Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2024 | Mar. 06, 2024 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-4702 | |
Entity Registrant Name | AMREP CORP. | |
Entity Incorporation, State or Country Code | OK | |
Entity Tax Identification Number | 59-0936128 | |
Entity Address, Address Line One | 850 West Chester Pike | |
Entity Address, Address Line Two | Suite 205 | |
Entity Address, City or Town | Havertown | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19083 | |
City Area Code | 610 | |
Local Phone Number | 487-0905 | |
Title of 12(b) Security | Common Stock $0.10 par value | |
Trading Symbol | AXR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,271,309 | |
Entity Central Index Key | 0000006207 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jan. 31, 2024 | Apr. 30, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 18,013,000 | $ 19,993,000 |
Short-term investments | 5,043,000 | 0 |
Real estate inventory | 68,098,000 | 65,625,000 |
Investment assets, net | 12,511,000 | 13,747,000 |
Other assets | 2,825,000 | 3,249,000 |
Income taxes receivable | 41,000 | |
Deferred income taxes, net | 11,824,000 | 12,493,000 |
Prepaid pension costs | 680,000 | 747,000 |
TOTAL ASSETS | 118,994,000 | 115,895,000 |
LIABILITIES: | ||
Accounts payable and accrued expenses | 4,982,000 | 4,851,000 |
Notes payable | 37,000 | 44,000 |
Income taxes payable | 188,000 | |
TOTAL LIABILITIES | 5,207,000 | 4,895,000 |
SHAREHOLDERS' EQUITY: | ||
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 5,271,309 at January 31, 2024 and 5,254,909 at April 30, 2023 | 526,000 | 526,000 |
Capital contributed in excess of par value | 32,926,000 | 32,686,000 |
Retained earnings | 79,164,000 | 76,618,000 |
Accumulated other comprehensive income (loss), net | 1,171,000 | 1,170,000 |
TOTAL SHAREHOLDERS' EQUITY | 113,787,000 | 111,000,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 118,994,000 | $ 115,895,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 31, 2024 | Apr. 30, 2023 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
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 | 5,271,309 | 5,254,909 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
REVENUES: | ||||
Total revenues | $ 12,689,000 | $ 9,117,000 | $ 31,833,000 | $ 35,975,000 |
COSTS AND EXPENSES: | ||||
Operations | 1,901,000 | 1,573,000 | 5,021,000 | 3,898,000 |
Pension settlement | 2,336,000 | 2,336,000 | ||
Total costs and expenses | 12,837,000 | 9,592,000 | 28,907,000 | 29,411,000 |
Operating income (loss) | (148,000) | (475,000) | 2,926,000 | 6,564,000 |
Interest income, net | 262,000 | 473,000 | 6,000 | |
Other income | 0 | 1,803,000 | 0 | 1,803,000 |
Income before income taxes | 114,000 | 1,328,000 | 3,399,000 | 8,373,000 |
Provision (benefit) for income taxes | 22,000 | (15,246,000) | 853,000 | (13,734,000) |
Net income | $ 92,000 | $ 16,574,000 | $ 2,546,000 | $ 22,107,000 |
Earnings per share - basic (in dollars per share) | $ 0.02 | $ 3.14 | $ 0.48 | $ 4.19 |
Earnings per share - diluted (in dollars per share) | $ 0.02 | $ 3.12 | $ 0.48 | $ 4.17 |
Weighted average number of common shares outstanding - basic (in shares) | 5,303 | 5,284 | 5,299 | 5,280 |
Weighted average number of common shares outstanding - diluted (in shares) | 5,346 | 5,310 | 5,341 | 5,304 |
Land sale | ||||
REVENUES: | ||||
Total revenues | $ 4,033,000 | $ 6,367,000 | $ 15,576,000 | $ 24,389,000 |
COSTS AND EXPENSES: | ||||
Cost of revenues | 2,647,000 | 3,636,000 | 10,512,000 | 15,415,000 |
Home sale | ||||
REVENUES: | ||||
Total revenues | 2,604,000 | 2,639,000 | 9,527,000 | 10,984,000 |
COSTS AND EXPENSES: | ||||
Cost of revenues | 2,020,000 | 2,047,000 | 6,924,000 | 7,762,000 |
Other revenues | ||||
REVENUES: | ||||
Total revenues | 6,052,000 | $ 111,000 | 6,730,000 | $ 602,000 |
COSTS AND EXPENSES: | ||||
Cost of revenues | $ 6,269,000 | $ 6,450,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) | ||||
Net Income (Loss) | $ 92 | $ 16,574 | $ 2,546 | $ 22,107 |
Other comprehensive income, net of tax: | ||||
Pension settlement expense | 2,336 | 2,336 | ||
Income tax effect | (724) | (724) | ||
Pension settlement expense, net of tax | 1,612 | 1,612 | ||
Decrease in pension liability | 1 | 94 | 1 | 301 |
Income tax effect | (29) | (93) | ||
Decrease in pension liability, net of tax | 1 | 65 | 1 | 208 |
Other comprehensive income | 1 | 1,677 | 1 | 1,820 |
Total comprehensive income | $ 93 | $ 18,251 | $ 2,547 | $ 23,927 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | Common Stock | Capital Contributed in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance Beginning at Apr. 30, 2022 | $ 524 | $ 32,383 | $ 54,828 | $ (4,573) | $ 83,162 |
Balance Beginning (in shares) at Apr. 30, 2022 | 5,240 | ||||
Compensation related to issuance of option to purchase common stock | 38 | 38 | |||
Issuance of deferred common share units | 90 | 90 | |||
Issuance of restricted common stock | $ 2 | 162 | 164 | ||
Issuance of restricted common stock (in shares) | 15 | ||||
Net Income (Loss) | 22,107 | 22,107 | |||
Other comprehensive income | 1,820 | 1,820 | |||
Balance Ending at Jan. 31, 2023 | $ 526 | 32,673 | 76,935 | (2,753) | 107,381 |
Balance Ending (in shares) at Jan. 31, 2023 | 5,255 | ||||
Balance Beginning at Oct. 31, 2022 | $ 526 | 32,570 | 60,361 | (4,430) | 89,027 |
Balance Beginning (in shares) at Oct. 31, 2022 | 5,255 | ||||
Compensation related to issuance of option to purchase common stock | 13 | 13 | |||
Issuance of deferred common share units | 90 | 90 | |||
Net Income (Loss) | 16,574 | 16,574 | |||
Other comprehensive income | 1,677 | 1,677 | |||
Balance Ending at Jan. 31, 2023 | $ 526 | 32,673 | 76,935 | (2,753) | 107,381 |
Balance Ending (in shares) at Jan. 31, 2023 | 5,255 | ||||
Balance Beginning at Apr. 30, 2023 | $ 526 | 32,686 | 76,618 | 1,170 | 111,000 |
Balance Beginning (in shares) at Apr. 30, 2023 | 5,255 | ||||
Stock compensation expense | 112 | 112 | |||
Compensation related to issuance of option to purchase common stock | 38 | 38 | |||
Issuance of deferred common share units | 90 | 90 | |||
Issuance of restricted common stock (in shares) | 16 | ||||
Net Income (Loss) | 2,546 | 2,546 | |||
Other comprehensive income | 1 | 1 | |||
Balance Ending at Jan. 31, 2024 | $ 526 | 32,926 | 79,164 | 1,171 | 113,787 |
Balance Ending (in shares) at Jan. 31, 2024 | 5,271 | ||||
Balance Beginning at Oct. 31, 2023 | $ 526 | 32,775 | 79,072 | 1,170 | 113,543 |
Balance Beginning (in shares) at Oct. 31, 2023 | 5,271 | ||||
Stock compensation expense | 48 | 48 | |||
Compensation related to issuance of option to purchase common stock | 13 | 13 | |||
Issuance of deferred common share units | 90 | 90 | |||
Net Income (Loss) | 92 | 92 | |||
Other comprehensive income | 1 | 1 | |||
Balance Ending at Jan. 31, 2024 | $ 526 | $ 32,926 | $ 79,164 | $ 1,171 | $ 113,787 |
Balance Ending (in shares) at Jan. 31, 2024 | 5,271 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ 2,546 | $ 22,107 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 107 | 35 |
Non-cash credits and charges: | ||
Stock-based compensation | 276 | 198 |
Deferred income tax provision | 669 | (14,547) |
Net periodic pension cost | 67 | (254) |
Pension settlement expense | 2,336 | |
Changes in assets and liabilities: | ||
Real estate inventory and investment assets | (1,297) | (6,193) |
Other assets | 582 | (860) |
Accounts payable and accrued expenses | 202 | (1,280) |
Taxes payable (receivable), net | 229 | (2,955) |
Net cash provided by (used in) operating activities | 3,381 | (1,413) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures of property and equipment | (311) | (124) |
Purchase of short-term investments | (5,043) | |
Net cash used in investing activities | (5,354) | (124) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from debt financing | 50 | |
Principal debt payments | (7) | (1,831) |
Net cash used in financing activities | (7) | (1,781) |
Decrease in cash and cash equivalents | (1,980) | (3,318) |
Cash and cash equivalents, beginning of period | 19,993 | 15,721 |
Cash and cash equivalents, end of period | $ 18,013 | 12,403 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | $ 55 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES | 9 Months Ended |
Jan. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES | (1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES The accompanying unaudited condensed 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: land development and homebuilding. The Company has no foreign sales. Unless the context otherwise indicates, all references to the Company in this quarterly report on Form 10-Q include the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair statement 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 the context otherwise indicates, all references to 2024 and 2023 are to the fiscal years ending April 30, 2024 and 2023. The unaudited condensed 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, 2023, which was filed with the SEC on July 25, 2023 (the “2023 Form 10-K”). The significant accounting policies used in preparing these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the 2023 Form 10-K, except for the following newly adopted policies: ● Cash and Cash Equivalents : Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value because of changes in interest rates. A debt security is classified as a cash equivalent if it meets these criteria and has an original maturity of ninety days or less when purchased. Restricted cash consists of cash deposits with a bank that are restricted due to subdivision improvement agreements with a governmental authority. Interest payments on cash and cash equivalents are recorded as income on the statement of operations. ● Short-Term Investments : Short-term investments are held-to-maturity debt investments that have original maturities of greater than ninety days when purchased and remaining maturities of less than one year. Held-to-maturity debt investments are debt investments, such as certificates of deposit and U.S. government securities, that the Company has the positive intent and ability to hold to maturity. Held-to-maturity debt investments are recorded at their original purchase amount (and are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable) with interest payments recorded as income on the statement of operations. New Accounting Pronouncements : In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-07, Segment Reporting, which provides for enhanced disclosures about significant segment expenses. ASU 2019-07 will be effective for the Company’s fiscal year beginning May 1, 2024. The adoption of ASU 2019-07 by the Company is not expected to have a material effect on its consolidated financial statements. There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its unaudited condensed consolidated financial statements . |
CASH AND CASH EQUIVALENTS AND S
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 9 Months Ended |
Jan. 31, 2024 | |
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | |
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | (2) CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS As of January 31, 2024, cash and cash equivalents and short-term investments consist of (in thousands): Cash and Cash Short-Term Equivalents Investments Cash $ 12,008 $ — Certificates of Deposit — 2,000 U.S. Government Securities 6,005 3,043 Total $ 18,013 $ 5,043 As of April 30, 2023, the Company had cash of $19,993,000 and no cash equivalents or short-term investments. |
REAL ESTATE INVENTORY
REAL ESTATE INVENTORY | 9 Months Ended |
Jan. 31, 2024 | |
REAL ESTATE INVENTORY | |
REAL ESTATE INVENTORY | (3) REAL ESTATE INVENTORY Real estate inventory consists of (in thousands): January 31, April 30, 2024 2023 Land inventory in New Mexico $ 57,007 $ 59,361 Land inventory in Colorado 3,705 3,445 Homebuilding model inventory 988 1,171 Homebuilding construction in process 6,398 1,648 Total $ 68,098 $ 65,625 |
INVESTMENT ASSETS
INVESTMENT ASSETS | 9 Months Ended |
Jan. 31, 2024 | |
INVESTMENT ASSETS | |
INVESTMENT ASSETS | (4) INVESTMENT ASSETS Investment assets, net consist of (in thousands): January 31, April 30, 2024 2023 Land held for long-term investment $ 9,142 $ 8,961 Owned real estate leased or intended to be leased 3,445 4,802 Less accumulated depreciation (76) (16) Owned real estate leased or intended to be leased, net 3,369 4,786 Total $ 12,511 $ 13,747 As of January 31, 2024, nine homes were leased to residential tenants. As of April 30, 2023, eight homes were leased to residential tenants and two buildings under construction were leased to commercial tenants. Depreciation associated with owned real estate leased or intended to be leased was $12,000 and $60,000 for the three and nine months ended January 31, 2024 and $3,000 for each of the three and nine months ended January 31, 2023 |
OTHER ASSETS
OTHER ASSETS | 9 Months Ended |
Jan. 31, 2024 | |
OTHER ASSETS. | |
OTHER ASSETS | (5) OTHER ASSETS Other assets consist of (in thousands): January 31, April 30, 2024 2023 Prepaid expenses $ 907 $ 1,536 Miscellaneous assets 303 362 Property 1,461 1,251 Equipment 467 366 Less accumulated depreciation of property and equipment (313) (266) Property and equipment, net 1,615 1,351 Total $ 2,825 $ 3,249 Prepaid expenses as of January 31, 2024 primarily consist of land development cash collateralized performance guaranties, insurance and income taxes. Prepaid expenses as of April 30, 2023 primarily consist of land development cash collateralized performance guaranties, stock compensation, insurance and income and real estate taxes. Amortized lease cost for right-of-use assets associated with leases of office facilities was $7,000 and $19,000 for the three and nine months ended January 31, 2024 and $6,000 and $18,000 for the three and nine months ended January 31, 2023. Depreciation expense associated with property and equipment was $19,000 and $47,000 for the three and nine months ended January 31, 2024 and $12,000 and $33,000 for the three and nine months ended January 31, 2023. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 9 Months Ended |
Jan. 31, 2024 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | (6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of (in thousands): January 31, April 30, 2024 2023 Land development and homebuilding operations Accrued expenses $ 1,271 $ 1,028 Trade payables 2,110 1,870 Customer deposits 1,180 1,319 4,561 4,217 Corporate operations 421 634 Total $ 4,982 $ 4,851 |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Jan. 31, 2024 | |
NOTES PAYABLE | |
NOTES PAYABLE | (7) NOTES PAYABLE The following tables present information on the Company’s notes payable as of January 31, 2024 (in thousands): Principal Amount Available for Outstanding New Borrowings Principal Amount January 31, January 31, April 30, Loan Identifier Lender 2024 2024 2023 Revolving Line of Credit BOKF $ 4,177 $ — $ — Equipment Financing DC — 37 44 Total $ 4,177 $ 37 $ 44 January 31, 2024 Mortgaged Property Loan Identifier Interest Rate Book Value Scheduled Maturity Revolving Line of Credit 8.51 % $ 1,721 August 2025 Equipment Financing 2.35 % 37 June 2028 Principal Repayments Three Months Ended Nine Months Ended January 31, January 31, Loan Identifier 2024 2023 2024 2023 Revolving Line of Credit $ — $ — $ — $ — Equipment Financing 2 2 7 5 Total $ 2 $ 2 $ 7 $ 5 Capitalized Interest and Fees Three Months Ended Nine Months Ended January 31, January 31, Loan Identifier 2024 2023 2024 2023 Revolving Line of Credit $ — $ — $ — $ — Equipment Financing — — — — Total $ — $ — $ — $ — As of January 31, 2024, the Company was in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Refer to Note 6 to the consolidated financial statements contained in the 2023 Form 10-K for additional detail about the above notes payable. As of January 31, 2024, the Company had (a) a letter of credit outstanding under its Revolving Line of Credit in the principal amount of $172,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company and (b) $250,000 reserved under its Revolving Line of Credit for credit card usage. The amounts under the letter of credit and loan reserve are not reflected as outstanding principal in notes payable. In June 2021, Wymont LLC (“Wymont”), a subsidiary of the Company, entered into a Development Loan Agreement with BOKF, NA dba Bank of Albuquerque (“BOKF”). The Development Loan Agreement was evidenced by a Non-Revolving Line of Credit Promissory Note and was secured by a Mortgage, Security Agreement and Financing Statement, between Wymont and BOKF, with respect to the La Mirada subdivision. The loan was scheduled to mature in June 2024. The Company made principal repayments of $1,826,000 during the nine months ended January 31, 2023 and the loan was terminated in October 2023. The following table summarizes the notes payable scheduled principal repayments subsequent to January 31, 2024 (in thousands): Fiscal Year Scheduled Payments 2024 $ 2 2025 8 2026 8 Thereafter 19 Total $ 37 |
REVENUES
REVENUES | 9 Months Ended |
Jan. 31, 2024 | |
REVENUES | |
REVENUES | (8) REVENUES Land sale revenues Home sale revenues Other revenues Three Months Nine Months Ended January 31, Ended January 31, 2024 2023 2024 2023 Sale of investment assets $ 5,701 $ — $ 5,701 $ — Oil and gas royalties — 34 — 140 Landscaping revenues 213 — 639 — Miscellaneous other revenues 138 77 390 462 Total $ 6,052 $ 111 $ 6,730 $ 602 Sale of investment assets for the three and nine months ended January 31, 2024 consist of the sale of two buildings leased to commercial tenants. Refer to Note 7 to the consolidated financial statements contained in the 2023 Form 10-K for additional detail about the categories of other revenues. Miscellaneous other revenues for the three and nine months ended January 31, 2024 primarily consist of extension fees for purchase contracts, forfeited deposits and residential rental revenues. Miscellaneous other revenues for the three and nine months ended January 31, 2023 primarily consist of extension fees for purchase contracts and residential rental revenues. Major customers ● Substantially all of the land sale revenues were received from two customers and three customers for the three and nine months ended January 31, 2024 and two customers and three customers for the three and nine months ended January 31, 2023. Other than receivables for immaterial amounts (if any), there were no outstanding receivables from these customers as of January 31, 2024 or January 31, 2023. ● There was one customer that contributed in excess of 10% of the Company’s revenues for the three months ended January 31, 2024. The revenue from such customer for the three months ended January 31, 2024 was $2,928,000 , with this revenue reported in the Company’s land development business segment. There were two customers that each contributed in excess of 10% of the Company’s revenues for the three months ended January 31, 2023. The revenues for each such customer for the three months ended January 31, 2023 were as follows: $1,025,000 and $3,778,000 , with all of these revenues reported in the Company’s land development business segment. ● There were two customers that each contributed in excess of 10% of the Company’s revenues for the nine months ended January 31, 2024. The revenues from each such customer for the nine months ended January 31, 2024 were as follows: $3,500,000 and $8,937,000 , with all of these revenues reported in the Company’s land development business segment. There were three customers that each contributed in excess of 10% of the Company’s revenues for the nine months ended January 31, 2023. The revenues for each such customer for the nine months ended January 31, 2023 were as follows: $4,369,000 , $5,246,000 and $7,763,000 , with all of these revenues reported in the Company’s land development business segment. |
COST OF REVENUES
COST OF REVENUES | 9 Months Ended |
Jan. 31, 2024 | |
COST OF REVENUES | |
COST OF REVENUES | (9) COST OF REVENUES Land sale cost of revenues, net consist of (in thousands): Three Months Ended Nine Months Ended January 31, January 31, 2024 2023 2024 2023 Land sale cost of revenues $ 3,368 $ 4,330 $ 12,770 $ 17,317 Less: Public improvement district reimbursements (329) (366) (575) (691) Private infrastructure covenant reimbursements (114) (228) (388) (522) Payments for impact fee credits (278) (100) (1,295) (689) Land sale cost of revenues, net $ 2,647 $ 3,636 $ 10,512 $ 15,415 Home sale cost of revenues include costs for residential homes that were sold. Other cost of revenues for the three and nine months ended January 31, 2024 consist of the costs associated with the sale of investment assets and cost of goods sold for landscaping services. There were no other cost of revenues for the three and nine months ended January 31, 2023. |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 9 Months Ended |
Jan. 31, 2024 | |
GENERAL AND ADMINISTRATIVE EXPENSES | |
GENERAL AND ADMINISTRATIVE EXPENSES | (10) GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consist of Three Months Ended January 31, Nine Months Ended January 31, 2024 2023 2024 2023 Operations Land development $ 1,172 $ 907 $ 2,836 $ 2,156 Homebuilding 283 264 887 795 Corporate 446 402 1,298 947 Total $ 1,901 $ 1,573 $ 5,021 $ 3,898 Pension settlement $ — $ 2,336 $ — $ 2,336 |
BENEFIT PLANS
BENEFIT PLANS | 9 Months Ended |
Jan. 31, 2024 | |
BENEFIT PLANS | |
BENEFIT PLANS | (11) BENEFIT PLANS Pension plan Refer to Note 11 to the consolidated financial statements contained in the 2023 Form 10-K for detail regarding the Company’s defined benefit pension plan. The Company recognizes the known changes in the funded status of the pension plan in the period in which the changes occur through other comprehensive income, net of the related income tax effect. The Company recorded de minimis other comprehensive income for the three and nine months ended January 31, 2024. The Company recorded, net of tax, other comprehensive income of $1,677,000 and $1,820,000 for the three and nine months ended January 31, 2023 to account for the net effect of changes to the pension liability and a pension settlement expense due to the Company’s defined benefit pension plan paying lump sum payouts of pension benefits to former employees. The Company did not make any contributions to the pension plan for the three and nine months ended January 31, 2024 or January 31, 2023. The Company’s pension plan was terminated in December 2023. Simple IRA Refer to Note 11 to the consolidated financial statements contained in the 2023 Form 10-K for detail regarding the Company’s Simple IRA plan. The Company’s Simple IRA plan was terminated in December 2023. Equity compensation plan Refer to Note 11 to the consolidated financial statements contained in the 2023 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The summary of the restricted share award activity for the nine months ended January 31, 2024 presented below represents the maximum number of shares that could become vested after that date: Number of Restricted share awards Shares Non-vested as of April 30, 2023 26,267 Granted during the nine months ended January 31, 2024 16,400 Vested during the nine months ended January 31, 2024 (12,199) Forfeited during the nine months ended January 31, 2024 — Non-vested as of January 31, 2024 30,468 The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $67,000 and $170,000 for the three and nine months ended January 31, 2024 and $39,000 and $25,000 for the three and nine months ended January 31, 2023. As of January 31, 2024, there was $250,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan that had not vested, which is expected to be recognized over the remaining vesting term not to exceed three years. In November 2021, the Company granted Christopher V. Vitale, the President and Chief Executive Officer of the Company, an option to purchase 50,000 shares of common stock of the Company under the Equity Plan with an exercise price of $14.24 per share. As of January 31, 2024, the option had not been exercised, cancelled or forfeited. The Company recognized non-cash compensation expense related to the option of $13,000 and $38,000 for the three and nine months ended January 31, 2024 and $13,000 and $38,000 for the three and nine months ended January 31, 2023. As of January 31, 2024, the option was in-the-money and therefore was included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. As of January 31, 2023, the option was out-of-the-money and therefore was not included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. Director compensation non-cash expense, which is recognized for the annual grant of deferred common share units to non-employee members of the Company’s Board of Directors ratably over each director’s service in office during the calendar year, was $23,000 and $68,000 for the three and nine months ended January 31, 2024 and $23,000 and $68,000 for the three and nine months ended January 31, 2023. As of January 31, 2024, there was $8,000 of accrued compensation expense related to the deferred common share units expected to be issued in December 2024. As of January 31, 2023, there was $8,000 of accrued compensation expense related to the deferred common share units issued in December 2023. |
OTHER INCOME
OTHER INCOME | 9 Months Ended |
Jan. 31, 2024 | |
OTHER INCOME. | |
OTHER INCOME. | (12) OTHER INCOME Other income during the three and nine months ended January 31, 2023 consists of $1,803,000 in connection with the sale of all of the Company’s minerals and mineral rights in and under approximately 147 surface acres of land in Brighton, Colorado. There was no other income for the three and nine months ended January 31, 2024. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jan. 31, 2024 | |
INCOME TAXES | |
INCOME TAXES | (13) INCOME TAXES Refer to Note 13 to the consolidated financial statements contained in the 2023 Form 10-K for detail regarding the worthless stock deduction. As a result of the worthless stock deduction, the Company incurred an operating tax loss during the three and nine months ended January 31, 2023 that yielded an income tax benefit of $13,058,000 for U.S. federal corporate income taxes and an income tax benefit of $3,013,000 for New Mexico state corporate income taxes. |
INFORMATION ABOUT THE COMPANY'S
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | 9 Months Ended |
Jan. 31, 2024 | |
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | |
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | (14) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): Land Development Homebuilding Corporate Consolidated Three months ended January 31, 2024 (a) Revenues $ 10,553 $ 2,136 $ — $ 12,689 Net income (loss) $ 162 $ 341 $ (411) $ 92 Capital expenditures $ 60 $ 67 $ — $ 127 Three months ended January 31, 2023 (a) Revenues $ 6,829 $ 2,288 $ — $ 9,117 Net income $ 5,131 $ 351 $ 11,092 $ 16,574 Capital expenditures $ — $ 3 $ — $ 3 Nine months ended January 31, 2024 (a) Revenues $ 23,426 $ 8,407 $ — $ 31,833 Net income (loss) $ 2,726 $ 1,840 $ (2,020) $ 2,546 Capital expenditures $ 237 $ 74 $ — $ 311 Total assets as of January 31, 2024 $ 94,161 $ 11,550 $ 13,283 $ 118,994 Nine months ended January 31, 2023 (a) Revenues $ 26,735 $ 9,240 $ — $ 35,975 Net income $ 9,396 $ 2,171 $ 10,540 $ 22,107 Capital expenditures $ 117 $ 7 $ — $ 124 Total assets as of January 31, 2023 $ 91,883 $ 8,542 $ 12,715 $ 113,140 (a) Revenue information provided for each segment may include amounts classified in any category of revenue in the accompanying condensed consolidated statements of operations. Corporate is net of intercompany eliminations. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies) | 9 Months Ended |
Jan. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES | |
New Accounting Pronouncements | New Accounting Pronouncements : In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-07, Segment Reporting, which provides for enhanced disclosures about significant segment expenses. ASU 2019-07 will be effective for the Company’s fiscal year beginning May 1, 2024. The adoption of ASU 2019-07 by the Company is not expected to have a material effect on its consolidated financial statements. There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its unaudited condensed consolidated financial statements |
CASH AND CASH EQUIVALENTS AND_2
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | |
Schedule of cash and cash equivalents and short-term investments | As of January 31, 2024, cash and cash equivalents and short-term investments consist of (in thousands): Cash and Cash Short-Term Equivalents Investments Cash $ 12,008 $ — Certificates of Deposit — 2,000 U.S. Government Securities 6,005 3,043 Total $ 18,013 $ 5,043 |
REAL ESTATE INVENTORY (Tables)
REAL ESTATE INVENTORY (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
REAL ESTATE INVENTORY | |
Schedule of real estate inventory | Real estate inventory consists of (in thousands): January 31, April 30, 2024 2023 Land inventory in New Mexico $ 57,007 $ 59,361 Land inventory in Colorado 3,705 3,445 Homebuilding model inventory 988 1,171 Homebuilding construction in process 6,398 1,648 Total $ 68,098 $ 65,625 |
INVESTMENT ASSETS (Tables)
INVESTMENT ASSETS (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
INVESTMENT ASSETS | |
Schedule of investment assets | Investment assets, net consist of (in thousands): January 31, April 30, 2024 2023 Land held for long-term investment $ 9,142 $ 8,961 Owned real estate leased or intended to be leased 3,445 4,802 Less accumulated depreciation (76) (16) Owned real estate leased or intended to be leased, net 3,369 4,786 Total $ 12,511 $ 13,747 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
OTHER ASSETS. | |
Schedule of other assets | Other assets consist of (in thousands): January 31, April 30, 2024 2023 Prepaid expenses $ 907 $ 1,536 Miscellaneous assets 303 362 Property 1,461 1,251 Equipment 467 366 Less accumulated depreciation of property and equipment (313) (266) Property and equipment, net 1,615 1,351 Total $ 2,825 $ 3,249 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | |
Schedule of accounts payable and accrued expenses | Accounts payable and accrued expenses consist of (in thousands): January 31, April 30, 2024 2023 Land development and homebuilding operations Accrued expenses $ 1,271 $ 1,028 Trade payables 2,110 1,870 Customer deposits 1,180 1,319 4,561 4,217 Corporate operations 421 634 Total $ 4,982 $ 4,851 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
NOTES PAYABLE | |
Summary of Company's notes payable | The following tables present information on the Company’s notes payable as of January 31, 2024 (in thousands): Principal Amount Available for Outstanding New Borrowings Principal Amount January 31, January 31, April 30, Loan Identifier Lender 2024 2024 2023 Revolving Line of Credit BOKF $ 4,177 $ — $ — Equipment Financing DC — 37 44 Total $ 4,177 $ 37 $ 44 January 31, 2024 Mortgaged Property Loan Identifier Interest Rate Book Value Scheduled Maturity Revolving Line of Credit 8.51 % $ 1,721 August 2025 Equipment Financing 2.35 % 37 June 2028 Principal Repayments Three Months Ended Nine Months Ended January 31, January 31, Loan Identifier 2024 2023 2024 2023 Revolving Line of Credit $ — $ — $ — $ — Equipment Financing 2 2 7 5 Total $ 2 $ 2 $ 7 $ 5 Capitalized Interest and Fees Three Months Ended Nine Months Ended January 31, January 31, Loan Identifier 2024 2023 2024 2023 Revolving Line of Credit $ — $ — $ — $ — Equipment Financing — — — — Total $ — $ — $ — $ — |
Schedule of notes payable scheduled principal repayments | The following table summarizes the notes payable scheduled principal repayments subsequent to January 31, 2024 (in thousands): Fiscal Year Scheduled Payments 2024 $ 2 2025 8 2026 8 Thereafter 19 Total $ 37 |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
REVENUES | |
Schedule of other revenues | Other revenues consist of (in thousands): Three Months Nine Months Ended January 31, Ended January 31, 2024 2023 2024 2023 Sale of investment assets $ 5,701 $ — $ 5,701 $ — Oil and gas royalties — 34 — 140 Landscaping revenues 213 — 639 — Miscellaneous other revenues 138 77 390 462 Total $ 6,052 $ 111 $ 6,730 $ 602 |
COST OF REVENUES (Tables)
COST OF REVENUES (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
COST OF REVENUES | |
Schedule of cost of revenues | Land sale cost of revenues, net consist of (in thousands): Three Months Ended Nine Months Ended January 31, January 31, 2024 2023 2024 2023 Land sale cost of revenues $ 3,368 $ 4,330 $ 12,770 $ 17,317 Less: Public improvement district reimbursements (329) (366) (575) (691) Private infrastructure covenant reimbursements (114) (228) (388) (522) Payments for impact fee credits (278) (100) (1,295) (689) Land sale cost of revenues, net $ 2,647 $ 3,636 $ 10,512 $ 15,415 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
GENERAL AND ADMINISTRATIVE EXPENSES | |
Schedule of components of general and administrative expenses | General and administrative expenses consist of Three Months Ended January 31, Nine Months Ended January 31, 2024 2023 2024 2023 Operations Land development $ 1,172 $ 907 $ 2,836 $ 2,156 Homebuilding 283 264 887 795 Corporate 446 402 1,298 947 Total $ 1,901 $ 1,573 $ 5,021 $ 3,898 Pension settlement $ — $ 2,336 $ — $ 2,336 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
BENEFIT PLANS | |
Schedule of restricted share award activity | Number of Restricted share awards Shares Non-vested as of April 30, 2023 26,267 Granted during the nine months ended January 31, 2024 16,400 Vested during the nine months ended January 31, 2024 (12,199) Forfeited during the nine months ended January 31, 2024 — Non-vested as of January 31, 2024 30,468 |
INFORMATION ABOUT THE COMPANY_2
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | |
Schedule of data relative to the industry segments in which the Company operated | The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): Land Development Homebuilding Corporate Consolidated Three months ended January 31, 2024 (a) Revenues $ 10,553 $ 2,136 $ — $ 12,689 Net income (loss) $ 162 $ 341 $ (411) $ 92 Capital expenditures $ 60 $ 67 $ — $ 127 Three months ended January 31, 2023 (a) Revenues $ 6,829 $ 2,288 $ — $ 9,117 Net income $ 5,131 $ 351 $ 11,092 $ 16,574 Capital expenditures $ — $ 3 $ — $ 3 Nine months ended January 31, 2024 (a) Revenues $ 23,426 $ 8,407 $ — $ 31,833 Net income (loss) $ 2,726 $ 1,840 $ (2,020) $ 2,546 Capital expenditures $ 237 $ 74 $ — $ 311 Total assets as of January 31, 2024 $ 94,161 $ 11,550 $ 13,283 $ 118,994 Nine months ended January 31, 2023 (a) Revenues $ 26,735 $ 9,240 $ — $ 35,975 Net income $ 9,396 $ 2,171 $ 10,540 $ 22,107 Capital expenditures $ 117 $ 7 $ — $ 124 Total assets as of January 31, 2023 $ 91,883 $ 8,542 $ 12,715 $ 113,140 (a) Revenue information provided for each segment may include amounts classified in any category of revenue in the accompanying condensed consolidated statements of operations. Corporate is net of intercompany eliminations. |
CASH AND CASH EQUIVALENTS AND_3
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Schedule of Cash, Cash Equivalents and Short Term Investments (Details) - USD ($) | Jan. 31, 2024 | Apr. 30, 2023 |
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | ||
Cash and Cash Equivalents | $ 18,013,000 | $ 19,993,000 |
Short-Term Investments | 5,043,000 | $ 0 |
Cash | ||
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | ||
Cash and Cash Equivalents | 12,008,000 | |
Certificates of Deposit | ||
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | ||
Short-Term Investments | 2,000,000 | |
U.S. Government Securities | ||
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | ||
Cash and Cash Equivalents | 6,005,000 | |
Short-Term Investments | $ 3,043,000 |
CASH AND CASH EQUIVALENTS AND_4
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Narrative (Details) - USD ($) | Jan. 31, 2024 | Apr. 30, 2023 |
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | ||
Cash | $ 19,993,000 | |
Cash Equivalents | 0 | |
Short-term investments | $ 5,043,000 | $ 0 |
REAL ESTATE INVENTORY (Details)
REAL ESTATE INVENTORY (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
REAL ESTATE INVENTORY | ||
Homebuilding model inventory | $ 988 | $ 1,171 |
Homebuilding construction in process | 6,398 | 1,648 |
Total | 68,098 | 65,625 |
New Mexico | ||
REAL ESTATE INVENTORY | ||
Land inventory | 57,007 | 59,361 |
Colorado | ||
REAL ESTATE INVENTORY | ||
Land inventory | $ 3,705 | $ 3,445 |
INVESTMENT ASSETS (Details)
INVESTMENT ASSETS (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
INVESTMENT ASSETS | ||
Land held for long-term investment | $ 9,142 | $ 8,961 |
Owned real estate leased or intended to be leased | 3,445 | 4,802 |
Less accumulated depreciation | (76) | (16) |
Owned real estate leased or intended to be leased, net | 3,369 | 4,786 |
Total | $ 12,511 | $ 13,747 |
INVESTMENT ASSETS - Additional
INVESTMENT ASSETS - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 USD ($) item | Jan. 31, 2023 USD ($) | Jan. 31, 2024 USD ($) item | Jan. 31, 2023 USD ($) | Apr. 30, 2023 item | |
INVESTMENT ASSETS | |||||
Number of homes are leased to residential tenants | 9 | 9 | 8 | ||
Number of buildings under construction have been leased to commercial tenants | 2 | ||||
Depreciation associated with owned real estate leased or intended to be leased | $ | $ 12,000 | $ 3,000 | $ 60,000 | $ 3,000 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
OTHER ASSETS | ||
Prepaid expenses | $ 907 | $ 1,536 |
Miscellaneous assets | 303 | 362 |
Less accumulated depreciation of property and equipment | (313) | (266) |
Property and equipment, net | 1,615 | 1,351 |
Total | 2,825 | 3,249 |
Property | ||
OTHER ASSETS | ||
Property and equipment, gross | 1,461 | 1,251 |
Equipment | ||
OTHER ASSETS | ||
Property and equipment, gross | $ 467 | $ 366 |
OTHER ASSETS - Additional Infor
OTHER ASSETS - Additional Information (Details) - Property and equipment - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
OTHER ASSETS | ||||
Depreciation expense associated with property and equipment | $ 19,000 | $ 12,000 | $ 47,000 | $ 33,000 |
Right of use assets | ||||
OTHER ASSETS | ||||
Amortization of leased cost | $ 7,000 | $ 6,000 | $ 19,000 | $ 18,000 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||
Total | $ 4,982 | $ 4,851 |
Land development and homebuilding operations | ||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||
Accrued expenses | 1,271 | 1,028 |
Trade payables | 2,110 | 1,870 |
Customer deposits | 1,180 | 1,319 |
Total | 4,561 | 4,217 |
Corporate operations | ||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||
Total | $ 421 | $ 634 |
NOTES PAYABLE - Company's Notes
NOTES PAYABLE - Company's Notes Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Apr. 30, 2023 | |
NOTES PAYABLE | |||||
Principal Amount Available for New Borrowings | $ 4,177 | $ 4,177 | |||
Outstanding Principal Amount | 37 | 37 | $ 44 | ||
Principal Repayments | 2 | $ 2 | 7 | $ 5 | |
Revolving Line of Credit | |||||
NOTES PAYABLE | |||||
Principal Amount Available for New Borrowings | $ 4,177 | $ 4,177 | |||
Interest Rate | 8.51% | 8.51% | |||
Mortgaged Property Book Value | $ 1,721 | $ 1,721 | |||
Equipment Financing | |||||
NOTES PAYABLE | |||||
Outstanding Principal Amount | $ 37 | $ 37 | $ 44 | ||
Interest Rate | 2.35% | 2.35% | |||
Mortgaged Property Book Value | $ 37 | $ 37 | |||
Principal Repayments | $ 2 | $ 2 | $ 7 | $ 5 |
NOTES PAYABLE - Minimum princip
NOTES PAYABLE - Minimum principal repayments (Details) $ in Thousands | Jan. 31, 2024 USD ($) |
NOTES PAYABLE | |
2024 | $ 2 |
2025 | 8 |
2026 | 8 |
Thereafter | 19 |
Total | $ 37 |
NOTES PAYABLE - Additional info
NOTES PAYABLE - Additional information (Details) - USD ($) | 9 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Revolving Line of Credit | ||
NOTES PAYABLE | ||
Principal amount | $ 172,000 | |
Principal repayments | $ 250,000 | |
Non-Revolving Line of Credit Promissory Note | ||
NOTES PAYABLE | ||
Principal repayments | $ 1,826,000 |
REVENUES - Other revenues (Deta
REVENUES - Other revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Other revenues | ||||
Sale of investment assets | $ 5,701 | $ 5,701 | ||
Oil and gas royalties | $ 34 | $ 140 | ||
Landscaping revenues | 213 | 639 | ||
Miscellaneous other revenues | 138 | 77 | 390 | 462 |
Total | $ 6,052 | $ 111 | $ 6,730 | $ 602 |
REVENUES - Additional Informati
REVENUES - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 USD ($) customer | Jan. 31, 2023 USD ($) customer | Jan. 31, 2024 USD ($) customer | Jan. 31, 2023 USD ($) customer | |
REVENUES | ||||
Number of customers | customer | 1 | 2 | 2 | 3 |
Customer outstanding receivables | $ 0 | $ 0 | $ 0 | $ 0 |
Revenues | 12,689,000 | 9,117,000 | 31,833,000 | 35,975,000 |
Customer A | ||||
REVENUES | ||||
Revenues | $ 2,928,000 | 1,025,000 | 3,500,000 | 4,369,000 |
Customer B | ||||
REVENUES | ||||
Revenues | $ 3,778,000 | $ 8,937,000 | 5,246,000 | |
Customer C | ||||
REVENUES | ||||
Revenues | $ 7,763,000 | |||
Land sale revenue | ||||
REVENUES | ||||
Number of customers | customer | 2 | 2 | 3 | 3 |
COST OF REVENUES - Land sale co
COST OF REVENUES - Land sale cost of revenues, net (Details) - Land sale - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
COST OF REVENUES | ||||
Land sale cost of revenues | $ 3,368 | $ 4,330 | $ 12,770 | $ 17,317 |
Less: | ||||
Public improvement district reimbursements | (329) | (366) | (575) | (691) |
Private infrastructure covenant reimbursements | (114) | (228) | (388) | (522) |
Payments for impact fee credits | (278) | (100) | (1,295) | (689) |
Land sale cost of revenues, net | $ 2,647 | $ 3,636 | $ 10,512 | $ 15,415 |
COST OF REVENUES - Additional I
COST OF REVENUES - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Jan. 31, 2023 | Jan. 31, 2023 | |
COST OF REVENUES | ||
Other cost of goods sold for landscaping services | $ 0 | $ 0 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
GENERAL AND ADMINISTRATIVE EXPENSES | ||||
General and administrative expenses | $ 1,901 | $ 1,573 | $ 5,021 | $ 3,898 |
Land development | ||||
GENERAL AND ADMINISTRATIVE EXPENSES | ||||
General and administrative expenses | 1,172 | 907 | 2,836 | 2,156 |
Homebuilding | ||||
GENERAL AND ADMINISTRATIVE EXPENSES | ||||
General and administrative expenses | 283 | 264 | 887 | 795 |
Corporate operations | ||||
GENERAL AND ADMINISTRATIVE EXPENSES | ||||
General and administrative expenses | $ 446 | 402 | $ 1,298 | 947 |
Pension settlement | ||||
GENERAL AND ADMINISTRATIVE EXPENSES | ||||
General and administrative expenses | $ 2,336 | $ 2,336 |
BENEFIT PLANS (Details)
BENEFIT PLANS (Details) - Restricted stock | 9 Months Ended |
Jan. 31, 2024 shares | |
Number of Shares | |
Non-vested as of April 30, 2023 | 26,267 |
Granted during the nine months ended January 31, 2024 | 16,400 |
Vested during the nine months ended January 31, 2024 | (12,199) |
Forfeited during the nine months ended January 31, 2024 | 0 |
Non-vested as of January 31, 2024 | 30,468 |
BENEFIT PLANS - Additional info
BENEFIT PLANS - Additional information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2021 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
BENEFIT PLANS | |||||
Decrease in pension liability, net of tax | $ 1,677,000 | $ 1,820,000 | |||
Stock-based compensation | $ 276,000 | 198,000 | |||
Board of Directors Chairman | |||||
BENEFIT PLANS | |||||
Director compensation non-cash expense | $ 23,000 | 23,000 | 68,000 | 68,000 | |
Accrued compensation expense related to the deferred stock units | 8,000 | 8,000 | |||
Equity plan | President and Chief executive officer | |||||
BENEFIT PLANS | |||||
Stock option issued during the year | 50,000 | ||||
Exercise price | $ 14.24 | ||||
2016 Equity Plan | Board of Directors Chairman | |||||
BENEFIT PLANS | |||||
Non cash compensation expense | 13,000 | 13,000 | 38,000 | 38,000 | |
Restricted stock | Equity plan | |||||
BENEFIT PLANS | |||||
Stock-based compensation | 67,000 | $ 39,000 | 170,000 | $ 25,000 | |
Unrecognized compensation expense related to restricted shares | $ 250,000 | $ 250,000 | |||
Weighted-average remaining vesting period | 3 years |
OTHER INCOME (Details)
OTHER INCOME (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 USD ($) | Jan. 31, 2023 USD ($) a | Jan. 31, 2024 USD ($) | Jan. 31, 2023 USD ($) a | |
Other income | $ 0 | $ 1,803,000 | $ 0 | $ 1,803,000 |
Minerals and mineral rights | ||||
Other operating income | $ 1,803,000 | $ 1,803,000 | ||
Surface acres of land held | a | 147 | 147 |
INCOME TAXES - (Details)
INCOME TAXES - (Details) - Palm Coast Data Holdco, Inc - USD ($) | 3 Months Ended | 9 Months Ended |
Jan. 31, 2023 | Jan. 31, 2023 | |
Income tax benefit for U.S. federal | $ 13,058,000 | $ 13,058,000 |
Income tax benefit for New Mexico state | $ 3,013,000 | $ 3,013,000 |
INFORMATION ABOUT THE COMPANY_3
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Apr. 30, 2023 | |
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | |||||
Revenues | $ 12,689 | $ 9,117 | $ 31,833 | $ 35,975 | |
Net income (loss) | 92 | 16,574 | 2,546 | 22,107 | |
Capital expenditures | 127 | 3 | 311 | 124 | |
Total assets | 118,994 | 113,140 | 118,994 | 113,140 | $ 115,895 |
Land development | |||||
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | |||||
Revenues | 10,553 | 6,829 | 23,426 | 26,735 | |
Net income (loss) | 162 | 5,131 | 2,726 | 9,396 | |
Capital expenditures | 60 | 0 | 237 | 117 | |
Total assets | 94,161 | 91,883 | 94,161 | 91,883 | |
Homebuilding | |||||
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | |||||
Revenues | 2,136 | 2,288 | 8,407 | 9,240 | |
Net income (loss) | 341 | 351 | 1,840 | 2,171 | |
Capital expenditures | 67 | 3 | 74 | 7 | |
Total assets | 11,550 | 8,542 | 11,550 | 8,542 | |
Corporate operations | |||||
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | |||||
Revenues | 0 | 0 | 0 | 0 | |
Net income (loss) | (411) | 11,092 | (2,020) | 10,540 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | $ 13,283 | $ 12,715 | $ 13,283 | $ 12,715 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 92 | $ 16,574 | $ 2,546 | $ 22,107 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jan. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |