(3)

RECEIVABLES

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

	July 31, 2015		April 30, 2015

Fulfillment Services	$	8,157	$	7,993
Buyer promissory note		1,600		1,600
Line of credit receivable		1,500		2,000
Real estate operations and corporate		147		116
		11,404		11,709
Less allowance for doubtful accounts		(471)		(444)
	$	10,933	$	11,265

Refer to Item 1 of Part I of the 2015 Form 10-K for detail about the buyer promissory note and line of credit issued in connection with the sale of the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business.

During the first quarter of 2016, revenues from one major customer of the Company’s Fulfillment Services business totaled $1,230,000 or 12.8% of total revenues for the Company. As of August 31, 2015, the Company’s Fulfillment Services business had $433,000 of outstanding accounts receivable from this customer.