INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS:

12 Months Ended

Apr. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

(19)         INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS:

The Company has identified four reportable segments in which it currently has business operations. The Company’s Media Services business has three identified segments: (i) Subscription Fulfillment Services, (ii) Newsstand Distribution Services and (iii) Product Packaging and Fulfillment Services and Other. Subscription Fulfillment Services operations involve the performance of subscription fulfillment and other related services on behalf of publishers and other customers. Newsstand Distribution Services operations involve the national and, to a small degree, international distribution and sale of periodicals to wholesalers. Product Packaging and Fulfillment Services and Other involve the performance of product fulfillment services, repackaging and temporary staffing activities. Real Estate operations primarily include land sales activities, which involve the obtaining of approvals and the sale of both developed and undeveloped lots to homebuilders, commercial users and others, as well as investments in commercial and investment properties. Certain common expenses as well as identifiable assets are allocated among industry segments based upon management’s estimate of each segment’s absorption. Other revenues and expenses not identifiable with a specific segment are shown as a separate segment in this presentation.

The accounting policies of the segments are the same as those described in Note 1. Summarized data relative to the industry segments in which the Company has continuing operations is as follows (in thousands):  

	Subscription Fulfillment Services		Newsstand Distribution Services		Product Services and Other (Kable)		Real Estate Operations		Corporate and Other		Consolidated
Year ended April 30, 2013 (a):
Revenues (d)	$	57,472	$	8,867	$	15,766	$	1,167	$	(271)	$	83,001
Net income (loss) (d)	$	82	$	(809)	$	711	$	(4,270)	$	1,448	$	(2,838)
Provision (benefit) for income taxes		176		(620)		422		(2,475)		738		(1,759)
Interest expense (income), net (b)		2,118		(1,434)		107		2,224		(1,504)		1,511
Depreciation and amortization		2,941		373		223		81		144		3,762
Impairment of assets		-		-		-		1,511		-		1,511
EBITDA (c)	$	5,317	$	(2,490)	$	1,463	$	(2,929)	$	826	$	2,187
Total assets	$	55,949	$	44,850	$	4,237	$	88,082	$	2,738	$	195,856
Capital expenditures	$	702	$	287	$	60	$	-	$	-	$	1,049
Year ended April 30, 2012 (a):
Revenues	$	62,230	$	9,127	$	12,090	$	2,171	$	(258)	$	85,360
Net income (loss)	$	380	$	(227)	$	70	$	(2,405)	$	1,039	$	(1,143)
Provision (benefit) for income taxes		272		241		(31)		(1,864)		486		(896)
Interest expense (income), net (b)		2,224		(1,467)		137		1,687		(1,178)		1,403
Depreciation and amortization		3,964		530		256		81		148		4,979
Impairment of assets		-		-		-		570		-		570
EBITDA (c)	$	6,840	$	(923)	$	432	$	(1,931)	$	495	$	4,913
Total assets	$	56,392	$	46,519	$	4,769	$	86,966	$	8,393	$	203,039
Capital expenditures	$	735	$	301	$	37	$	-	$	-	$	1,073
Year ended April 30, 2011 (a):
Revenues	$	73,618	$	11,030	$	10,315	$	2,123	$	(249)	$	96,837
Net income (loss)	$	1,902	$	(3,931)	$	13	$	(5,764)	$	219	$	(7,561)
Provision (benefit) for income taxes		696		324		47		(4,292)		13		(3,212)
Interest expense (income), net (b)		2,317		(1,261)		103		1,385		(779)		1,765
Depreciation and amortization		4,797		615		253		82		152		5,899
Impairment of assets		-		3,893		-		6,827		-		10,720
EBITDA (c)	$	9,712	$	(360)	$	416	$	(1,762)	$	(395)	$	7,611
Total assets	$	61,027	$	31,132	$	4,304	$	85,122	$	8,455	$	190,040
Capital expenditures	$	997	$	-	$	13	$	-	$	2	$	1,012

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

(b)   Interest expense (income), net for Newsstand Distribution Services and Corporate and Other principally 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.

(d)   The Subscription Fulfillment Services business includes $1,759,000 of revenues and a $208,000 net loss from the operations of FulCircle for the four month period ended April 30, 2013.