SUBSEQUENT EVENTS:

12 Months Ended

Apr. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

(21)           SUBSEQUENT EVENTS:

On June 27, 2013, the Company completed a rights offering to holders of the Company’s common stock. As a result of the offering, the Company issued 1,199,242 shares of common stock at a price of $6.25 per share and raised net proceeds of approximately $7,100,000, net of expenses of approximately $400,000. The net proceeds of the offering are intended to be used for corporate and working capital purposes, which may include satisfaction of a portion (currently estimated to be $3,000,000) of the Company’s obligation to the PBGC with respect to the Company’s pension plan (see Note 11).

On July 3, 2013, the Company’s Subscription Fulfillment Services business received notice that a significant customer contract would not be renewed upon its scheduled expiration in February 2015.  This customer contract represented approximately 15.6% of revenues for the Company’s Subscription Fulfillment Services business for the year ended April 30, 2013 (or 10.8% of the Company’s consolidated revenues for that period), and the loss of this revenue following the expiration of the contract in February 2015 could have a material adverse effect on the Company’s Subscription Fulfillment Services business, financial condition and results of operations.