond one year	3,859	3,959
Amounts due to related party	12,491	14,003
Notes payable	16,804	18,090
Taxes payable, net	0	653
Other liabilities and deferred revenue	4,601	4,827
Accrued pension cost	12,022	11,259
Liabilities of discontinued operations	0	295
TOTAL LIABILITIES	42,135	45,408
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,284,704 at January 31, 2016 and 8,281,704 at April 30, 2015	828	828
Capital contributed in excess of par value	50,553	50,538
Retained earnings	54,579	57,003
Accumulated other comprehensive loss, net	(10,833)	(10,833)
Treasury stock, at cost; 225,250 shares at January 31, 2016 and April 30, 2015	(4,215)	(4,215)
TOTAL SHAREHOLDERS’ EQUITY	90,912	93,321
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 133,047	$ 138,729

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - $ / shares	Jan. 31, 2016	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		9 Months Ended
		Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
REVENUES:
Fulfillment services		$ 8,759	$ 10,832	$ 26,666	$ 34,544
Real estate land sales		3,197	1,861	5,487	4,758
Other		242	527	841	596
Revenues	[1]	12,198	13,220	32,994	39,898
COSTS AND EXPENSES:
Real estate land sales		2,781	822	4,699	3,232
Operating expenses:
Fulfillment services		7,888	9,727	24,535	28,684
Real estate selling expenses		54	51	162	178
Other		360	237	1,040	1,006
General and administrative expenses:
Fulfillment services		707	1,395	2,452	3,614
Real estate operations and corporate		872	1,048	2,837	2,693
Impairment of assets				0	925	[1]
Interest expense		342	472	1,085	1,234
Costs and Expenses, Total		13,004	13,752	36,810	41,566
Loss from continuing operations before income taxes		(806)	(532)	(3,816)	(1,668)
Benefit for income taxes	[1]	(237)	(228)	(1,392)	(631)
Loss from continuing operations		(569)	(304)	(2,424)	(1,037)
Discontinued operations (Note 2)
Income from discontinued operations before income taxes		0	35	0	11,446
Provision for income taxes		0	40	0	4,200
Loss from discontinued operations		0	(5)	0	7,246
Net income (loss)		(569)	(309)	(2,424)	6,209
Retained earnings, beginning of period		55,148	52,201	57,003	45,683
Retained earnings, end of period		$ 54,579	$ 51,892	$ 54,579	$ 51,892
Loss per share - continuing operations - basic and diluted (in dollars per share)		$ (0.07)	$ (0.04)	$ (0.3)	$ (0.13)
Earnings per share - discontinued operations - basic and diluted (in dollars per share)		0	0	0	0.92
Earnings (loss) per share, net - basic and diluted (in dollars per share)		$ (0.07)	$ (0.04)	$ (0.3)	$ 0.79
Weighted average number of common shares outstanding (in shares)		8,038	8,026	8,035	7,884
[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 COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Net income (loss)	$ (569)	$ (309)	$ (2,424)	$ 6,209
Other comprehensive income, net of tax:
Change in pension liability, net of tax ($320 in 2015)	0	543	0	543
Other comprehensive income	0	543	0	543
Total comprehensive income (loss)	$ (569)	$ 234	$ (2,424)	$ 6,752

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Parenthetical] - USD ($)	3 Months Ended	9 Months Ended
	Jan. 31, 2015	Jan. 31, 2015
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent, Total	$ 320	$ 320

Consolidated Statements of Cash

Consolidated Statements of Cash Flows from Continuing Operations - USD ($) $ in Thousands		9 Months Ended
		Jan. 31, 2016	Jan. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss from continuing operations		$ (2,424)	$ (1,037)
Adjustments to reconcile loss from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	2,168	2,434
Impairment of assets		0	925	[1]
Non-cash credits and charges:
Allowance for doubtful accounts		57	19
Stock-based compensation		52	95
Loss on disposal of fixed assets		5	0
Pension settlement accounting		0	431
Changes in assets and liabilities, net of effects of discontinued operations:
Receivables		(445)	2,917
Real estate inventory and investment assets		2,536	2,675
Intangible and other assets		958	567
Accounts payable and accrued expenses		(1,576)	(1,545)
Taxes receivable and payable		(2,373)	9
Deferred income taxes and other liabilities		(967)	2,823
Accrued pension costs		763	360
Total adjustments		1,178	11,710
Net cash provided by (used in) operating activities		(1,246)	10,673
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - property, plant and equipment	[1]	(655)	(731)
Proceeds from line of credit receivable		2,000	0
Proceeds from note receivable		1,600	0
Net cash provided by (used in) investing activities		2,945	(731)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing		0	949
Principal debt payments		(1,286)	(1,941)
Net transfers from (advances to) discontinued operations		1,394	(1,544)
Net cash provided by (used in) financing activities		108	(2,536)
Increase in cash and cash equivalents		1,807	7,406
Cash and cash equivalents, beginning of period		12,050	7,571
Cash and cash equivalents, end of period		13,857	14,977
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid		1,061	1,259
Income taxes paid, net		1,862	7
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	9 Months Ended
	Jan. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	(1) 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 and its subsidiary 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 third quarter and first nine months of 2016 and 2015 mean the fiscal three and nine month periods ended January 31, 2016 and 2015. 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”). As described in Note 13 to the financial statements included in the 2015 Form 10-K, the Company revised its previously reported results for the third quarter and first nine months of 2015 as reported in the Company’s Form 10-Q for the quarter ended January 31, 2015 to reflect an adjustment to pension expense which should have been reported in the third quarter of 2015 under generally accepted accounting principles. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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. In February 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-01 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The amendments in the ASU are effective for the Company in fiscal year and interim periods beginning on May 1, 2019.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Jan. 31, 2016
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. 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 and accrued expenses $ 150 Deferred and income taxes payable 145 Total liabilities classified as discontinued operations in the accompanying balance sheets $ 295 The following tables provide a reconciliation of the carrying amounts of components of income or loss of the discontinued operations to the amounts reported in the accompanying statement of operations (in thousands): For the three months ended: January 31, Components of pretax income from discontinued operations: Revenues $ 5,645 Operating expenses (5,071) General and administrative expenses (599) Interest income 60 Income from discontinued operations before income taxes 35 Provision for income taxes 40 Loss from discontinued operations $ (5) For the nine months ended: Components of pretax income from discontinued operations: Revenues $ 16,342 Operating expenses (14,273) General and administrative expenses (1,746) Gain from settlement (Note 13) 11,155 Interest expense (32) Income from discontinued operations before income taxes 11,446 Provision for income taxes 4,200 Income from discontinued operations $ 7,246 The following table provides the total operating and investing cash flows of the discontinued operations for the nine-month period in which the results of operations of the discontinued operations are presented in the accompanying statement of operations (in thousands): For the nine months ended: January 31, Cash flows from discontinued operating activities: Income from discontinued operations $ 7,246 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Gain on settlement (11,155) Depreciation and amortization 300 Non-cash credits and charges: Allowance for doubtful accounts (1,488) Changes in assets and liabilities: Receivables 7,666 Intangible and other assets 271 Accounts payable and accrued expenses (4,898) Other 1,710 Total adjustments (7,594) Net cash used in operating activities $ (348) Cash flows from investing activities: Capital expenditures - property, plant and equipment $ (25) Net cash used in investing activities $ (25)

RECEIVABLES

RECEIVABLES	9 Months Ended
	Jan. 31, 2016
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	(3) RECEIVABLES January 31, April 30, Fulfillment Services $ 8,153 $ 7,993 Buyer promissory note - 1,600 Line of credit receivable - 2,000 Real estate operations and corporate 322 116 8,475 11,709 Less allowance for doubtful accounts (422) (444) $ 8,053 $ 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. In January 2016, American Republic Investment Co. (“Lender”), a subsidiary of AMREP Corporation, entered into a letter agreement with each of DFI Holdings, LLC, KPS Holdco, LLC and their respective subsidiaries (collectively, “Borrowers”), which resolved certain events of default of the Borrowers. Among other things, the letter agreement provided the following: · Payment to Lender of approximately $1,600,000, representing the full amount of principal and interest outstanding under the buyer promissory note executed by DFI Holdings, LLC and KPS Holdco, LLC in favor of Lender; · Termination of the line of credit provided by Lender to certain Borrowers. No amount of principal was outstanding under the line of credit promissory note as of the termination date; · Termination of the security agreement provided by Borrowers in favor of Lender pursuant to which Borrowers had pledged and granted a security interest in substantially all of their personal property to Lender in order to secure the obligations of Borrowers; and · A release and indemnity in favor of Lender and its affiliates with respect to the events of default and the resolution thereof. During the third quarter and first nine months of 2016, revenues from one major customer of the Company’s Fulfillment Services business totaled $ 1,297,000 4,084,000 10.6 12.4 469,000

INVESTMENT ASSETS

INVESTMENT ASSETS	9 Months Ended
	Jan. 31, 2016
Investment Assets [Abstract]
Investment Assets Disclosure [Text Block]	(4) INVESTMENT ASSETS January 31, April 30, Land held for long-term investment $ 9,718 $ 9,733 Warehouse facility 6,572 6,572 Less accumulated depreciation (1,049) (941) 5,523 5,631 $ 15,241 $ 15,364 Refer to Item 7 of Part II of the 2015 Form 10-K for detail about the warehouse facility in Fairfield, Ohio leased to Kable Product Services, Inc. In February 2016, El Dorado Utilities, Inc. (“El Dorado”), a subsidiary of AMREP Corporation, sold the warehouse facility to a third party. All of the accumulated depreciation noted above is associated with the warehouse facility.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Jan. 31, 2016
Property, Plant and Equipment Disclosure [Abstract]
Property, Plant and Equipment [Text Block]	(5) PROPERTY, PLANT AND EQUIPMENT January 31, April 30, 2016 2015 Land, buildings and improvements $ 20,513 $ 20,000 Furniture and equipment 19,077 19,098 39,590 39,098 Less accumulated depreciation (24,043) (23,335) $ 15,547 $ 15,763

INTANGIBLE AND OTHER ASSETS

INTANGIBLE AND OTHER ASSETS	9 Months Ended
	Jan. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible and Other Assets [Text Block]	INTANGIBLE AND OTHER ASSETS January 31, 2016 April 30, 2015 Cost Accumulated Cost Accumulated Customer contracts and relationships $ 16,986 $ 11,820 $ 16,986 $ 10,757 Prepaid expenses 2,155 - 2,520 - Deferred order entry costs 884 - 961 - Other 265 - 730 - $ 20,290 $ 11,820 $ 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	9 Months Ended
	Jan. 31, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	(7) ACCOUNTS PAYABLE AND ACCRUED EXPENSES January 31, April 30, 2016 2015 Fulfillment Services $ 7,204 $ 8,910 Real estate operations and corporate 1,504 1,374 $ 8,708 $ 10,284 The January 31, 2016 accounts payable and accrued expenses total consists of customer postage deposits of $ 4,105,000 1,242,000 1,234,000 2,127,000 4,832,000 1,142,000 1,641,000 2,669,000

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	(8) NOTES PAYABLE January 31, April 30, Credit facilities: Real estate operations - due to related party $ 12,491 $ 14,003 Real estate operations - other 320 - Other notes payable 3,993 4,087 $ 16,804 $ 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 12,491,000 8.5 61,281,000 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 includes a mortgage note payable with an outstanding principal balance of $ 3,993,000 6.35 134,000 US Bank Facility During November 2015, Las Fuentes Village, LLC (“LFV”), a subsidiary of AMREP Southwest, entered into a loan agreement with U.S. Bank National Association to permit the borrowing from time to time by LFV of a maximum principal amount of $ 933,000 2,200 mature on October 31, 2016 0.5 320,000 217,000 PNC Credit Facility The Company’s Fulfillment Services business had a revolving credit and security agreement with PNC Bank, N.A., which expired by its terms on August 12, 2015. There were no borrowings under this agreement at the time of its expiration.

DEFERRED REVENUE

DEFERRED REVENUE	9 Months Ended
	Jan. 31, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	(9) DEFERRED REVENUE Refer to Item 7 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 nine months of 2016. Deferred revenue of approximately $ 910,000 57,000 171,000 95,000 587,000 Refer to Item 7 of Part II of the 2015 Form 10-K for detail about a lease agreement for the warehouse facility in Fairfield, Ohio leased to Kable Product Services, Inc. The amount of deferred rent revenue in connection with this lease totaled $ 955,000 1,042,000 29,000 87,000

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jan. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(10) 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 January 31, 2016 or April 30, 2015. The estimated fair values of the Company’s long-term, fixed-rate notes payable were $ 15,194,000 16,365,000 16,484,000 18,090,000

BENEFIT PLANS

BENEFIT PLANS	9 Months Ended
	Jan. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	(11) 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 nine months of 2016. During the first nine months of 2016, 10,000 vested leaving 21,000 15,000 52,000 share 29,000 95,000 As of , there was 44,000 of total unrecognized compensation expense related to share , which expense is expected to be recognized over the remaining vesting term not to exceed three years.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jan. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES Taxes receivable, net was $ 1,718,000 1,056,000

GAIN FROM SETTLEMENT

GAIN FROM SETTLEMENT	9 Months Ended
	Jan. 31, 2016
Gain Loss From Settlement [Abstract]
Gain Loss From Settlement [Text Block]	(13) 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

IMPAIRMENT OF ASSETS

IMPAIRMENT OF ASSETS	9 Months Ended
	Jan. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairment Charges [Text Block]	(14) IMPAIRMENT OF ASSETS During the first quarter of 2015, the Company’s Fulfillment Services business recognized a $ 925,000

INFORMATION ABOUT THE COMPANY'S

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	9 Months Ended
	Jan. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	(15) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS Fulfillment Real Estate Corporate Consolidated Three months ended January 31, 2016 (a): Revenues $ 8,759 $ 3,254 $ 185 $ 12,198 Net income (loss) from continuing operations $ (440) $ (468) $ 339 $ (569) Provision (benefit) for income taxes (258) (287) 308 (237) Interest expense (income), net 263 577 (498) 342 Depreciation and amortization 599 23 93 715 EBITDA (b) $ 164 $ (155) $ 242 $ 251 Capital expenditures $ 384 $ - $ - $ 384 Three months ended January 31, 2015 (a): Revenues $ 10,832 $ 1,996 $ 392 $ 13,220 Net income (loss) from continuing operations $ (489) $ (166) $ 351 $ (304) Provision (benefit) for income taxes (291) (107) 170 (228) Interest expense (income), net 179 687 (394) 472 Depreciation and amortization 733 23 36 792 EBITDA (b) $ 132 $ 437 $ 163 $ 732 Capital expenditures $ 176 $ - $ - $ 176 Nine months ended January 31, 2016 (a): Revenues $ 26,666 $ 5,678 $ 650 $ 32,994 Net income (loss) from continuing operations $ (1,722) $ (1,825) $ 1,123 $ (2,424) Provision (benefit) for income taxes (1,011) (1,088) 707 (1,392) Interest expense (income), net 612 1,844 (1,371) 1,085 Depreciation and amortization 1,992 68 108 2,168 EBITDA (b) $ (129) $ (1,001) $ 567 $ (563) Capital expenditures $ 655 $ - $ - $ 655 Fulfillment Real Estate Corporate Consolidated Nine months ended January 31, 2015 (a): Revenues $ 34,544 $ 5,105 $ 249 $ 39,898 Net income (loss) from continuing operations $ (786) $ (1,463) $ 1,212 $ (1,037) Provision (benefit) for income taxes (282) (973) 624 (631) Interest expense (income), net 531 2,075 (1,372) 1,234 Depreciation and amortization 2,257 68 109 2,434 Impairment of assets 925 - - 925 EBITDA (b) $ 2,645 $ (293) $ 573 $ 2,925 Capital expenditures $ 731 $ - $ - $ 731 (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 from continuing operations) in addition to net income (loss) from continuing operations as a key measure of profit or loss for segment performance and evaluation purposes.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Jan. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 and its subsidiary 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 third quarter and first nine months of 2016 and 2015 mean the fiscal three and nine month periods ended January 31, 2016 and 2015. 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”). As described in Note 13 to the financial statements included in the 2015 Form 10-K, the Company revised its previously reported results for the third quarter and first nine months of 2015 as reported in the Company’s Form 10-Q for the quarter ended January 31, 2015 to reflect an adjustment to pension expense which should have been reported in the third quarter of 2015 under generally accepted accounting principles.
New Accounting Pronouncements, Policy [Policy Text Block]	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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. In February 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-01 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The amendments in the ASU are effective for the Company in fiscal year and interim periods beginning on May 1, 2019.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Jan. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	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 and accrued expenses $ 150 Deferred and income taxes payable 145 Total liabilities classified as discontinued operations in the accompanying balance sheets $ 295 The following tables provide a reconciliation of the carrying amounts of components of income or loss of the discontinued operations to the amounts reported in the accompanying statement of operations (in thousands): For the three months ended: January 31, Components of pretax income from discontinued operations: Revenues $ 5,645 Operating expenses (5,071) General and administrative expenses (599) Interest income 60 Income from discontinued operations before income taxes 35 Provision for income taxes 40 Loss from discontinued operations $ (5) For the nine months ended: Components of pretax income from discontinued operations: Revenues $ 16,342 Operating expenses (14,273) General and administrative expenses (1,746) Gain from settlement (Note 13) 11,155 Interest expense (32) Income from discontinued operations before income taxes 11,446 Provision for income taxes 4,200 Income from discontinued operations $ 7,246 The following table provides the total operating and investing cash flows of the discontinued operations for the nine-month period in which the results of operations of the discontinued operations are presented in the accompanying statement of operations (in thousands): For the nine months ended: January 31, Cash flows from discontinued operating activities: Income from discontinued operations $ 7,246 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Gain on settlement (11,155) Depreciation and amortization 300 Non-cash credits and charges: Allowance for doubtful accounts (1,488) Changes in assets and liabilities: Receivables 7,666 Intangible and other assets 271 Accounts payable and accrued expenses (4,898) Other 1,710 Total adjustments (7,594) Net cash used in operating activities $ (348) Cash flows from investing activities: Capital expenditures - property, plant and equipment $ (25) Net cash used in investing activities $ (25)

RECEIVABLES (Tables)

RECEIVABLES (Tables)	9 Months Ended
	Jan. 31, 2016
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables, net consist of the following (in thousands): January 31, April 30, Fulfillment Services $ 8,153 $ 7,993 Buyer promissory note - 1,600 Line of credit receivable - 2,000 Real estate operations and corporate 322 116 8,475 11,709 Less allowance for doubtful accounts (422) (444) $ 8,053 $ 11,265

INVESTMENT ASSETS (Tables)

INVESTMENT ASSETS (Tables)	9 Months Ended
	Jan. 31, 2016
Investment Assets [Abstract]
Schedule Of Investment Assets [Table Text Block]	Investment assets consist of (in thousands): January 31, April 30, Land held for long-term investment $ 9,718 $ 9,733 Warehouse facility 6,572 6,572 Less accumulated depreciation (1,049) (941) 5,523 5,631 $ 15,241 $ 15,364

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Jan. 31, 2016
Property, Plant and Equipment Disclosure [Abstract]
Property, Plant and Equipment [Table Text Block]	Property, plant and equipment, net consist of the following (in thousands): January 31, April 30, 2016 2015 Land, buildings and improvements $ 20,513 $ 20,000 Furniture and equipment 19,077 19,098 39,590 39,098 Less accumulated depreciation (24,043) (23,335) $ 15,547 $ 15,763

INTANGIBLE AND OTHER ASSETS (Ta

INTANGIBLE AND OTHER ASSETS (Tables)	9 Months Ended
	Jan. 31, 2016
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): January 31, 2016 April 30, 2015 Cost Accumulated Cost Accumulated Customer contracts and relationships $ 16,986 $ 11,820 $ 16,986 $ 10,757 Prepaid expenses 2,155 - 2,520 - Deferred order entry costs 884 - 961 - Other 265 - 730 - $ 20,290 $ 11,820 $ 21,197 $ 10,757

ACCOUNTS PAYABLE AND ACCRUED 29

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Jan. 31, 2016
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): January 31, April 30, 2016 2015 Fulfillment Services $ 7,204 $ 8,910 Real estate operations and corporate 1,504 1,374 $ 8,708 $ 10,284

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Notes payable consist of the following (in thousands): January 31, April 30, Credit facilities: Real estate operations - due to related party $ 12,491 $ 14,003 Real estate operations - other 320 - Other notes payable 3,993 4,087 $ 16,804 $ 18,090

INFORMATION ABOUT THE COMPANY31

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	9 Months Ended
	Jan. 31, 2016
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 and nine month periods ended January 31, 2016 and 2015 (in thousands): Fulfillment Real Estate Corporate Consolidated Three months ended January 31, 2016 (a): Revenues $ 8,759 $ 3,254 $ 185 $ 12,198 Net income (loss) from continuing operations $ (440) $ (468) $ 339 $ (569) Provision (benefit) for income taxes (258) (287) 308 (237) Interest expense (income), net 263 577 (498) 342 Depreciation and amortization 599 23 93 715 EBITDA (b) $ 164 $ (155) $ 242 $ 251 Capital expenditures $ 384 $ - $ - $ 384 Three months ended January 31, 2015 (a): Revenues $ 10,832 $ 1,996 $ 392 $ 13,220 Net income (loss) from continuing operations $ (489) $ (166) $ 351 $ (304) Provision (benefit) for income taxes (291) (107) 170 (228) Interest expense (income), net 179 687 (394) 472 Depreciation and amortization 733 23 36 792 EBITDA (b) $ 132 $ 437 $ 163 $ 732 Capital expenditures $ 176 $ - $ - $ 176 Nine months ended January 31, 2016 (a): Revenues $ 26,666 $ 5,678 $ 650 $ 32,994 Net income (loss) from continuing operations $ (1,722) $ (1,825) $ 1,123 $ (2,424) Provision (benefit) for income taxes (1,011) (1,088) 707 (1,392) Interest expense (income), net 612 1,844 (1,371) 1,085 Depreciation and amortization 1,992 68 108 2,168 EBITDA (b) $ (129) $ (1,001) $ 567 $ (563) Capital expenditures $ 655 $ - $ - $ 655 Fulfillment Real Estate Corporate Consolidated Nine months ended January 31, 2015 (a): Revenues $ 34,544 $ 5,105 $ 249 $ 39,898 Net income (loss) from continuing operations $ (786) $ (1,463) $ 1,212 $ (1,037) Provision (benefit) for income taxes (282) (973) 624 (631) Interest expense (income), net 531 2,075 (1,372) 1,234 Depreciation and amortization 2,257 68 109 2,434 Impairment of assets 925 - - 925 EBITDA (b) $ 2,645 $ (293) $ 573 $ 2,925 Capital expenditures $ 731 $ - $ - $ 731 (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 from continuing operations) in addition to net income (loss) from continuing operations as a key measure of profit or loss for segment performance and evaluation purposes.

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Apr. 30, 2015
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	$ 0	1,689
Carrying amounts of major classes of liabilities included as part of discontinued operations:
Accounts payable and accrued expenses		150
Deferred and income taxes payable		145
Total liabilities classified as discontinued operations in the accompanying balance sheets	$ 0	$ 295

DISCONTINUED OPERATIONS (Deta33

DISCONTINUED OPERATIONS (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Components of pretax income from discontinued operations:
Income (Loss) from discontinued operations before income taxes	$ 0	$ 35	$ 0	$ 11,446
Provision for income taxes	0	40	0	4,200
Income from discontinued operations	$ 0	(5)	$ 0	7,246
Discontinued Operations [Member]
Components of pretax income from discontinued operations:
Revenues		5,645		16,342
Operating expenses		(5,071)		(14,273)
General and administrative expenses		(599)		(1,746)
Interest income		60
Gain from settlement (Note 13)				11,155
Interest expense				(32)
Income (Loss) from discontinued operations before income taxes		35		11,446
Provision for income taxes		40		4,200
Income from discontinued operations		$ (5)		$ 7,246

DISCONTINUED OPERATIONS (Deta34

DISCONTINUED OPERATIONS (Details 2) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Cash flows from discontinued operating activities:
Income from discontinued operations		$ 0	$ (5)	$ 0	$ 7,246
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	715	792	2,168	2,434
Non-cash credits and charges:
Allowance for doubtful accounts				57	19
Changes in assets and liabilities:
Accounts payable and accrued expenses				(1,576)	(1,545)
Total adjustments				1,178	11,710
Cash flows from investing activities:
Capital expenditures - property, plant and equipment	[1]	$ (384)	(176)	$ (655)	(731)
Discontinued Operations [Member]
Cash flows from discontinued operating activities:
Income from discontinued operations			$ (5)		7,246
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on settlement					(11,155)
Depreciation and amortization					300
Non-cash credits and charges:
Allowance for doubtful accounts					(1,488)
Changes in assets and liabilities:
Receivables					7,666
Intangible and other assets					271
Accounts payable and accrued expenses					(4,898)
Other					1,710
Total adjustments					(7,594)
Net cash used in operating activities					(348)
Cash flows from investing activities:
Capital expenditures - property, plant and equipment					(25)
Net cash used in investing activities					$ (25)
[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	Jan. 31, 2016	Apr. 30, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 8,475	$ 11,709
Less allowance for doubtful accounts	(422)	(444)
Accounts Receivable, Net	8,053	11,265
Fulfillment Services [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	8,153	7,993
Buyer Promissory Note [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	0	1,600
Line of Credit receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	0	2,000
Real Estate Operations and Corporate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 322	$ 116

RECEIVABLES (Details Textual)

RECEIVABLES (Details Textual) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Feb. 29, 2016
Revenues, Total	[1]	$ 12,198	$ 13,220	$ 32,994	$ 39,898
Customer Concentration Risk [Member]
Revenues, Total		$ 1,297,000		$ 4,084,000
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage		10.60%		12.40%
Fulfillment Services [Member]
Revenues, Total	[1]	$ 8,759	$ 10,832	$ 26,666	$ 34,544
Fulfillment Services [Member] | Customer Concentration Risk [Member] | Subsequent Event [Member]
Loans Receivable, Net, Total						$ 469,000
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

INVESTMENT ASSETS (Details)

INVESTMENT ASSETS (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Apr. 30, 2015
Land held for long-term investment	$ 9,718	$ 9,733
Warehouse facility	6,572	6,572
Less accumulated depreciation	(1,049)	(941)
Rental Properties Net	5,523	5,631
Real Estate Investment Property, Net, Total	$ 15,241	$ 15,364

PROPERTY, PLANT AND EQUIPMENT38

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Apr. 30, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 39,590	$ 39,098
Less accumulated depreciation	(24,043)	(23,335)
Property, plant and equipment, net	15,547	15,763
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	20,513	20,000
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 19,077	$ 19,098

INTANGIBLE AND OTHER ASSETS (De

INTANGIBLE AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Apr. 30, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Cost	$ 20,290	$ 21,197
Finite-Lived Intangible Assets, Accumulated Amortization	11,820	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	11,820	10,757
Prepaid Expenses [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Cost	2,155	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	884	961
Finite-Lived Intangible Assets, Accumulated Amortization	0	0
Other [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Cost	265	730
Finite-Lived Intangible Assets, Accumulated Amortization	$ 0	$ 0

INTANGIBLE AND OTHER ASSETS (40

INTANGIBLE AND OTHER ASSETS (Details Textual)	9 Months Ended
	Jan. 31, 2016
Customer-Related Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	12 years

ACCOUNTS PAYABLE AND ACCRUED 41

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Apr. 30, 2015
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 8,708	$ 10,284
Fulfillment Services [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	7,204	8,910
Real Estate Operations and Corporate [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 1,504	$ 1,374

ACCOUNTS PAYABLE AND ACCRUED 42

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Textual) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accrued Liabilities	$ 1,242,000	$ 1,142,000
Customer Postage Deposits Current And Noncurrent	4,105,000	4,832,000
Accounts Payable, Trade	1,234,000	1,641,000
Other Accounts Payable and Accrued Liabilities	$ 2,127,000	$ 2,669,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Jan. 31, 2016	Apr. 30, 2015
Credit facilities:
Notes Payable, Related Parties	$ 12,491	$ 14,003
Notes Payable	16,804	18,090
Other notes payable [Member]
Credit facilities:
Other Notes Payable	3,993	4,087
Real estate operations [Member]
Credit facilities:
Notes Payable, Related Parties	12,491	14,003
Other Notes Payable	$ 320	$ 0

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual)	1 Months Ended	9 Months Ended
	Nov. 30, 2015USD ($)ft²	Jan. 31, 2016USD ($)
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 3,993,000
Mortgage Loans on Real Estate, Interest Rate		6.35%
Other Notes Payable, Current		$ 134,000
Debt Instrument, Periodic Payment, Principal	$ 933,000	$ 320,000
Debt Instrument, Interest Rate During Period		0.50%
Area of Real Estate Property | ft²	2,200
Real Estate Loan [Member]
Debt Instrument [Line Items]
Notes Payable, Related Parties, Noncurrent		$ 12,491,000
Book Value Of Real Estate Property Collateralized		$ 61,281,000
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 Textu

DEFERRED REVENUE (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2016	Apr. 30, 2015
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Leases, Gross	$ 910,000		$ 910,000
Operating Leases, Income Statement, Lease Revenue	57,000	$ 57,000	171,000	$ 95,000
Deferred Revenue, Leases, Net	587,000		587,000
Real Estate Operations and Corporate General and Administrative Expenses	872,000	$ 1,048,000	2,837,000	$ 2,693,000
Warehouse [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Gain on Sale of Property					$ 251,000
El Dorado Utilities, Inc [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Leases, Net	955,000		955,000			$ 1,042,000
Real Estate Operations and Corporate General and Administrative Expenses	$ 29,000		$ 87,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Textual) - USD ($)	Jan. 31, 2016	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	$ 16,484,000	$ 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	$ 15,194,000	$ 16,365,000

BENEFIT PLANS (Details Textual)

BENEFIT PLANS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total			$ 52,000	$ 95,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 44,000		44,000
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total	$ 15,000	$ 29,000	$ 52,000	$ 95,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			10,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	21,000		21,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross			3,000
PBGC [Member]
Defined Benefit Plan Disclosure [Line Items]
Accrued Pension Benefit Plan Obligation			$ 5,019,000

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($)	1 Months Ended
	Feb. 29, 2016	Jan. 31, 2016	Apr. 30, 2015
Income Taxes Receivable		$ 1,718,000	$ 0
Subsequent Event [Member]
Proceeds from Income Tax Refunds	$ 1,056,000

GAIN FROM SETTLEMENT (Details T

GAIN FROM SETTLEMENT (Details Textual) $ in Thousands	9 Months Ended
	Jan. 31, 2015USD ($)
Discontinued Operations [Member]
Gain Loss From Settlement [Line Items]
Disposal Group, Including Discontinued Operation, Other Income	$ 11,155

IMPAIRMENT OF ASSETS (Details T

IMPAIRMENT OF ASSETS (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jul. 31, 2014	Jan. 31, 2016	Jan. 31, 2015	[1]
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
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

INFORMATION ABOUT THE COMPANY51

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2014	Jan. 31, 2016	Jan. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	$ 12,198	$ 13,220		$ 32,994	$ 39,898
Net income (loss) from continuing operations	[1]	(569)	(304)		(2,424)	(1,037)
Provision (benefit) for income taxes	[1]	(237)	(228)		(1,392)	(631)
Interest expense (income), net	[1]	342	472		1,085	1,234
Depreciation and amortization	[1]	715	792		2,168	2,434
Impairment of assets					0	925	[1]
EBITDA	[1],[2]	251	732		(563)	2,925
Capital expenditures	[1]	384	176		655	731
Fulfillment Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	8,759	10,832		26,666	34,544
Net income (loss) from continuing operations	[1]	(440)	(489)		(1,722)	(786)
Provision (benefit) for income taxes	[1]	(258)	(291)		(1,011)	(282)
Interest expense (income), net	[1]	263	179		612	531
Depreciation and amortization	[1]	599	733		1,992	2,257
Impairment of assets				$ 925		925	[1]
EBITDA	[1],[2]	164	132		(129)	2,645
Capital expenditures	[1]	384	176		655	731
Real Estate Operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	3,254	1,996		5,678	5,105
Net income (loss) from continuing operations	[1]	(468)	(166)		(1,825)	(1,463)
Provision (benefit) for income taxes	[1]	(287)	(107)		(1,088)	(973)
Interest expense (income), net	[1]	577	687		1,844	2,075
Depreciation and amortization	[1]	23	23		68	68
Impairment of assets	[1]					0
EBITDA	[1],[2]	(155)	437		(1,001)	(293)
Capital expenditures	[1]	0	0		0	0
Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	185	392		650	249
Net income (loss) from continuing operations	[1]	339	351		1,123	1,212
Provision (benefit) for income taxes	[1]	308	170		707	624
Interest expense (income), net	[1]	(498)	(394)		(1,371)	(1,372)
Depreciation and amortization	[1]	93	36		108	109
Impairment of assets	[1]					0
EBITDA	[1],[2]	242	163		567	573
Capital expenditures	[1]	$ 0	$ 0		$ 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 from continuing operations) in addition to net income (loss) from continuing operations as a key measure of profit or loss for segment performance and evaluation purposes.