AMREP (AXR) 10-Q 14 Sep 16 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2016	Sep. 09, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		8,078,954

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
ASSETS
Cash and cash equivalents	$ 11,295	$ 14,562
Receivables, net	7,404	7,271
Real estate inventory	59,715	61,663
Investment assets, net	9,716	10,326
Property, plant and equipment, net	11,677	11,997
Other assets	3,471	3,478
Taxes receivable	51	48
Deferred income taxes, net	10,946	11,283
TOTAL ASSETS	114,275	120,628
LIABILITIES:
Accounts payable and accrued expenses	7,613	8,453
Notes payable:
Amounts due within one year	0	555
Amounts due to related party	6,483	12,384
Notes payable	6,483	12,939
Other liabilities and deferred revenue	3,623	3,682
Accrued pension cost	13,025	12,710
TOTAL LIABILITIES	30,744	37,784
SHAREHOLDERS’ EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,296,704 at July 31, 2016 and 8,284,704 at April 30, 2016	830	828
Capital contributed in excess of par value	50,608	50,553
Retained earnings	47,409	46,779
Accumulated other comprehensive loss, net	(11,101)	(11,101)
Treasury stock, at cost; 225,250 shares at July 31, 2016 and April 30, 2016	(4,215)	(4,215)
TOTAL SHAREHOLDERS’ EQUITY	83,531	82,844
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 114,275	$ 120,628

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - $ / shares	Jul. 31, 2016	Apr. 30, 2016
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	8,296,704	8,284,704
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, 2016	Jul. 31, 2015
REVENUES:
Fulfillment services		$ 7,828	$ 9,181
Real estate land sales		2,720	110
Other revenues (Note 8)		1,660	284
Revenues	[1]	12,208	9,575
COSTS AND EXPENSES:
Real estate land sales		2,578	36
Operating expenses:
Fulfillment services		6,673	8,780
Real estate selling expenses		41	53
Other		370	347
General and administrative expenses:
Fulfillment services		353	865
Real estate operations and corporate		1,002	1,019
Interest expense		224	379
Costs and Expenses, Total		11,241	11,479
Income (loss) from operations before income taxes		967	(1,904)
Provision (benefit) for income taxes	[1]	337	(725)
Net income (loss)		630	(1,179)
Retained earnings, beginning of period		46,779	57,003
Retained earnings, end of period		$ 47,409	$ 55,824
Earnings (loss) per share, net - basic and diluted (in dollars per share)		$ 0.08	$ (0.15)
Weighted average number of common shares outstanding (in shares)		8,042	8,029
[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 Operations - USD ($) $ in Thousands		3 Months Ended
		Jul. 31, 2016	Jul. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) from operations		$ 630	$ (1,179)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	367	746
Non-cash credits and charges:
Allowance for doubtful accounts		18	29
Stock-based compensation		15	21
Changes in assets and liabilities:
Receivables		(151)	303
Real estate inventory and investment assets		2,557	(67)
Other assets		42	432
Accounts payable and accrued expenses		(840)	(1,458)
Taxes receivable and payable		(3)	(2,434)
Deferred income taxes and other liabilities		278	(61)
Accrued pension costs		315	254
Total adjustments		2,598	(2,235)
Net cash provided by (used in) operating activities		3,228	(3,414)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - property, plant and equipment	[1]	(39)	(82)
Net cash used in investing activities		(39)	(82)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing		340	0
Principal debt payments		(6,796)	(251)
Net transfers from discontinued operations		0	1,394
Net cash provided by (used in) financing activities		(6,456)	1,143
Decrease in cash and cash equivalents		(3,267)	(2,353)
Cash and cash equivalents, beginning of period		14,562	12,050
Cash and cash equivalents, end of period		11,295	9,697
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of amounts capitalized		132	324
Income taxes paid (refunded), net		$ 2	$ 1,854
[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, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [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 real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries and the Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”) and its affiliates. 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 2017 and 2016 are to the fiscal years ending April 30, 2017 and 2016 and all references to the first quarter and first three months of 2017 and 2016 mean the fiscal three month periods ended July 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, 2016, which was filed with the SEC on July 29, 2016 (the “2016 Form 10-K”). Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers

RECEIVABLES

RECEIVABLES	3 Months Ended
	Jul. 31, 2016
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	RECEIVABLES July 31, April 30, Fulfillment Services $ 7,540 $ 7,357 Real estate operations and corporate 316 348 7,856 7,705 Less allowance for doubtful accounts (452) (434) $ 7,404 $ 7,271 During the first quarter of 2017, revenues from one major customer of the Company’s Fulfillment Services business totaled $1,284,000 or 10.5 416,000 This major customer has given the Company’s Fulfillment Services business notice that a significant portion of its business will be transferred to another provider during 2017.

INVESTMENT ASSETS

INVESTMENT ASSETS	3 Months Ended
	Jul. 31, 2016
Investment Assets [Abstract]
Investment Assets Disclosure [Text Block]	(3) INVESTMENT ASSETS July 31, April 30, Land held for long-term investment $ 9,716 $ 9,717 Other - 609 $ 9,716 $ 10,326 Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of July 31, 2016, the Company held approximately 12,000 At April 30, 2016, Other included an approximately 2,200

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Jul. 31, 2016
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, 2016 2016 Land, buildings and improvements $ 15,868 $ 15,864 Furniture and equipment 19,189 19,140 35,057 35,004 Less accumulated depreciation (23,380) (23,007) $ 11,677 $ 11,997

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Jul. 31, 2016
Disclosure Text Block Supplement [Abstract]
Other Assets Disclosure [Text Block]	(5) OTHER ASSETS Other assets consist of the following (in thousands): July 31, April 30, 2016 2016 Prepaid expenses $ 2,420 $ 2,358 Deferred order entry costs 784 845 Other 267 275 $ 3,471 $ 3,478 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, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	(6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES July 31, April 30, 2016 2016 Fulfillment Services $ 6,226 $ 6,712 Real estate operations and corporate 1,387 1,741 $ 7,613 $ 8,453 The July 31, 2016 accounts payable and accrued expenses total included customer postage deposits of $ 3,702,000 2,031,000 707,000 1,173,000 3,947,000 1,998,000 837,000 1,671,000

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jul. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	(7) NOTES PAYABLE July 31, April 30, Credit facilities: Real estate operations - due to related party $ 6,483 $ 12,384 Real estate operations - other - 555 $ 6,483 $ 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 6,483,000 December 1, 2017 8.5 57,413,000 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 A subsidiary of AMREP Southwest had a loan agreement with U.S. Bank National Association for the construction of a 2,200 October 31, 2016 0.5 555,000

OTHER REVENUES

OTHER REVENUES	3 Months Ended
	Jul. 31, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	(8) OTHER REVENUES During the quarter ended July 31, 2016, the Company sold a single tenant retail commercial building in Rio Rancho, New Mexico, which resulted in a pre-tax gain of $ 1,496,000 In addition, refer to Note 11 to the consolidated financial statements contained in the 2016 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 2017. Revenue from this transaction is being recorded over the lease term and approximately $ 57,000 474,000

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jul. 31, 2016
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, 2016 or April 30, 2016. The estimated fair value of the Company’s long-term, fixed-rate note payable was $ 5,875,000 11,102,000 6,483,000 12,384,000

BENEFIT PLANS

BENEFIT PLANS	3 Months Ended
	Jul. 31, 2016
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 12,000 during the first quarter of 2017. During the first quarter of 2017, 5,000 vested leaving 26,000 15,000 21,000 share As of , there was $ 69 of total unrecognized compensation expense related to share , which is expected to be recognized over the remaining vesting term not to exceed three years.

INFORMATION ABOUT THE COMPANY'S

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	3 Months Ended
	Jul. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	(11) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS Real Estate Fulfillment Corporate and Consolidated Three months ended July 31, 2016 (a): Revenues $ 4,370 $ 7,828 $ 10 $ 12,208 Net income (loss) from operations $ 247 $ (42) $ 425 $ 630 Provision (benefit) for income taxes 145 (25) 217 337 Interest expense (income), net 647 269 (692) 224 Depreciation and amortization 24 343 - 367 EBITDA (b) $ 1,063 $ 545 $ (50) $ 1,558 Capital expenditures $ - $ 39 $ - $ 39 Three months ended July 31, 2015 (a): Revenues $ 168 $ 9,181 $ 226 $ 9,575 Net income (loss) from operations $ (766) $ (776) $ 363 $ (1,179) Provision (benefit) for income taxes (454) (456) 185 (725) Interest expense (income), net 671 167 (459) 379 Depreciation and amortization 23 716 7 746 EBITDA (b) $ (526) $ (349) $ 96 $ (779) Capital expenditures $ - $ 82 $ - $ 82 (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.

RECEIVABLES (Tables)

RECEIVABLES (Tables)	3 Months Ended
	Jul. 31, 2016
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 $ 7,540 $ 7,357 Real estate operations and corporate 316 348 7,856 7,705 Less allowance for doubtful accounts (452) (434) $ 7,404 $ 7,271

INVESTMENT ASSETS (Tables)

INVESTMENT ASSETS (Tables)	3 Months Ended
	Jul. 31, 2016
Investment Assets [Abstract]
Schedule Of Investment Assets [Table Text Block]	Investment assets, net consist of the following (in thousands): July 31, April 30, Land held for long-term investment $ 9,716 $ 9,717 Other - 609 $ 9,716 $ 10,326

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Jul. 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): July 31, April 30, 2016 2016 Land, buildings and improvements $ 15,868 $ 15,864 Furniture and equipment 19,189 19,140 35,057 35,004 Less accumulated depreciation (23,380) (23,007) $ 11,677 $ 11,997

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Jul. 31, 2016
Disclosure Text Block Supplement [Abstract]
Schedule of Other Assets [Table Text Block]	Other assets consist of the following (in thousands): July 31, April 30, 2016 2016 Prepaid expenses $ 2,420 $ 2,358 Deferred order entry costs 784 845 Other 267 275 $ 3,471 $ 3,478

ACCOUNTS PAYABLE AND ACCRUED 21

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Jul. 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): July 31, April 30, 2016 2016 Fulfillment Services $ 6,226 $ 6,712 Real estate operations and corporate 1,387 1,741 $ 7,613 $ 8,453

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jul. 31, 2016
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 - due to related party $ 6,483 $ 12,384 Real estate operations - other - 555 $ 6,483 $ 18,090

INFORMATION ABOUT THE COMPANY23

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	3 Months Ended
	Jul. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Real Estate Fulfillment Corporate and Consolidated Three months ended July 31, 2016 (a): Revenues $ 4,370 $ 7,828 $ 10 $ 12,208 Net income (loss) from operations $ 247 $ (42) $ 425 $ 630 Provision (benefit) for income taxes 145 (25) 217 337 Interest expense (income), net 647 269 (692) 224 Depreciation and amortization 24 343 - 367 EBITDA (b) $ 1,063 $ 545 $ (50) $ 1,558 Capital expenditures $ - $ 39 $ - $ 39 Three months ended July 31, 2015 (a): Revenues $ 168 $ 9,181 $ 226 $ 9,575 Net income (loss) from operations $ (766) $ (776) $ 363 $ (1,179) Provision (benefit) for income taxes (454) (456) 185 (725) Interest expense (income), net 671 167 (459) 379 Depreciation and amortization 23 716 7 746 EBITDA (b) $ (526) $ (349) $ 96 $ (779) Capital expenditures $ - $ 82 $ - $ 82 (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.

RECEIVABLES (Details)

RECEIVABLES (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 7,856	$ 7,705
Less allowance for doubtful accounts	(452)	(434)
Accounts Receivable, Net	7,404	7,271
Fulfillment Services [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	7,540	7,357
Real Estate Operations and Corporate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 316	$ 348

RECEIVABLES (Details Textual)

RECEIVABLES (Details Textual) - USD ($) $ in Thousands		3 Months Ended
		Jul. 31, 2016	Jul. 31, 2015	Aug. 31, 2016	Apr. 30, 2016
Revenues, Total	[1]	$ 12,208	$ 9,575
Accounts Receivable, Net		7,404			$ 7,271
Customer Concentration Risk [Member]
Revenues, Total		$ 1,284
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage		10.50%
Fulfillment Services [Member]
Revenues, Total	[1]	$ 4,370	$ 168
Fulfillment Services [Member] | Subsequent Event [Member]
Accounts Receivable, Net				$ 416
Fulfillment Services [Member] | Customer Concentration Risk [Member]
Loans Receivable, Net, Total				$ 416
[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	Jul. 31, 2016	Apr. 30, 2016
Investment Assets [Line Items]
Land held for long-term investment	$ 9,716	$ 9,717
Other	0	609
Real Estate Investment Property, Net, Total	$ 9,716	$ 10,326

INVESTMENT ASSETS (Details Text

INVESTMENT ASSETS (Details Textual)	Jul. 31, 2016a	Apr. 30, 2016ft²
Investment Assets [Line Items]
Area of Land | a	12,000
AMREP Southwest in Rio Rancho [Member]
Investment Assets [Line Items]
Area of Land | ft²		2,200

PROPERTY, PLANT AND EQUIPMENT28

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 35,057	$ 35,004
Less accumulated depreciation	(23,380)	(23,007)
Property, plant and equipment, net	11,677	11,997
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	15,868	15,864
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 19,189	$ 19,140

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Prepaid Expense and Other Assets	$ 3,471	$ 3,478
Prepaid Expenses [Member]
Prepaid expenses	2,420	2,358
Deferred Order Entry Costs [Member]
Deferred order entry costs	784	845
Other Intangible Assets [Member]
Other	$ 267	$ 275

ACCOUNTS PAYABLE AND ACCRUED 30

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 7,613	$ 8,453
Fulfillment Services [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	6,226	6,712
Real Estate Operations and Corporate [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 1,387	$ 1,741

ACCOUNTS PAYABLE AND ACCRUED 31

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Textual) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accrued Liabilities	$ 2,031,000	$ 1,998,000
Customer Postage Deposits Current And Noncurrent	3,702,000	3,947,000
Accounts Payable, Trade	707,000	837,000
Other Accounts Payable and Accrued Liabilities	$ 1,173,000	$ 1,671,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Credit facilities:
Notes Payable, Related Parties	$ 6,483	$ 12,384
Notes Payable	6,483	12,939
Real estate operations [Member]
Credit facilities:
Notes Payable, Related Parties	6,483	12,384
Other Notes Payable	$ 0	$ 555

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual)	3 Months Ended
	Jul. 31, 2016USD ($)ft²	Apr. 30, 2016USD ($)
Debt Instrument [Line Items]
Percentage Of Proceeds To Be Applied For Loan Payment	25.00%
Real Estate Loan [Member]
Debt Instrument [Line Items]
Notes Payable, Related Parties, Noncurrent	$ 6,483,000
Debt Instrument, Maturity Date	Dec. 1, 2017
Book Value Of Real Estate Property Collateralized	$ 57,413,000
Line Of Credit Facility Participation Percentage Purchased	20.00%
Real Estate Loan [Member] | Debt collateralizing property instrument [Member]
Debt Instrument [Line Items]
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
Debt Instrument, Interest Rate During Period	8.50%
US Bank Facility [Member]
Debt Instrument [Line Items]
Mortgage Notes Payable		$ 555,000
Debt Instrument, Maturity Date	Oct. 31, 2016
Area of Real Estate Property | ft²	2,200
US Bank Facility [Member] | Debt of subsidiary note payable instrument [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period	0.50%

OTHER REVENUES (Details Textual

OTHER REVENUES (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Deferred Revenue Arrangement [Line Items]
Operating Leases, Income Statement, Lease Revenue	$ 57,000	$ 57,000
Deferred Revenue, Leases, Net	474,000
Building [Member]
Deferred Revenue Arrangement [Line Items]
Gain (Loss) on Sale of Properties	$ 1,496,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Textual) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and Loans, Noncurrent, Total	$ 6,483,000	$ 12,384,000
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	$ 5,875,000	$ 11,102,000

BENEFIT PLANS (Details Textual)

BENEFIT PLANS (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total	$ 15,000	$ 21,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	69,000
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total	$ 15,000	$ 21,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	5,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	26,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross	12,000
PBGC [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Benefit Plan Accelerated Funding	$ 5,019,000

INFORMATION ABOUT THE COMPANY37

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands		3 Months Ended
		Jul. 31, 2016	Jul. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	$ 12,208	$ 9,575
Net income (loss) from operations	[1]	630	(1,179)
Provision (benefit) for income taxes	[1]	337	(725)
Interest expense (income), net	[1]	224	379
Depreciation and amortization	[1]	367	746
EBITDA	[1],[2]	1,558	(779)
Capital expenditures	[1]	39	82
Fulfillment Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	4,370	168
Net income (loss) from operations	[1]	247	(766)
Provision (benefit) for income taxes	[1]	145	(454)
Interest expense (income), net	[1]	647	671
Depreciation and amortization	[1]	24	23
EBITDA	[1],[2]	1,063	(526)
Capital expenditures	[1]	0	0
Real Estate Operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	7,828	9,181
Net income (loss) from operations	[1]	(42)	(776)
Provision (benefit) for income taxes	[1]	(25)	(456)
Interest expense (income), net	[1]	269	167
Depreciation and amortization	[1]	343	716
EBITDA	[1],[2]	545	(349)
Capital expenditures	[1]	39	82
Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	10	226
Net income (loss) from operations	[1]	425	363
Provision (benefit) for income taxes	[1]	217	185
Interest expense (income), net	[1]	(692)	(459)
Depreciation and amortization	[1]	0	7
EBITDA	[1],[2]	(50)	96
Capital expenditures	[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.