Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2017 | Sep. 08, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
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 | 8,089,204 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2017 | Apr. 30, 2017 | |
ASSETS | |||
Cash and cash equivalents | $ 13,116 | $ 11,811 | |
Receivables, net | 5,948 | 6,379 | |
Real estate inventory | 55,358 | 56,090 | |
Investment assets | 9,714 | 9,715 | |
Property, plant and equipment, net | 10,541 | 10,852 | |
Other assets | 2,382 | 2,310 | |
Deferred income taxes, net | 8,749 | 9,519 | |
TOTAL ASSETS | 105,808 | [1] | 106,676 |
LIABILITIES: | |||
Accounts payable and accrued expenses | 6,489 | 7,035 | |
NOTES PAYABLE: | |||
Taxes payable, net | 464 | 465 | |
Other liabilities and deferred revenue | 1,843 | 3,376 | |
Accrued pension cost | 10,654 | 10,967 | |
TOTAL LIABILITIES | 19,450 | 21,843 | |
SHAREHOLDERS’ EQUITY: | |||
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,314,454 at July 31, 2017 and 8,303,204 at April 30, 2017 | 831 | 830 | |
Capital contributed in excess of par value | 50,770 | 50,694 | |
Retained earnings | 48,212 | 46,764 | |
Accumulated other comprehensive loss, net | (9,240) | (9,240) | |
Treasury stock, at cost; 225,250 shares at July 31, 2017 and April 30, 2017 | (4,215) | (4,215) | |
TOTAL SHAREHOLDERS’ EQUITY | 86,358 | 84,833 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 105,808 | $ 106,676 | |
[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 BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Jul. 31, 2017 | Apr. 30, 2017 |
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 | 8,314,454 | 8,303,204 |
Treasury stock, shares | 225,250 | 225,250 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | ||
REVENUES: | |||
Fulfillment services | $ 7,243 | $ 7,828 | |
Real estate land sales | 2,677 | 2,720 | |
Other | 1,406 | 1,660 | |
Revenues | [1] | 11,326 | 12,208 |
COSTS AND EXPENSES: | |||
Real estate land sales | 1,223 | 2,578 | |
Operating and selling expenses: | |||
Fulfillment services | 6,094 | 6,673 | |
Real estate | 511 | 411 | |
General and administrative expenses: | |||
Fulfillment services | 349 | 352 | |
Real estate | 114 | 169 | |
Corporate | 808 | 834 | |
Interest expense | 13 | 224 | |
Costs and Expenses, Total | 9,112 | 11,241 | |
Income before income taxes | 2,214 | 967 | |
Provision for income taxes | [1] | 766 | 337 |
Net income | 1,448 | 630 | |
Retained earnings, beginning of period | 46,764 | 46,779 | |
Retained earnings, end of period | $ 48,212 | $ 47,409 | |
Earnings (loss) per share, net - basic and diluted (in dollars per share) | $ 0.18 | $ 0.08 | |
Weighted average number of common shares outstanding - basic | 8,063 | 8,042 | |
Weighted average number of common shares outstanding - diluted | 8,083 | 8,065 | |
[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 - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income from operations | $ 1,448 | $ 630 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | [1] | 321 | 367 |
Non-cash credits and charges: | |||
Non-cash gain on settlement | (1,318) | 0 | |
Non-cash deferred revenue recognized | (20) | 0 | |
Provision for (recovery of) doubtful accounts | (21) | 18 | |
Stock-based compensation | 18 | 15 | |
Changes in assets and liabilities: | |||
Receivables | 452 | (151) | |
Real estate inventory and investment assets | 733 | 2,557 | |
Other assets | (13) | 42 | |
Accounts payable and accrued expenses | (375) | (840) | |
Taxes receivable and payable | (1) | (3) | |
Other liabilities and deferred revenue | (366) | (59) | |
Deferred income taxes | 770 | 337 | |
Accrued pension costs | (313) | 315 | |
Total adjustments | (133) | 2,598 | |
Net cash provided by operating activities | 1,315 | 3,228 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures - property, plant and equipment | [1] | (10) | (39) |
Net cash used in investing activities | (10) | (39) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from debt financing | 0 | 340 | |
Principal debt payments | 0 | (895) | |
Principal debt payments - related party | 0 | (5,901) | |
Net cash used in financing activities | 0 | (6,456) | |
Increase (decrease) in cash and cash equivalents | 1,305 | (3,267) | |
Cash and cash equivalents, beginning of period | 11,811 | 14,562 | |
Cash and cash equivalents, end of period | 13,116 | 11,295 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid, net of amounts capitalized | 0 | 132 | |
Income taxes paid, net | $ 1 | $ 2 | |
[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, 2017 | |
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 2018 and 2017 are to the fiscal years ending April 30, 2018 and 2017 and all references to the first quarter and first three months of 2018 and 2017 mean the fiscal three month periods ended July 31, 2017 and 2016. 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, 2017, which was filed with the SEC on July 18, 2017 (the “2017 Form 10-K”). Certain 2017 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on the net income or loss or shareholders’ equity. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation: Improvements to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In May 2017, the FASB issued ASU 2017-09, Stock Compensation Scope of Modification Accounting |
RECEIVABLES
RECEIVABLES | 3 Months Ended |
Jul. 31, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (2) RECEIVABLES Receivables, net consist of: July 31, April 30, (in thousands) Fulfillment services $ 6,233 $ 6,725 Real estate 12 - Corporate 28 2 6,273 6,727 Less allowance for doubtful accounts (325) (348) $ 5,948 $ 6,379 During the first quarter of 2018, revenues from one major customer of the Company’s fulfillment services business totaled $ 1,081,000 10 713,000 360,000 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Jul. 31, 2017 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment [Text Block] | (3) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of: July 31, April 30, 2017 2017 (in thousands) Land, buildings and improvements $ 15,936 $ 15,995 Furniture and equipment 18,315 18,350 34,251 34,345 Less accumulated depreciation (23,710) (23,493) $ 10,541 $ 10,852 Depreciation of property, plant and equipment charged to operations was $ 321,000 360,000 |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Jul. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | (4) OTHER ASSETS Other assets consist of: July 31, April 30, 2017 2017 (in thousands) Prepaid expenses $ 1,591 $ 1,491 Deferred order entry costs 525 553 Other 266 266 $ 2,382 $ 2,310 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, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (5) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of: July 31, April 30, 2017 2017 (in thousands) Fulfillment services $ 5,140 $ 5,637 Real estate 991 1,138 Corporate 358 260 $ 6,489 $ 7,035 The July 31, 2017 accounts payable and accrued expenses total included customer postage deposits of $ 3,112,000 1,494,000 631,000 1,252,000 3,178,000 1,669,000 619,000 1,569,000 |
OTHER LIABILITIES AND DEFERRED
OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES | 3 Months Ended |
Jul. 31, 2017 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Liabilities Disclosure [Text Block] | (6) OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES Refer to Note 9 to the consolidated financial statements contained in the 2017 Form 10-K for detail about the settlement agreement entered into between Palm Coast and the State of Florida in the first quarter of 2018. As a result of the settlement agreement, in the first quarter of 2018, Palm Coast reduced its previously recorded liability of $ 3,000,000 26,000 1,620 1,406 302,000 163,000 1,243,000 1,318 282,000 20,000 In addition, refer to Note 10 to the consolidated financial statements contained in the 2017 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 2018. Revenue from this transaction is being recorded over the lease term and approximately $ 57,000 246,000 During the first quarter of 2017, a subsidiary of AMREP Southwest sold a single tenant retail commercial building in Rio Rancho, New Mexico, which resulted in a pre-tax gain of $ 1,496 First Quarter First Quarter (in thousands) Settlement gain $ 1,318 $ - Sale of commercial building - 1,496 Deferred revenue and other 88 164 $ 1,406 $ 1,660 |
BENEFIT PLANS
BENEFIT PLANS | 3 Months Ended |
Jul. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (7) 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 $ 4,535,000 Equity compensation plan In September 2016, the AMREP Corporation 2016 Equity Compensation Plan (the “2016 Equity Plan”) replaced the AMREP Corporation 2006 Equity Compensation Plan (together with the 2016 Equity Plan, the “Equity Plans”). The Company issued 11,250 during the first quarter of 2018. During the first quarter of 2018, 8,000 vested leaving 27,750 18,000 15,000 share As of , there was $113 of unrecognized compensation expense related to restricted 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, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS Real Estate Fulfillment Corporate and Consolidated Three months ended July 31, 2017 (a): Revenues $ 2,747 $ 8,561 $ 18 $ 11,326 Net income from operations $ 180 $ 1,040 $ 228 $ 1,448 Provision for income taxes 134 536 96 766 Interest expense (income), net 524 303 (814) 13 Depreciation 18 303 - 321 EBITDA (b) $ 856 $ 2,182 $ (490) $ 2,548 Capital expenditures $ - $ 10 $ - $ 10 Total assets $ 75,387 $ 26,485 $ 3,936 $ 105,808 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 Total assets $ 80,250 $ 28,689 $ 5,336 $ 114,275 (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 (loss) before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation: Improvements to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In May 2017, the FASB issued ASU 2017-09, Stock Compensation Scope of Modification Accounting |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 3 Months Ended |
Jul. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | July 31, April 30, (in thousands) Fulfillment services $ 6,233 $ 6,725 Real estate 12 - Corporate 28 2 6,273 6,727 Less allowance for doubtful accounts (325) (348) $ 5,948 $ 6,379 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Jul. 31, 2017 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment [Table Text Block] | July 31, April 30, 2017 2017 (in thousands) Land, buildings and improvements $ 15,936 $ 15,995 Furniture and equipment 18,315 18,350 34,251 34,345 Less accumulated depreciation (23,710) (23,493) $ 10,541 $ 10,852 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Jul. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | July 31, April 30, 2017 2017 (in thousands) Prepaid expenses $ 1,591 $ 1,491 Deferred order entry costs 525 553 Other 266 266 $ 2,382 $ 2,310 |
ACCOUNTS PAYABLE AND ACCRUED 18
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 3 Months Ended |
Jul. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | July 31, April 30, 2017 2017 (in thousands) Fulfillment services $ 5,140 $ 5,637 Real estate 991 1,138 Corporate 358 260 $ 6,489 $ 7,035 |
OTHER LIABILITIES AND DEFERRE19
OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES (Tables) | 3 Months Ended |
Jul. 31, 2017 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Revenues [Table Text Block] | Other revenues for the first quarter of 2018 and 2017 consist of: First Quarter First Quarter (in thousands) Settlement gain $ 1,318 $ - Sale of commercial building - 1,496 Deferred revenue and other 88 164 $ 1,406 $ 1,660 |
INFORMATION ABOUT THE COMPANY20
INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables) | 3 Months Ended |
Jul. 31, 2017 | |
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 for the three month periods ended July 31, 2017 and 2016 (in thousands): Real Estate Fulfillment Corporate and Consolidated Three months ended July 31, 2017 (a): Revenues $ 2,747 $ 8,561 $ 18 $ 11,326 Net income from operations $ 180 $ 1,040 $ 228 $ 1,448 Provision for income taxes 134 536 96 766 Interest expense (income), net 524 303 (814) 13 Depreciation 18 303 - 321 EBITDA (b) $ 856 $ 2,182 $ (490) $ 2,548 Capital expenditures $ - $ 10 $ - $ 10 Total assets $ 75,387 $ 26,485 $ 3,936 $ 105,808 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 Total assets $ 80,250 $ 28,689 $ 5,336 $ 114,275 (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 (loss) 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, 2017 | Apr. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 6,273 | $ 6,727 |
Less allowance for doubtful accounts | (325) | (348) |
Accounts Receivable, Net | 5,948 | 6,379 |
Fulfillment services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | 6,233 | 6,725 |
Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | 12 | 0 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 28 | $ 2 |
RECEIVABLES (Details Textual)
RECEIVABLES (Details Textual) - USD ($) | 3 Months Ended | ||||
Jul. 31, 2017 | Jul. 31, 2016 | Sep. 11, 2017 | Apr. 30, 2017 | ||
Revenues, Total | [1] | $ 11,326,000 | $ 12,208,000 | ||
Accounts Receivable, Net | 5,948,000 | $ 6,379,000 | |||
Customer Concentration Risk [Member] | |||||
Revenues, Total | $ 1,081,000 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Concentration Risk, Percentage | 10.00% | ||||
Fulfillment Services [Member] | |||||
Revenues, Total | [1] | $ 8,561,000 | $ 7,828,000 | ||
Fulfillment Services [Member] | Customer Concentration Risk [Member] | |||||
Accounts Receivable, Net | $ 713,000 | ||||
Fulfillment Services [Member] | Customer Concentration Risk [Member] | Subsequent Event [Member] | |||||
Accounts Receivable, Net | $ 360,000 | ||||
[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. |
PROPERTY, PLANT AND EQUIPMENT23
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Apr. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 34,251 | $ 34,345 |
Less accumulated depreciation | (23,710) | (23,493) |
Property, plant and equipment, net | 10,541 | 10,852 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 15,936 | 15,995 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 18,315 | $ 18,350 |
PROPERTY, PLANT AND EQUIPMENT24
PROPERTY, PLANT AND EQUIPMENT (Details Textual) - USD ($) | 3 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 321,000 | $ 360,000 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Apr. 30, 2017 |
Prepaid Expense and Other Assets | $ 2,382 | $ 2,310 |
Prepaid Expenses [Member] | ||
Prepaid expenses | 1,591 | 1,491 |
Deferred Order Entry Costs [Member] | ||
Deferred order entry costs | 525 | 553 |
Other Intangible Assets [Member] | ||
Other | $ 266 | $ 266 |
ACCOUNTS PAYABLE AND ACCRUED 26
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Apr. 30, 2017 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | $ 6,489 | $ 7,035 |
Fulfillment services [Member] | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | 5,140 | 5,637 |
Real estate | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | 991 | 1,138 |
Corporate | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | $ 358 | $ 260 |
ACCOUNTS PAYABLE AND ACCRUED 27
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Textual) - USD ($) | Jul. 31, 2017 | Apr. 30, 2017 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accrued Liabilities | $ 1,494,000 | $ 1,669,000 |
Customer Postage Deposits Current And Noncurrent | 3,112,000 | 3,178,000 |
Accounts Payable, Trade | 631,000 | 619,000 |
Other Accounts Payable and Accrued Liabilities | $ 1,252,000 | $ 1,569,000 |
OTHER LIABILITIES AND DEFERRE28
OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | |
Settlement gain | $ 1,318 | $ 0 | |
Sale of commercial building | 0 | 1,496 | |
Deferred revenue and other | 88 | 164 | |
Other Revenue, Net | $ 1,406 | $ 1,660 | $ 1,620 |
OTHER LIABILITIES AND DEFERRE29
OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | |
Other Liabilities | $ 3,000,000 | ||
Deferred Revenue, Revenue Recognized | 20,000 | ||
Pre Tax Gain Included Other Revenues | 1,318,000 | $ 0 | |
Pre Tax Gain Included Deferred Revenues | 302,000 | ||
Operating Leases, Income Statement, Lease Revenue | 57,000 | ||
Deferred Revenue, Leases, Net | 246,000 | ||
Interest Payable | 26,000 | ||
Gain (Loss) on Sale of Properties | 0 | 1,496,000 | |
Other Revenue, Net | 1,406,000 | $ 1,660,000 | $ 1,620,000 |
Payments For Liability Settlements | 163,000 | ||
Other Liabilities, Current | 1,243,000 | ||
Deferred Revenue | $ 282,000 |
BENEFIT PLANS (Details Textual)
BENEFIT PLANS (Details Textual) - USD ($) | 3 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Share-based Compensation, Total | $ 18,000 | $ 15,000 |
Pension Benefit Plan Accelerated Funding | 4,535,000 | |
Equity Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 113,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 8,000 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 11,250 | |
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 | 27,750 |
INFORMATION ABOUT THE COMPANY31
INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Revenues | [1] | $ 11,326 | $ 12,208 | |||
Net income (loss) from operations | [1] | 1,448 | 630 | |||
Provision (benefit) for income taxes | [1] | 766 | 337 | |||
Interest expense (income), net | [1] | 13 | 224 | |||
Depreciation and amortization | [1] | 321 | 367 | |||
EBITDA | [1],[2] | 2,548 | 1,558 | |||
Capital expenditures | [1] | 10 | 39 | |||
Total assets | 105,808 | [1] | 114,275 | [1] | $ 106,676 | |
Real Estate | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Revenues | [1] | 2,747 | 4,370 | |||
Net income (loss) from operations | [1] | 180 | 247 | |||
Provision (benefit) for income taxes | [1] | 134 | 145 | |||
Interest expense (income), net | [1] | 524 | 647 | |||
Depreciation and amortization | [1] | 18 | 24 | |||
EBITDA | [1],[2] | 856 | 1,063 | |||
Capital expenditures | [1] | 0 | 0 | |||
Total assets | [1] | 75,387 | 80,250 | |||
Fulfillment Services [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Revenues | [1] | 8,561 | 7,828 | |||
Net income (loss) from operations | [1] | 1,040 | (42) | |||
Provision (benefit) for income taxes | [1] | 536 | (25) | |||
Interest expense (income), net | [1] | 303 | 269 | |||
Depreciation and amortization | [1] | 303 | 343 | |||
EBITDA | [1],[2] | 2,182 | 545 | |||
Capital expenditures | [1] | 10 | 39 | |||
Total assets | [1] | 26,485 | 28,689 | |||
Corporate and Other [Member] | ||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||
Revenues | [1] | 18 | 10 | |||
Net income (loss) from operations | [1] | 228 | 425 | |||
Provision (benefit) for income taxes | [1] | 96 | 217 | |||
Interest expense (income), net | [1] | (814) | (692) | |||
Depreciation and amortization | [1] | 0 | 0 | |||
EBITDA | [1],[2] | (490) | (50) | |||
Capital expenditures | [1] | 0 | 0 | |||
Total assets | [1] | $ 3,936 | $ 5,336 | |||
[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 (loss) 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. |