10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q/A

(Amendment No. 1)

[ X ]           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended     July 31, 2011     

OR

[    ]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________  to  ______________________

Commission File Number        1-4702

AMREP Corporation

(Exact name of Registrant as specified in its charter)

Oklahoma	59-0936128
(State or other jurisdiction of	(IRS Employer
incorporation or organization)	Identification No.)

300 Alexander Park, Suite 204, Princeton, New Jersey	08540
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:  (609) 716-8200

Not Applicable

(Former name or former address, if changed since last report)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

Yes X No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	Accelerated filer
Non-accelerated filer	Smaller reporting company	X
(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

Number of Shares of Common Stock, par value $.10 per share, outstanding at August 31, 2011 – 5,996,212.

EXPLANATORY NOTE

The purpose of this Amendment No. 1 on Form 10-Q/A to AMREP Corporation’s Quarterly Report on Form 10-Q for the period ended July 31, 2011, filed with the Securities and Exchange Commission on September 14, 2011 (“Form 10-Q”) is solely to furnish Exhibit 101 XBRL (eXtensible Business Reporting Language) interactive data files in accordance with Rule 405 (a)(2) of Regulation S-T.

Included as Exhibit 101 to this report is the following information formatted in XBRL: (i) the consolidated balance sheets at July 31, 2011 and April 30, 2011, (ii) the consolidated statements of operations for the three months ended July 31, 2011 and 2010, (iii) the consolidated statements of cash flows for the three months ended July 31, 2011 and 2010, and (iv) the notes to the interim consolidated financial statements (tagged as blocks of text).

No other changes have been made to the Form 10-Q, and this Form 10-Q/A does not reflect any subsequent events occurring after the original filing date of the Form 10-Q or modify or update any other disclosures made in the Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive date files contained in Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

PART II. OTHER INFORMATION

Item 6.    Exhibits

Exhibit No.	Description
3.2	By-Laws, as amended. (1)
31.1	Certification of the chief executive officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934. (1)
31.2	Certification of the chief financial officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934. (1)
32	Certification of the chief executive officer and chief financial officer required pursuant to 18 U.S.C. Section 1350. (1)
101.INS	XBRL Instance Document (2)
101.SCH	XBRL Taxonomy Extension Schema (2)
101.CAL	XBRL Taxonomy Extension Calculation Linkbase (2)
101.DEF	XBRL Taxonomy Extension Definition Linkbase (2)
101.LAB	XBRL Taxonomy Extension Label Linkbase (2)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase (2)

(1)	Filed with AMREP Corporation’s Quarterly Report on Form 10-Q filed on September 14, 2011 for the period ended July 31, 2011.
(2)	Furnished herewith.

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:  September 15, 2011	AMREP CORPORATION (Registrant)
	By: /s/  Peter M. Pizza
	Peter M. Pizza Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

2

EXHIBIT INDEX

Exhibit No.	Description
3.2	By-Laws, as amended (1)
31.1	Certification of the chief executive officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934 (1)
31.2	Certification of the chief financial officer required by Rule 13a-14(a) under the Securities Exchange Act of 1934 (1)
32	Certification of the chief executive officer and chief financial officer required pursuant to 18 U.S.C. Section 1350 (1)
101.INS	XBRL Instance Document (2)
101.SCH	XBRL Taxonomy Extension Schema (2)
101.CAL	XBRL Taxonomy Extension Calculation Linkbase (2)
101.DEF	XBRL Taxonomy Extension Definition Linkbase (2)
101.LAB	XBRL Taxonomy Extension Label Linkbase (2)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase (2)

(1)	Filed with AMREP Corporation’s Quarterly Report on Form 10-Q filed on September 14, 2011 for the period ended July 31, 2011.
(2)	Furnished herewith.

3

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Consolidated Balance Sheets [Parenthetical] (USD $)	Jul. 31, 2011	Apr. 30, 2011
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	7,420,704	7,420,704
Treasury Stock, shares	1,424,492	1,424,492

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Consolidated Statements of Operations and Retained Earnings (USD $) In Thousands, except Per Share data	3 Months Ended
	Jul. 31, 2011	Jul. 31, 2010
REVENUES:
Media services operations	$ 21,377	$ 24,236
Real estate land sales	108	824
Interest and other	8	27
Revenues	21,493	25,087
COSTS AND EXPENSES:
Real estate land sales	74	399
Operating expenses:
Media services operations	17,816	20,666
Real estate commissions and selling	59	80
Other	349	940
General and administrative:
Media services operations	2,201	2,336
Real Estate operations and corporate	1,036	990
Interest expense, net of capitalized amounts	385	423
Costs and Expenses	21,920	25,834
LOSS BEFORE INCOME TAXES	(427)	(747)
BENEFIT FOR INCOME TAXES	(148)	(249)
NET LOSS	(279)	(498)
RETAINED EARNINGS, beginning of period	67,901	75,462
RETAINED EARNINGS, end of period	$ 67,622	$ 74,964
LOSS PER SHARE - BASIC AND DILUTED (in dollars per share)	$ (0.05)	$ (0.08)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares)	5,996	5,996

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Document and Entity Information	3 Months Ended
	Jul. 31, 2011	Aug. 31, 2011
Entity Registrant Name	AMREP CORP.
Entity Central Index Key	0000006207
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	axr
Entity Common Stock, Shares Outstanding		5,996,212
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2011
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

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Notes Payable

3 Months Ended

Jul. 31, 2011

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

(7)          Notes Payable

Notes payable consist of the following (in thousands):

	July 31, 2011		April 30, 2011
Credit facilities:
Media services operations	$	-	$	-
Real estate operations		18,714		19,339
Other notes payable		4,606		4,646
	$	23,320	$	23,985

Media Services has a Revolving Credit and Security Agreement with a bank (the “Media Services Credit Facility”) which matures May 12, 2013 that provides for a revolving credit loan and letter of credit facility of up to $20,000,000, with availability within that limit based upon the lesser of (i) a percentage of the borrowers’ eligible accounts receivable or (ii) the recent level of collections of accounts receivable.  Subject to certain terms, funds may be borrowed, repaid and re-borrowed at any time.  Borrowings under the Media Services Credit Facility are being used for Media Services working capital needs and general business purposes and, subject to the Media Services consolidated fixed charge coverage ratio (as defined) being at a stated level, may also be used to provide payments on certain indebtedness due a Company subsidiary that is not a party to the Media Services Credit Facility.  

The borrowers' obligations under the Media Services Credit Facility are secured by substantially all of their assets other than real property.  The revolving loans under the Media Services Credit Facility may be fluctuating rate borrowings or Eurodollar fixed rate based borrowings or a combination of the two as the borrowers may select.  Fluctuating rate borrowings bear interest at a rate which is, at the borrowers’ option, either (i) the reserve adjusted daily published rate for one month LIBOR loans plus a margin of 3.0%, or (ii) the highest of two daily published market rates and the bank lender’s base commercial lending rate in effect from time to time, but in any case not less than 3.0% plus a margin of 2.0% (that is, not less than 5.0%).  Eurodollar fixed rate based borrowings may be for one, two or six months and bear interest at the reserve adjusted Eurodollar interest rates for borrowings of such durations, plus a margin of 3.0%, which may be reduced to 2.75% depending on the borrowers’ financial condition.  At July 31, 2011, there were no outstanding borrowings under the Media Services Credit Facility.  The highest amount borrowed during the quarter ended July 31, 2011 was $3,371,000.  The Media Services Credit Facility requires the borrowers to meet certain covenants.

AMREP Southwest has a Loan Agreement and a related Promissory Note dated December 17, 2009 with a bank, both of which were amended on April 29, 2011 (said Loan Agreement and Promissory Note, as so amended, together, the “ASW Credit Facility”).   The ASW Credit Facility is a non-revolving loan with an outstanding principal balance at July 31, 2011 of $18,714,000, with principal payments due quarterly on September 15, 2011, December 15, 2011, March 15, 2012 and June 15, 2012 in installments of the greater of $625,000 or one-half of the net cash received (as defined) by AMREP Southwest during the quarterly periods ended on such dates from the sale of real estate, with the remaining principal due September 1, 2012.  No further amounts may be borrowed by AMREP Southwest under the ASW Credit Facility.  The outstanding principal of the ASW Credit Facility bears fluctuating interest at the annual rate of reserve adjusted 30-day LIBOR (0.19% at July 31, 2011) plus 3.5%, but not less than 5.0%, and AMREP Southwest is required to maintain a cash reserve with the lender of not less than $500,000 to fund the interest payments.  At July 31, 2011, the interest rate was 5.0% and the cash reserve was $525,000.  The ASW Credit Facility is secured by a mortgage on certain real property of AMREP Southwest with a book value of approximately $54,692,000 and requires that the appraised value of the collateral be at least 2.5 times the outstanding principal of the loan.

The ASW Credit Facility contains a number of covenants and restrictions, including a covenant requiring AMREP Southwest to maintain a minimum tangible net worth (as defined) and a covenant restricting AMREP Southwest from making distributions and other payments to the Company beyond a stated management fee.

At July 31, 2011, the borrowers under the Media Services Credit Facility and the ASW Credit Facility were in compliance with the facilities’ covenants.

Other notes payable consist of a $4,500,000 mortgage note payable on a warehouse with a maturity date of February 2018 and with an interest rate of 6.35% and $106,000 of equipment financing loans with maturity dates through April 2014 with an average interest rate of 7.48%.  The amount of Other notes payable due within one year totals $153,000.

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Investment Assets, Net

3 Months Ended

Jul. 31, 2011

Investment Assets [Abstract]

Investment Assets Disclosure [Text Block]

(3)         Investment Assets, Net

Investment assets, net consist of the following (in thousands):

	July 31, 2011			April 30,  2011
Land held for long-term investment	$	10,646		$	10,646
Other		753			753
Less accumulated depreciation		(260	)		(260	)
		493			493
	$	11,139		$	11,139

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.  Other includes a sales center in Rio Rancho, New Mexico that is not in service and is held for sale and, as such, is no longer being depreciated.

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Taxes

3 Months Ended

Jul. 31, 2011

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

(9) Taxes

Unrecognized tax benefits were $333,000 at July 31, 2011 and April 30, 2011.  As a result of either the expiration of statutes of limitations or the recognition or measurement considerations under the FASB Accounting Standards Codification (“ASC”) 740, the Company believes that it is reasonably possible that the amount of unrecognized tax benefits will decrease within the next twelve months.

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Fair Value Measurements

3 Months Ended

Jul. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(10) Fair Value Measurements

The ASC Financial Instruments Topic requires disclosure of fair value information about financial instruments, whether or not recognized on 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 equivalents, Media services trade receivables and all trade payables approximate fair value because of the short maturity of these financial instruments. Debt that bears variable interest rates indexed to prime or LIBOR also approximates fair value as it reprices when market interest rates change.

The estimated fair value of the Company’s long-term, fixed-rate mortgage receivables was $562,000 at both July 31, 2011 and April 30, 2011 and approximates the carrying amount.  At July 31, 2011 and April 30, 2011, the estimated fair values of the Company’s long-term, fixed-rate notes payable were $5,010,000 and $5,067,000 compared with carrying amounts of $4,606,000 and $4,646,000.

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Other Long-Term Liabilities

3 Months Ended

Jul. 31, 2011

Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]

Other Liabilities Disclosure [Text Block]

(8) Other Long-Term Liabilities

In June 2009, the Company received $3,000,000 pursuant to an agreement with the State of Florida (the “Award Agreement”) as part of the incentives made available to the Company in connection with its project completed in 2011 to consolidate its Subscription Fulfillment Services operations at its Palm Coast, Florida location.  The Award Agreement requires the Company to achieve certain objectives in terms of job retention, job creation and capital investment through December 31, 2012; if the objectives are not met, the Company may need to return a portion, or all, of the $3,000,000.  Accordingly, the $3,000,000 has been recorded as a long term liability until the Company is irrevocably entitled to retain the award, at which time the award will be amortized into income over the life of the assets acquired with the grant monies received.

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Basis of Presentation

3 Months Ended

Jul. 31, 2011

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

(1)           Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Registrant” or 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 four business segments: the Subscription Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”), the Newsstand Distribution Services business and the Product Services and Other businesses operated by Kable Media Services, Inc. and its subsidiaries (“Kable”) (the businesses being operated by Palm Coast and Kable are collectively referred to as “Media Services” or “Media services”), and the real estate business operated by AMREP Southwest Inc. and its subsidiaries (collectively, “AMREP Southwest”).

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 2012 and 2011 are to the fiscal years ending April 30, 2012 and 2011 and all references to the first quarter of 2012 and 2011 mean the fiscal three month periods ended July 31, 2011 and 2010.

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, 2011, which was filed with the SEC on July 21, 2011 (the “2011 Form 10-K”).  Certain 2011 balances in these financial statements have been reclassified to conform to the current year presentation.

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Property, Plant and Equipment, Net

3 Months Ended

Jul. 31, 2011

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Text Block]

(4)           Property, Plant and Equipment, Net

Property, plant and equipment, net consist of the following (in thousands):

	July 31,			April 30,
	2011			2011
Land, buildings and improvements	$	29,617		$	29,344
Furniture and equipment		22,598			22,593
		52,215			51,937
Less accumulated depreciation		(24,522	)		(23,787	)
	$	27,693		$	28,150

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Intangible and Other Assets, Net

3 Months Ended

Jul. 31, 2011

Intangible and Other Assets [Abstract]

Intangible and Other Assets [Text Block]

(5)           Intangible and Other Assets, Net

Intangible and other assets, net consist of the following (in thousands):

	July 31, 2011				April 30, 2011
	Cost		Accumulated  Amortization		Cost		Accumulated  Amortization
Software development costs	$	1,964	$	1,739	$	1,964	$	1,675
Deferred order entry costs		1,591		-		1,785		-
Prepaid expenses		3,014		-		3,252		-
Customer contracts and relationships		15,000		5,674		15,000		5,362
Other		1,689		594		1,695		541
	$	23,258	$	8,007	$	23,696	$	7,578

Software development costs include internal and external costs of the development of new or enhanced software programs and are generally amortized over five years.  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.  Customer contracts and relationships are amortized on a straight line basis over twelve years.

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Accounts Payable, Net and Accrued Expenses

3 Months Ended

Jul. 31, 2011

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

 (6)           Accounts Payable, Net and Accrued Expenses

Accounts payable, net and accrued expenses consist of the following (in thousands):

	July 31,  2011		April 30, 2011
Publisher payables, net	$	59,781	$	60,425
Accrued expenses		3,496		3,486
Trade payables		2,098		2,608
Other		4,624		4,357
	$	69,999	$	70,876

Newsstand Distribution Services accounts payable are net of estimated magazine returns of $43,615,000 and $46,643,000 at July 31, 2011 and April 30, 2011.  Pursuant to an arrangement with a publisher customer of the Newsstand Distribution Services business, the Company has netted $17,403,000 and $16,574,000 of accounts receivable against the related accounts payable at July 31, 2011 and April 30, 2011 (see Note 2).

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Consolidated Statements of Cash Flows (USD $) In Thousands	3 Months Ended
	Jul. 31, 2011	Jul. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (279)	$ (498)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,365	1,545
Non-cash credits and charges:
(Gain) loss on disposition of assets	(17)	4
Provision for (recoveries of) doubtful accounts	2	(63)
Pension accrual	118	161
Changes in assets and liabilities:
Receivables	2,238	(1,801)
Income taxes receivable	(496)	(566)
Real estate inventory and investment assets	(126)	124
Intangible and other assets	408	247
Accounts payable and accrued expenses	(877)	2,278
Deferred income taxes and other long-term liabilities	293	208
Total adjustments	2,908	2,137
Net cash provided by operating activities	2,629	1,639
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - property, plant and equipment	(528)	(135)
Proceeds from the disposition of assets	96	0
Net cash used in investing activities	(432)	(135)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	3,370	6,611
Principal debt payments	(4,035)	(7,349)
Net cash used in financing activities	(665)	(738)
INCREASE IN CASH AND CASH EQUIVALENTS	1,532	766
CASH AND CASH EQUIVALENTS, beginning of period	25,756	25,531
CASH AND CASH EQUIVALENTS, end of period	27,288	26,297
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid - net of amounts capitalized	373	485
Income taxes paid - net of refunds	$ 54	$ 109

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Receivables, Net

3 Months Ended

Jul. 31, 2011

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(2)           Receivables, Net

Receivables, net consist of the following accounts receivable (in thousands):

	July 31,  2011			April 30,  2011
Media services operations:
Subscription Fulfillment Services	$	14,629		$	13,780
Newsstand Distribution Services, net of estimated returns		10,034			13,226
Product Services and Other		2,022			1,961
		26,685			28,967
Less allowance for doubtful accounts		(843	)		(842	)
	$	25,842		$	28,125
Real estate operations and corporate:
Mortgage notes and other receivables	$	1,100		$	1,057
Less allowance for doubtful accounts		(450	)		(450	)
	$	650		$	607

Newsstand Distribution Services accounts receivable are net of estimated magazine returns of $38,244,000 at July 31, 2011 and $50,736,000 at April 30, 2011.  In addition, pursuant to an arrangement with one publisher customer of the Newsstand Distribution Services business, the publisher bears the credit risk of non-collection of amounts due from the customers to which the Company distributed the publisher's magazines under this arrangement.  Accounts receivable subject to this arrangement ($17,403,000 at July 31, 2011 and $16,574,000 at April 30, 2011) were netted against the related accounts payable due the publisher on the accompanying consolidated balance sheets.

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Information About the Company's Operations in Different Industry Segments

3 Months Ended

Jul. 31, 2011

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

(11) 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 three month periods ended July 31, 2011 and 2010 (in thousands):

	Subscription Fulfillment Services			Newsstand Distribution  Services			Product  Services and  Other Kable			Real Estate Operations			Corporate  and Other			Consolidated
Three months ended July 31, 2011 (a):
Revenues	$	16,676		$	2,347		$	2,354		$	182		$	(66	)	$	21,493
Net income (loss)		364			30			(156	)		(760	)		243			(279	)
Provision (benefit) for income taxes		214			48			(92	)		(444	)		126			(148	)
Interest expense (income), net (b)		583			(346	)		31			395			(278	)		385
Depreciation and amortization		1,107			137			64			20			37			1,365
EBITDA (c)	$	2,268		$	(131	)	$	(153	)	$	(789	)	$	128		$	1,323
Capital expenditures	$	487		$	41		$	-		$	-		$	-		$	528
Three months ended July 31, 2010 (a):
Revenues	$	18,852		$	3,114		$	2,270		$	913		$	(62	)	$	25,087
Net income (loss)		(479	)		420			(31	)		(672	)		264			(498	)
Provision (benefit) for income taxes		(282	)		282			(18	)		(374	)		143			(249	)
Interest expense (income), net (b)		616			(360	)		23			332			(188	)		423
Depreciation and amortization		1,288			143			55			21			38			1,545
EBITDA (c)	$	1,143		$	485		$	29		$	(693	)	$	257		$	1,221
Capital expenditures	$	135		$	-		$	-		$	-		$	-		$	135

(a)   Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations.  Corporate revenue in 2012 and 2011 is net of an intercompany revenue elimination.

(b)   Interest expense (income), net includes inter-segment interest 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.

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Consolidated Balance Sheets (USD $) In Thousands	Jul. 31, 2011	Apr. 30, 2011
ASSETS:
Cash and cash equivalents	$ 27,288	$ 25,756
Receivables, net:
Media services operations	25,842	28,125
Real estate operations and corporate	650	607
Accounts Receivable, Net	26,492	28,732
Income taxes receivable	453	0
Real estate inventory	75,373	75,247
Investment assets, net	11,139	11,139
Property, plant and equipment, net	27,693	28,150
Intangible and other assets, net	15,251	16,118
Deferred income taxes	4,629	4,898
TOTAL ASSETS	188,318	190,040
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable, net and accrued expenses	69,999	70,876
Notes payable:
Amounts due within one year	2,653	2,660
Amounts subsequently due	20,667	21,325
Notes Payable	23,320	23,985
Income taxes payable	0	43
Other long-term liabilities	3,595	3,571
Accrued pension cost	12,737	12,619
TOTAL LIABILITIES	109,651	111,094
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; Shares authorized - 20,000,000; 7,420,704 shares issued	742	742
Capital contributed in excess of par value	46,100	46,100
Retained earnings	67,622	67,901
Accumulated other comprehensive loss, net	(9,140)	(9,140)
Treasury stock, at cost; 1,424,492 shares	(26,657)	(26,657)
TOTAL SHAREHOLDERS' EQUITY	78,667	78,946
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 188,318	$ 190,040