Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2016 | Dec. 12, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | AMREP CORP. | |
Entity Central Index Key | 6,207 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | AXR | |
Entity Common Stock, Shares Outstanding | 8,077,954 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 11,906 | $ 14,562 |
Receivables, net | 6,950 | 7,271 |
Real estate inventory | 57,743 | 61,663 |
Investment assets, net | 9,716 | 10,326 |
Property, plant and equipment, net | 11,337 | 11,997 |
Other assets | 3,173 | 3,478 |
Taxes receivable | 69 | 48 |
Deferred income taxes, net | 10,922 | 11,283 |
TOTAL ASSETS | 111,816 | 120,628 |
LIABILITIES: | ||
Accounts payable and accrued expenses | 7,578 | 8,453 |
Notes payable: | ||
Amounts due within one year | 0 | 555 |
Amounts due to related party | 3,655 | 12,384 |
Notes payable | 3,655 | 12,939 |
Other liabilities and deferred revenue | 3,565 | 3,682 |
Accrued pension cost | 13,340 | 12,710 |
TOTAL LIABILITIES | 28,138 | 37,784 |
SHAREHOLDERS’ EQUITY: | ||
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,303,204 at October 31, 2016 and 8,284,704 at April 30, 2016 | 830 | 828 |
Capital contributed in excess of par value | 50,643 | 50,553 |
Retained earnings | 47,521 | 46,779 |
Accumulated other comprehensive loss, net | (11,101) | (11,101) |
Treasury stock, at cost; 225,250 shares at October 31, 2016 and April 30, 2016 | (4,215) | (4,215) |
TOTAL SHAREHOLDERS’ EQUITY | 83,678 | 82,844 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 111,816 | $ 120,628 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - $ / shares | Oct. 31, 2016 | Apr. 30, 2016 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,303,204 | 8,284,704 |
Treasury stock, shares | 225,250 | 225,250 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Retained Earnings - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | ||
REVENUES: | |||||
Fulfillment services | $ 7,858 | $ 8,726 | $ 15,686 | $ 17,907 | |
Real estate land sales | 3,529 | 2,180 | 6,249 | 2,290 | |
Other revenues (Note 8) | 78 | 315 | 1,738 | 599 | |
Revenues | [1] | 11,465 | 11,221 | 23,673 | 20,796 |
COSTS AND EXPENSES: | |||||
Real estate land sales | 2,944 | 1,882 | 5,522 | 1,918 | |
Operating expenses: | |||||
Fulfillment services | 6,707 | 7,867 | 13,380 | 16,647 | |
Real estate selling expenses | 17 | 55 | 58 | 108 | |
Other | 390 | 333 | 760 | 680 | |
General and administrative expenses: | |||||
Fulfillment services | 327 | 880 | 680 | 1,745 | |
Real estate operations and corporate | 878 | 946 | 1,880 | 1,965 | |
Interest expense | 82 | 364 | 306 | 743 | |
Costs and Expenses, Total | 11,345 | 12,327 | 22,586 | 23,806 | |
Income (loss) from operations before income taxes | 120 | (1,106) | 1,087 | (3,010) | |
Provision (benefit) for income taxes | [1] | 8 | (430) | 345 | (1,155) |
Net income (loss) | 112 | (676) | 742 | (1,855) | |
Retained earnings, beginning of period | 47,409 | 55,824 | 46,779 | 57,003 | |
Retained earnings, end of period | $ 47,521 | $ 55,148 | $ 47,521 | $ 55,148 | |
Earnings (loss) per share, net - basic and diluted (in dollars per share) | $ 0.01 | $ (0.08) | $ 0.09 | $ (0.23) | |
Weighted average number of common shares outstanding (in shares) | 8,050,000 | 8,038,000 | 8,046 | 8,034 | |
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows from Operations - USD ($) $ in Thousands | 6 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) from operations | $ 742 | $ (1,855) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | [1] | 717 | 1,453 |
Non-cash credits and charges: | |||
Allowance for doubtful accounts | 15 | (24) | |
Stock-based compensation | 35 | 37 | |
Loss on disposal of fixed assets | 0 | 5 | |
Changes in assets and liabilities: | |||
Receivables | 306 | (246) | |
Real estate inventory and investment assets | 4,529 | 571 | |
Other assets | 355 | 908 | |
Accounts payable and accrued expenses | (875) | (239) | |
Taxes receivable and payable | (21) | (2,444) | |
Deferred income taxes and other liabilities | 244 | (569) | |
Accrued pension costs | 630 | 509 | |
Total adjustments | 5,935 | (39) | |
Net cash provided by (used in) operating activities | 6,677 | (1,894) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures - property, plant and equipment | [1] | (49) | (271) |
Proceeds from line of credit receivable | 0 | 2,000 | |
Net cash provided by (used in) investing activities | (49) | 1,729 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from debt financing | 340 | 0 | |
Principal debt payments | (9,624) | (882) | |
Net transfers from discontinued operations | 0 | 1,394 | |
Net cash provided by (used in) financing activities | (9,284) | 512 | |
Increase (decrease) in cash and cash equivalents | (2,656) | 347 | |
Cash and cash equivalents, beginning of period | 14,562 | 12,050 | |
Cash and cash equivalents, end of period | 11,906 | 12,397 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid, net of amounts capitalized | 292 | 688 | |
Income taxes paid, net | $ 3 | $ 1,860 | |
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | (1) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in two business segments: the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries and the Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”) and its affiliates. The Company’s foreign sales are insignificant. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless otherwise qualified, all references to 2017 and 2016 are to the fiscal years ending April 30, 2017 and 2016 and all references to the second quarter and first six months of 2017 and 2016 mean the fiscal three and six month periods ended October 31, 2016 and 2015. 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, 2016, which was filed with the SEC on July 29, 2016 (the “2016 Form 10-K”). Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
RECEIVABLES
RECEIVABLES | 6 Months Ended |
Oct. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (2) RECEIVABLES October 31, April 30, 2016 2016 Fulfillment Services $ 7,397 $ 7,357 Real estate operations and corporate - 348 7,397 7,705 Less allowance for doubtful accounts (447) (434) $ 6,950 $ 7,271 During the first six months of 2017 and 2016, 2,477,000 10.5 and $ 2,787,000 or 13.4 295,000 |
INVESTMENT ASSETS
INVESTMENT ASSETS | 6 Months Ended |
Oct. 31, 2016 | |
Investment Assets [Abstract] | |
Investment Assets Disclosure [Text Block] | (3) INVESTMENT ASSETS Investment assets, net consist of the following (in thousands): October 31, April 30, 2016 2016 Land held for long-term investment $ 9,716 $ 9,717 Other - 609 $ 9,716 $ 10,326 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, 2016, the Company held approximately 12,000 At April 30, 2016, Other included an approximately 2,200 property owned by a subsidiary of AMREP Southwest in Rio Rancho, New Mexico. In the first quarter of 2017, this property was sold |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Oct. 31, 2016 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment [Text Block] | (4) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following (in thousands): October 31, April 30, 2016 2016 Land, buildings and improvements $ 15,877 $ 15,864 Furniture and equipment 19,203 19,140 35,080 35,004 Less accumulated depreciation (23,743) (23,007) $ 11,337 $ 11,997 |
OTHER ASSETS
OTHER ASSETS | 6 Months Ended |
Oct. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | (5) OTHER ASSETS Other assets consist of the following (in thousands): October 31, April 30, 2016 2016 Prepaid expenses $ 2,139 $ 2,358 Deferred order entry costs 769 845 Other 265 275 $ 3,173 $ 3,478 Deferred order entry costs represent costs incurred in connection with the data entry of customer subscription information to database files and are charged directly to operations generally over a twelve month period. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 6 Months Ended |
Oct. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following (in thousands): October 31, April 30, 2016 2016 Fulfillment Services $ 6,416 $ 6,712 Real estate operations and corporate 1,162 1,741 $ 7,578 $ 8,453 The October 31, 2016 accounts payable and accrued expenses total included customer postage deposits of $ 3,649,000 1,790,000 642,000 1,497,000 3,947,000 1,998,000 837,000 1,671,000 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | (7) NOTES PAYABLE October 31, April 30, 2016 2016 Credit facilities: Real estate operations - due to related party $ 3,655 $ 12,384 Real estate operations - other - 555 $ 3,655 $ 18,090 Real Estate Related Party Loan AMREP Southwest has a loan from a company owned by Nicholas G. Karabots, a significant shareholder of the Company and in which another director of the Company has a 20 3,655,000 December 1, 2017 8.5 55,430,000 Other Notes Payable A subsidiary of AMREP Southwest had a loan agreement with U.S. Bank National Association for the construction of a 2,200 October 31, 2016 0.5 555,000 |
OTHER REVENUES
OTHER REVENUES | 6 Months Ended |
Oct. 31, 2016 | |
Other Revenue [Abstract] | |
Other Revenue [Text Block] | (8) OTHER REVENUES During the first quarter of 2017, a subsidiary of AMREP Southwest 1,496,000 In addition, refer to Note 11 to the consolidated financial statements contained in the 2016 Form 10-K for detail about the Oil and Gas Lease and the Addendum thereto with Thrust Energy, Inc. and Cebolla Roja, LLC. No royalties under the Lease were received during the first six months of 2017. Revenue from this transaction is being recorded over the lease term and approximately $ 57,000 114,000 417,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Oct. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (9) FAIR VALUE MEASUREMENTS The Financial Instruments Topic of the Financial Accounting Standards Board Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. The Topic excludes all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions are used in estimating fair value disclosure for financial instruments: the carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. The Company did not have any long-term, fixed-rate notes receivable at October 31, 2016 or April 30, 2016. The estimated fair value of the Company’s long-term, fixed-rate note payable was $ 3,340,000 11,102,000 3,655,000 12,384,000 |
BENEFIT PLANS
BENEFIT PLANS | 6 Months Ended |
Oct. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (10) BENEFIT PLANS Retirement plan The Company has a defined benefit retirement plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004. The Company has secured $ 5,019,000 Equity compensation plan The Company issued 19,500 during the first six months of 2017. During the first six months of 2017, 11,000 vested. In addition, 1,000 26,500 20,000 35,000 share 16,000 37,000 As of October , there was $92 of total unrecognized compensation expense related to share , which is expected to be recognized over the remaining vesting term not to exceed three years. During the second quarter of 2017, the shareholders of the Company, at the Company’s 2016 Annual Meeting of Shareholders, approved the AMREP Corporation 2016 Equity Compensation Plan (the “2016 Equity Plan”). The 2016 Equity Plan became effective on September 20, 2016 and authorizes the issuance of up to 500,000 As previously disclosed, on the last trading day of calendar year 2016, each non-employee member of the Company’s Board of Directors will be issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $15,000 divided by the closing price per share of common stock, reported on the New York Stock Exchange on such date. On the last trading day of each calendar year after calendar year 2016, each non-employee member of the Company’s Board of Directors will be issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $20,000 divided by the closing price per share of Common Stock reported on the New York Stock Exchange on such date. |
INFORMATION ABOUT THE COMPANY'S
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | 6 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | (11) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS Corporate Real Estate Fulfillment and Operations Services Other Consolidated Three months ended October 31, 2016 (a): Revenues $ 3,597 $ 7,858 $ 10 $ 11,465 Net income (loss) from operations (402) (32) 546 112 Provision (benefit) for income taxes (236) (13) 257 8 Interest expense (income), net (b) 574 268 (760) 82 Depreciation and amortization 20 330 - 350 EBITDA (c) $ (44) $ 553 $ 43 $ 552 Capital expenditures $ - $ 10 $ - $ 10 Three months ended October 31, 2015 (a): Revenues $ 2,256 $ 8,726 $ 239 $ 11,221 Net income (loss) from operations $ (591) $ (506) $ 421 $ (676) Provision (benefit) for income taxes (347) (297) 214 (430) Interest expense (income), net (b) 596 182 (414) 364 Depreciation and amortization 22 677 8 707 EBITDA (c) $ (320) $ 56 $ 229 $ (35) Capital expenditures $ - $ 189 $ - $ 189 Corporate Real Estate Fulfillment and Operations Services Other Consolidated Six months ended October 31, 2016 (a): Revenues $ 7,967 $ 15,686 $ 20 $ 23,673 Net income (loss) from operations (155) (74) 971 742 Provision (benefit) for income taxes (91) (38) 474 345 Interest expense (income), net (b) 1,221 537 (1,452) 306 Depreciation and amortization 44 673 - 717 EBITDA (c) $ 1,019 $ 1,098 $ (7) $ 2,110 Capital expenditures $ - $ 49 $ - $ 49 Six months ended October 31, 2015 (a): Revenues $ 2,424 $ 17,907 $ 465 $ 20,796 Net income (loss) from operations $ (1,357) $ (1,282) $ 784 $ (1,855) Provision (benefit) for income taxes (801) (753) 399 (1,155) Interest expense (income), net (b) 1,267 349 (873) 743 Depreciation and amortization 45 1,393 15 1,453 EBITDA (c) $ (846) $ (293) $ 325 $ (814) Capital expenditures $ - $ 271 $ - $ 271 (a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. (b) 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 before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables, net consist of the following (in thousands): October 31, April 30, 2016 2016 Fulfillment Services $ 7,397 $ 7,357 Real estate operations and corporate - 348 7,397 7,705 Less allowance for doubtful accounts (447) (434) $ 6,950 $ 7,271 |
INVESTMENT ASSETS (Tables)
INVESTMENT ASSETS (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Investment Assets [Abstract] | |
Schedule Of Investment Assets [Table Text Block] | Investment assets, net consist of the following (in thousands): October 31, April 30, 2016 2016 Land held for long-term investment $ 9,716 $ 9,717 Other - 609 $ 9,716 $ 10,326 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Property, Plant and Equipment Disclosure [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consist of the following (in thousands): October 31, April 30, 2016 2016 Land, buildings and improvements $ 15,877 $ 15,864 Furniture and equipment 19,203 19,140 35,080 35,004 Less accumulated depreciation (23,743) (23,007) $ 11,337 $ 11,997 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | Other assets consist of the following (in thousands): October 31, April 30, 2016 2016 Prepaid expenses $ 2,139 $ 2,358 Deferred order entry costs 769 845 Other 265 275 $ 3,173 $ 3,478 |
ACCOUNTS PAYABLE AND ACCRUED 21
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued expenses consist of the following (in thousands): October 31, April 30, 2016 2016 Fulfillment Services $ 6,416 $ 6,712 Real estate operations and corporate 1,162 1,741 $ 7,578 $ 8,453 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Notes payable consist of the following (in thousands): October 31, April 30, 2016 2016 Credit facilities: Real estate operations - due to related party $ 3,655 $ 12,384 Real estate operations - other - 555 $ 3,655 $ 18,090 |
INFORMATION ABOUT THE COMPANY23
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Corporate Real Estate Fulfillment and Operations Services Other Consolidated Three months ended October 31, 2016 (a): Revenues $ 3,597 $ 7,858 $ 10 $ 11,465 Net income (loss) from operations (402) (32) 546 112 Provision (benefit) for income taxes (236) (13) 257 8 Interest expense (income), net (b) 574 268 (760) 82 Depreciation and amortization 20 330 - 350 EBITDA (c) $ (44) $ 553 $ 43 $ 552 Capital expenditures $ - $ 10 $ - $ 10 Three months ended October 31, 2015 (a): Revenues $ 2,256 $ 8,726 $ 239 $ 11,221 Net income (loss) from operations $ (591) $ (506) $ 421 $ (676) Provision (benefit) for income taxes (347) (297) 214 (430) Interest expense (income), net (b) 596 182 (414) 364 Depreciation and amortization 22 677 8 707 EBITDA (c) $ (320) $ 56 $ 229 $ (35) Capital expenditures $ - $ 189 $ - $ 189 Corporate Real Estate Fulfillment and Operations Services Other Consolidated Six months ended October 31, 2016 (a): Revenues $ 7,967 $ 15,686 $ 20 $ 23,673 Net income (loss) from operations (155) (74) 971 742 Provision (benefit) for income taxes (91) (38) 474 345 Interest expense (income), net (b) 1,221 537 (1,452) 306 Depreciation and amortization 44 673 - 717 EBITDA (c) $ 1,019 $ 1,098 $ (7) $ 2,110 Capital expenditures $ - $ 49 $ - $ 49 Six months ended October 31, 2015 (a): Revenues $ 2,424 $ 17,907 $ 465 $ 20,796 Net income (loss) from operations $ (1,357) $ (1,282) $ 784 $ (1,855) Provision (benefit) for income taxes (801) (753) 399 (1,155) Interest expense (income), net (b) 1,267 349 (873) 743 Depreciation and amortization 45 1,393 15 1,453 EBITDA (c) $ (846) $ (293) $ 325 $ (814) Capital expenditures $ - $ 271 $ - $ 271 (a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. (b) 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 before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
RECEIVABLES (Details)
RECEIVABLES (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 7,397 | $ 7,705 |
Less allowance for doubtful accounts | (447) | (434) |
Accounts Receivable, Net | 6,950 | 7,271 |
Fulfillment Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | 7,397 | 7,357 |
Real Estate Operations and Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross | $ 0 | $ 348 |
RECEIVABLES (Details Textual)
RECEIVABLES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Nov. 30, 2016 | Apr. 30, 2016 | ||||
Revenues, Total | [1] | $ 11,465,000 | $ 11,221,000 | $ 23,673,000 | $ 20,796,000 | ||||
Accounts Receivable, Net | 6,950,000 | 6,950,000 | $ 7,271,000 | ||||||
Customer Concentration Risk [Member] | |||||||||
Revenues, Total | $ 2,477,000 | $ 2,787,000 | |||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||
Concentration Risk, Percentage | 10.50% | 13.40% | |||||||
Fulfillment Services [Member] | |||||||||
Revenues, Total | $ 7,858,000 | $ 8,726,000 | $ 15,686,000 | [1] | $ 17,907,000 | [1] | |||
Fulfillment Services [Member] | Subsequent Event [Member] | |||||||||
Accounts Receivable, Net | $ 295,000 | ||||||||
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. |
INVESTMENT ASSETS (Details)
INVESTMENT ASSETS (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
Investment Assets [Line Items] | ||
Land held for long-term investment | $ 9,716 | $ 9,717 |
Other | 0 | 609 |
Real Estate Investment Property, Net, Total | $ 9,716 | $ 10,326 |
INVESTMENT ASSETS (Details Text
INVESTMENT ASSETS (Details Textual) | Oct. 31, 2016a | Apr. 30, 2016ft² |
Investment Assets [Line Items] | ||
Area of Land | a | 12,000 | |
AMREP Southwest in Rio Rancho [Member] | ||
Investment Assets [Line Items] | ||
Area of Land | ft² | 2,200 |
PROPERTY, PLANT AND EQUIPMENT28
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 35,080 | $ 35,004 |
Less accumulated depreciation | (23,743) | (23,007) |
Property, plant and equipment, net | 11,337 | 11,997 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 15,877 | 15,864 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 19,203 | $ 19,140 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
Prepaid Expense and Other Assets | $ 3,173 | $ 3,478 |
Prepaid Expenses [Member] | ||
Prepaid expenses | 2,139 | 2,358 |
Deferred Order Entry Costs [Member] | ||
Deferred order entry costs | 769 | 845 |
Other Intangible Assets [Member] | ||
Other | $ 265 | $ 275 |
ACCOUNTS PAYABLE AND ACCRUED 30
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | $ 7,578 | $ 8,453 |
Fulfillment Services [Member] | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | 6,416 | 6,712 |
Real Estate Operations and Corporate [Member] | ||
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accounts payable, net and accrued expenses | $ 1,162 | $ 1,741 |
ACCOUNTS PAYABLE AND ACCRUED 31
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Textual) - USD ($) | Oct. 31, 2016 | Apr. 30, 2016 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accrued Liabilities | $ 1,790,000 | $ 1,998,000 |
Customer Postage Deposits Current And Noncurrent | 3,649,000 | 3,947,000 |
Accounts Payable, Trade | 642,000 | 837,000 |
Other Accounts Payable and Accrued Liabilities | $ 1,497,000 | $ 1,671,000 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Apr. 30, 2016 |
Credit facilities: | ||
Notes Payable, Related Parties | $ 3,655 | $ 12,384 |
Notes Payable | 3,655 | 12,939 |
Real estate operations [Member] | ||
Credit facilities: | ||
Notes Payable, Related Parties | 3,655 | 12,384 |
Other Notes Payable | $ 0 | $ 555 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) | 6 Months Ended | |
Oct. 31, 2016USD ($)ft² | Apr. 30, 2016USD ($) | |
Real Estate Loan [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable, Related Parties, Noncurrent | $ 3,655,000 | |
Debt Instrument, Maturity Date | Dec. 1, 2017 | |
Book Value Of Real Estate Property Collateralized | $ 55,430,000 | |
Line Of Credit Facility Participation Percentage Purchased | 20.00% | |
Real Estate Loan [Member] | Debt collateralizing property instrument [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 8.50% | |
US Bank Facility [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Notes Payable | $ 555,000 | |
Debt Instrument, Maturity Date | Oct. 31, 2016 | |
Area of Real Estate Property | ft² | 2,200 | |
US Bank Facility [Member] | Debt of subsidiary note payable instrument [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 0.50% |
OTHER REVENUES (Details Textual
OTHER REVENUES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Other Revenues [Line Items] | ||||
Operating Leases, Income Statement, Lease Revenue | $ 57,000 | $ 114,000 | $ 57,000 | $ 114,000 |
Deferred Revenue, Leases, Net | $ 417,000 | 417,000 | ||
Building [Member] | ||||
Other Revenues [Line Items] | ||||
Gain (Loss) on Sale of Properties | $ 1,496,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Textual) - USD ($) | Oct. 31, 2016 | Apr. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and Loans, Noncurrent, Total | $ 3,655,000 | $ 12,384,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 3,340,000 | $ 11,102,000 |
BENEFIT PLANS (Details Textual)
BENEFIT PLANS (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Sep. 20, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Share-based Compensation, Total | $ 35,000 | $ 37,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 92,000 | 92,000 | |||
Equity Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share-based Compensation, Total | $ 20,000 | $ 16,000 | $ 35,000 | $ 37,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 11,000 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 19,500 | ||||
Two Thousand Six Equity Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 26,500 | 26,500 | |||
Stock Returned During Period, Shares, Restricted Stock Award | 1,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||||
Deferred Compensation Arrangement with Individual, Description | As previously disclosed, on the last trading day of calendar year 2016, each non-employee member of the Company’s Board of Directors will be issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $15,000 divided by the closing price per share of common stock, reported on the New York Stock Exchange on such date. On the last trading day of each calendar year after calendar year 2016, each non-employee member of the Company’s Board of Directors will be issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $20,000 divided by the closing price per share of Common Stock reported on the New York Stock Exchange on such date. | ||||
PBGC [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Benefit Plan Accelerated Funding | $ 5,019,000 |
INFORMATION ABOUT THE COMPANY37
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||
Revenues | [1] | $ 11,465 | $ 11,221 | $ 23,673 | $ 20,796 | ||
Net income (loss) from operations | [1] | 112 | (676) | 742 | (1,855) | ||
Provision (benefit) for income taxes | [1] | 8 | (430) | 345 | (1,155) | ||
Interest expense (income), net (b) | [1],[2] | 82 | 364 | 306 | 743 | ||
Depreciation and amortization | [1] | 350 | 707 | 717 | 1,453 | ||
EBITDA (c) | [1],[3] | 552 | (35) | 2,110 | (814) | ||
Capital expenditures | [1] | 10 | 189 | 49 | 271 | ||
Fulfillment Services [Member] | |||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||
Revenues | 7,858 | 8,726 | 15,686 | [1] | 17,907 | [1] | |
Net income (loss) from operations | (32) | (506) | (74) | [1] | (1,282) | [1] | |
Provision (benefit) for income taxes | (13) | (297) | (38) | [1] | (753) | [1] | |
Interest expense (income), net (b) | [1],[2] | 268 | 182 | 537 | 349 | ||
Depreciation and amortization | 330 | 677 | 673 | [1] | 1,393 | [1] | |
EBITDA (c) | [1],[3] | 553 | 56 | 1,098 | (293) | ||
Capital expenditures | 10 | 189 | 49 | [1] | 271 | [1] | |
Real Estate Operations [Member] | |||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||
Revenues | 3,597 | 2,256 | 7,967 | [1] | 2,424 | [1] | |
Net income (loss) from operations | (402) | (591) | (155) | [1] | (1,357) | [1] | |
Provision (benefit) for income taxes | (236) | (347) | (91) | [1] | (801) | [1] | |
Interest expense (income), net (b) | [1],[2] | 574 | 596 | 1,221 | 1,267 | ||
Depreciation and amortization | 20 | 22 | 44 | [1] | 45 | [1] | |
EBITDA (c) | [1],[3] | (44) | (320) | 1,019 | (846) | ||
Capital expenditures | 0 | 0 | 0 | [1] | 0 | [1] | |
Corporate and Other [Member] | |||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||
Revenues | [1] | 10 | 239 | 20 | 465 | ||
Net income (loss) from operations | [1] | 546 | 421 | 971 | 784 | ||
Provision (benefit) for income taxes | [1] | 257 | 214 | 474 | 399 | ||
Interest expense (income), net (b) | [1],[2] | (760) | (414) | (1,452) | (873) | ||
Depreciation and amortization | [1] | 0 | 8 | 0 | 15 | ||
EBITDA (c) | [1],[3] | 43 | 229 | (7) | 325 | ||
Capital expenditures | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations. | ||||||
[2] | Interest expense (income), net includes inter-segment interest expense (income) that is eliminated in consolidation. | ||||||
[3] | The Company uses EBITDA (which the Company defines as income 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. |