(2)	RECEIVABLES

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

	January 31, 2014			April 30, 2013
Media Services operations:
Subscription Fulfillment Services	$	13,349		$	12,751
Newsstand Distribution Services, net of estimated returns		21,039			33,956
Product Packaging and Fulfillment Services and Other		4,327			2,675
		38,715			49,382
Less allowance for doubtful accounts		(2,667	)		(2,179	)
	$	36,048		$	47,203

Real estate operations and corporate	$	31		$	107

Newsstand Distribution Services accounts receivable are net of estimated magazine returns to Newsstand Distribution Services of $70,293,000 and $75,897,000 at January 31, 2014 and April 30, 2013.

During the third quarter of 2014, Island Periodicals Puerto Rico LLC (“Island”), a sub-distributor of magazines and a customer of the Newsstand Distribution Services business, which is operated by Kable Distribution Services, Inc. (“Kable Distribution”), announced it was discontinuing operations. Based on this information, Kable Distribution recorded a charge to operations of $700,000 in the third quarter of 2014, which was substantially all of the estimated net accounts receivable due to Kable Distribution from Island based on expectations at that time of Island’s payment of amounts owed to Kable Distribution and estimates of future magazine return activity.

During the fourth quarter of 2013, Mercury Retail Services (“Mercury”), a wholesaler and customer of the Newsstand Distribution Services business, announced that it was encountering liquidity issues and presented a restructuring plan to all national magazine distributors. Based on this information, Kable Distribution recorded a charge to operations of $2,000,000 in the fourth quarter of 2013, which was substantially all of the estimated net accounts receivable due to Kable Distribution from Mercury based on expectations at that time of Mercury’s payment of amounts owed to Kable Distribution and estimates of future magazine return activity. As a result of cash payments received from Mercury, higher magazine return activity than expected and an updated estimate of future magazine returns, Kable Distribution revised its original estimate of bad debt expense and reduced the reserve by $300,000 and $600,000 during the three and nine months ended January 31, 2014.