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

12 Months Ended

Apr. 30, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

(18)         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 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 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, 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)	$	6,841	$	(923	)	$	431		$	(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

Year ended April 30, 2010 (a):
Revenues	$	92,022		$	12,947		$	10,047		$	5,714		$	(232	)	$	120,498
Net income (loss)	$	(9,168	)	$	1,671		$	(105	)	$	(2,688	)	$	810		$	(9,480	)
Provision (benefit) for income taxes		(4,649	)		1,097			(55	)		(2,738	)		454			(5,891	)
Interest expense (income), net (b)		2,591			(1,197	)		88			877			(744	)		1,615
Depreciation and amortization		10,523			555			222			106			148			11,554
Impairment of assets		-			-			-			2,075			-			2,075
EBITDA (c)	$	(703	)	$	2,126		$	150		$	(2,368	)	$	668		$	(127	)
Goodwill	$	-		$	3,893		$	-		$	-		$	-		$	3,893
Total assets	$	70,338		$	37,087		$	4,683		$	90,260		$	9,141		$	211,509
Capital expenditures	$	2,631		$	15		$	228		$	-		$	10		$	2,884

(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 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.