ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

12 Months Ended

Apr. 30, 2013

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

(7) ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

Accounts payable and accrued expenses consist of:	April 30,
	2013		2012
	(in thousands)

Publisher payables, net	$	75,257	$	75,982
Accrued expenses		1,897		3,527
Trade payables		3,275		2,042
Other		4,911		4,169
	$	85,340	$	85,720

Newsstand Distribution Services accounts payable are net of estimated magazine returns of $72,275,000 and $66,384,000 at April 30, 2013 and 2012.

The Company’s Media Services businesses operate with negative working capital ($25,752,000 at April 30, 2013) primarily through liquidity provided by one significant customer contract that expires in June 2014. The negative working capital of the Company’s Media Services businesses represents the net payment obligation due to this customer and certain other third parties. On May 26, 2013, the Company’s Newsstand Distribution Services business, which is part of the Company’s Media Services businesses, received notice that this customer contract would not be renewed upon its scheduled expiration in June 2014. The Company’s Newsstand Distribution Services business is evaluating its ability to pay the net payment obligation represented by the negative working capital (approximately $19,086,000 as of April 30, 2013) upon expiration of the contract. The Company’s Newsstand Distribution Services business currently does not have sufficient capital to fund in full or refinance this obligation, and it may be unable to pay such amount and obtain other sources of working capital absent the Company obtaining additional debt or equity funding or raising capital through the sale of assets. Such additional funding or capital may not be available on acceptable terms or at all. Any failure to obtain capital to pay such obligation or to obtain other sources of working capital could have a material adverse effect on the Company’s business, financial condition and results of operations.