Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2020 | Dec. 04, 2020 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Entity File Number | 1-4702 | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | AMREP CORP. | |
Entity Tax Identification Number | 59-0936128 | |
Entity Central Index Key | 0000006207 | |
Entity Address, Address Line One | 620 West Germantown Pike, Suite 175 | |
Entity Address, City or Town | Plymouth Meeting | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19462 | |
City Area Code | 610 | |
Local Phone Number | 487-0905 | |
Title of 12(g) Security | Common Stock $0.10 par value | |
Current Fiscal Year End Date | --04-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,323,370 | |
Trading Symbol | AXR |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 15,692 | $ 17,502 |
Real estate inventory | 53,925 | 53,449 |
Investment assets, net | 18,970 | 18,644 |
Other assets | 1,544 | 934 |
Taxes receivable, net | 57 | 57 |
Deferred income taxes, net | 5,532 | 6,080 |
TOTAL ASSETS | 95,720 | 96,666 |
LIABILITIES: | ||
Accounts payable and accrued expenses | 4,700 | 3,125 |
Notes payable, net | 5,803 | 3,890 |
Accrued pension costs | 3,195 | 5,014 |
TOTAL LIABILITIES | 13,698 | 12,029 |
SHAREHOLDERS' EQUITY: | ||
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 7,692,102 at October 31, 2020 and 8,358,154 at April 30, 2020 | 768 | 836 |
Capital contributed in excess of par value | 47,216 | 51,334 |
Retained earnings | 44,540 | 43,149 |
Accumulated other comprehensive loss, net | (6,287) | (6,467) |
Treasury stock, at cost - 225,250 shares at October 31, 2020 and April 30, 2020 | (4,215) | (4,215) |
TOTAL SHAREHOLDERS' EQUITY | 82,022 | 84,637 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 95,720 | $ 96,666 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2020 | Apr. 30, 2020 |
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 | 7,692,102 | 8,358,154 |
Treasury stock, shares | 225,250 | 225,250 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
REVENUES: | ||||
Revenues | $ 9,256,000 | $ 3,960,000 | $ 13,462,000 | $ 8,727,000 |
General and administrative expenses: | ||||
General and administrative expenses | 1,523,000 | 4,121,000 | 2,967,000 | 5,687,000 |
Operating expenses | 8,127,000 | 6,892,000 | 12,250,000 | 12,113,000 |
Operating income (loss) | 1,129,000 | (2,932,000) | 1,212,000 | (3,386,000) |
Interest (expense) income, net | (12,000) | 141,000 | (6,000) | 265,000 |
Other income | 650,000 | 650,000 | ||
Income (loss) from operations before income taxes | 1,117,000 | (2,791,000) | 1,856,000 | (3,121,000) |
Provision (benefit) for income taxes | 319,000 | (622,000) | 465,000 | (756,000) |
Net income (loss) | $ 798,000 | $ (2,169,000) | $ 1,391,000 | $ (2,365,000) |
Basic and diluted earnings (loss) per share | $ 0.10 | $ (0.27) | $ 0.17 | $ (0.29) |
Weighted average number of common shares outstanding - basic | 8,122 | 8,129 | 8,136 | 8,125 |
Weighted average number of common shares outstanding - diluted | 8,152 | 8,129 | 8,168 | 8,125 |
Land sale revenues | ||||
REVENUES: | ||||
Revenues | $ 8,526,000 | $ 3,266,000 | $ 12,013,000 | $ 7,557,000 |
COSTS AND EXPENSES: | ||||
Cost of revenues | 6,430,000 | 2,771,000 | 9,109,000 | 6,426,000 |
Home sale revenues | ||||
REVENUES: | ||||
Revenues | 202,000 | 0 | 202,000 | |
COSTS AND EXPENSES: | ||||
Cost of revenues | 174,000 | 0 | 174,000 | |
Rental revenues | ||||
REVENUES: | ||||
Revenues | 152,000 | 341,000 | 502,000 | 682,000 |
Other [Member] | ||||
REVENUES: | ||||
Revenues | $ 376,000 | $ 353,000 | $ 745,000 | $ 488,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Consolidated Statements of Comprehensive Income (Loss) | ||||
Net income (loss) | $ 798,000 | $ (2,169,000) | $ 1,391,000 | $ (2,365,000) |
Other comprehensive income, net of tax: | ||||
Pension settlement, net of tax ($880 in 2019) | 0 | 2,049,000 | 0 | 2,049,000 |
Decrease in pension liability, net of tax ($42 in 2020 and $43 in 2019) | 90,000 | 98,000 | 180,000 | 252,000 |
Other comprehensive income | 90,000 | 2,147,000 | 180,000 | 2,301,000 |
Total comprehensive income (loss) | $ 888,000 | $ (22,000) | $ 1,571,000 | $ (64,000) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Consolidated Statements of Comprehensive Income (Loss) | ||||
Pension settlement, net of tax | $ 880 | $ 880 | ||
Decrease in pension liability, tax | $ 42 | $ 43 | $ 84 | $ 110 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Capital Contributed in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total |
Balance at Apr. 30, 2019 | $ 835 | $ 51,205 | $ 49,052 | $ (7,031) | $ (4,215) | $ 89,846 |
Balance (in shares) at Apr. 30, 2019 | 8,353,000 | |||||
Issuance of restricted common stock | $ 1 | 56 | 57 | |||
Issuance of restricted common stock (in shares) | 9,000 | |||||
Net income (loss) | (2,365) | (2,365) | ||||
Other comprehensive income | 2,301 | 2,301 | ||||
Balance at Oct. 31, 2019 | $ 836 | 51,261 | 46,687 | (4,730) | (4,215) | 89,839 |
Balance (in shares) at Oct. 31, 2019 | 8,362,000 | |||||
Balance at Jul. 31, 2019 | $ 836 | 51,261 | 48,856 | (6,877) | (4,215) | 89,861 |
Balance (in shares) at Jul. 31, 2019 | 8,362,000 | |||||
Net income (loss) | $ 0 | 0 | (2,169) | 0 | 0 | (2,169) |
Other comprehensive income | 0 | 0 | 0 | 2,147 | 0 | 2,147 |
Balance at Oct. 31, 2019 | $ 836 | 51,261 | 46,687 | (4,730) | (4,215) | 89,839 |
Balance (in shares) at Oct. 31, 2019 | 8,362,000 | |||||
Balance at Apr. 30, 2020 | $ 836 | 51,334 | 43,149 | (6,467) | (4,215) | 84,637 |
Balance (in shares) at Apr. 30, 2020 | 8,358,000 | |||||
Issuance of restricted common stock | $ 1 | 41 | 42 | |||
Issuance of restricted common stock (in shares) | 9,000 | |||||
Issuance of common stock settled from deferred common share units (in shares) | 12,000 | |||||
Repurchase of common stock | $ (69) | (4,159) | (4,228) | |||
Repurchase of common stock (in shares) | (687,000) | |||||
Net income (loss) | 1,391 | 1,391 | ||||
Other comprehensive income | 180 | 180 | ||||
Balance at Oct. 31, 2020 | $ 768 | 47,216 | 44,540 | (6,287) | (4,215) | 82,022 |
Balance (in shares) at Oct. 31, 2020 | 7,692,000 | |||||
Balance at Jul. 31, 2020 | $ 837 | 51,375 | 43,742 | (6,377) | (4,215) | $ 85,362 |
Balance (in shares) at Jul. 31, 2020 | 8,367,000 | |||||
Issuance of common stock settled from deferred common share units | $ 0 | 0 | 0 | 0 | 0 | |
Issuance of common stock settled from deferred common share units (in shares) | 12,000 | 12,411 | ||||
Repurchase of common stock | $ (69) | (4,159) | 0 | 0 | 0 | $ (4,228) |
Repurchase of common stock (in shares) | (687,000) | |||||
Net income (loss) | $ 0 | 0 | 798 | 0 | 0 | 798 |
Other comprehensive income | 0 | 0 | 0 | 90 | 0 | 90 |
Balance at Oct. 31, 2020 | $ 768 | $ 47,216 | $ 44,540 | $ (6,287) | $ (4,215) | $ 82,022 |
Balance (in shares) at Oct. 31, 2020 | 7,692,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 1,391 | $ (2,365) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 270 | 289 |
Amortization of debt issuance costs | 30 | 56 |
Non-cash credits and charges: | ||
Interest earned on deferred purchase price | 0 | (160) |
Stock-based compensation | 42 | 107 |
Deferred income tax provision (benefit) | 548 | (756) |
Net periodic pension cost | 208 | 279 |
Pension settlement | 0 | 2,929 |
Deferred Rent | 0 | 110 |
Changes in assets and liabilities: | ||
Real estate inventory and investment assets | (1,065) | 3,526 |
Other assets | (614) | (469) |
Accounts payable and accrued expenses | 1,575 | (466) |
Accrued pension costs | (1,847) | (3,600) |
Total adjustments | (853) | 1,845 |
Net cash provided by (used in) operating activities | 538 | (520) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (3) | (26) |
Net cash used in investing activities | (3) | (26) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from debt financing | 5,415 | 583 |
Principal debt payments | (3,475) | (1,385) |
Payments for debt issuance costs | (57) | 0 |
Repurchase of common stock | (4,228) | 0 |
Net cash used in financing activities | (2,345) | (802) |
Decrease in cash, cash equivalents and restricted cash | (1,810) | (1,348) |
Cash, cash equivalents and restricted cash, beginning of period | 17,502 | 14,236 |
Cash, cash equivalents and restricted cash, end of period | 15,692 | 12,888 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 52 | 4 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 0 | $ 198 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES | 6 Months Ended |
Oct. 31, 2020 | |
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 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. 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 the context otherwise indicates, all references to 2021 and 2020 are to the fiscal years ending April 30, 2021 and 2020 and all references to the second quarter and first six months of 2021 and 2020 mean the fiscal three month and six month periods ended October 31, 2020 and 2019. 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, 2020, which was filed with the SEC on July 27, 2020 (the “2020 Form 10-K”). Certain 2020 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on net loss or shareholders’ equity. Summary of Significant Accounting Policies The significant accounting policies used in preparing these consolidated financial statements are consistent with the accounting policies described in the 2020 Form 10-K, except for those adopted as described below. Revenue Recognition · Home sale revenues : The Company accounts for revenue from home sales in accordance with Accounting Standards Codification (“ASC”) 2014-09, Revenue from Contracts with Customers (Topic 606). Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. Generally, the Company’s performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In general, the Company’s performance obligation for each of the home sales is fulfilled upon the delivery of the completed home, which generally coincides with the receipt of cash consideration from the counterparty. If the Company’s performance obligations are not complete upon the home closing, the Company defers a portion of the home sale revenues related to the outstanding obligations and subsequently recognizes that revenue upon completion of such obligations. As of October 31, 2020, the home sale revenues and related costs the Company deferred related to these obligations were immaterial. · Forfeited customer deposits : Forfeited customer deposits for homes are recognized in “Home sale revenues” in the period in which the Company determines that the customer will not complete the purchase of the home and the Company has the right to retain the deposit. · Sales incentives : In order to promote sales of homes, the Company may offer home buyers sales incentives. These incentives vary by type and amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sale revenues. · Home sale cost of revenues . Home construction and related costs are capitalized as incurred within real estate inventory under the specific identification method on the consolidated balance sheet and are charged to home sale cost of revenues on the consolidated statement of operations when the related home is sold. Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 was effective for the Company on May 1, 2020. The adoption of ASU 2018-13 by the Company did not have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 was effective for the Company on May 1, 2020. The adoption of ASU 2018-14 by the Company did not have a material effect on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 will be effective for the Company’s fiscal year beginning May 1, 2021. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. |
RESTRICTED CASH
RESTRICTED CASH | 6 Months Ended |
Oct. 31, 2020 | |
RESTRICTED CASH | |
RESTRICTED CASH | (2) RESTRICTED CASH The following provides a reconciliation of the Company’s cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows for the six months ended October 31, 2019: October 31, April 30, 2019 2019 (in thousands) Cash and cash equivalents $ 12,583 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 12,888 $ 14,236 There was no restricted cash at October 31, 2020 and April 30, 2020. |
REAL ESTATE INVENTORY
REAL ESTATE INVENTORY | 6 Months Ended |
Oct. 31, 2020 | |
REAL ESTATE INVENTORY | |
REAL ESTATE INVENTORY | (3) REAL ESTATE INVENTORY Real estate inventory consists of: October 31, April 30, 2020 2020 (in thousands) Land held for development $ 52,771 $ 53,405 Construction in process 1,154 44 $ 53,925 $ 53,449 Land held for development represents property located in areas that are planned to be developed in the near term. As of October 31, 2020 and April 30, 2020, the Company held approximately 6,000 acres of land in New Mexico classified as land held for development. Construction in process relates to construction costs for residential homes being built and offered for sale by the homebuilding business segment. |
INVESTMENT ASSETS, NET
INVESTMENT ASSETS, NET | 6 Months Ended |
Oct. 31, 2020 | |
INVESTMENT ASSETS, NET | |
INVESTMENT ASSETS, NET | (4) INVESTMENT ASSETS, NET Investment assets, net consist of: October 31, April 30, 2020 2020 (in thousands) Land held for long-term investment $ 9,775 $ 9,751 Construction in process — 2,320 Buildings 15,993 13,096 Less accumulated depreciation (6,798) (6,523) Buildings, net 9,195 6,573 $ 18,970 $ 18,644 Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of October 31, 2020 and April 30, 2020, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment. Buildings are comprised of 204,000 square feet of warehouse and office buildings in Palm Coast, Florida and a 14,000 square foot retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Depreciation associated with the buildings was $262,000 and $279,000 for the six months ended October 31, 2020 and October 31, 2019 and $140,000 and $157,000 for the three months ended October 31, 2020 and October 31, 2019. Construction in process relates to the construction costs of such retail building, which was completed during the three months ended October 31, 2020. |
OTHER ASSETS
OTHER ASSETS | 6 Months Ended |
Oct. 31, 2020 | |
OTHER ASSETS | |
OTHER ASSETS | (5) OTHER ASSETS Other assets consist of: October 31, April 30, 2020 2020 (in thousands) Prepaid expenses $ 931 $ 464 Receivables 281 156 Right-of-use assets associated with leases of office facilities 133 109 Other assets 170 170 Property and equipment 219 217 Less accumulated depreciation 190 182 Property and equipment, net 29 35 $ 1,544 $ 934 Prepaid expenses as of October 31, 2020 primarily consist of prepaid insurance, stock compensation, prepayments for office rent, in-process prepayments of amounts due under the public improvement district and security deposits for the buildings in Palm Coast, Florida. Prepaid expenses as of October 31, 2019 primarily consist of prepaid insurance and stock compensation. Depreciation expense associated with property and equipment was $8,000 and $9,000 for the six months ended October 31, 2020 and October 31, 2019 and $2,000 and $5,000 for the three months ended October 31, 2020 and October 31, 2019. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 6 Months Ended |
Oct. 31, 2020 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | (6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of: October 31, April 30, 2020 2020 (in thousands) Real estate operations Accrued expenses $ 884 $ 518 Trade payables 1,087 1,146 Real estate customer deposits 1,795 1,117 Other 60 — 3,826 2,781 Corporate operations 875 344 $ 4,700 $ 3,125 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Oct. 31, 2020 | |
NOTES PAYABLE | |
NOTES PAYABLE | (7) NOTES PAYABLE Notes payable, net consist of: October 31, April 30, 2020 2020 (in thousands) Real estate notes payable $ 5,834 $ 3,894 Unamortized debt issuance costs (31) (4) $ 5,803 $ 3,890 Refer to Notes 8 and 17 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each of the following outstanding financing facilities that were entered into prior to May 1, 2020. · Lomas Encantadas Subdivision . In June 2019, BOKF, NA dba Bank of Albuquerque (“BOKF”) provided a non-revolving line of credit to Lomas Encantadas Development Company LLC (“LEDC”), a subsidiary of the Company. The initial available principal amount of the loan was $2,475,000. The outstanding principal amount of the loan was $105,000 as of October 31, 2020. LEDC made principal repayments of $1,538,000 during the six months ended October 31, 2020 and $675,000 during the year ended April 30, 2020. The interest rate on the loan at October 31, 2020 was 3.14%. The Company capitalized interest and fees related to this loan of $16,000 and $2,000 for the six months ended October 31, 2020 and October 31, 2019 and $4,000 and $2,000 for the three months ended October 31, 2020 and October 31, 2019. The total book value of the property mortgaged pursuant to this loan was $3,049,000 as of October 31, 2020. At October 31, 2020, LEDC was in compliance with the financial covenants contained within the loan documentation. · In September 2020, LEDC entered into a Development Loan Agreement with BOKF. The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between LEDC and BOKF with respect to certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into by AMREP Southwest Inc. (“ASW”), a subsidiary of the Company, in favor of BOKF, ASW guaranteed LEDC’s obligations under each of the above agreements. § Initial Available Principal : Pursuant to the loan documentation, BOKF agrees to lend up to $2,400,000 to LEDC on a non-revolving line of credit basis to partially fund the development of certain planned residential lots within the Lomas Encantadas subdivision. § Outstanding Principal Amount and Repayments : The outstanding principal amount of the loan was $26,500 as of October 31, 2020. LEDC made no principal repayments during the six months ended October 31, 2020. LEDC is required to make periodic principal repayments of borrowed funds not previously repaid as follows: $1,144,000 on or before December 22, 2022, $572,000 on or before March 22, 2023, $572,000 on or before June 22, 2023 and $112,000 on or before September 22, 2023. The outstanding principal amount of the loan may be prepaid at any time without penalty. § Maturity Date : The loan is scheduled to mature in September 2023. § Interest Rate : Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly, subject to a minimum interest rate of 3.75%. The interest rate on the loan at October 31, 2020 was 3.75%. § Lot Release Price : BOKF is required to release the lien of its mortgage on any lot upon LEDC making a principal payment of $44,000. LEDC and ASW made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including LEDC’s failure to make principal, interest or other payments when due; the failure of LEDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of LEDC or ASW being false; the insolvency or bankruptcy of LEDC or ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. LEDC incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. At October 31, 2020, LEDC was in compliance with the financial covenants contained in the loan documentation. The total book value of the property mortgaged pursuant to this loan was $289,000 as of October 31, 2020. The Company’s capitalized interest and fees related to this loan were immaterial during the three and six months ended October 31, 2020. · Hawk Site Subdivision . In February 2020, Sandia Laboratory Federal Credit Union (“SLFCU”) provided a revolving line of credit to Mountain Hawk East Development Company LLC (“MHEDC”), a subsidiary of the Company. The initial available principal amount of the loan was $3,000,000, subject to certain limitations. The outstanding principal amount of the loan was $201,000 as of October 31, 2020. MHEDC made principal repayments of $1,935,000 during the six months ended October 31, 2020; MHEDC made no principal repayments during the year ended April 30, 2020. The interest rate on the loan at October 31, 2020 was 4.5%. The Company capitalized interest and fees related to this loan of $1,000 during each of the three and six months ended October 31, 2020. The total book value of the property mortgaged pursuant to this loan was $2,374,000 as of October 31, 2020. At October 31, 2020, MHEDC was in compliance with the financial covenants contained within the loan documentation. · Las Fuentes at Panorama Village Subdivision . In January 2020, BOKF provided a non-revolving line of credit to Las Fuentes Village II, LLC (“LFV”), a subsidiary of the Company. The initial available principal amount of the loan was $2,750,000. The outstanding principal amount of the loan was $2,514,000 as of October 31, 2020. LFV made no principal repayments during the six months ended October 31, 2020 or during the year ended April 30, 2020. The interest rate on the loan at October 31, 2020 was 3.06%. The Company capitalized interest and fees related to this loan of $1,000 and $18,650 during the three and six months ended October 31, 2020. The total book value of the property mortgaged pursuant to this loan was $2,884,000 as of October 31, 2020. At October 31, 2020, LFV was in compliance with the financial covenants contained within the loan documentation. · Meso AM Subdivision . o Acquisition Financing : The acquisition of the Meso AM subdivision in Bernalillo County, New Mexico in June 2020 by Lavender Fields, LLC (“LF”), a subsidiary of the Company, included $1,838,000 of deferred purchase price, of which $919,000 is payable without interest on or before June 2021 and $919,000 is payable without interest on or before June 2022. The total book value of the property mortgaged to secure payment of a note reflecting the deferred purchase price was $4,511,000 as of October 31, 2020. At October 31, 2020, LF was in compliance with the financial covenants contained within the loan documentation. o Development Financing . In June 2020, BOKF provided a non-revolving line of credit to LF. The initial available principal amount of the loan was $3,750,000. The outstanding principal amount of the loan was $852,000 as of October 31, 2020. LF made no principal repayments during the six months ended October 31, 2020. The interest rate on the loan at October 31, 2020 was 3.75%. The Company capitalized interest and fees related to this loan of $3,000 during each of the three and six months ended October 31, 2020. The total book value of the property mortgaged pursuant to this loan was $4,511,000 as of October 31, 2020. At October 31, 2020, LF was in compliance with the financial covenants contained within the loan documentation. · SBA Paycheck Protection Program . In April 2020, BOKF provided a loan to the Company pursuant to the Paycheck Protection Program administered by the U.S. Small Business Administration. The amount of the loan was $298,000. The outstanding principal amount of the loan was $298,000 as of October 31, 2020. The Company made no principal repayments during the six months ended October 31, 2020 or during the year ended April 30, 2020. The interest rate on the loan at October 31, 2020 was 1.0%. The Company did not capitalize any interest or fees related to this loan during the six months ended October 31, 2020. At October 31, 2020, the Company was in compliance with the financial covenants contained within the loan documentation. The loan provides that all or a portion of the principal balance may be forgiven if certain conditions are met. Refer to Note 8 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each of the following expired or terminated financing facilities: · Lomas Encantadas Subdivision . In fiscal year 2018, BOKF provided a non-revolving line of credit to LEDC. The initial available principal amount of the loan was $4,750,000. During the six months ended October 31, 2019, LEDC made principal repayments of $182,000 and the Company capitalized interest and fees related to this loan of $4,000. The loan was terminated in June 2019. · Hawk Site Subdivision . In 2019, Main Bank provided a non-revolving line of credit to Hawksite 27 Development Company, LLC (“HDC”), a subsidiary of the Company. The initial available principal amount of the loan was $1,800,000. During the six months ended October 31, 2019, HDC made principal repayments of $390,000 and the Company capitalized interest and fees related to this loan of $20,000. The loan was terminated in August 2019. The following table summarizes the scheduled principal repayments subsequent to October 31, 2020: Scheduled Payments Fiscal Year (in thousands) 2021 $ 3,532 2022 2,101 2023 201 Total $ 5,834 |
REVENUES
REVENUES | 6 Months Ended |
Oct. 31, 2020 | |
REVENUES | |
REVENUES | (8) REVENUES Land sale revenues . Substantially all of the land sale revenues were received from four customers during each of the three and six months ended October 31, 2020 and from three customers during each of the three and six months ended October 31, 2019. Home sale revenues . Home sale revenues are from homes constructed and sold by the Company in the Albuquerque metropolitan area. All home sale revenues were received from one customer during the three months ended October 31, 2020. Rental revenues . Rental revenues consist of rent received from tenants at the Company’s warehouse and office buildings in Palm Coast, Florida and at a retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Other revenues . Other revenues consist of: Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 (in thousands) (in thousands) Oil & gas royalties $ 25 $ — $ 36 $ — Private infrastructure reimbursement covenants 245 140 378 231 Public improvement district reimbursements 69 26 244 26 Miscellaneous other revenue 37 187 87 231 $ 376 $ 353 $ 745 $ 488 Refer to Note 9 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each category of other revenues. The Company owns certain minerals and mineral rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico. The lease to a third party with respect to such mineral rights expired in September 2020 and no drilling had commenced with respect to such mineral rights. The Company did not record any revenue in 2021 related to this lease. Miscellaneous other revenue for the three and six months ended October 31, 2020 primarily consist of payments for impact fee credits and a land condemnation. Miscellaneous other revenue for the three and six months ended October 31, 2019 primarily consist of forfeited deposits and non-refundable option payments. |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 6 Months Ended |
Oct. 31, 2020 | |
GENERAL AND ADMINISTRATIVE EXPENSES | |
GENERAL AND ADMINISTRATIVE EXPENSES | (9) GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consist of: Three Months Ended Six Months Ended October 31, October 31, 2020 2019 2020 2019 (in thousands) (in thousands) Land development $ 665 $ 602 $ 1,271 $ 1,274 Homebuilding 118 — 231 — Corporate 740 3,519 1,465 4,413 $ 1,523 $ 4,121 $ 2,967 $ 5,687 Corporate general and administrative expenses included a non-cash pre-tax pension settlement charge of $2,929,000 in the three and six months ended October 31, 2019, due to the Company’s defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to former employees. No such settlement expense was incurred in the same periods of 2020. |
BENEFIT PLANS
BENEFIT PLANS | 6 Months Ended |
Oct. 31, 2020 | |
BENEFIT PLANS | |
BENEFIT PLANS | (10) BENEFIT PLANS Pension Plan Refer to Note 11 to the consolidated financial statements contained in the 2020 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 deferred income tax effect. The Company recognized other comprehensive income of $180,000 and $252,000 for the six months ended October 31, 2020 and October 31, 2019 and $90,000 and $98,000 for the three months ended October 31, 2020 and October 31, 2019 related to a decrease in the Company’s pension liability, net of tax. The Company funds the pension plan in compliance with IRS funding requirements. The Company made voluntary contributions to the pension plan of $1,847,000 during the three and six months ended October 31, 2020 and $3,600,000 during the three and six months ended October 31, 2019. Equity Compensation Plan Refer to Note 11 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The Company issued 9,000 shares of restricted common stock under the Equity Plan during each of the six months ended October 31, 2020 and October 31, 2019. During the six months ended October 31, 2020 and October 31, 2019, 12,834 shares and 14,833 shares of restricted common stock previously issued under the Equity Plan vested. As of October 31, 2020 and October 31, 2019, 29,000 shares and 36,834 shares of restricted common stock previously issued under the Equity Plan had not vested. The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $7,000 and $54,000 for the six months ended October 31, 2020 and October 31, 2019 and $25,000 and $30,000 for the three months ended October 31, 2020 and October 31, 2019. As of October 31, 2020 and October 31, 2019, there was $73,000 and $135,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested as of those dates, which is expected to be recognized over the remaining vesting term not to exceed three years. In connection with the resignation of a director, the Company (i) issued 12,411 shares of common stock during the three months ended October 31, 2020 pursuant to an equivalent number of deferred common share units previously issued to such director and (ii) paid $20,000 to such director in lieu of issuance of deferred common share units earned for calendar year 2020. The Company recognized non-cash expense related to deferred common share units expected to be issued to non-employee members of the Company’s Board of Directors of $35,000 and $53,000 for the six months ended October 31, 2020 and October 31, 2019 and $21,000 and $23,000 for the three months ended October 31, 2020 and October 31, 2019. |
INTEREST (EXPENSE) INCOME, NET
INTEREST (EXPENSE) INCOME, NET | 6 Months Ended |
Oct. 31, 2020 | |
INTEREST (EXPENSE) INCOME, NET | |
INTEREST (EXPENSE) INCOME, NET | (11) INTEREST (EXPENSE) INCOME, NET Interest (expense) income, net consists of: Three Months Ended Six Months Ended October 31, October 31, 2020 2019 2020 2019 (in thousands) (in thousands) Interest income on savings $ 2 $ 43 $ 8 $ 102 Interest income on notes 1 2 1 3 Interest on deferred purchase price — 96 — 160 Interest expense (15) — (15) — $ (12) $ 141 $ (6) $ 265 Refer to Note 2 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the deferred purchase price with respect to a former business segment of the Company. |
OTHER INCOME
OTHER INCOME | 6 Months Ended |
Oct. 31, 2020 | |
OTHER INCOME | |
OTHER INCOME | (12) OTHER INCOME Other income for the three and six months ended October 31, 2020 consist of a settlement payment of $650,000 from a former business segment of the Company. Refer to Note 2 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the former business segment of the Company. During the six months ended October 31, 2020, affiliates of the Company and affiliates of this former business segment entered into a settlement agreement pursuant to which, among other things, the Company received $650,000 as a settlement payment and $350,000 for rent with respect to properties in Palm Coast, Florida for the period May 2020 through August 2020. |
STOCK REPURCHASES
STOCK REPURCHASES | 6 Months Ended |
Oct. 31, 2020 | |
STOCK REPURCHASES | |
STOCK REPURCHASES | (13) STOCK REPURCHASES In August 2020, the Company repurchased 11,847 shares of common stock of the Company at a price of $4.48 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. In September 2020, the Board of Directors of the Company authorized the Company to purchase up to 1,000,000 shares of common stock of the Company from time to time pursuant to a share repurchase program, subject to the total expenditure for the purchase of shares under the share repurchase program not exceeding $5,000,000, exclusive of any fees, commissions and other expenses related to such repurchases. Under the share repurchase program, the Company may have repurchased its common stock from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. The Company’s repurchases may have been executed using open market purchases, unsolicited or solicited privately negotiated transactions or other transactions, and may have been effected pursuant to trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The share repurchase program did not obligate the Company to repurchase any specific number of shares and may have been suspended, modified or terminated at any time without prior notice. The share repurchase program did not contain a time limitation during which repurchases are permitted to occur. In October 2020, the Company repurchased 675,616 shares of common stock of the Company at a price of $6.18 per share in a privately negotiated transaction pursuant to the share repurchase program. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. |
INFORMATION ABOUT THE COMPANY'S
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | 6 Months Ended |
Oct. 31, 2020 | |
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 October 31, 2020 (a): Revenues $ 8,989 $ 202 $ 65 $ 9,256 Net income (loss) $ 1,693 $ (66) $ (829) $ 798 Provision (benefit) for income taxes 313 (24) 30 319 Interest expense (income), net (b) 13 — (1) 12 Depreciation 8 — 124 132 EBITDA (c) $ 2,027 $ (90) $ (676) $ 1,261 Capital expenditures $ — $ 3 $ $ 3 Three months ended October 31, 2019 (a): Revenues $ 3,620 $ — $ 340 $ 3,960 Net income (loss) $ (352) $ — $ (1,817) $ (2,169) Provision (benefit) for income taxes (103) — (519) (622) Interest expense (income), net (b) (10) — (131) (141) Depreciation 4 — 157 161 EBITDA (c) $ (461) $ — $ (2,310) $ (2,771) Capital expenditures $ 5 $ — $ — $ 5 Six months ended October 31, 2020 (a): Revenues $ 12,845 $ 202 $ 415 $ 13,462 Net income (loss) $ 2,399 $ (152) $ (856) $ 1,391 Provision (benefit) for income taxes 327 (51) 189 465 Interest expense (income), net (b) 11 — (5) 6 Depreciation 22 — 248 270 EBITDA (c) $ 2,759 $ (203) $ (424) $ 2,132 Capital expenditures $ — $ 3 $ — $ 3 Total assets as of October 31, 2020 $ 76,777 $ 1,494 $ 17,449 $ 95,720 Six months ended October 31, 2019 (a): Revenues $ 8,045 $ — $ 682 $ 8,727 Net income (loss) $ (785) $ — $ (1,580) $ (2,365) Provision (benefit) for income taxes (226) — (530) (756) Interest expense (income), net (b) (14) — (251) (265) Depreciation 9 — 280 289 EBITDA (c) $ (1,016) $ — $ (2,081) $ (3,097) Capital expenditures $ 5 $ — $ — $ 5 Total assets as of October 31, 2019 $ 71,680 $ — $ 23,949 $ 95,629 (a) Revenue information provided for each segment may include amounts classified as rental revenues and other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations. (b) Interest expense (income), net includes inter-segment interest expense (income) that is eliminated in consolidation. (c) The Company uses EBITDA (which the Company defines as income (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. Prior to 2020, the Company operated in primarily one business segment: the real estate business. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Oct. 31, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | (15) SUBSEQUENT EVENTS In November 2020, the Company repurchased 143,482 shares of common stock of the Company at a price of $6.18 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. The share repurchase was not completed pursuant to the Company’s share repurchase program. In November 2020, the Company’s share repurchase program was terminated. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies) | 6 Months Ended |
Oct. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES | |
Revenue Recognition | Revenue Recognition · Home sale revenues : The Company accounts for revenue from home sales in accordance with Accounting Standards Codification (“ASC”) 2014-09, Revenue from Contracts with Customers (Topic 606). Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. Generally, the Company’s performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In general, the Company’s performance obligation for each of the home sales is fulfilled upon the delivery of the completed home, which generally coincides with the receipt of cash consideration from the counterparty. If the Company’s performance obligations are not complete upon the home closing, the Company defers a portion of the home sale revenues related to the outstanding obligations and subsequently recognizes that revenue upon completion of such obligations. As of October 31, 2020, the home sale revenues and related costs the Company deferred related to these obligations were immaterial. · Forfeited customer deposits : Forfeited customer deposits for homes are recognized in “Home sale revenues” in the period in which the Company determines that the customer will not complete the purchase of the home and the Company has the right to retain the deposit. · Sales incentives : In order to promote sales of homes, the Company may offer home buyers sales incentives. These incentives vary by type and amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sale revenues. · Home sale cost of revenues . Home construction and related costs are capitalized as incurred within real estate inventory under the specific identification method on the consolidated balance sheet and are charged to home sale cost of revenues on the consolidated statement of operations when the related home is sold. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 was effective for the Company on May 1, 2020. The adoption of ASU 2018-13 by the Company did not have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 was effective for the Company on May 1, 2020. The adoption of ASU 2018-14 by the Company did not have a material effect on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 will be effective for the Company’s fiscal year beginning May 1, 2021. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
RESTRICTED CASH | |
Schedule of restricted cash | October 31, April 30, 2019 2019 (in thousands) Cash and cash equivalents $ 12,583 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 12,888 $ 14,236 |
REAL ESTATE INVENTORY (Tables)
REAL ESTATE INVENTORY (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
REAL ESTATE INVENTORY | |
Schedule of components of real estate inventory | October 31, April 30, 2020 2020 (in thousands) Land held for development $ 52,771 $ 53,405 Construction in process 1,154 44 $ 53,925 $ 53,449 |
INVESTMENT ASSETS, NET (Tables)
INVESTMENT ASSETS, NET (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
INVESTMENT ASSETS, NET | |
Schedule of investment assets | October 31, April 30, 2020 2020 (in thousands) Land held for long-term investment $ 9,775 $ 9,751 Construction in process — 2,320 Buildings 15,993 13,096 Less accumulated depreciation (6,798) (6,523) Buildings, net 9,195 6,573 $ 18,970 $ 18,644 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
OTHER ASSETS | |
Schedule of other assets | October 31, April 30, 2020 2020 (in thousands) Prepaid expenses $ 931 $ 464 Receivables 281 156 Right-of-use assets associated with leases of office facilities 133 109 Other assets 170 170 Property and equipment 219 217 Less accumulated depreciation 190 182 Property and equipment, net 29 35 $ 1,544 $ 934 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | |
Schedule of accounts payable and accrued expenses | October 31, April 30, 2020 2020 (in thousands) Real estate operations Accrued expenses $ 884 $ 518 Trade payables 1,087 1,146 Real estate customer deposits 1,795 1,117 Other 60 — 3,826 2,781 Corporate operations 875 344 $ 4,700 $ 3,125 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
NOTES PAYABLE | |
Schedule of notes payable | Notes payable, net consist of: October 31, April 30, 2020 2020 (in thousands) Real estate notes payable $ 5,834 $ 3,894 Unamortized debt issuance costs (31) (4) $ 5,803 $ 3,890 |
Schedule of scheduled principal repayments subsequent to reporting date | The following table summarizes the scheduled principal repayments subsequent to October 31, 2020: Scheduled Payments Fiscal Year (in thousands) 2021 $ 3,532 2022 2,101 2023 201 Total $ 5,834 |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
REVENUES | |
Schedule of other revenues | Other revenues consist of: Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 (in thousands) (in thousands) Oil & gas royalties $ 25 $ — $ 36 $ — Private infrastructure reimbursement covenants 245 140 378 231 Public improvement district reimbursements 69 26 244 26 Miscellaneous other revenue 37 187 87 231 $ 376 $ 353 $ 745 $ 488 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
GENERAL AND ADMINISTRATIVE EXPENSES | |
Schedule of components of general and administrative expenses | Three Months Ended Six Months Ended October 31, October 31, 2020 2019 2020 2019 (in thousands) (in thousands) Land development $ 665 $ 602 $ 1,271 $ 1,274 Homebuilding 118 — 231 — Corporate 740 3,519 1,465 4,413 $ 1,523 $ 4,121 $ 2,967 $ 5,687 |
INTEREST (EXPENSE) INCOME, NET
INTEREST (EXPENSE) INCOME, NET (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
INTEREST (EXPENSE) INCOME, NET | |
Schedule of interest income net | Interest (expense) income, net consists of: Three Months Ended Six Months Ended October 31, October 31, 2020 2019 2020 2019 (in thousands) (in thousands) Interest income on savings $ 2 $ 43 $ 8 $ 102 Interest income on notes 1 2 1 3 Interest on deferred purchase price — 96 — 160 Interest expense (15) — (15) — $ (12) $ 141 $ (6) $ 265 |
INFORMATION ABOUT THE COMPANY_2
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | |
Summary of data relative to the industry segments in which the Company operated | Land Development Homebuilding Corporate Consolidated Three months ended October 31, 2020 (a): Revenues $ 8,989 $ 202 $ 65 $ 9,256 Net income (loss) $ 1,693 $ (66) $ (829) $ 798 Provision (benefit) for income taxes 313 (24) 30 319 Interest expense (income), net (b) 13 — (1) 12 Depreciation 8 — 124 132 EBITDA (c) $ 2,027 $ (90) $ (676) $ 1,261 Capital expenditures $ — $ 3 $ $ 3 Three months ended October 31, 2019 (a): Revenues $ 3,620 $ — $ 340 $ 3,960 Net income (loss) $ (352) $ — $ (1,817) $ (2,169) Provision (benefit) for income taxes (103) — (519) (622) Interest expense (income), net (b) (10) — (131) (141) Depreciation 4 — 157 161 EBITDA (c) $ (461) $ — $ (2,310) $ (2,771) Capital expenditures $ 5 $ — $ — $ 5 Six months ended October 31, 2020 (a): Revenues $ 12,845 $ 202 $ 415 $ 13,462 Net income (loss) $ 2,399 $ (152) $ (856) $ 1,391 Provision (benefit) for income taxes 327 (51) 189 465 Interest expense (income), net (b) 11 — (5) 6 Depreciation 22 — 248 270 EBITDA (c) $ 2,759 $ (203) $ (424) $ 2,132 Capital expenditures $ — $ 3 $ — $ 3 Total assets as of October 31, 2020 $ 76,777 $ 1,494 $ 17,449 $ 95,720 Six months ended October 31, 2019 (a): Revenues $ 8,045 $ — $ 682 $ 8,727 Net income (loss) $ (785) $ — $ (1,580) $ (2,365) Provision (benefit) for income taxes (226) — (530) (756) Interest expense (income), net (b) (14) — (251) (265) Depreciation 9 — 280 289 EBITDA (c) $ (1,016) $ — $ (2,081) $ (3,097) Capital expenditures $ 5 $ — $ — $ 5 Total assets as of October 31, 2019 $ 71,680 $ — $ 23,949 $ 95,629 (a) Revenue information provided for each segment may include amounts classified as rental revenues and other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations. (b) Interest expense (income), net includes inter-segment interest expense (income) that is eliminated in consolidation. (c) The Company uses EBITDA (which the Company defines as income (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. |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2019 |
RESTRICTED CASH | ||||
Cash and cash equivalents | $ 15,692 | $ 17,502 | $ 12,583 | $ 13,267 |
Restricted cash | 305 | 969 | ||
Total cash, cash equivalents and restricted cash | $ 15,692 | $ 17,502 | $ 12,888 | $ 14,236 |
RESTRICTED CASH - Additional in
RESTRICTED CASH - Additional information (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
RESTRICTED CASH | ||
Restricted Cash and Cash Equivalents | $ 0 | $ 0 |
REAL ESTATE INVENTORY (Details)
REAL ESTATE INVENTORY (Details) $ in Thousands | Oct. 31, 2020USD ($)a | Apr. 30, 2020USD ($) |
REAL ESTATE INVENTORY | ||
Land held for development | $ 52,771 | $ 53,405 |
Construction in process | 1,154 | 44 |
Total | $ 53,925 | $ 53,449 |
Area of Land | a | 6,000 |
INVESTMENT ASSETS, NET (Details
INVESTMENT ASSETS, NET (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
INVESTMENT ASSETS, NET | ||
Land held for long-term investment | $ 9,775 | $ 9,751 |
Construction in process | 0 | 2,320 |
Buildings | 15,993 | 13,096 |
Less accumulated depreciation | (6,798) | (6,523) |
Buildings, net | 9,195 | 6,573 |
Real Estate Investment Property, Net, Total | $ 18,970 | $ 18,644 |
INVESTMENT ASSETS, NET - Additi
INVESTMENT ASSETS, NET - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2020USD ($)ft²a | Oct. 31, 2019USD ($) | Oct. 31, 2020USD ($)ft²a | Oct. 31, 2019USD ($) | Apr. 30, 2020a | |
Area of Land | a | 6,000 | 6,000 | |||
Depreciation on buildings | $ | $ 140,000 | $ 157,000 | $ 262,000 | $ 279,000 | |
Florida | Warehouse and Office Buildings | |||||
Area of Land | ft² | 204,000 | 204,000 | |||
New Mexico | |||||
Area of Land | a | 12,000 | 12,000 | 12,000 | ||
New Mexico | Retail Building | |||||
Area of Land | ft² | 14,000 | 14,000 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
OTHER ASSETS | ||
Prepaid expenses | $ 931 | $ 464 |
Receivables | 281 | 156 |
Right-of-use assets associated with leases of office facilities | 133 | 109 |
Other assets | 170 | 170 |
Property and equipment | 219 | 217 |
Less accumulated depreciation | 190 | 182 |
Property and equipment, net | 29 | 35 |
Other Assets | $ 1,544 | $ 934 |
OTHER ASSETS - Additional Infor
OTHER ASSETS - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
OTHER ASSETS | ||||
Depreciation expense associated with property and equipment | $ 2,000 | $ 5,000 | $ 8,000 | $ 9,000 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||
Total | $ 4,700 | $ 3,125 |
Real estate operations | ||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||
Accrued expenses | 884 | 518 |
Trade payables | 1,087 | 1,146 |
Real estate customer deposits | 1,795 | 1,117 |
Other | 60 | |
Total | 3,826 | 2,781 |
Corporate | ||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||
Total | $ 875 | $ 344 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
NOTES PAYABLE: | ||
Notes Payable | $ 5,803 | $ 3,890 |
Real estate notes payable [Member] | ||
NOTES PAYABLE: | ||
Notes Payable | 5,834 | 3,894 |
Unamortized debt issuance costs [Member] | ||
NOTES PAYABLE: | ||
Unamortized debt issuance costs | $ (31) | $ (4) |
NOTES PAYABLE - Principal repay
NOTES PAYABLE - Principal repayments (Details) $ in Thousands | Oct. 31, 2020USD ($) |
NOTES PAYABLE | |
2021 | $ 3,532 |
2022 | 2,101 |
2023 | 201 |
Long-term Debt, Total | $ 5,834 |
NOTES PAYABLE - Additional info
NOTES PAYABLE - Additional information (Details) - USD ($) | Sep. 22, 2023 | Jun. 22, 2023 | Mar. 22, 2023 | Dec. 23, 2022 | Jun. 30, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | Sep. 30, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | Jun. 30, 2019 | Apr. 30, 2019 | Apr. 30, 2018 |
NOTES PAYABLE: | ||||||||||||||||
Outstanding amount | $ 5,834,000 | $ 5,834,000 | ||||||||||||||
Notes Payable | 5,803,000 | 5,803,000 | $ 3,890,000 | |||||||||||||
Repayments of Notes Payable | 3,475,000 | $ 1,385,000 | ||||||||||||||
Lomas Encantadas Development Company LLC [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Outstanding amount | 26,500 | 26,500 | ||||||||||||||
Principal repayments | 0 | |||||||||||||||
Principal payment per lot to be made to release the lien of mortgage | 44,000 | |||||||||||||||
Interest and fees capitalized | 4,000 | |||||||||||||||
Book value of real estate property collateralized | 289,000 | 289,000 | ||||||||||||||
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Maximum borrowing capacity | $ 2,475,000 | $ 4,750,000 | ||||||||||||||
Outstanding amount | $ 105,000 | 105,000 | ||||||||||||||
Principal repayments | $ 1,538,000 | 182,000 | 675,000 | |||||||||||||
Maturity Date | Sep. 30, 2023 | |||||||||||||||
Interest rate | 3.14% | 3.14% | ||||||||||||||
Minimum tangible net worth to be maintained by guarantor | $ 32,000,000 | $ 32,000,000 | ||||||||||||||
Interest and fees capitalized | 4,000 | $ 2,000 | 16,000 | 2,000 | ||||||||||||
Book value of real estate property collateralized | 3,049,000 | $ 3,049,000 | ||||||||||||||
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | Scenario, Forecast [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Periodic principal repayment amount | $ 112,000 | $ 572,000 | $ 572,000 | $ 1,144,000 | ||||||||||||
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Interest rate period | 30 days | |||||||||||||||
Spread on interest rate | 3.00% | |||||||||||||||
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Maximum borrowing capacity | $ 2,750,000 | |||||||||||||||
Outstanding amount | $ 2,514,000 | $ 2,514,000 | ||||||||||||||
Principal repayments | $ 0 | 0 | ||||||||||||||
Interest rate | 3.06% | 3.06% | ||||||||||||||
Interest and fees capitalized | $ 1,000 | $ 18,650 | ||||||||||||||
Book value of real estate property collateralized | $ 2,884,000 | $ 2,884,000 | ||||||||||||||
Nonrevolving Line Of Credit [Member] | Hawksite 27 Development Company LLC [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Maximum borrowing capacity | $ 1,800,000 | |||||||||||||||
Principal repayments | 390,000 | |||||||||||||||
Interest and fees capitalized | $ 20,000 | |||||||||||||||
Non-Revolving Line Of Credit Promissory Note [Member] | Lomas Encantadas Development Company LLC [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Maximum borrowing capacity | $ 2,400,000 | |||||||||||||||
Non-Revolving Line Of Credit Promissory Note [Member] | Lomas Encantadas Development Company LLC [Member] | Minimum [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Minimum interest rate (as a percent) | 3.75% | 3.75% | ||||||||||||||
Revolving Credit Facility [Member] | Mountain Hawk East Development Company LLC [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Maximum borrowing capacity | $ 3,000,000 | |||||||||||||||
Outstanding amount | $ 201,000 | $ 201,000 | ||||||||||||||
Principal repayments | $ 1,935,000 | 0 | ||||||||||||||
Interest rate | 4.50% | 4.50% | ||||||||||||||
Interest and fees capitalized | $ 1,000 | |||||||||||||||
Book value of real estate property collateralized | $ 2,374,000 | 2,374,000 | ||||||||||||||
Small Business Administration, Paycheck Protection Program, CARES Act [Member] | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Maximum borrowing capacity | 298,000 | |||||||||||||||
Principal repayments | $ 0 | $ 0 | ||||||||||||||
Interest rate | 1.00% | 1.00% | ||||||||||||||
Proceeds from debt | $ 298,000 | |||||||||||||||
Interest and fees capitalized | 0 | |||||||||||||||
Acquisition Financing Member | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Deferred purchase price | $ 1,838,000 | |||||||||||||||
Book value of real estate property collateralized | $ 4,511,000 | 4,511,000 | ||||||||||||||
Acquisition Financing Member | On or before June 2021 | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Interest and fees capitalized | 919,000 | |||||||||||||||
Acquisition Financing Member | On or before June 2022 | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Interest and fees capitalized | 919,000 | |||||||||||||||
Development Financing Member | ||||||||||||||||
NOTES PAYABLE: | ||||||||||||||||
Maximum borrowing capacity | $ 3,750,000 | |||||||||||||||
Outstanding amount | $ 852,000 | 852,000 | ||||||||||||||
Principal repayments | $ 0 | |||||||||||||||
Interest rate | 3.75% | 3.75% | ||||||||||||||
Interest and fees capitalized | $ 3,000 | $ 3,000 | ||||||||||||||
Book value of real estate property collateralized | $ 4,511,000 | $ 4,511,000 |
REVENUES - Additional Informati
REVENUES - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020acustomer | Oct. 31, 2019customer | Oct. 31, 2020acustomer | Oct. 31, 2019customer | |
Property, Plant and Equipment [Line Items] | ||||
Surface areas of land held | a | 6,000 | 6,000 | ||
Minerals and mineral rights | ||||
Property, Plant and Equipment [Line Items] | ||||
Surface areas of land held | a | 55,000 | 55,000 | ||
Land sale revenues | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of customers | customer | 4 | 3 | 4 | 3 |
Home sale revenues | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of customers | customer | 1 |
REVENUES - OTHER REVENUES (Deta
REVENUES - OTHER REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
OTHER REVENUES | ||||
Oil & gas royalties | $ 25 | $ 0 | $ 36 | $ 0 |
Private infrastructure reimbursement covenants | 245 | 140 | 378 | 231 |
Public improvement district reimbursements | 69 | 26 | 244 | 26 |
Miscellaneous other revenue | 37 | 187 | 87 | 231 |
Other Revenue, Net | $ 376 | $ 353 | $ 745 | $ 488 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
General and Administrative Expense, Disclosure [Line Items] | ||||
General and administrative expenses | $ 1,523 | $ 4,121 | $ 2,967 | $ 5,687 |
Land Development | ||||
General and Administrative Expense, Disclosure [Line Items] | ||||
General and administrative expenses | 665 | 602 | 1,271 | 1,274 |
Homebuilding | ||||
General and Administrative Expense, Disclosure [Line Items] | ||||
General and administrative expenses | 118 | 0 | 231 | 0 |
Corporate | ||||
General and Administrative Expense, Disclosure [Line Items] | ||||
General and administrative expenses | $ 740 | $ 3,519 | $ 1,465 | $ 4,413 |
GENERAL AND ADMINISTRATIVE EX_4
GENERAL AND ADMINISTRATIVE EXPENSES - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
GENERAL AND ADMINISTRATIVE EXPENSES | ||||
Non-cash pre-tax pension settlement charge | $ 0 | $ 2,929,000 | $ 0 | $ 2,929,000 |
Lump sum payouts of pension benefits to former employees | $ 7,280,000 |
BENEFIT PLANS (Details)
BENEFIT PLANS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Decrease in pension liability, net of tax ($42 in 2020 and $43 in 2019) | $ 90,000 | $ 98,000 | $ 180,000 | $ 252,000 |
Voluntary Contributions To The Pension Plan | 1,847,000 | 3,600,000 | 1,847,000 | 3,600,000 |
Payment for Pension Benefits | 7,280,000 | |||
Expected lump sum payments from the pension funds | $ 0 | 2,929,000 | 0 | 2,929,000 |
Share-based Compensation, Total | 42,000 | 107,000 | ||
Number of common stock issued to directors for settlement of deferred stock units | 12,411 | |||
Cash paid to directors in lieu of issuance of deferred common share units | 20,000 | |||
Non employee Individual of Board of Directors [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-cash expense related to deferred common share units | $ 21,000 | $ 23,000 | $ 35,000 | $ 53,000 |
Equity Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 12,834 | 14,833 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 29,000 | 36,834 | 29,000 | 36,834 |
Two Thousand Six Equity Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 9,000 | 9,000 | ||
Restricted Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based Compensation, Total | $ 25,000 | $ 30,000 | $ 7,000 | $ 54,000 |
Restricted Stock [Member] | Equity Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 73,000 | $ 135,000 | $ 73,000 | $ 135,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
INTEREST (EXPENSE) INCOME, NE_2
INTEREST (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
INTEREST (EXPENSE) INCOME, NET | ||||
Interest income on savings | $ 2 | $ 43 | $ 8 | $ 102 |
Interest income on notes | 1 | 2 | 1 | 3 |
Interest on deferred purchase price | 0 | 96 | 0 | 160 |
Interest expense | (15) | 0 | (15) | 0 |
Interest income, net | $ (12) | $ 141 | $ (6) | $ 265 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Oct. 31, 2020 | Oct. 31, 2020 | |
Other Nonoperating Income | $ 650,000 | $ 650,000 |
Settlement Agreement [Member] | ||
Amount of settlement received | 650,000 | |
Palm Coast, Florida | ||
Rental income | $ 350,000 |
STOCK REPURCHASES (Details)
STOCK REPURCHASES (Details) - USD ($) | 1 Months Ended | ||
Oct. 31, 2020 | Aug. 31, 2020 | Sep. 30, 2020 | |
STOCK REPURCHASES | |||
Stock Repurchased and Retired During Period, Shares | 675,616 | 11,847 | |
Stock Repurchase Price Per Share | $ 6.18 | $ 4.48 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000 | ||
Stock Repurchase Program, Authorized Amount | $ 5,000,000 |
INFORMATION ABOUT THE COMPANY_3
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 9,256,000 | $ 3,960,000 | $ 13,462,000 | $ 8,727,000 | |
Net income (loss) | 798,000 | (2,169,000) | 1,391,000 | (2,365,000) | |
Provision (benefit) for income taxes | 319,000 | (622,000) | 465,000 | (756,000) | |
Interest expense (income), net (b) | 12,000 | (141,000) | 6,000 | (265,000) | |
Depreciation | 132,000 | 161,000 | 270,000 | 289,000 | |
EBITDA (c) | 1,261,000 | (2,771,000) | 2,132,000 | (3,097,000) | |
Capital expenditures | 3,000 | 5,000 | 3,000 | 5,000 | |
TOTAL ASSETS | 95,720,000 | 95,629,000 | $ 95,720,000 | 95,629,000 | $ 96,666,000 |
Number of business segment | 1 | ||||
Land Development | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 8,989,000 | 3,620,000 | $ 12,845,000 | 8,045,000 | |
Net income (loss) | 1,693,000 | (352,000) | 2,399,000 | (785,000) | |
Provision (benefit) for income taxes | 313,000 | (103,000) | 327,000 | (226,000) | |
Interest expense (income), net (b) | 13,000 | (10,000) | 11,000 | (14,000) | |
Depreciation | 8,000 | 4,000 | 22,000 | 9,000 | |
EBITDA (c) | 2,027,000 | (461,000) | 2,759,000 | (1,016,000) | |
Capital expenditures | 5,000 | 5,000 | |||
TOTAL ASSETS | 76,777,000 | 71,680,000 | 76,777,000 | 71,680,000 | |
Homebuilding | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 202,000 | 202,000 | |||
Net income (loss) | (66,000) | (152,000) | |||
Provision (benefit) for income taxes | (24,000) | (51,000) | |||
EBITDA (c) | (90,000) | (203,000) | |||
Capital expenditures | 3,000 | 3,000 | |||
TOTAL ASSETS | 1,494,000 | 1,494,000 | |||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 65,000 | 340,000 | 415,000 | 682,000 | |
Net income (loss) | (829,000) | (1,817,000) | (856,000) | (1,580,000) | |
Provision (benefit) for income taxes | 30,000 | (519,000) | 189,000 | (530,000) | |
Interest expense (income), net (b) | (1,000) | (131,000) | (5,000) | (251,000) | |
Depreciation | 124,000 | 157,000 | 248,000 | 280,000 | |
EBITDA (c) | (676,000) | (2,310,000) | (424,000) | (2,081,000) | |
Capital expenditures | 0 | ||||
TOTAL ASSETS | $ 17,449,000 | $ 23,949,000 | $ 17,449,000 | $ 23,949,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | 1 Months Ended | ||
Nov. 30, 2020 | Oct. 31, 2020 | Aug. 31, 2020 | |
Subsequent Event [Line Items] | |||
Repurchase price per share | $ 6.18 | $ 4.48 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares repurchased | 143,482 | ||
Repurchase price per share | $ 6.18 |