AMREP (AXR) 10-Q 14 Dec 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Oct. 31, 2016	Dec. 12, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		8,077,954

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2016	Apr. 30, 2016
ASSETS
Cash and cash equivalents	$ 11,906	$ 14,562
Receivables, net	6,950	7,271
Real estate inventory	57,743	61,663
Investment assets, net	9,716	10,326
Property, plant and equipment, net	11,337	11,997
Other assets	3,173	3,478
Taxes receivable	69	48
Deferred income taxes, net	10,922	11,283
TOTAL ASSETS	111,816	120,628
LIABILITIES:
Accounts payable and accrued expenses	7,578	8,453
Notes payable:
Amounts due within one year	0	555
Amounts due to related party	3,655	12,384
Notes payable	3,655	12,939
Other liabilities and deferred revenue	3,565	3,682
Accrued pension cost	13,340	12,710
TOTAL LIABILITIES	28,138	37,784
SHAREHOLDERS’ EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,303,204 at October 31, 2016 and 8,284,704 at April 30, 2016	830	828
Capital contributed in excess of par value	50,643	50,553
Retained earnings	47,521	46,779
Accumulated other comprehensive loss, net	(11,101)	(11,101)
Treasury stock, at cost; 225,250 shares at October 31, 2016 and April 30, 2016	(4,215)	(4,215)
TOTAL SHAREHOLDERS’ EQUITY	83,678	82,844
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 111,816	$ 120,628

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - $ / shares	Oct. 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	8,303,204	8,284,704
Treasury stock, shares	225,250	225,250

Consolidated Statements of Oper

Consolidated Statements of Operations and Retained Earnings - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
REVENUES:
Fulfillment services		$ 7,858	$ 8,726	$ 15,686	$ 17,907
Real estate land sales		3,529	2,180	6,249	2,290
Other revenues (Note 8)		78	315	1,738	599
Revenues	[1]	11,465	11,221	23,673	20,796
COSTS AND EXPENSES:
Real estate land sales		2,944	1,882	5,522	1,918
Operating expenses:
Fulfillment services		6,707	7,867	13,380	16,647
Real estate selling expenses		17	55	58	108
Other		390	333	760	680
General and administrative expenses:
Fulfillment services		327	880	680	1,745
Real estate operations and corporate		878	946	1,880	1,965
Interest expense		82	364	306	743
Costs and Expenses, Total		11,345	12,327	22,586	23,806
Income (loss) from operations before income taxes		120	(1,106)	1,087	(3,010)
Provision (benefit) for income taxes	[1]	8	(430)	345	(1,155)
Net income (loss)		112	(676)	742	(1,855)
Retained earnings, beginning of period		47,409	55,824	46,779	57,003
Retained earnings, end of period		$ 47,521	$ 55,148	$ 47,521	$ 55,148
Earnings (loss) per share, net - basic and diluted (in dollars per share)		$ 0.01	$ (0.08)	$ 0.09	$ (0.23)
Weighted average number of common shares outstanding (in shares)		8,050,000	8,038,000	8,046	8,034
[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		6 Months Ended
		Oct. 31, 2016	Oct. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) from operations		$ 742	$ (1,855)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	717	1,453
Non-cash credits and charges:
Allowance for doubtful accounts		15	(24)
Stock-based compensation		35	37
Loss on disposal of fixed assets		0	5
Changes in assets and liabilities:
Receivables		306	(246)
Real estate inventory and investment assets		4,529	571
Other assets		355	908
Accounts payable and accrued expenses		(875)	(239)
Taxes receivable and payable		(21)	(2,444)
Deferred income taxes and other liabilities		244	(569)
Accrued pension costs		630	509
Total adjustments		5,935	(39)
Net cash provided by (used in) operating activities		6,677	(1,894)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - property, plant and equipment	[1]	(49)	(271)
Proceeds from line of credit receivable		0	2,000
Net cash provided by (used in) investing activities		(49)	1,729
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing		340	0
Principal debt payments		(9,624)	(882)
Net transfers from discontinued operations		0	1,394
Net cash provided by (used in) financing activities		(9,284)	512
Increase (decrease) in cash and cash equivalents		(2,656)	347
Cash and cash equivalents, beginning of period		14,562	12,050
Cash and cash equivalents, end of period		11,906	12,397
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of amounts capitalized		292	688
Income taxes paid, net		$ 3	$ 1,860
[1]	Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Oct. 31, 2016
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 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 second quarter and first six months of 2017 and 2016 mean the fiscal three and six month periods ended October 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	6 Months Ended
	Oct. 31, 2016
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	(2) RECEIVABLES October 31, April 30, 2016 2016 Fulfillment Services $ 7,397 $ 7,357 Real estate operations and corporate - 348 7,397 7,705 Less allowance for doubtful accounts (447) (434) $ 6,950 $ 7,271 During the first six months of 2017 and 2016, 2,477,000 10.5 and $ 2,787,000 or 13.4 295,000

INVESTMENT ASSETS

INVESTMENT ASSETS	6 Months Ended
	Oct. 31, 2016
Investment Assets [Abstract]
Investment Assets Disclosure [Text Block]	(3) INVESTMENT ASSETS Investment assets, net consist of the following (in thousands): October 31, April 30, 2016 2016 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 October 31, 2016, the Company held approximately 12,000 At April 30, 2016, Other included an approximately 2,200 property owned by a subsidiary of AMREP Southwest in Rio Rancho, New Mexico. In the first quarter of 2017, this property was sold

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Oct. 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): October 31, April 30, 2016 2016 Land, buildings and improvements $ 15,877 $ 15,864 Furniture and equipment 19,203 19,140 35,080 35,004 Less accumulated depreciation (23,743) (23,007) $ 11,337 $ 11,997

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Oct. 31, 2016
Disclosure Text Block Supplement [Abstract]
Other Assets Disclosure [Text Block]	(5) OTHER ASSETS Other assets consist of the following (in thousands): October 31, April 30, 2016 2016 Prepaid expenses $ 2,139 $ 2,358 Deferred order entry costs 769 845 Other 265 275 $ 3,173 $ 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	6 Months Ended
	Oct. 31, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	(6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following (in thousands): October 31, April 30, 2016 2016 Fulfillment Services $ 6,416 $ 6,712 Real estate operations and corporate 1,162 1,741 $ 7,578 $ 8,453 The October 31, 2016 accounts payable and accrued expenses total included customer postage deposits of $ 3,649,000 1,790,000 642,000 1,497,000 3,947,000 1,998,000 837,000 1,671,000

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Oct. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	(7) NOTES PAYABLE October 31, April 30, 2016 2016 Credit facilities: Real estate operations - due to related party $ 3,655 $ 12,384 Real estate operations - other - 555 $ 3,655 $ 18,090 Real Estate Related Party 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 3,655,000 December 1, 2017 8.5 55,430,000 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	6 Months Ended
	Oct. 31, 2016
Other Revenue [Abstract]
Other Revenue [Text Block]	(8) OTHER REVENUES During the first quarter of 2017, a subsidiary of AMREP Southwest 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 six months of 2017. Revenue from this transaction is being recorded over the lease term and approximately $ 57,000 114,000 417,000

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Oct. 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 receivable at October 31, 2016 or April 30, 2016. The estimated fair value of the Company’s long-term, fixed-rate note payable was $ 3,340,000 11,102,000 3,655,000 12,384,000

BENEFIT PLANS

BENEFIT PLANS	6 Months Ended
	Oct. 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 19,500 during the first six months of 2017. During the first six months of 2017, 11,000 vested. In addition, 1,000 26,500 20,000 35,000 share 16,000 37,000 As of October , there was $92 of total unrecognized compensation expense related to share , which is expected to be recognized over the remaining vesting term not to exceed three years. During the second quarter of 2017, the shareholders of the Company, at the Company’s 2016 Annual Meeting of Shareholders, approved the AMREP Corporation 2016 Equity Compensation Plan (the “2016 Equity Plan”). The 2016 Equity Plan became effective on September 20, 2016 and authorizes the issuance of up to 500,000 As previously disclosed, on the last trading day of calendar year 2016, each non-employee member of the Company’s Board of Directors will be issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $15,000 divided by the closing price per share of common stock, reported on the New York Stock Exchange on such date. On the last trading day of each calendar year after calendar year 2016, each non-employee member of the Company’s Board of Directors will be issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $20,000 divided by the closing price per share of Common Stock reported on the New York Stock Exchange on such date.

INFORMATION ABOUT THE COMPANY'S

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	6 Months Ended
	Oct. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	(11) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS Corporate Real Estate Fulfillment and Operations Services Other Consolidated Three months ended October 31, 2016 (a): Revenues $ 3,597 $ 7,858 $ 10 $ 11,465 Net income (loss) from operations (402) (32) 546 112 Provision (benefit) for income taxes (236) (13) 257 8 Interest expense (income), net (b) 574 268 (760) 82 Depreciation and amortization 20 330 - 350 EBITDA (c) $ (44) $ 553 $ 43 $ 552 Capital expenditures $ - $ 10 $ - $ 10 Three months ended October 31, 2015 (a): Revenues $ 2,256 $ 8,726 $ 239 $ 11,221 Net income (loss) from operations $ (591) $ (506) $ 421 $ (676) Provision (benefit) for income taxes (347) (297) 214 (430) Interest expense (income), net (b) 596 182 (414) 364 Depreciation and amortization 22 677 8 707 EBITDA (c) $ (320) $ 56 $ 229 $ (35) Capital expenditures $ - $ 189 $ - $ 189 Corporate Real Estate Fulfillment and Operations Services Other Consolidated Six months ended October 31, 2016 (a): Revenues $ 7,967 $ 15,686 $ 20 $ 23,673 Net income (loss) from operations (155) (74) 971 742 Provision (benefit) for income taxes (91) (38) 474 345 Interest expense (income), net (b) 1,221 537 (1,452) 306 Depreciation and amortization 44 673 - 717 EBITDA (c) $ 1,019 $ 1,098 $ (7) $ 2,110 Capital expenditures $ - $ 49 $ - $ 49 Six months ended October 31, 2015 (a): Revenues $ 2,424 $ 17,907 $ 465 $ 20,796 Net income (loss) from operations $ (1,357) $ (1,282) $ 784 $ (1,855) Provision (benefit) for income taxes (801) (753) 399 (1,155) Interest expense (income), net (b) 1,267 349 (873) 743 Depreciation and amortization 45 1,393 15 1,453 EBITDA (c) $ (846) $ (293) $ 325 $ (814) Capital expenditures $ - $ 271 $ - $ 271 (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) Interest expense (income), net includes inter-segment interest expense (income) that is eliminated in consolidation. (c) 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)	6 Months Ended
	Oct. 31, 2016
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables, net consist of the following (in thousands): October 31, April 30, 2016 2016 Fulfillment Services $ 7,397 $ 7,357 Real estate operations and corporate - 348 7,397 7,705 Less allowance for doubtful accounts (447) (434) $ 6,950 $ 7,271

INVESTMENT ASSETS (Tables)

INVESTMENT ASSETS (Tables)	6 Months Ended
	Oct. 31, 2016
Investment Assets [Abstract]
Schedule Of Investment Assets [Table Text Block]	Investment assets, net consist of the following (in thousands): October 31, April 30, 2016 2016 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)	6 Months Ended
	Oct. 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): October 31, April 30, 2016 2016 Land, buildings and improvements $ 15,877 $ 15,864 Furniture and equipment 19,203 19,140 35,080 35,004 Less accumulated depreciation (23,743) (23,007) $ 11,337 $ 11,997

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Oct. 31, 2016
Disclosure Text Block Supplement [Abstract]
Schedule of Other Assets [Table Text Block]	Other assets consist of the following (in thousands): October 31, April 30, 2016 2016 Prepaid expenses $ 2,139 $ 2,358 Deferred order entry costs 769 845 Other 265 275 $ 3,173 $ 3,478

ACCOUNTS PAYABLE AND ACCRUED 21

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Oct. 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): October 31, April 30, 2016 2016 Fulfillment Services $ 6,416 $ 6,712 Real estate operations and corporate 1,162 1,741 $ 7,578 $ 8,453

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Oct. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Notes payable consist of the following (in thousands): October 31, April 30, 2016 2016 Credit facilities: Real estate operations - due to related party $ 3,655 $ 12,384 Real estate operations - other - 555 $ 3,655 $ 18,090

INFORMATION ABOUT THE COMPANY23

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	6 Months Ended
	Oct. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Corporate Real Estate Fulfillment and Operations Services Other Consolidated Three months ended October 31, 2016 (a): Revenues $ 3,597 $ 7,858 $ 10 $ 11,465 Net income (loss) from operations (402) (32) 546 112 Provision (benefit) for income taxes (236) (13) 257 8 Interest expense (income), net (b) 574 268 (760) 82 Depreciation and amortization 20 330 - 350 EBITDA (c) $ (44) $ 553 $ 43 $ 552 Capital expenditures $ - $ 10 $ - $ 10 Three months ended October 31, 2015 (a): Revenues $ 2,256 $ 8,726 $ 239 $ 11,221 Net income (loss) from operations $ (591) $ (506) $ 421 $ (676) Provision (benefit) for income taxes (347) (297) 214 (430) Interest expense (income), net (b) 596 182 (414) 364 Depreciation and amortization 22 677 8 707 EBITDA (c) $ (320) $ 56 $ 229 $ (35) Capital expenditures $ - $ 189 $ - $ 189 Corporate Real Estate Fulfillment and Operations Services Other Consolidated Six months ended October 31, 2016 (a): Revenues $ 7,967 $ 15,686 $ 20 $ 23,673 Net income (loss) from operations (155) (74) 971 742 Provision (benefit) for income taxes (91) (38) 474 345 Interest expense (income), net (b) 1,221 537 (1,452) 306 Depreciation and amortization 44 673 - 717 EBITDA (c) $ 1,019 $ 1,098 $ (7) $ 2,110 Capital expenditures $ - $ 49 $ - $ 49 Six months ended October 31, 2015 (a): Revenues $ 2,424 $ 17,907 $ 465 $ 20,796 Net income (loss) from operations $ (1,357) $ (1,282) $ 784 $ (1,855) Provision (benefit) for income taxes (801) (753) 399 (1,155) Interest expense (income), net (b) 1,267 349 (873) 743 Depreciation and amortization 45 1,393 15 1,453 EBITDA (c) $ (846) $ (293) $ 325 $ (814) Capital expenditures $ - $ 271 $ - $ 271 (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) Interest expense (income), net includes inter-segment interest expense (income) that is eliminated in consolidation. (c) 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	Oct. 31, 2016	Apr. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 7,397	$ 7,705
Less allowance for doubtful accounts	(447)	(434)
Accounts Receivable, Net	6,950	7,271
Fulfillment Services [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	7,397	7,357
Real Estate Operations and Corporate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 0	$ 348

RECEIVABLES (Details Textual)

RECEIVABLES (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
		Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016		Oct. 31, 2015		Nov. 30, 2016	Apr. 30, 2016
Revenues, Total	[1]	$ 11,465,000	$ 11,221,000	$ 23,673,000		$ 20,796,000
Accounts Receivable, Net		6,950,000		6,950,000					$ 7,271,000
Customer Concentration Risk [Member]
Revenues, Total				$ 2,477,000		$ 2,787,000
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage				10.50%		13.40%
Fulfillment Services [Member]
Revenues, Total		$ 7,858,000	$ 8,726,000	$ 15,686,000	[1]	$ 17,907,000	[1]
Fulfillment Services [Member] | Subsequent Event [Member]
Accounts Receivable, Net								$ 295,000
[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	Oct. 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)	Oct. 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	Oct. 31, 2016	Apr. 30, 2016
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 35,080	$ 35,004
Less accumulated depreciation	(23,743)	(23,007)
Property, plant and equipment, net	11,337	11,997
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	15,877	15,864
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 19,203	$ 19,140

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Oct. 31, 2016	Apr. 30, 2016
Prepaid Expense and Other Assets	$ 3,173	$ 3,478
Prepaid Expenses [Member]
Prepaid expenses	2,139	2,358
Deferred Order Entry Costs [Member]
Deferred order entry costs	769	845
Other Intangible Assets [Member]
Other	$ 265	$ 275

ACCOUNTS PAYABLE AND ACCRUED 30

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Oct. 31, 2016	Apr. 30, 2016
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 7,578	$ 8,453
Fulfillment Services [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	6,416	6,712
Real Estate Operations and Corporate [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 1,162	$ 1,741

ACCOUNTS PAYABLE AND ACCRUED 31

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Textual) - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accrued Liabilities	$ 1,790,000	$ 1,998,000
Customer Postage Deposits Current And Noncurrent	3,649,000	3,947,000
Accounts Payable, Trade	642,000	837,000
Other Accounts Payable and Accrued Liabilities	$ 1,497,000	$ 1,671,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Oct. 31, 2016	Apr. 30, 2016
Credit facilities:
Notes Payable, Related Parties	$ 3,655	$ 12,384
Notes Payable	3,655	12,939
Real estate operations [Member]
Credit facilities:
Notes Payable, Related Parties	3,655	12,384
Other Notes Payable	$ 0	$ 555

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual)	6 Months Ended
	Oct. 31, 2016USD ($)ft²	Apr. 30, 2016USD ($)
Real Estate Loan [Member]
Debt Instrument [Line Items]
Notes Payable, Related Parties, Noncurrent	$ 3,655,000
Debt Instrument, Maturity Date	Dec. 1, 2017
Book Value Of Real Estate Property Collateralized	$ 55,430,000
Line Of Credit Facility Participation Percentage Purchased	20.00%
Real Estate Loan [Member] | Debt collateralizing property instrument [Member]
Debt Instrument [Line Items]
Debt Instrument, 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		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Other Revenues [Line Items]
Operating Leases, Income Statement, Lease Revenue	$ 57,000	$ 114,000	$ 57,000	$ 114,000
Deferred Revenue, Leases, Net	$ 417,000		417,000
Building [Member]
Other Revenues [Line Items]
Gain (Loss) on Sale of Properties			$ 1,496,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Textual) - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and Loans, Noncurrent, Total	$ 3,655,000	$ 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	$ 3,340,000	$ 11,102,000

BENEFIT PLANS (Details Textual)

BENEFIT PLANS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015	Sep. 20, 2016
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total			$ 35,000	$ 37,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 92,000		92,000
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total	$ 20,000	$ 16,000	$ 35,000	$ 37,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			11,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross			19,500
Two Thousand Six Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	26,500		26,500
Stock Returned During Period, Shares, Restricted Stock Award			1,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					500,000
Deferred Compensation Arrangement with Individual, Description			As previously disclosed, on the last trading day of calendar year 2016, each non-employee member of the Company’s Board of Directors will be issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $15,000 divided by the closing price per share of common stock, reported on the New York Stock Exchange on such date. On the last trading day of each calendar year after calendar year 2016, each non-employee member of the Company’s Board of Directors will be issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $20,000 divided by the closing price per share of Common Stock reported on the New York Stock Exchange on such date.
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		6 Months Ended
		Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016		Oct. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	$ 11,465	$ 11,221	$ 23,673		$ 20,796
Net income (loss) from operations	[1]	112	(676)	742		(1,855)
Provision (benefit) for income taxes	[1]	8	(430)	345		(1,155)
Interest expense (income), net (b)	[1],[2]	82	364	306		743
Depreciation and amortization	[1]	350	707	717		1,453
EBITDA (c)	[1],[3]	552	(35)	2,110		(814)
Capital expenditures	[1]	10	189	49		271
Fulfillment Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		7,858	8,726	15,686	[1]	17,907	[1]
Net income (loss) from operations		(32)	(506)	(74)	[1]	(1,282)	[1]
Provision (benefit) for income taxes		(13)	(297)	(38)	[1]	(753)	[1]
Interest expense (income), net (b)	[1],[2]	268	182	537		349
Depreciation and amortization		330	677	673	[1]	1,393	[1]
EBITDA (c)	[1],[3]	553	56	1,098		(293)
Capital expenditures		10	189	49	[1]	271	[1]
Real Estate Operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		3,597	2,256	7,967	[1]	2,424	[1]
Net income (loss) from operations		(402)	(591)	(155)	[1]	(1,357)	[1]
Provision (benefit) for income taxes		(236)	(347)	(91)	[1]	(801)	[1]
Interest expense (income), net (b)	[1],[2]	574	596	1,221		1,267
Depreciation and amortization		20	22	44	[1]	45	[1]
EBITDA (c)	[1],[3]	(44)	(320)	1,019		(846)
Capital expenditures		0	0	0	[1]	0	[1]
Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	10	239	20		465
Net income (loss) from operations	[1]	546	421	971		784
Provision (benefit) for income taxes	[1]	257	214	474		399
Interest expense (income), net (b)	[1],[2]	(760)	(414)	(1,452)		(873)
Depreciation and amortization	[1]	0	8	0		15
EBITDA (c)	[1],[3]	43	229	(7)		325
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]	Interest expense (income), net includes inter-segment interest expense (income) that is eliminated in consolidation.
[3]	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.