IMPAIRMENT OF ASSETS:

12 Months Ended

Apr. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Asset Impairment Charges [Text Block]

(14)        IMPAIRMENT OF ASSETS:

Real Estate – During 2012, the carrying value of certain real estate inventory consisting of take-back lots located in Rio Rancho was adjusted from $1,734,000 to fair value of $1,174,000, less estimated costs to sell, resulting in an impairment charge of $570,000.  During 2011, the carrying value of certain real estate inventory consisting of take-back and re-purchased lots located in Rio Rancho was adjusted from $12,172,000 to fair value of $7,022,000, less estimated costs to sell, resulting in an impairment charge of $5,209,000.  In addition, certain real estate inventory located in Colorado with a carrying amount of $4,133,000 was adjusted to its fair value of $3,010,000, less estimated costs to sell, resulting in an impairment charge of $1,168,000.  During 2010, that same Colorado real estate inventory was adjusted to its then fair value, less estimated costs to sell, resulting in an impairment charge of $2,075,000.  In addition, during 2011, an impairment reserve of $450,000 was charged against a delinquent mortgage receivable note with a face amount of $901,000 as a result of the impairment of the underlying real estate collateral.

The real estate impairment charges were included in results of operations and are the result of appraisals that showed deterioration in the fair market values of the properties from the prior year.

Goodwill – The Company recorded a non-cash impairment charge related to all of the goodwill of its Newsstand Distribution Services segment of $3,893,000 in 2011.  The primary reasons for the goodwill impairment charge were the decrease in the Company’s total market capitalization to an amount that is less than its shareholders’ equity as of April 30, 2011 and the continued uncertainty of revenue trends in the newsstand distribution industry.  The operating results and uncertain future expectations reflected the well-publicized decline in the magazine publishing industry, which represents the Newsstand Distribution Services segment’s customer base, as well as the recent recession that impacted the U.S. economy and consumers and the uncertainty about the economy’s future.  There were no previous goodwill impairment charges recorded for the Newsstand Distribution Services segment.  The $3,893,000 goodwill impairment charge created a permanent tax difference of $1,363,000, see Note 12.