AMREP (AXR) 10-Q 12 Dec 17 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Oct. 31, 2017	Dec. 08, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2017
Document Fiscal Year Focus	2,018
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		8,098,704

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2017		Apr. 30, 2017
ASSETS
Cash and cash equivalents	$ 13,829		$ 11,811
Receivables, net	6,378		6,379
Real estate inventory	55,930		56,090
Investment assets	9,714		9,715
Property, plant and equipment, net	10,246		10,852
Other assets	2,262		2,310
Deferred income taxes, net	8,663		9,519
TOTAL ASSETS	107,022	[1]	106,676
LIABILITIES:
Accounts payable and accrued expenses	7,271		7,035
NOTES PAYABLE:
Taxes payable, net	459		465
Other liabilities and deferred revenue	1,756		3,376
Accrued pension cost	10,827		10,967
TOTAL LIABILITIES	20,313		21,843
SHAREHOLDERS’ EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,323,954 at October 31, 2017 and 8,303,204 at April 30, 2017	832		830
Capital contributed in excess of par value	50,842		50,694
Retained earnings	48,490		46,764
Accumulated other comprehensive loss, net	(9,240)		(9,240)
Treasury stock, at cost; 225,250 shares at October 31, 2017 and April 30, 2017	(4,215)		(4,215)
TOTAL SHAREHOLDERS’ EQUITY	86,709		84,833
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 107,022		$ 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	Oct. 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	8,323,954	8,303,204
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		6 Months Ended
		Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
REVENUES:
Fulfillment services		$ 7,673	$ 7,858	$ 14,916	$ 15,686
Real estate land sales		1,416	3,529	4,093	6,249
Other		86	78	1,492	1,738
Revenues	[1]	9,175	11,465	20,501	23,673
COSTS AND EXPENSES:
Real estate land sales		1,139	2,944	2,362	5,522
Operating and selling expenses:
Fulfillment services		5,983	6,707	12,077	13,380
Real estate		582	407	1,093	818
General and administrative expenses:
Fulfillment services		308	327	657	680
Real estate		86	134	200	303
Corporate		696	744	1,504	1,577
Interest expense		18	82	31	306
Costs and Expenses, Total		8,812	11,345	17,924	22,586
Income before income taxes		363	120	2,577	1,087
Provision for income taxes	[1]	85	8	851	345
Net income		278	112	1,726	742
Retained earnings, beginning of period		48,212	47,409	46,764	46,779
Retained earnings, end of period		$ 48,490	$ 47,521	$ 48,490	$ 47,521
Earnings per share, net - basic and diluted (in dollars per share)		$ 0.03	$ 0.01	$ 0.21	$ 0.09
Weighted average number of common shares outstanding - basic		8,070	8,050	8,067	8,046
Weighted average number of common shares outstanding - diluted		8,102	8,077	8,096	8,071
[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, 2017	Oct. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from operations		$ 1,726	$ 742
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	[1]	635	717
Non-cash credits and charges:
Non-cash gain on settlement		(1,318)	0
Non-cash deferred revenue recognized		(40)	0
Provision for (recovery of) doubtful accounts		(14)	15
Stock-based compensation		45	35
Changes in assets and liabilities:
Receivables		15	306
Real estate inventory and investment assets		161	4,529
Other assets		153	355
Accounts payable and accrued expenses		236	(875)
Taxes receivable and payable		(6)	(21)
Other liabilities and deferred revenue		(262)	(117)
Deferred income taxes		856	361
Accrued pension costs		(140)	630
Total adjustments		321	5,935
Net cash provided by operating activities		2,047	6,677
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - property, plant and equipment	[1]	(29)	(49)
Net cash used in investing activities		(29)	(49)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing		0	340
Principal debt payments		0	(895)
Principal debt payments - related party		0	(8,729)
Net cash used in financing activities		0	(9,284)
Increase (decrease) in cash and cash equivalents		2,018	(2,656)
Cash and cash equivalents, beginning of period		11,811	14,562
Cash and cash equivalents, end of period		13,829	11,906
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of amounts capitalized		26	292
Income taxes paid, net		$ 6	$ 3
[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, 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 second quarter and first six months of 2018 and 2017 mean the fiscal three month and six month periods ended October 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 shareholders’ equity. 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 The Company has established an implementation team to evaluate the impact of Topic 606 on the Company’s accounting policies, processes and system requirements, as well as its consolidated financial statements. Depending on the results of the evaluation, there could be changes to the timing of recognition of revenues and related costs. As the Company considers itself to be in the early stages of its evaluation of the impact of Topic 606, the Company does not know and cannot reasonably estimate quantitative information related to the impact of these new ASUs on its consolidated financial statements, including the effect on the Company’s operating results, if any. The implementation team has reported its progress on its evaluation to the Audit Committee of the Company’s Board of Directors. In February 2016, the FASB issued ASU No. 2016-02, Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

RECEIVABLES

RECEIVABLES	6 Months Ended
	Oct. 31, 2017
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	(2) RECEIVABLES October 31, April 30, (in thousands) Fulfillment services $ 6,657 $ 6,725 Real estate 12 - Corporate 41 2 6,710 6,727 Less allowance for doubtful accounts (332) (348) $ 6,378 $ 6,379 During the first six months of 2018, revenues from one major customer of the Company’s fulfillment services business totaled $ 2,164,000 10.6 706,000 363,000

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Oct. 31, 2017
Property, Plant and Equipment Disclosure [Abstract]
Property, Plant and Equipment [Text Block]	(3) PROPERTY, PLANT AND EQUIPMENT October 31, April 30, 2017 2017 (in thousands) Land, buildings and improvements $ 15,924 $ 15,995 Furniture and equipment 18,360 18,350 34,284 34,345 Less accumulated depreciation (24,038) (23,493) $ 10,246 $ 10,852 Depreciation of property, plant and equipment charged to operations was $ 314,000 635,000

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Oct. 31, 2017
Disclosure Text Block Supplement [Abstract]
Other Assets Disclosure [Text Block]	(4) OTHER ASSETS October 31, April 30, 2017 2017 (in thousands) Prepaid expenses $ 1,467 $ 1,491 Deferred order entry costs 524 553 Other 271 266 $ 2,262 $ 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	6 Months Ended
	Oct. 31, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	(5) ACCOUNTS PAYABLE AND ACCRUED EXPENSES October 31, April 30, 2017 2017 (in thousands) Fulfillment services $ 5,002 $ 5,637 Real estate 1,942 1,138 Corporate 327 260 $ 7,271 $ 7,035 The October 31, 2017 accounts payable and accrued expenses total included customer postage deposits of $ 2,690,000 1,665,000 1,127,000 1,789,000 3,178,000 1,669,000 619,000 1,569,000

OTHER LIABILITIES AND DEFERRED

OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES	6 Months Ended
	Oct. 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 26,000 302,000 163,000 1,243,000 302,000 262,000 262,000 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 $ 57,000 114,000 October 31, 2017 189,000 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 $ 1,496,000 Second Quarter Second Quarter (in thousands) Deferred revenue and other $ 86 $ 78 $ 86 $ 78 First Six Months First Six Months (in thousands) Settlement gain $ 1,318 $ - Sale of commercial building - 1,496 Deferred revenue and other 174 242 $ 1,492 $ 1,738

BENEFIT PLANS

BENEFIT PLANS	6 Months Ended
	Oct. 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 14,500 25,750 during the second quarter and first six months of 2018. In addition, 5,000 2,500 10,500 vested leaving 34,750 share 20,000 35,000 As of , there was $169 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	6 Months Ended
	Oct. 31, 2017
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	(8) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS Real Estate Fulfillment Corporate Consolidated Three months ended October 31, 2017 (a): Revenues $ 1,476 $ 7,673 $ 26 $ 9,175 Net income from operations $ (577) $ 560 $ 295 $ 278 Provision for income taxes (338) 289 134 85 Interest expense (income), net 524 293 (799) 18 Depreciation 17 297 - 314 EBITDA (b) $ (374) $ 1,439 $ (370) $ 695 Capital expenditures $ - $ 19 $ - $ 19 Real Estate Fulfillment Corporate 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 574 268 (760) 82 Depreciation and amortization 20 330 - 350 EBITDA (b) $ (44) $ 553 $ 43 $ 552 Capital expenditures $ - $ 10 $ - $ 10 Six months ended October 31, 2017 (a): Revenues $ 4,223 $ 16,234 $ 44 $ 20,501 Net income (loss) from operations $ (397) $ 1,600 $ 523 $ 1,726 Provision (benefit) for income taxes (204) 825 230 851 Interest expense (income), net 1,048 596 (1,613) 31 Depreciation and amortization 35 600 - 635 EBITDA (b) $ 482 $ 3,621 $ (860) $ 3,243 Capital expenditures $ - $ 29 $ - $ 29 Total assets $ 74,233 $ 25,745 $ 7,044 $ 107,022 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 1,221 537 (1,452) 306 Depreciation and amortization 44 673 - 717 EBITDA (b) $ 1,019 $ 1,098 $ (7) $ 2,110 Capital expenditures $ - $ 49 $ - $ 49 Total assets $ 77,638 $ 28,974 $ 5,204 $ 111,816 (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. (c) Fulfillment services revenues and EBITDA for the six months ending October 31, 2017 included a pre-tax gain of $1,318,000 resulting from the settlement agreement with the State of Florida (see Note 6).

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Oct. 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 The Company has established an implementation team to evaluate the impact of Topic 606 on the Company’s accounting policies, processes and system requirements, as well as its consolidated financial statements. Depending on the results of the evaluation, there could be changes to the timing of recognition of revenues and related costs. As the Company considers itself to be in the early stages of its evaluation of the impact of Topic 606, the Company does not know and cannot reasonably estimate quantitative information related to the impact of these new ASUs on its consolidated financial statements, including the effect on the Company’s operating results, if any. The implementation team has reported its progress on its evaluation to the Audit Committee of the Company’s Board of Directors. In February 2016, the FASB issued ASU No. 2016-02, Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

RECEIVABLES (Tables)

RECEIVABLES (Tables)	6 Months Ended
	Oct. 31, 2017
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables, net consist of: October 31, April 30, (in thousands) Fulfillment services $ 6,657 $ 6,725 Real estate 12 - Corporate 41 2 6,710 6,727 Less allowance for doubtful accounts (332) (348) $ 6,378 $ 6,379

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Oct. 31, 2017
Property, Plant and Equipment Disclosure [Abstract]
Property, Plant and Equipment [Table Text Block]	Property, plant and equipment, net consist of: October 31, April 30, 2017 2017 (in thousands) Land, buildings and improvements $ 15,924 $ 15,995 Furniture and equipment 18,360 18,350 34,284 34,345 Less accumulated depreciation (24,038) (23,493) $ 10,246 $ 10,852

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Oct. 31, 2017
Disclosure Text Block Supplement [Abstract]
Schedule of Other Assets [Table Text Block]	Other assets consist of: October 31, April 30, 2017 2017 (in thousands) Prepaid expenses $ 1,467 $ 1,491 Deferred order entry costs 524 553 Other 271 266 $ 2,262 $ 2,310

ACCOUNTS PAYABLE AND ACCRUED 18

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Oct. 31, 2017
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts payable and accrued expenses consist of: October 31, April 30, 2017 2017 (in thousands) Fulfillment services $ 5,002 $ 5,637 Real estate 1,942 1,138 Corporate 327 260 $ 7,271 $ 7,035

OTHER LIABILITIES AND DEFERRE19

OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES (Tables)	6 Months Ended
	Oct. 31, 2017
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
Other Revenues [Table Text Block]	Other revenues for the second quarter and first six months of 2018 and 2017 consist of: Second Quarter Second Quarter (in thousands) Deferred revenue and other $ 86 $ 78 $ 86 $ 78 First Six Months First Six Months (in thousands) Settlement gain $ 1,318 $ - Sale of commercial building - 1,496 Deferred revenue and other 174 242 $ 1,492 $ 1,738

INFORMATION ABOUT THE COMPANY20

INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	6 Months Ended
	Oct. 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 and six month periods ended October 31, 2017 and 2016 (in thousands): Real Estate Fulfillment Corporate Consolidated Three months ended October 31, 2017 (a): Revenues $ 1,476 $ 7,673 $ 26 $ 9,175 Net income from operations $ (577) $ 560 $ 295 $ 278 Provision for income taxes (338) 289 134 85 Interest expense (income), net 524 293 (799) 18 Depreciation 17 297 - 314 EBITDA (b) $ (374) $ 1,439 $ (370) $ 695 Capital expenditures $ - $ 19 $ - $ 19 Real Estate Fulfillment Corporate 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 574 268 (760) 82 Depreciation and amortization 20 330 - 350 EBITDA (b) $ (44) $ 553 $ 43 $ 552 Capital expenditures $ - $ 10 $ - $ 10 Six months ended October 31, 2017 (a): Revenues $ 4,223 $ 16,234 $ 44 $ 20,501 Net income (loss) from operations $ (397) $ 1,600 $ 523 $ 1,726 Provision (benefit) for income taxes (204) 825 230 851 Interest expense (income), net 1,048 596 (1,613) 31 Depreciation and amortization 35 600 - 635 EBITDA (b) $ 482 $ 3,621 $ (860) $ 3,243 Capital expenditures $ - $ 29 $ - $ 29 Total assets $ 74,233 $ 25,745 $ 7,044 $ 107,022 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 1,221 537 (1,452) 306 Depreciation and amortization 44 673 - 717 EBITDA (b) $ 1,019 $ 1,098 $ (7) $ 2,110 Capital expenditures $ - $ 49 $ - $ 49 Total assets $ 77,638 $ 28,974 $ 5,204 $ 111,816 (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. (c) Fulfillment services revenues and EBITDA for the six months ending October 31, 2017 included a pre-tax gain of $1,318,000 resulting from the settlement agreement with the State of Florida (see Note 6).

RECEIVABLES (Details)

RECEIVABLES (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 6,710	$ 6,727
Less allowance for doubtful accounts	(332)	(348)
Accounts Receivable, Net	6,378	6,379
Fulfillment services [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	6,657	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	$ 41	$ 2

RECEIVABLES (Details Textual)

RECEIVABLES (Details Textual) - USD ($)		3 Months Ended			6 Months Ended
		Oct. 31, 2017	Oct. 31, 2016		Oct. 31, 2017		Oct. 31, 2016		Dec. 01, 2017	Apr. 30, 2017
Revenues, Total	[1]	$ 9,175,000	$ 11,465,000		$ 20,501,000		$ 23,673,000
Accounts Receivable, Net		6,378,000			6,378,000					$ 6,379,000
Customer Concentration Risk [Member]
Revenues, Total					$ 2,164,000
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage					10.60%
Fulfillment Services [Member]
Revenues, Total	[1]	7,673,000	$ 7,858,000	[2]	$ 16,234,000	[2]	$ 15,686,000	[2]
Fulfillment Services [Member] | Customer Concentration Risk [Member]
Accounts Receivable, Net		$ 706,000			$ 706,000
Fulfillment Services [Member] | Customer Concentration Risk [Member] | Subsequent Event [Member]
Accounts Receivable, Net									$ 363,000
[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.
[2]	Fulfillment services revenues and EBITDA for the six months ending October 31, 2017 included a pre-tax gain of $1,318,000 resulting from the settlement agreement with the State of Florida (see Note 6).

PROPERTY, PLANT AND EQUIPMENT23

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 34,284	$ 34,345
Less accumulated depreciation	(24,038)	(23,493)
Property, plant and equipment, net	10,246	10,852
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	15,924	15,995
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 18,360	$ 18,350

PROPERTY, PLANT AND EQUIPMENT24

PROPERTY, PLANT AND EQUIPMENT (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation	$ 314,000	$ 350,000	$ 635,000	$ 710,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Prepaid Expense and Other Assets	$ 2,262	$ 2,310
Prepaid Expenses [Member]
Prepaid expenses	1,467	1,491
Deferred Order Entry Costs [Member]
Deferred order entry costs	524	553
Other Intangible Assets [Member]
Other	$ 271	$ 266

ACCOUNTS PAYABLE AND ACCRUED 26

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 7,271	$ 7,035
Fulfillment services [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	5,002	5,637
Real estate
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	1,942	1,138
Corporate
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 327	$ 260

ACCOUNTS PAYABLE AND ACCRUED 27

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Textual) - USD ($)	Oct. 31, 2017	Apr. 30, 2017
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accrued Liabilities	$ 1,665,000	$ 1,669,000
Customer Postage Deposits Current And Noncurrent	2,690,000	3,178,000
Accounts Payable, Trade	1,127,000	619,000
Other Accounts Payable and Accrued Liabilities	$ 1,789,000	$ 1,569,000

OTHER LIABILITIES AND DEFERRE28

OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Oct. 31, 2017	Jul. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016	Apr. 30, 2017
Settlement gain		$ 1,318,000		$ 1,318,000	$ 0
Sale of commercial building				0	1,496,000
Deferred revenue and other	$ 86,000		$ 78,000	174,000	242,000
Other Revenue, Net	$ 86,000		$ 78,000	$ 1,492,000	$ 1,738,000	$ 1,620,000

OTHER LIABILITIES AND DEFERRE29

OTHER LIABILITIES AND DEFERRED REVENUE; OTHER REVENUES (Details Textual) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Oct. 31, 2017	Jul. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016	Apr. 30, 2017
Other Liabilities		$ 3,000,000
Pre Tax Gain Included Other Revenues		1,318,000		$ 1,318,000	$ 0
Pre Tax Gain Included Deferred Revenues		302,000		302,000
Operating Leases, Income Statement, Lease Revenue		57,000		114,000
Deferred Revenue, Leases, Net	$ 189,000			189,000
Interest Payable		26,000
Gain (Loss) on Sale of Properties				0	1,496,000
Other Revenue, Net	86,000		$ 78,000	1,492,000	$ 1,738,000	$ 1,620,000
Payments For Liability Settlements		$ 163,000
Other Liabilities, Current	1,243,000			1,243,000
Deferred Revenue	$ 262,000			$ 262,000
Lease Expiration Date				Sep. 30, 2018

BENEFIT PLANS (Details Textual)

BENEFIT PLANS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total	$ 27,000	$ 20,000	$ 45,000	$ 35,000
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	$ 169,000		$ 169,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			5,000
Stock Issued During Period, Shares, Share-based Compensation, Gross			25,750
Stock Issued During Period, Shares, Restricted Stock Award, Gross	14,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease)	2,500		10,500
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	34,750		34,750

INFORMATION ABOUT THE COMPANY31

INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Oct. 31, 2017		Oct. 31, 2016		Oct. 31, 2017		Oct. 31, 2016		Apr. 30, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	$ 9,175		$ 11,465		$ 20,501		$ 23,673
Net income (loss) from operations	[1]	278		112		1,726		742
Provision (benefit) for income taxes	[1]	85		8		851		345
Interest expense (income), net	[1]	18		82		31		306
Depreciation and amortization	[1]	314		350		635		717
EBITDA	[1],[2]	695		552		3,243		2,110
Capital expenditures	[1]	19		10		29		49
Total assets		107,022	[1]	111,816	[1]	107,022	[1]	111,816	[1]	$ 106,676
Real Estate
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	1,476		3,597		4,223		7,967
Net income (loss) from operations	[1]	(577)		(402)		(397)		(155)
Provision (benefit) for income taxes	[1]	(338)		(236)		(204)		(91)
Interest expense (income), net	[1]	524		574		1,048		1,221
Depreciation and amortization	[1]	17		20		35		44
EBITDA	[1],[2]	(374)		(44)		482		1,019
Capital expenditures	[1]	0		0		0		0
Total assets	[1]	74,233		77,638		74,233		77,638
Fulfillment Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	7,673		7,858	[3]	16,234	[3]	15,686	[3]
Net income (loss) from operations	[1]	560		(32)	[3]	1,600	[3]	(74)	[3]
Provision (benefit) for income taxes	[1]	289		(13)	[3]	825	[3]	(38)	[3]
Interest expense (income), net	[1]	293		268	[3]	596	[3]	537	[3]
Depreciation and amortization	[1]	297		330	[3]	600	[3]	673	[3]
EBITDA	[1],[2]	1,439		553	[3]	3,621	[3]	1,098	[3]
Capital expenditures	[1]	19		10	[3]	29	[3]	49	[3]
Total assets	[1],[3]	25,745		28,974		25,745		28,974
Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	26		10		44		20
Net income (loss) from operations	[1]	295		546		523		971
Provision (benefit) for income taxes	[1]	134		257		230		474
Interest expense (income), net	[1]	(799)		(760)		(1,613)		(1,452)
Depreciation and amortization	[1]	0		0		0		0
EBITDA	[1],[2]	(370)		43		(860)		(7)
Capital expenditures	[1]	0		0		0		0
Total assets	[1]	$ 7,044		$ 5,204		$ 7,044		$ 5,204
[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.
[3]	Fulfillment services revenues and EBITDA for the six months ending October 31, 2017 included a pre-tax gain of $1,318,000 resulting from the settlement agreement with the State of Florida (see Note 6).

INFORMATION ABOUT THE COMPANY32

INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2017	Oct. 31, 2017	Oct. 31, 2016
Segment Reporting Information [Line Items]
Pre Tax Gain Included Other Revenues	$ 1,318	$ 1,318	$ 0