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ACQUISITION:
12 Months Ended
Apr. 30, 2013
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]
(18)         ACQUISITION:
 
On December 31, 2012, FulCircle, a newly-formed wholly-owned subsidiary of Palm Coast, acquired the business and certain assets and assumed certain liabilities of FulCircle, Inc., a privately-held Colorado-based company engaged in the marketing strategy, call center service, product distribution and operational solutions businesses.  The acquisition of assets is expected to allow the Company’s Media Services business to move further into non-publishing relationships.

The consideration paid for the net assets was $1,833,000, which consisted of a $1,123,000 cash payment to the seller which was financed from working capital, $400,000 that was placed in escrow in accordance with the terms of the asset purchase agreement and a contingent purchase price payment liability with an estimated fair value of $310,000. The contingent purchase price payment could be up to $1,000,000 depending on whether certain revenue targets are achieved by FulCircle during the 2013 calendar year. At the acquisition date, the Company estimated the fair value of the liability for the contingent purchase payment based on its estimate of FulCircle achieving a certain level of revenues for calendar year 2013. Subsequently, the Company determined that FulCircle is not likely to achieve the revenue forecast and, as such, in accordance with ASC 805, the contingent consideration was re-measured to a fair value of zero and the previously recorded liability of $310,000 was reversed and recognized as income during the fourth quarter of 2013.
 
The acquisition has been accounted for as a business combination. The purchase price has been preliminarily applied as follows: Property, plant and equipment - $401,000, Intangible assets, including customer contracts and relationships - $2,048,000 (which is subject to measurement period adjustments) and Other liabilities - $616,000. The results of operations of FulCircle have been included in the Subscription Fulfillment Services business segment in the accompanying consolidated financial statements since the acquisition date of December 31, 2012.