AMREP (AXR) 10-Q 13 Sep 17 2018 Q1 Quarterly report Financial data

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.