10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended      October 31, 2015     

OR

¨    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________ to ______________________

Commission File Number        1-4702        

AMREP Corporation

(Exact name of Registrant as specified in its charter)

Oklahoma	59-0936128
(State or other jurisdiction of	(IRS Employer
incorporation or organization)	Identification No.)

300 Alexander Park, Suite 204, Princeton, New Jersey	08540
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (609) 716-8200

Not Applicable

(Former name or former address, if changed since last report)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

Number of Shares of Common Stock, par value $.10 per share, outstanding at December 4, 2015 – 8,059,454.

AMREP CORPORATION AND SUBSIDIARIES

INDEX

	PAGE NO.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets October 31, 2015 (Unaudited) and April 30, 2015	1
Consolidated Statements of Operations and Retained Earnings (Unaudited) Three Months Ended October 31, 2015 and 2014	2
Consolidated Statements of Operations and Retained Earnings (Unaudited) Six Months Ended October 31, 2015 and 2014	3
Consolidated Statements of Cash Flows from Continuing Operations (Unaudited) Six Months Ended October 31, 2015 and 2014	4
Notes to Consolidated Financial Statements (Unaudited)	5
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	12
Item 4. Controls and Procedures	18
PART II. OTHER INFORMATION
Item 6. Exhibits	19
SIGNATURE	20
EXHIBIT INDEX	21

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AMREP CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(Amounts in thousands, except par value and share amounts)

	October 31, 2015			April 30, 2015
	(Unaudited)
ASSETS
Cash and cash equivalents	$	12,397		$	12,050
Receivables, net		9,535			11,265
Real estate inventory		65,533			66,321
Investment assets, net		15,292			15,364
Property, plant and equipment, net		15,516			15,763
Intangible and other assets, net		8,859			10,440
Taxes receivable		1,791			-
Deferred income taxes, net		6,265			5,837
Assets of discontinued operations		-			1,689
TOTAL ASSETS	$	135,188		$	138,729
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable and accrued expenses	$	10,045		$	10,284
Notes payable:
Amounts due within one year		132			128
Amounts due beyond one year		3,893			3,959
Amounts due to related party		13,183			14,003
		17,208			18,090
Taxes payable		-			653
Other liabilities and deferred revenue		4,686			4,827
Accrued pension cost		11,768			11,259
Liabilities of discontinued operations		-			295
TOTAL LIABILITIES		43,707			45,408
SHAREHOLDERS’ EQUITY:
Common stock, $.10 par value; shares authorized – 20,000,000; shares issued – 8,284,704 at October 31, 2015 and 8,281,704 at April 30, 2015		828			828
Capital contributed in excess of par value		50,553			50,538
Retained earnings		55,148			57,003
Accumulated other comprehensive loss, net		(10,833	)		(10,833	)
Treasury stock, at cost; 225,250 shares at October 31, 2015 and April 30, 2015		(4,215	)		(4,215	)
TOTAL SHAREHOLDERS’ EQUITY		91,481			93,321
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	135,188		$	138,729

1

AMREP CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations and Retained Earnings (Unaudited)

Three Months Ended October 31, 2015 and 2014

(Amounts in thousands, except per share amounts)

	2015			2014
REVENUES:
Fulfillment services	$	8,726		$	11,803
Real estate land sales		2,180			2,513
Other		315			41
		11,221			14,357
COSTS AND EXPENSES:
Real estate land sales		1,882			2,188
Operating expenses:
Fulfillment services		7,867			9,565
Real estate selling expenses		55			67
Other		333			328
General and administrative expenses:
Fulfillment services		880			1,112
Real estate operations and corporate		946			818
Interest expense		364			370
		12,327			14,448
Loss from continuing operations before income taxes		(1,106	)		(91	)
Provision (benefit) for income taxes		(430	)		6
Loss from continuing operations		(676	)		(97	)
Discontinued operations (Note 2)
Income from discontinued operations before income taxes		-			443
Provision for income taxes		-			92
Income from discontinued operations		-			351
Net income (loss)		(676	)		254
Retained earnings, beginning of period		55,824			51,947
Retained earnings, end of period	$	55,148		$	52,201
Loss per share – continuing operations – basic and diluted	$	(0.08	)	$	(0.01	)
Earnings per share – discontinued operations – basic and diluted	$	-		$	0.04
Earnings (loss) per share, net - basic and diluted	$	(0.08	)	$	0.03
Weighted average number of common shares outstanding		8,038			8,026

2

AMREP CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations and Retained Earnings (Unaudited)

Six Months Ended October 31, 2015 and 2014

(Amounts in thousands, except per share amounts)

	2015			2014
REVENUES:
Fulfillment services	$	17,907		$	23,712
Real estate land sales		2,290			2,897
Other		599			69
		20,796			26,678
COSTS AND EXPENSES:
Real estate land sales		1,918			2,410
Operating expenses:
Fulfillment services		16,647			18,957
Real estate selling expenses		108			127
Other		680			769
General and administrative expenses:
Fulfillment services		1,745			2,219
Real estate operations and corporate		1,965			1,645
Impairment of assets		-			925
Interest expense		743			762
		23,806			27,814
Loss from continuing operations before income taxes		(3,010	)		(1,136	)
Benefit for income taxes		(1,155	)		(403	)
Loss from continuing operations		(1,855	)		(733	)
Discontinued operations (Note 2)
Income from discontinued operations before income taxes		-			11,411
Provision for income taxes		-			4,160
Income from discontinued operations		-			7,251
Net income (loss)		(1,855	)		6,518
Retained earnings, beginning of period		57,003			45,683
Retained earnings, end of period	$	55,148		$	52,201
Loss per share – continuing operations – basic and diluted	$	(0.23	)	$	(0.10	)
Earnings per share – discontinued operations – basic and diluted	$	-		$	0.93
Earnings (loss) per share, net - basic and diluted	$	(0.23	)	$	0.83
Weighted average number of common shares outstanding		8,034			7,813

3

AMREP CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows from Continuing Operations (Unaudited)

Six Months Ended October 31, 2015 and 2014

(Amounts in thousands)

	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss from continuing operations	$	(1,855	)	$	(733	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Impairment of assets		-			925
Depreciation and amortization		1,453			1,642
Non-cash credits and charges:
Allowance for (recovery of) doubtful accounts		(24	)		17
Stock-based compensation		37			66
Loss on disposal of fixed assets		5			-
Changes in assets and liabilities, net of effects of discontinued operations:
Receivables		(246	)		3,003
Real estate inventory and investment assets		571			1,891
Intangible and other assets		908			1,449
Accounts payable and accrued expenses		(239	)		(644	)
Taxes receivable and payable		(2,444	)		9
Deferred income taxes and other liabilities		(569	)		(699	)
Accrued pension costs		509			207
Total adjustments		(39	)		7,866
Net cash provided by (used in) operating activities		(1,894	)		7,133
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - property, plant and equipment		(271	)		(555	)
Net cash used in investing activities		(271	)		(555	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal debt payments		(882	)		(782	)
Proceeds from line of credit receivable		2,000			-
Net transfers from discontinued operations		1,394			728
Net cash provided by (used in) financing activities		2,512			(54	)
Increase in cash and cash equivalents		347			6,524
Cash and cash equivalents, beginning of period		12,050			7,571
Cash and cash equivalents, end of period	$	12,397		$	14,095
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	$	688		$	851
Income taxes paid (refunded), net	$	1,860		$	4
Non-cash transactions:
Issuance of common stock in settlement	$	-		$	4,274

4

AMREP CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Six Months Ended October 31, 2015 and 2014

(1) BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in two business segments: the Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”) and its subsidiary and the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries. The Company’s foreign sales are insignificant. All significant intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless otherwise qualified, all references to 2016 and 2015 are to the fiscal years ending April 30, 2016 and 2015 and all references to the second quarter and first six months of 2016 and 2015 mean the fiscal three and six month periods ended October 31, 2015 and 2014.

The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2015, which was filed with the SEC on July 29, 2015 (the “2015 Form 10-K”).

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. This guidance defines how companies report revenues from contracts with customers and also requires enhanced disclosures. In July 2015, the Financial Accounting Standards Board voted to defer the effective date by one year, with early adoption on the original effective date permitted. The Company will be required to adopt the standard as of May 1, 2018 and early adoption is permitted as of May 1, 2017. The Company has not determined the transition approach that will be utilized nor has it estimated the impact of adopting the new accounting standard.

(2) DISCONTINUED OPERATIONS

Prior to February 9, 2015, the Company had been engaged in the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business. On February 9, 2015, the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business were sold. In addition, prior to April 10, 2015, the Company had also been engaged in the Staffing Services business. On April 10, 2015, the Staffing Services business was sold. The Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business have been classified as “discontinued operations” in the Company’s financial statements. Financial information from prior periods has been reclassified to conform to this presentation. Refer to Item 1 of Part I of the 2015 Form 10-K for more detail about the sale of the Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business. The following table provides a reconciliation of the carrying amounts of the major classes of assets and liabilities of the discontinued operations in the accompanying balance sheet (in thousands):

5

	April 30,  2015
Carrying amounts of major classes of assets included as part of discontinued operations:
Cash and cash equivalents	$	1,241
Receivables, net		431
Intangible and other assets, net		17
Total assets classified as discontinued operations in the accompanying balance sheets	$	1,689
Carrying amounts of major classes of liabilities included as part of discontinued operations:
Accounts payable and accrued expenses	$	150
Deferred and income taxes payable		145
Total liabilities classified as discontinued operations in the accompanying balance sheets	$	295

The following tables provide a reconciliation of the carrying amounts of components of pretax income or loss of the discontinued operations to the amounts reported in the accompanying statement of operations (in thousands):

	October 31,  2014
For the three months ended:
Components of pretax income from discontinued operations:
Revenues	$	5,039
Operating expenses		(4,006	)
General and administrative expenses		(525	)
Interest expense		(65	)
Income from discontinued operations before income taxes		443
Provision for income taxes		92
Net income from discontinued operations	$	351
For the six months ended:
Components of pretax income from discontinued operations:
Revenues	$	10,697
Operating expenses		(9,202	)
General and administrative expenses		(1,146	)
Gain from settlement (Note 11)		11,155
Interest expense		(93	)
Income from discontinued operations before income taxes		11,411
Provision for income taxes		4,160
Net income from discontinued operations	$	7,251

6

The following table provides the total operating and investing cash flows of the discontinued operations for the period in which the results of operations of the discontinued operations are presented in the accompanying statement of operations (in thousands):

	October 31,  2014
For the six months ended:
Cash flows from discontinued operating activities:
Net income	$	7,251
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on settlement		(11,155	)
Depreciation and amortization		202
Non-cash credits and charges:
Allowance for doubtful accounts		(867	)
Changes in assets and liabilities:
Receivables		4,692
Intangible and other assets		111
Accounts payable and accrued expenses		(2,440	)
Other		4,043
Total adjustments		(5,414	)
Net cash provided by (used in) operating activities	$	1,837
Cash flows from investing activities:
Capital expenditures - property, plant and equipment	$	(31	)
Net cash used in investing activities	$	(31	)

(3) RECEIVABLES

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

	October 31,  2015			April 30,  2015
Fulfillment Services	$	7,914		$	7,993
Buyer promissory note		1,600			1,600
Line of credit receivable		-			2,000
Real estate operations and corporate		362			116
		9,876			11,709
Less allowance for doubtful accounts		(341	)		(444	)
	$	9,535		$	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 second quarter and first six months of 2016, revenues from one major customer of the Company’s Fulfillment Services business totaled $1,289,000 and $2,787,000, or 11.5% and 13.4% of total revenues of the Company for those periods. As of November 30, 2015, the Company’s Fulfillment Services business had $424,000 of outstanding accounts receivable from this customer.

7

(4) PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net consist of the following (in thousands):

	October 31,			April 30,
	2015			2015
Land, buildings and improvements	$	20,384		$	20,000
Furniture and equipment		18,822			19,098
		39,206			39,098
Less accumulated depreciation		(23,690	)		(23,335	)
	$	15,516		$	15,763

(5) INTANGIBLE AND OTHER ASSETS

Intangible and other assets, net consist of the following (in thousands):

	October 31, 2015				April 30, 2015
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Customer contracts and relationships	$	16,986	$	11,465	$	16,986	$	10,757
Prepaid expenses		2,197		-		2,520		-
Deferred order entry costs		875		-		961		-
Other		266		-		730		-
	$	20,324	$	11,465	$	21,197	$	10,757

Customer contracts and relationships are amortized on a straight line basis over twelve years. Deferred order entry costs represent costs incurred in connection with the data entry of customer subscription information to database files and are charged directly to operations generally over a twelve month period.

(6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following (in thousands):

	October 31,		April 30,
	2015		2015
Fulfillment Services	$	7,610	$	8,910
Real estate operations and corporate		2,435		1,374
	$	10,045	$	10,284

The October 31, 2015 accounts payable and accrued expenses total consists of customer postage deposits of $4,202,000, accrued expenses of $2,378,000, trade payables of $1,611,000 and other of $1,854,000. The April 30, 2015 accounts payable and accrued expenses total consists of customer postage deposits of $4,832,000, accrued expenses of $1,142,000, trade payables of $1,641,000 and other of $2,669,000.

8

(7) NOTES PAYABLE

Notes payable consist of the following (in thousands):

	October 31, 2015		April 30, 2015
Credit facilities:
Real estate operations	$	13,183	$	14,003
Other notes payable		4,025		4,087
	$	17,208	$	18,090

Real Estate Loan

AMREP Southwest has a loan from a company owned by Nicholas G. Karabots, a significant shareholder of the Company and in which another director of the Company has a 20% participation. The loan had an outstanding principal amount of $13,183,000 at October 31, 2015, is scheduled to mature on December 1, 2017, bears interest payable monthly at 8.5% per annum and is secured by a mortgage on all real property of AMREP Southwest in Rio Rancho, New Mexico and by a pledge of the stock of its subsidiary, Outer Rim Investments, Inc. The total book value of the real property collateralizing the loan was approximately $63,103,000 as of October 31, 2015. No payments of principal are required until maturity, except that the following amounts are required to be applied to the payment of the loan: (a) 25% of the net cash proceeds from any sales of real property by AMREP Southwest and (b) 25% of any royalty payments received by AMREP Southwest under the oil and gas lease described in Note 8.

Other Notes Payable

Other notes payable is a mortgage note payable with an outstanding principal balance of $4,025,000 on a warehouse with a maturity date of February 2018 and an interest rate of 6.35%. The amount of Other notes payable due within one year is $132,000.

PNC Credit Facility

The Company’s Fulfillment Services business had a revolving credit and security agreement with PNC Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility expired by its terms on August 12, 2015. There were no borrowings on this facility in 2016 prior to its expiration.

(8) DEFERRED REVENUE

Refer to Item 8 of Part II of the 2015 Form 10-K for detail about the Oil and Gas Lease and the Addendum thereto with Thrust Energy, Inc. and Cebolla Roja, LLC. No royalties under the Lease were received during the first six months of 2016. Deferred revenue of approximately $910,000 from this transaction is being recorded over the four-year lease term. Approximately $57,000 and $114,000 of such deferred revenue was recognized during the second quarter and first six months of 2016 and $38,000 for the second quarter and first six months of 2015, which is included in Other revenues in the accompanying financial statements. At October 31, 2015, there was $644,000 of deferred revenue remaining to be recognized in future periods.

9

Refer to Item 8 of Part II of the 2015 Form 10-K for detail about a lease agreement for a warehouse facility owned by El Dorado Utilities, Inc., a subsidiary of the Company, in Fairfield, Ohio. The amount of deferred rent revenue in connection with this lease totaled $984,000 and $1,042,000 at October 31, 2015 and April 30, 2015. The credit related to the amortization of the deferred rent revenue is accounted for as a reduction of general and administrative expenses for real estate operations and corporate in the accompanying financial statements and totaled $29,000 and $58,000 for the three and six month periods ended October 31, 2015 and also for the same periods ended October 31, 2014.

(9) FAIR VALUE MEASUREMENTS

The Financial Instruments Topic of the Financial Accounting Standards Board Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. The Topic excludes all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions are used in estimating fair value disclosure for financial instruments: the carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments.

The Company did not have any long-term, fixed-rate notes receivables at October 31, 2015 or April 30, 2015. The estimated fair values of the Company’s long-term, fixed-rate notes payable were $15,772,000 and $16,365,000 compared with carrying amounts of $17,208,000 and $18,090,000 at October 31, 2015 and April 30, 2015.

(10) BENEFIT PLANS

Retirement plan

The Company has a defined benefit retirement plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004. The Company has secured $5,019,000 of accrued pension-related obligations with first lien mortgages on certain real property in favor of the Pension Benefit Guaranty Corporation (the “PBGC”). On an annual basis, the Company is required to provide updated appraisals on each mortgaged property and, if the appraised value of the mortgaged properties is less than two times the amount of the accrued pension-related obligations secured by the mortgages, the Company is required to make a payment to its pension plan in an amount equal to one-half of the amount of the shortfall. During the first quarter of 2016, the Company substituted certain real property subject to the first lien mortgage in favor of the PBGC. During the first six months of 2016, there was no change in the appraised value of the mortgaged property that required the Company to make any additional payments to its pension plan.

Equity compensation plan

The Company issued 3,000 shares of restricted common stock under the AMREP Corporation 2006 Equity Compensation Plan (the “Equity Plan”) during the first six months of 2016. During the first six months of 2016, 10,000 shares of common stock previously issued under the Equity Plan vested leaving 21,000 shares issued under the Equity Plan that have not vested as of October 31, 2015. For the second quarter and first six months of 2016, the Company recognized $16,000 and $37,000 of compensation expense related to the restricted shares of common stock issued, and $30,000 and $66,000 for the same periods of 2015. As of October 31, 2015, there was $60,000 of total unrecognized compensation expense related to shares of common stock issued under the Equity Plan which had not vested as of that date, which expense is expected to be recognized over the remaining vesting term not to exceed three years.

10

(11) GAIN FROM SETTLEMENT

During the first quarter of 2015, the Company and certain of its subsidiaries entered into a settlement agreement with a significant customer, Heinrich Bauer (USA) LLC. As a result of the settlement agreement, the Company recognized a pretax gain of $11,155,000, which is included in the results of discontinued operations in the accompanying financial statements for the six months ended October 31, 2014. Refer to Item 1 of Part I of the 2015 Form 10-K for additional detail about the settlement agreement.

(12) IMPAIRMENT OF ASSETS

During the first quarter of 2015, the Company’s Fulfillment Services business recognized a $925,000 impairment charge relating to the discontinuance of the development of certain software. The impairment charge included previously capitalized software costs, internal labor costs and third party consulting costs.

(13) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS

The following tables set forth summarized data relative to the industry segments in which the Company operated (other than with respect to discontinued operations) for the three and six month periods ended October 31, 2015 and 2014 (in thousands):

	Fulfillment Services			Real Estate Operations			Corporate and Other			Consolidated
Three months ended October 31, 2015 (a):
Revenues	$	8,726		$	2,256		$	239		$	11,221
Net income (loss) from continuing operations	$	(506	)	$	(591	)	$	421		$	(676	)
Provision (benefit) for income taxes		(297	)		(347	)		214			(430	)
Interest expense (income), net		182			596			(414	)		364
Depreciation and amortization		677			22			8			707
EBITDA (b)	$	56		$	(320	)	$	229		$	(35	)
Capital expenditures	$	189		$	-		$	-		$	189
Three months ended October 31, 2014 (a):
Revenues	$	11,803		$	2,625		$	(71	)	$	14,357
Net income (loss) from continuing operations	$	41		$	(543	)	$	405		$	(97	)
Provision (benefit) for income taxes		208			(411	)		209			6
Interest expense (income), net		177			693			(500	)		370
Depreciation and amortization		731			22			63			816
EBITDA (b)	$	1,157		$	(239	)	$	177		$	1,095
Capital expenditures	$	178		$	-		$	-		$	178

11

	Fulfillment Services			Real Estate Operations			Corporate and Other			Consolidated
Six months ended October 31, 2015 (a):
Revenues	$	17,907		$	2,424		$	465		$	20,796
Net income (loss) from continuing operations	$	(1,282	)	$	(1,357	)	$	784		$	(1,855	)
Provision (benefit) for income taxes		(753	)		(801	)		399			(1,155	)
Interest expense (income), net		349			1,267			(873	)		743
Depreciation and amortization		1,393			45			15			1,453
EBITDA (b)	$	(293	)	$	(846	)	$	325		$	(814	)
Capital expenditures	$	271		$	-		$	-		$	271
Six months ended October 31, 2014 (a):
Revenues	$	23,712		$	3,109		$	(143	)	$	26,678
Net income (loss) from continuing operations	$	(297	)	$	(1,297	)	$	861		$	(733	)
Provision (benefit) for income taxes		10			(865	)		452			(403	)
Interest expense (income), net		352			1,388			(978	)		762
Depreciation and amortization		1,525			45			72			1,642
Impairment of assets		925			-			-			925
EBITDA (b)	$	2,515		$	(729	)	$	407		$	2,193
Capital expenditures	$	555		$	-		$	-		$	555

(a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

(b) 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.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

INTRODUCTION

AMREP Corporation (the “Company”), through its subsidiaries, is primarily engaged in two business segments: the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries and the Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”) and its subsidiary. Data concerning industry segments is set forth in Note 13 of the notes to the consolidated financial statements included in this report on Form 10-Q. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s foreign sales and activities are not significant.

Prior to February 9, 2015, the Company had been engaged in the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business. On February 9, 2015, the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business were sold. In addition, prior to April 10, 2015, the Company had also been engaged in the Staffing Services business. On April 10, 2015, the Staffing Services business was sold. The Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business have been classified as “discontinued operations” in the Company’s financial statements. Financial information from prior periods has been reclassified to conform to this presentation. Refer to Item 1 of Part I of the Company’s annual report on Form 10-K for the year ended April 30, 2015, which was filed with the Securities Exchange Commission on July 29, 2015 (the “2015 Form 10-K”), for more detail about the sale of the Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business.

12

The following provides information that management believes is relevant to an assessment and understanding of the Company’s consolidated results of operations and financial condition. The information contained in this section should be read in conjunction with the unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q and with the 2015 Form 10-K. Many of the amounts and percentages presented in this section have been rounded for convenience of presentation. Unless otherwise qualified, all references to 2016 and 2015 are to the fiscal years ending April 30, 2016 and 2015 and all references to the second quarter and first six months of 2016 and 2015 mean the fiscal three and six month periods ended October 31, 2015 and 2014.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management’s discussion and analysis of financial condition and results of operations is based on the accounting policies used and disclosed in the 2015 consolidated financial statements and accompanying notes that were prepared in accordance with accounting principles generally accepted in the United States of America and included as part of the 2015 Form 10-K. The preparation of those consolidated financial statements required management to make estimates and assumptions that affected the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual amounts or results could differ from those estimates.

The critical accounting policies, assumptions and estimates are described in Item 7 of Part II of the 2015 Form 10-K. There have been no changes in these accounting policies.

The significant accounting policies of the Company are described in Note 1 to the consolidated financial statements contained in the 2015 Form 10-K. Information concerning the Company’s implementation and the impact of recent accounting standards issued by the Financial Accounting Standards Board is included in the notes to the consolidated financial statements contained in the 2015 Form 10-K. The Company did not adopt any accounting policy in the first quarter of 2016 that had a material impact on its consolidated financial statements.

RESULTS OF OPERATIONS

Continuing Operations

For the second quarter of 2016, the Company’s continuing operations recorded a net loss of $676,000, or $0.08 per share, compared to a net loss of $97,000 or $0.01 per share, for the second quarter of 2015. For the first six months of 2016, the Company’s continuing operations recorded a net loss of $1,855,000, or $0.23 per share, compared to a net loss of $733,000, or $0.10 per share, for the same period of 2015. Revenues from continuing operations were$11,221,000 and $20,796,000 for the second quarter and first six months of 2016 compared to $14,357,000 and $26,678,000 for the same periods of the prior year.

13

Revenues from the Company’s Fulfillment Services operations decreased from $11,803,000 and $23,712,000 for the second quarter and first six months of 2015 to $8,726,000 and $17,907,000 for the same periods in 2016. These decreases were due in part to lower revenues of $1,226,000 and $2,664,000 for the second quarter and first six months of 2016 from a significant customer that changed fulfillment service providers, and the revenues from this customer in the second quarter and first six months of 2015 consisted largely of contract termination fees that had little or no operating expenses associated with them. Magazine publishers are the principal customers of the Company’s Fulfillment Services operations, and these customers have continued to be negatively impacted by increased competition from new media sources, alternative technologies for the distribution, storage and consumption of media content, weakness in advertising revenues and increases in paper costs, printing costs and postal rates. The result has been reduced subscription sales, which has caused publishers to close some magazine titles, change subscription fulfillment providers and seek more favorable terms from Palm Coast and its competitors when contracts are up for bid or renewal. Operating expenses for Fulfillment Services decreased from $9,565,000 and $18,957,000 for the second quarter and first six months of 2015 to $7,867,000 and $16,647,000 for the same periods in 2016, primarily reflecting lower payroll and benefits, as well as lower facilities and equipment expenses, including depreciation. In addition, during the first quarter of 2015, the Fulfillment Services business recorded a non-cash impairment charge of $925,000 due to the discontinuance of the development of certain software. This impairment charge included previously capitalized software costs, internal labor costs and third party consulting costs. Should the adverse Fulfillment Services business conditions continue, the Fulfillment Services business may experience future impairment charges related to its long-lived assets.

Revenues from the Company’s real estate land sales were $2,180,000 and $2,290,000 for the second quarter and first six months of 2016 compared to $2,513,000 and $2,897,000 for the same periods of 2015. For the second quarter and first six months of 2016 and 2015, the Company’s land sales in New Mexico were as follows:

	Ended October 31, 2015						Ended October 31, 2014
	Acres Sold		Revenues (in 000s)		Revenues Per Acre (in 000s)		Acres Sold		Revenues (in 000s)		Revenues Per Acre (in 000s)
Three months:
Developed
Residential		5.5	$	1,930	$	351		7.6	$	2,502	$	329
Commercial		-		-		-		-		-		-
Total Developed		5.5		1,930		351		7.6		2,502		329
Undeveloped		20.8		250		12		1.3		11		8
Total		26.3	$	2,180	$	83		8.9	$	2,513	$	282
Six months:
Developed
Residential		5.6	$	1,965	$	351		8.2	$	2,674	$	326
Commercial		-		-		-		0.8		212		265
Total Developed		5.6		1,965		351		9.0		2,886		321
Undeveloped		30.9		325		11		1.3		11		8
Total		36.5	$	2,290	$	63		10.3	$	2,897	$	281

14

The average gross profit percentage on land sales was 13.7% and 16.2% for the second quarter and first six months of 2016 compared to 12.9% and 16.8% for the same periods of 2015. As a result of many factors, including the nature and timing of specific transactions and the type and location of land being sold, revenues, average selling prices and related average gross profits from land sales can vary significantly from period to period and prior results are not necessarily a good indication of what may occur in future periods.

Other revenues were $315,000 and $599,000 for the second quarter and first six months of 2016 compared to $41,000 and $69,000 for the same periods of 2015. Other revenues consisted primarily of revenues from the rental of a warehouse in Fairfield, Ohio and also from the amortization of deferred revenue related to an oil and gas lease entered into by AMREP Southwest and one of its subsidiaries during the second quarter of 2015. Refer to Item 8 of Part II of the 2015 Form 10-K for further detail regarding the oil and gas lease.

Other operating expenses were $333,000 and $680,000 for the second quarter and first six months of 2016 compared to $328,000 and $769,000 for the same periods of 2015. The decrease in the six month expenses was primarily due to reduced land maintenance costs and employee benefits, partially offset by increased consulting costs, at AMREP Southwest and its subsidiaries.

General and administrative expenses of Fulfillment Services operations declined to $880,000 and $1,745,000 for the second quarter and first six months of 2016 from $1,112,000 and $2,219,000 for the same periods of 2015, primarily due to lower payroll and benefit costs. Real estate operations and corporate general and administrative expenses increased from $818,000 and $1,645,000 for the second quarter and first six months of 2015 to $946,000 and $1,965,000 for the same periods of 2016, primarily due to increased pension costs resulting from the Company’s corporate office having assumed responsibility in 2016 for the pension expense associated with former employees of the discontinued operations.

Interest expense for continuing operations was $364,000 and $743,000 for the second quarter and first six months of 2016 compared to $370,000 and $762,000 for the same periods of 2015, primarily due to a slightly lower average principal loan balance at AMREP Southwest.

The Company’s effective tax rate for continuing operations was 38.9% and 38.4% for the second quarter and first six months of 2016 compared to 6.6% and 35.5% for the same periods of 2015. The total tax effect of gross unrecognized tax benefits in the accompanying financial statements at both October 31, 2015 and April 30, 2015 was $58,000, which, if recognized, would have an impact on the effective tax rate. The Company believes it is reasonably possible that the liability for unrecognized tax benefits will not change in the next twelve months.

Discontinued Operations

Prior to fiscal 2016, the Company had been engaged in the Newsstand Distribution Services, Product Packaging and Fulfillment Services and Staffing Services businesses. During 2015, these businesses were sold and the operations of those businesses have been classified as “discontinued operations” in the Company’s financial statements. Financial information for prior periods has been reclassified to conform to this presentation. The net income from discontinued operations for the first six months of 2015 included a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.90 per share) from a settlement agreement in the Newsstand Distribution Services business with a major customer.

15

LIQUIDITY AND CAPITAL RESOURCES

The Company’s primary source of funding for working capital requirements is cash flow from operations. The Company’s liquidity is affected by many factors, including some that are based on normal operations and some that are related to the industries in which the Company operates and the economy generally. Except as described below, there have been no material changes to the Company’s liquidity and capital resources as reflected in the Liquidity and Capital Resources section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2015 Form 10-K.

Operating Activities

Receivables, net decreased from $11,265,000 at April 30, 2015 to $9,535,000 at October 31, 2015 primarily due to a $2,000,000 reduction in borrowings under a line of credit made available to the buyers of the Company’s former Newsstand Distribution Services and Product Packaging and Fulfillment Services businesses. Accounts payable and accrued expenses decreased from $10,284,000 at April 30, 2015 to $10,045,000 at October 31, 2015, primarily due to lower business volumes and the timing of payments to vendors.

Real estate inventory decreased from $66,321,000 at April 30, 2015 to $65,533,000 at October 31, 2015 due to land sales in Rio Rancho, New Mexico. Property, plant and equipment decreased from $15,763,000 at April 30, 2015 to $15,516,000 at October 31, 2015, primarily due to normal depreciation of fixed assets.

Other liabilities and deferred revenue decreased from $4,827,000 at April 30, 2015 to $4,686,000 at October 31, 2015, primarily reflecting the amortization of deferred revenue related to the oil and gas lease entered into by AMREP Southwest and one of its subsidiaries during the second quarter of 2015.

Investing Activities

Capital expenditures totaled $271,000 for the first six months of 2016 and $555,000 for the same period of 2015, with all expenditures being in the Fulfillment Services business.

Financing Activities

AMREP Southwest has a loan from a company owned by Nicholas G. Karabots, a significant shareholder of the Company and in which another director of the Company has a 20% participation. The loan had an outstanding principal amount of $13,183,000 at October 31, 2015, is scheduled to mature on December 1, 2017, bears interest payable monthly at 8.5% per annum, and is secured by a mortgage on all real property of AMREP Southwest in Rio Rancho and by a pledge of the stock of its subsidiary, Outer Rim Investments, Inc. The total book value of the real property collateralizing the loan was approximately $63,103,000 as of October 31, 2015. No payments of principal are required until maturity, except that the following amounts are required to be applied to the payment of the loan: (a) 25% of the net cash proceeds from any sales of real property by AMREP Southwest and (b) 25% of any royalty payments received by AMREP Southwest under the oil and gas lease entered into by AMREP Southwest and one of its subsidiaries during the second quarter of 2015. At October 31, 2015, AMREP Southwest was in compliance with the covenants of the loan facility.

Other notes payable is a mortgage note payable with an outstanding principal balance of $4,025,000 on a warehouse with a maturity date of February 2018 and an interest rate of 6.35%. The amount of Other notes payable due within one year is $132,000.

16

The Company’s Fulfillment Services business had a revolving credit and security agreement with PNC Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility expired by its terms on August 12, 2015. There were no borrowings on this facility in 2016 prior to its expiration.

During November 2015, Las Fuentes Village, LLC (“LFV”), a subsidiary of AMREP Southwest, entered into a loan agreement with U.S. Bank National Association to permit the borrowing from time to time by LFV of a maximum principal amount of $933,000 for the construction of a 2,200 square foot, single tenant retail building in Rio Rancho, New Mexico. The construction loan is scheduled to mature on October 31, 2016, bears interest payable monthly on the outstanding principal amount at 0.5% plus the prime rate, is secured by a mortgage on the real property of approximately 1 acre where construction of the building is to occur, contains customary events of default and representations, warranties and covenants and is guaranteed by AMREP Southwest. The total book value of the real property collateralizing the loan was approximately $217,000 as of October 31, 2015. No payments of principal are required until maturity. The building is expected to be constructed by LFV is subject to a long term lease with a national retail tenant, with lease payments expected to commence during the fiscal year ending April 30, 2017.

Statement of Forward-Looking Information

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on behalf of the Company. The Company and its representatives may from time to time make written or oral statements that are “forward-looking”, including statements contained in this report and other filings with the Securities and Exchange Commission, reports to the Company’s shareholders and news releases. All statements that express expectations, estimates, forecasts or projections are forward-looking statements within the meaning of the Act. In addition, other written or oral statements, which constitute forward-looking statements, may be made by or on behalf of the Company. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “projects”, “forecasts”, “may”, “should”, variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and contingencies that are difficult to predict. All forward-looking statements speak only as of the date of this report or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are qualified by the cautionary statements in this section. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements.

The forward-looking statements contained in this report include, but are not limited to, statements regarding whether the liability for unrecognized tax benefits will change in the next twelve months, expected construction of a retail building and timing of lease payments related thereto, the future business conditions that may be experienced by the Company and future impairment charges that may be incurred related to the Company’s long-lived assets. The Company undertakes no obligation to update or publicly release any revisions to any forward-looking statement to reflect events, circumstances or changes in expectations after the date of such forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

17

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s chief financial officer and the other person whose certification accompanies this quarterly report, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. As a result of such evaluation, the chief financial officer and such other person have concluded that such disclosure controls and procedures are effective to provide reasonable assurance that the information required to be disclosed in the reports the Company files or submits under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to the Company’s management, including its chief financial officer and such other person, as appropriate to allow timely decisions regarding disclosure. The Company believes that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

Changes in Internal Control over Financial Reporting

No change in the Company’s system of internal control over financial reporting occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

Material Weakness Previously Identified

Refer to Item 9A of Part II of the 2015 Form 10-K for detail about a previously identified material weakness in the Company’s internal control over financial reporting over complex and non-routine transactions. The Company has implemented the following remediation steps to address this material weakness: (i) regular evaluation and enhancement of internal technical accounting capabilities, supported by the use of third-party advisors and consultants to assist with areas requiring specialized technical accounting expertise and (ii) enhanced awareness to identify complex technical accounting topics and early identification of situations which might require the use of third-party advisors and consultants. The material weakness will not be considered remediated until the controls are in operation for a sufficient period of time for the Company’s management to conclude that the material weakness has been remediated. Management will continue to assess the effectiveness of the Company’s remediation efforts in connection with management’s evaluations of internal control over financial reporting.

18

PART II. OTHER INFORMATION

Item 6. Exhibits

Exhibit Number	Description
3.1	By-Laws, as amended. (Incorporated by reference to Exhibit 3.1 to Registrant’s Quarterly Report on Form 10-Q filed September 14, 2015)
31.1	Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934
31.2	Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934
32	Certification required pursuant to 18 U.S.C. Section 1350
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

19

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: December 11, 2015	AMREP CORPORATION
	(Registrant)
	By:	/s/ Peter M. Pizza
		Peter M. Pizza
		Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

20

EXHIBIT INDEX

Exhibit Number	Description
3.1	By-Laws, as amended. (Incorporated by reference to Exhibit 3.1 to Registrant’s Quarterly Report on Form 10-Q filed September 14, 2015)
31.1	Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934
31.2	Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934
32	Certification required pursuant to 18 U.S.C. Section 1350
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

21

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Peter M. Pizza, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended October 31, 2015 of AMREP Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: December 11, 2015

/s/ Peter M. Pizza

Peter M. Pizza

Chief Financial Officer

(Principal Accounting Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Christopher V. Vitale, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended October 31, 2015 of AMREP Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: December 11, 2015

/s/ Christopher V. Vitale

Christopher V. Vitale

Executive Vice President

(Principal Executive Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of AMREP Corporation (the “Company”) on Form 10-Q for the period ended October 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned does hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: December 11, 2015

   /s/ Peter M. Pizza               

Peter M. Pizza

Chief Financial Officer

(Principal Accounting Officer)

   /s/ Christopher V. Vitale    

Christopher V. Vitale

Executive Vice President

(Principal Executive Officer)

XML

DEFERRED REVENUE (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Leases, Gross	$ 910,000		$ 910,000
Lessee Leasing Arrangements, Operating Leases, Term of Contract			4 years
Operating Leases, Income Statement, Lease Revenue	57,000	$ 38,000	$ 114,000	$ 38,000
Deferred Revenue, Leases, Net	644,000		644,000
Real Estate Operations and Corporate General and Administrative Expenses	946,000	818,000	1,965,000	1,645,000
El Dorado Utilities, Inc [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue, Leases, Net	984,000		984,000		$ 1,042,000
Real Estate Operations and Corporate General and Administrative Expenses	$ 29,000	$ 29,000	$ 58,000	$ 58,000

XML

NOTES PAYABLE (Tables)

6 Months Ended

Oct. 31, 2015

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Notes payable consist of the following (in thousands):

	October 31, 2015		April 30, 2015
Credit facilities:
Real estate operations	$	13,183	$	14,003
Other notes payable		4,025		4,087
	$	17,208	$	18,090

XML

GAIN FROM SETTLEMENT (Details Textual) $ in Thousands	6 Months Ended
	Oct. 31, 2014 USD ($)
Discontinued Operations [Member]
Gain Loss From Settlement [Line Items]
Disposal Group, Including Discontinued Operation, Other Income	$ 11,155

XML

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Credit facilities:
Notes Payable	$ 17,208	$ 18,090
Other notes payable [Member]
Credit facilities:
Notes Payable	4,025	4,087
Real estate operations [Member]
Credit facilities:
Notes Payable	$ 13,183	$ 14,003

XML

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Oct. 31, 2015

Property, Plant and Equipment Disclosure [Abstract]

Property, Plant and Equipment [Text Block]

(4) PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net consist of the following (in thousands):

	October 31,		April 30,
	2015		2015
Land, buildings and improvements	$	20,384	$	20,000
Furniture and equipment		18,822		19,098
		39,206		39,098
Less accumulated depreciation		(23,690)		(23,335)
	$	15,516	$	15,763

XML

IMPAIRMENT OF ASSETS (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	[1]
Indefinite-lived Intangible Assets [Line Items]
Impairment of assets		$ 0	$ 925
Fulfillment Services [Member]
Indefinite-lived Intangible Assets [Line Items]
Impairment of assets	$ 925		$ 925

[1] Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

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DISCONTINUED OPERATIONS (Details 2) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Cash Flows from Discontinued Operating Activities:
Net income		$ 0	$ 351	$ 0	$ 7,251
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	707	816	1,453	1,642
Non-cash credits and charges:
Allowance for doubtful accounts				(24)	17
Changes in assets and liabilities:
Accounts payable and accrued expenses				(239)	(644)
Total adjustments				(39)	7,866
Cash Flows from Investing Activities:
Capital expenditures - property, plant and equipment	[1]	$ (189)	(178)	$ (271)	(555)
Discontinued Operations [Member]
Cash Flows from Discontinued Operating Activities:
Net income			$ 351		7,251
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on settlement					(11,155)
Depreciation and amortization					202
Non-cash credits and charges:
Allowance for doubtful accounts					(867)
Changes in assets and liabilities:
Receivables					4,692
Intangible and other assets					111
Accounts payable and accrued expenses					(2,440)
Other					4,043
Total adjustments					(5,414)
Net cash provided by (used in) operating activities					1,837
Cash Flows from Investing Activities:
Capital expenditures - property, plant and equipment					(31)
Net cash used in investing activities					$ (31)

[1] Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

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DISCONTINUED OPERATIONS (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Components of pretax income from discontinued operations:
Income from discontinued operations before income taxes	$ 0	$ 443	$ 0	$ 11,411
Provision for income taxes	0	92	0	4,160
Net income from discontinued operations	$ 0	351	$ 0	7,251
Discontinued Operations [Member]
Components of pretax income from discontinued operations:
Revenues		5,039		10,697
Operating expenses		(4,006)		(9,202)
General and administrative expenses		(525)		(1,146)
Gain from settlement (Note 11)				11,155
Interest expense		(65)		(93)
Income from discontinued operations before income taxes		443		11,411
Provision for income taxes		92		4,160
Net income from discontinued operations		$ 351		$ 7,251

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INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	$ 11,221	$ 14,357	$ 20,796	$ 26,678
Net income (loss) from continuing operations	[1]	(676)	(97)	(1,855)	(733)
Provision (benefit) for income taxes	[1]	(430)	6	(1,155)	(403)
Interest expense (income), net	[1]	364	370	743	762
Depreciation and amortization	[1]	707	816	1,453	1,642
Impairment of assets				0	925	[1]
EBITDA	[1],[2]	(35)	1,095	(814)	2,193
Capital expenditures	[1]	189	178	271	555
Fulfillment Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	8,726	11,803	17,907	23,712
Net income (loss) from continuing operations	[1]	(506)	41	(1,282)	(297)
Provision (benefit) for income taxes	[1]	(297)	208	(753)	10
Interest expense (income), net	[1]	182	177	349	352
Depreciation and amortization	[1]	677	731	1,393	1,525
Impairment of assets			925		925	[1]
EBITDA	[1],[2]	56	1,157	(293)	2,515
Capital expenditures	[1]	189	178	271	555
Real Estate Operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	2,256	2,625	2,424	3,109
Net income (loss) from continuing operations	[1]	(591)	(543)	(1,357)	(1,297)
Provision (benefit) for income taxes	[1]	(347)	(411)	(801)	(865)
Interest expense (income), net	[1]	596	693	1,267	1,388
Depreciation and amortization	[1]	22	22	45	45
Impairment of assets	[1]				0
EBITDA	[1],[2]	(320)	(239)	(846)	(729)
Capital expenditures	[1]	0	0	0	0
Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1]	239	(71)	465	(143)
Net income (loss) from continuing operations	[1]	421	405	784	861
Provision (benefit) for income taxes	[1]	214	209	399	452
Interest expense (income), net	[1]	(414)	(500)	(873)	(978)
Depreciation and amortization	[1]	8	63	15	72
Impairment of assets	[1]				0
EBITDA	[1],[2]	229	177	325	407
Capital expenditures	[1]	$ 0	$ 0	$ 0	$ 0

[1] Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

[2] 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.

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RECEIVABLES (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 9,876	$ 11,709
Less allowance for doubtful accounts	(341)	(444)
Accounts Receivable, Net	9,535	11,265
Fulfillment Services [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	7,914	7,993
Buyer Promissory Note [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	1,600	1,600
Line of Credit receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	0	2,000
Real Estate Operations and Corporate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross	$ 362	$ 116

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RECEIVABLES (Details Textual) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Nov. 30, 2015
Revenues, Total	[1]	$ 11,221	$ 14,357	$ 20,796	$ 26,678
Customer Concentration Risk [Member]
Revenues, Total		$ 1,289		$ 2,787
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage		11.50%		13.40%
Fulfillment Services [Member]
Revenues, Total	[1]	$ 8,726	$ 11,803	$ 17,907	$ 23,712
Fulfillment Services [Member] | Customer Concentration Risk [Member] | Subsequent Event [Member]
Loans Receivable, Net, Total						$ 424

[1] Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

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RECEIVABLES

6 Months Ended

Oct. 31, 2015

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(3) RECEIVABLES

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

	October 31, 2015		April 30, 2015
Fulfillment Services	$	7,914	$	7,993
Buyer promissory note		1,600		1,600
Line of credit receivable		-		2,000
Real estate operations and corporate		362		116
		9,876		11,709
Less allowance for doubtful accounts		(341)		(444)
	$	9,535	$	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 second quarter and first six months of 2016, revenues from one major customer of the Company’s Fulfillment Services business totaled $1,289,000 and $2,787,000, or 11.5% and 13.4% of total revenues of the Company for those periods. As of November 30, 2015, the Company’s Fulfillment Services business had $424,000 of outstanding accounts receivable from this customer.

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PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 39,206	$ 39,098
Less accumulated depreciation	(23,690)	(23,335)
Property, plant and equipment, net	15,516	15,763
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	20,384	20,000
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 18,822	$ 19,098

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FAIR VALUE MEASUREMENTS: (Details Textual) - USD ($)	Oct. 31, 2015	Apr. 30, 2015
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	$ 17,208,000	$ 18,090,000
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable, Fair Value Disclosure	$ 15,772,000	$ 16,365,000

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Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
ASSETS
Cash and cash equivalents	$ 12,397	$ 12,050
Receivables, net	9,535	11,265
Real estate inventory	65,533	66,321
Investment assets, net	15,292	15,364
Property, plant and equipment, net	15,516	15,763
Intangible and other assets, net	8,859	10,440
Taxes receivable	1,791	0
Deferred income taxes, net	6,265	5,837
Assets of discontinued operations	0	1,689
TOTAL ASSETS	135,188	138,729
LIABILITIES:
Accounts payable and accrued expenses	10,045	10,284
Notes payable:
Amounts due within one year	132	128
Amounts due beyond one year	3,893	3,959
Amounts due to related party	13,183	14,003
Notes payable	17,208	18,090
Taxes payable	0	653
Other liabilities and deferred revenue	4,686	4,827
Accrued pension cost	11,768	11,259
Liabilities of discontinued operations	0	295
TOTAL LIABILITIES	43,707	45,408
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000;shares issued - 8,284,704 at October 31, 2015 and 8,281,704 at April 30, 2015	828	828
Capital contributed in excess of par value	50,553	50,538
Retained earnings	55,148	57,003
Accumulated other comprehensive loss, net	(10,833)	(10,833)
Treasury stock, at cost; 225,250 shares at October 31, 2015 and April 30, 2015	(4,215)	(4,215)
TOTAL SHAREHOLDERS’ EQUITY	91,481	93,321
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 135,188	$ 138,729

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BASIS OF PRESENTATION

6 Months Ended

Oct. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

(1) BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in two business segments: the Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”) and its subsidiary and the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries. The Company’s foreign sales are insignificant. All significant intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless otherwise qualified, all references to 2016 and 2015 are to the fiscal years ending April 30, 2016 and 2015 and all references to the second quarter and first six months of 2016 and 2015 mean the fiscal three and six month periods ended October 31, 2015 and 2014.

The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2015, which was filed with the SEC on July 29, 2015 (the “2015 Form 10-K”).

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. This guidance defines how companies report revenues from contracts with customers and also requires enhanced disclosures. In July 2015, the Financial Accounting Standards Board voted to defer the effective date by one year, with early adoption on the original effective date permitted. The Company will be required to adopt the standard as of May 1, 2018 and early adoption is permitted as of May 1, 2017. The Company has not determined the transition approach that will be utilized nor has it estimated the impact of adopting the new accounting standard.

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 10,045	$ 10,284
Fulfillment Services [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	7,610	8,910
Real Estate Operations and Corporate [Member]
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accounts payable, net and accrued expenses	$ 2,435	$ 1,374

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PROPERTY, PLANT AND EQUIPMENT (Tables)

6 Months Ended

Oct. 31, 2015

Property, Plant and Equipment Disclosure [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment, net consist of the following (in thousands):

	October 31,		April 30,
	2015		2015
Land, buildings and improvements	$	20,384	$	20,000
Furniture and equipment		18,822		19,098
		39,206		39,098
Less accumulated depreciation		(23,690)		(23,335)
	$	15,516	$	15,763

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Textual) - USD ($)	Oct. 31, 2015	Apr. 30, 2015
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accrued Liabilities	$ 2,378,000	$ 1,142,000
Customer Postage Deposits Current And Noncurrent	4,202,000	4,832,000
Accounts Payable, Trade	1,611,000	1,641,000
Other Accounts Payable and Accrued Liabilities	$ 1,854,000	$ 2,669,000

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

6 Months Ended

Oct. 31, 2015

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

Accounts payable and accrued expenses consist of the following (in thousands):

	October 31,		April 30,
	2015		2015
Fulfillment Services	$	7,610	$	8,910
Real estate operations and corporate		2,435		1,374
	$	10,045	$	10,284

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DISCONTINUED OPERATIONS

6 Months Ended

Oct. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

(2) DISCONTINUED OPERATIONS

Prior to February 9, 2015, the Company had been engaged in the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business. On February 9, 2015, the Newsstand Distribution Services business and the Product Packaging and Fulfillment Services business were sold. In addition, prior to April 10, 2015, the Company had also been engaged in the Staffing Services business. On April 10, 2015, the Staffing Services business was sold. The Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business have been classified as “discontinued operations” in the Company’s financial statements. Financial information from prior periods has been reclassified to conform to this presentation. Refer to Item 1 of Part I of the 2015 Form 10-K for more detail about the sale of the Newsstand Distribution Services business, the Product Packaging and Fulfillment Services business and the Staffing Services business. The following table provides a reconciliation of the carrying amounts of the major classes of assets and liabilities of the discontinued operations in the accompanying balance sheet (in thousands):

	April 30, 2015
Carrying amounts of major classes of assets included as part of discontinued operations:
Cash and cash equivalents	$	1,241
Receivables, net		431
Intangible and other assets, net		17
Total assets classified as discontinued operations in the accompanying balance sheets	$	1,689
Carrying amounts of major classes of liabilities included as part of discontinued operations:
Accounts payable and accrued expenses	$	150
Deferred and income taxes payable		145
Total liabilities classified as discontinued operations in the accompanying balance sheets	$	295

The following tables provide a reconciliation of the carrying amounts of components of pretax income or loss of the discontinued operations to the amounts reported in the accompanying statement of operations (in thousands):

	October 31,  2014
For the three months ended:
Components of pretax income from discontinued operations:
Revenues	$	5,039
Operating expenses		(4,006)
General and administrative expenses		(525)
Interest expense		(65)
Income from discontinued operations before income taxes		443
Provision for income taxes		92
Net income from discontinued operations	$	351
For the six months ended:
Components of pretax income from discontinued operations:
Revenues	$	10,697
Operating expenses		(9,202)
General and administrative expenses		(1,146)
Gain from settlement (Note 11)		11,155
Interest expense		(93)
Income from discontinued operations before income taxes		11,411
Provision for income taxes		4,160
Net income from discontinued operations	$	7,251

The following table provides the total operating and investing cash flows of the discontinued operations for the period in which the results of operations of the discontinued operations are presented in the accompanying statement of operations (in thousands):

	October 31,  2014
For the six months ended:
Cash flows from discontinued operating activities:
Net income	$	7,251
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on settlement		(11,155)
Depreciation and amortization		202
Non-cash credits and charges:
Allowance for doubtful accounts		(867)
Changes in assets and liabilities:
Receivables		4,692
Intangible and other assets		111
Accounts payable and accrued expenses		(2,440)
Other		4,043
Total adjustments		(5,414)
Net cash provided by (used in) operating activities	$	1,837
Cash flows from investing activities:
Capital expenditures - property, plant and equipment	$	(31)
Net cash used in investing activities	$	(31)

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Consolidated Balance Sheets [Parenthetical] - $ / shares	Oct. 31, 2015	Apr. 30, 2015
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	8,284,704	8,281,704
Treasury stock, shares	225,250	225,250

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IMPAIRMENT OF ASSETS

6 Months Ended

Oct. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Asset Impairment Charges [Text Block]

(12) IMPAIRMENT OF ASSETS

During the first quarter of 2015, the Company’s Fulfillment Services business recognized a $925,000 impairment charge relating to the discontinuance of the development of certain software. The impairment charge included previously capitalized software costs, internal labor costs and third party consulting costs.

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Document And Entity Information - shares	6 Months Ended
	Oct. 31, 2015	Dec. 04, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Entity Registrant Name	AMREP CORP.
Entity Central Index Key	0000006207
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	AXR
Entity Common Stock, Shares Outstanding		8,059,454

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INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS

6 Months Ended

Oct. 31, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

(13) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS

The following tables set forth summarized data relative to the industry segments in which the Company operated (other than with respect to discontinued operations) for the three and six month periods ended October 31, 2015 and 2014 (in thousands):

	Fulfillment Services		Real Estate Operations		Corporate and  Other		Consolidated
Three months ended October 31, 2015 (a):
Revenues	$	8,726	$	2,256	$	239	$	11,221
Net income (loss) from continuing operations	$	(506)	$	(591)	$	421	$	(676)
Provision (benefit) for income taxes		(297)		(347)		214		(430)
Interest expense (income), net		182		596		(414)		364
Depreciation and amortization		677		22		8		707
EBITDA (b)	$	56	$	(320)	$	229	$	(35)
Capital expenditures	$	189	$	-	$	-	$	189
Three months ended October 31, 2014 (a):
Revenues	$	11,803	$	2,625	$	(71)	$	14,357
Net income (loss) from continuing operations	$	41	$	(543)	$	405	$	(97)
Provision (benefit) for income taxes		208		(411)		209		6
Interest expense (income), net		177		693		(500)		370
Depreciation and amortization		731		22		63		816
EBITDA (b)	$	1,157	$	(239)	$	177	$	1,095
Capital expenditures	$	178	$	-	$	-	$	178
					Corporate
	Fulfillment		Real Estate		and
	Services		Operations		Other		Consolidated
Six months ended October 31, 2015 (a):
Revenues	$	17,907	$	2,424	$	465	$	20,796
Net income (loss) from continuing operations	$	(1,282)	$	(1,357)	$	784	$	(1,855)
Provision (benefit) for income taxes		(753)		(801)		399		(1,155)
Interest expense (income), net		349		1,267		(873)		743
Depreciation and amortization		1,393		45		15		1,453
EBITDA (b)	$	(293)	$	(846)	$	325	$	(814)
Capital expenditures	$	271	$	-	$	-	$	271
Six months ended October 31, 2014 (a):
Revenues	$	23,712	$	3,109	$	(143)	$	26,678
Net income (loss) from continuing operations	$	(297)	$	(1,297)	$	861	$	(733)
Provision (benefit) for income taxes		10		(865)		452		(403)
Interest expense (income), net		352		1,388		(978)		762
Depreciation and amortization		1,525		45		72		1,642
Impairment of assets		925		-		-		925
EBITDA (b)	$	2,515	$	(729)	$	407	$	2,193
Capital expenditures	$	555	$	-	$	-	$	555

(a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

(b) 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.

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Consolidated Statements of Operations and Retained Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
REVENUES:
Fulfillment services		$ 8,726	$ 11,803	$ 17,907	$ 23,712
Real estate land sales		2,180	2,513	2,290	2,897
Other		315	41	599	69
Revenues	[1]	11,221	14,357	20,796	26,678
COSTS AND EXPENSES:
Real estate land sales		1,882	2,188	1,918	2,410
Operating expenses:
Fulfillment services		7,867	9,565	16,647	18,957
Real estate selling expenses		55	67	108	127
Other		333	328	680	769
General and administrative expenses:
Fulfillment services		880	1,112	1,745	2,219
Real estate operations and corporate		946	818	1,965	1,645
Impairment of assets				0	925	[1]
Interest expense		364	370	743	762
Costs and Expenses, Total		12,327	14,448	23,806	27,814
Loss from continuing operations before income taxes		(1,106)	(91)	(3,010)	(1,136)
Provision (benefit) for income taxes	[1]	(430)	6	(1,155)	(403)
Loss from continuing operations		(676)	(97)	(1,855)	(733)
Discontinued operations (Note 2)
Income from discontinued operations before income taxes		0	443	0	11,411
Provision for income taxes		0	92	0	4,160
Income from discontinued operations		0	351	0	7,251
Net income (loss)		(676)	254	(1,855)	6,518
Retained earnings, beginning of period		55,824	51,947	57,003	45,683
Retained earnings, end of period		$ 55,148	$ 52,201	$ 55,148	$ 52,201
Loss per share - continuing operations - basic and diluted (in dollars per share)		$ (0.08)	$ (0.01)	$ (0.23)	$ (0.1)
Earnings per share - discontinued operations - basic and diluted (in dollars per share)		0	0.04	0	0.93
Earnings (loss) per share, net - basic and diluted (in dollars per share)		$ (0.08)	$ 0.03	$ (0.23)	$ 0.83
Weighted average number of common shares outstanding (in shares)		8,038	8,026	8,034	7,813

[1] Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

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NOTES PAYABLE

6 Months Ended

Oct. 31, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

(7) NOTES PAYABLE

Notes payable consist of the following (in thousands):

	October 31, 2015		April 30, 2015
Credit facilities:
Real estate operations	$	13,183	$	14,003
Other notes payable		4,025		4,087
	$	17,208	$	18,090

Real Estate Loan

AMREP Southwest has a loan from a company owned by Nicholas G. Karabots, a significant shareholder of the Company and in which another director of the Company has a 20% participation. The loan had an outstanding principal amount of $13,183,000 at October 31, 2015, is scheduled to mature on December 1, 2017, bears interest payable monthly at 8.5% per annum and is secured by a mortgage on all real property of AMREP Southwest in Rio Rancho, New Mexico and by a pledge of the stock of its subsidiary, Outer Rim Investments, Inc. The total book value of the real property collateralizing the loan was approximately $63,103,000 as of October 31, 2015. No payments of principal are required until maturity, except that the following amounts are required to be applied to the payment of the loan: (a) 25% of the net cash proceeds from any sales of real property by AMREP Southwest and (b) 25% of any royalty payments received by AMREP Southwest under the oil and gas lease described in Note 8.

 

Other Notes Payable

Other notes payable is a mortgage note payable with an outstanding principal balance of $4,025,000 on a warehouse with a maturity date of February 2018 and an interest rate of 6.35%. The amount of Other notes payable due within one year is $132,000.

 

PNC Credit Facility

The Company’s Fulfillment Services business had a revolving credit and security agreement with PNC Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility expired by its terms on August 12, 2015. There were no borrowings on this facility in 2016 prior to its expiration.

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ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Oct. 31, 2015

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

(6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following (in thousands):

	October 31,		April 30,
	2015		2015
Fulfillment Services	$	7,610	$	8,910
Real estate operations and corporate		2,435		1,374
	$	10,045	$	10,284

The October 31, 2015 accounts payable and accrued expenses total consists of customer postage deposits of $4,202,000, accrued expenses of $2,378,000, trade payables of $1,611,000 and other of $1,854,000. The April 30, 2015 accounts payable and accrued expenses total consists of customer postage deposits of $4,832,000, accrued expenses of $1,142,000, trade payables of $1,641,000 and other of $2,669,000.

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INTANGIBLE AND OTHER ASSETS (Tables)

6 Months Ended

Oct. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Intangible and Other Assets [Table Text Block]

Intangible and other assets, net consist of the following (in thousands):

	October 31, 2015				April 30, 2015
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Customer contracts and relationships	$	16,986	$	11,465	$	16,986	$	10,757
Prepaid expenses		2,197		-		2,520		-
Deferred order entry costs		875		-		961		-
Other		266		-		730		-
	$	20,324	$	11,465	$	21,197	$	10,757

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BASIS OF PRESENTATION (Policies)

6 Months Ended

Oct. 31, 2015

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in two business segments: the Fulfillment Services business operated by Palm Coast Data LLC (“Palm Coast”) and its subsidiary and the real estate business operated by AMREP Southwest Inc. (“AMREP Southwest”) and its subsidiaries. The Company’s foreign sales are insignificant. All significant intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless otherwise qualified, all references to 2016 and 2015 are to the fiscal years ending April 30, 2016 and 2015 and all references to the second quarter and first six months of 2016 and 2015 mean the fiscal three and six month periods ended October 31, 2015 and 2014.

The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2015, which was filed with the SEC on July 29, 2015 (the “2015 Form 10-K”).

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. This guidance defines how companies report revenues from contracts with customers and also requires enhanced disclosures. In July 2015, the Financial Accounting Standards Board voted to defer the effective date by one year, with early adoption on the original effective date permitted. The Company will be required to adopt the standard as of May 1, 2018 and early adoption is permitted as of May 1, 2017. The Company has not determined the transition approach that will be utilized nor has it estimated the impact of adopting the new accounting standard.

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BENEFIT PLANS

6 Months Ended

Oct. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

(10) BENEFIT PLANS

Retirement plan

The Company has a defined benefit retirement plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004. The Company has secured $5,019,000 of accrued pension-related obligations with first lien mortgages on certain real property in favor of the Pension Benefit Guaranty Corporation (the “PBGC”). On an annual basis, the Company is required to provide updated appraisals on each mortgaged property and, if the appraised value of the mortgaged properties is less than two times the amount of the accrued pension-related obligations secured by the mortgages, the Company is required to make a payment to its pension plan in an amount equal to one-half of the amount of the shortfall. During the first quarter of 2016, the Company substituted certain real property subject to the first lien mortgage in favor of the PBGC. During the first six months of 2016, there was no change in the appraised value of the mortgaged property that required the Company to make any additional payments to its pension plan.

Equity compensation plan

The Company issued 3,000 shares of restricted common stock under the AMREP Corporation 2006 Equity Compensation Plan (the “Equity Plan”) during the first six months of 2016. During the first six months of 2016, 10,000 shares of common stock previously issued under the Equity Plan vested leaving 21,000 shares issued under the Equity Plan that have not vested as of October 31, 2015. For the second quarter and first six months of 2016, the Company recognized $16,000 and $37,000 of compensation expense related to the restricted shares of common stock issued, and $30,000 and $66,000 for the same periods of 2015. As of October 31, 2015, there was $60,000 of total unrecognized compensation expense related to shares of common stock issued under the Equity Plan which had not vested as of that date, which expense is expected to be recognized over the remaining vesting term not to exceed three years.

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DEFERRED REVENUE

6 Months Ended

Oct. 31, 2015

Deferred Revenue Disclosure [Abstract]

Deferred Revenue Disclosure [Text Block]

(8) DEFERRED REVENUE

Refer to Item 8 of Part II of the 2015 Form 10-K for detail about the Oil and Gas Lease and the Addendum thereto with Thrust Energy, Inc. and Cebolla Roja, LLC. No royalties under the Lease were received during the first six months of 2016. Deferred revenue of approximately $910,000 from this transaction is being recorded over the four-year lease term. Approximately $57,000 and $114,000 of such deferred revenue was recognized during the second quarter and first six months of 2016 and $38,000 for the second quarter and first six months of 2015, which is included in Other revenues in the accompanying financial statements. At October 31, 2015, there was $644,000 of deferred revenue remaining to be recognized in future periods.

Refer to Item 8 of Part II of the 2015 Form 10-K for detail about a lease agreement for a warehouse facility owned by El Dorado Utilities, Inc., a subsidiary of the Company, in Fairfield, Ohio. The amount of deferred rent revenue in connection with this lease totaled $984,000 and $1,042,000 at October 31, 2015 and April 30, 2015. The credit related to the amortization of the deferred rent revenue is accounted for as a reduction of general and administrative expenses for real estate operations and corporate in the accompanying financial statements and totaled $29,000 and $58,000 for the three and six month periods ended October 31, 2015 and also for the same periods ended October 31, 2014.

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FAIR VALUE MEASUREMENTS

6 Months Ended

Oct. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(9) FAIR VALUE MEASUREMENTS

The Financial Instruments Topic of the Financial Accounting Standards Board Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. The Topic excludes all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions are used in estimating fair value disclosure for financial instruments: the carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments.

The Company did not have any long-term, fixed-rate notes receivables at October 31, 2015 or April 30, 2015. The estimated fair values of the Company’s long-term, fixed-rate notes payable were $15,772,000 and $16,365,000 compared with carrying amounts of $17,208,000 and $18,090,000 at October 31, 2015 and April 30, 2015.

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GAIN FROM SETTLEMENT

6 Months Ended

Oct. 31, 2015

Gain Loss From Settlement [Abstract]

Gain Loss From Settlement [Text Block]

(11) GAIN FROM SETTLEMENT

During the first quarter of 2015, the Company and certain of its subsidiaries entered into a settlement agreement with a significant customer, Heinrich Bauer (USA) LLC. As a result of the settlement agreement, the Company recognized a pretax gain of $11,155,000, which is included in the results of discontinued operations in the accompanying financial statements for the six months ended October 31, 2014. Refer to Item 1 of Part I of the 2015 Form 10-K for additional detail about the settlement agreement. 

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INTANGIBLE AND OTHER ASSETS (Details Textual)	6 Months Ended
	Oct. 31, 2015
Customer-Related Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	12 years

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RECEIVABLES (Tables)

6 Months Ended

Oct. 31, 2015

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

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

	October 31, 2015		April 30, 2015
Fulfillment Services	$	7,914	$	7,993
Buyer promissory note		1,600		1,600
Line of credit receivable		-		2,000
Real estate operations and corporate		362		116
		9,876		11,709
Less allowance for doubtful accounts		(341)		(444)
	$	9,535	$	11,265

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INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)

6 Months Ended

Oct. 31, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables set forth summarized data relative to the industry segments in which the Company operated (other than with respect to discontinued operations) for the three and six month periods ended October 31, 2015 and 2014 (in thousands):

	Fulfillment Services		Real Estate Operations		Corporate and  Other		Consolidated
Three months ended October 31, 2015 (a):
Revenues	$	8,726	$	2,256	$	239	$	11,221
Net income (loss) from continuing operations	$	(506)	$	(591)	$	421	$	(676)
Provision (benefit) for income taxes		(297)		(347)		214		(430)
Interest expense (income), net		182		596		(414)		364
Depreciation and amortization		677		22		8		707
EBITDA (b)	$	56	$	(320)	$	229	$	(35)
Capital expenditures	$	189	$	-	$	-	$	189
Three months ended October 31, 2014 (a):
Revenues	$	11,803	$	2,625	$	(71)	$	14,357
Net income (loss) from continuing operations	$	41	$	(543)	$	405	$	(97)
Provision (benefit) for income taxes		208		(411)		209		6
Interest expense (income), net		177		693		(500)		370
Depreciation and amortization		731		22		63		816
EBITDA (b)	$	1,157	$	(239)	$	177	$	1,095
Capital expenditures	$	178	$	-	$	-	$	178
					Corporate
	Fulfillment		Real Estate		and
	Services		Operations		Other		Consolidated
Six months ended October 31, 2015 (a):
Revenues	$	17,907	$	2,424	$	465	$	20,796
Net income (loss) from continuing operations	$	(1,282)	$	(1,357)	$	784	$	(1,855)
Provision (benefit) for income taxes		(753)		(801)		399		(1,155)
Interest expense (income), net		349		1,267		(873)		743
Depreciation and amortization		1,393		45		15		1,453
EBITDA (b)	$	(293)	$	(846)	$	325	$	(814)
Capital expenditures	$	271	$	-	$	-	$	271
Six months ended October 31, 2014 (a):
Revenues	$	23,712	$	3,109	$	(143)	$	26,678
Net income (loss) from continuing operations	$	(297)	$	(1,297)	$	861	$	(733)
Provision (benefit) for income taxes		10		(865)		452		(403)
Interest expense (income), net		352		1,388		(978)		762
Depreciation and amortization		1,525		45		72		1,642
Impairment of assets		925		-		-		925
EBITDA (b)	$	2,515	$	(729)	$	407	$	2,193
Capital expenditures	$	555	$	-	$	-	$	555

(a) Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

(b) 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.

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BENEFIT PLANS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total			$ 37,000	$ 66,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 60,000		60,000
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total	$ 16,000	$ 30,000	$ 37,000	$ 66,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			10,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	21,000		21,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross			3,000
PBGC [Member]
Defined Benefit Plan Disclosure [Line Items]
Accrued Pension Benefit Plan Obligation			$ 5,019,000

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Consolidated Statements of Cash Flows from Continuing Operations - USD ($) $ in Thousands		6 Months Ended
		Oct. 31, 2015	Oct. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss from continuing operations		$ (1,855)	$ (733)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Impairment of assets		0	925	[1]
Depreciation and amortization	[1]	1,453	1,642
Non-cash credits and charges:
Allowance for (recovery of) doubtful accounts		(24)	17
Stock-based compensation		37	66
Loss on disposal of fixed assets		5	0
Changes in assets and liabilities, net of effects of discontinued operations:
Receivables		(246)	3,003
Real estate inventory and investment assets		571	1,891
Intangible and other assets		908	1,449
Accounts payable and accrued expenses		(239)	(644)
Taxes receivable and payable		(2,444)	9
Deferred income taxes and other liabilities		(569)	(699)
Accrued pension costs		509	207
Total adjustments		(39)	7,866
Net cash provided by (used in) operating activities		(1,894)	7,133
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - property, plant and equipment	[1]	(271)	(555)
Net cash used in investing activities		(271)	(555)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal debt payments		(882)	(782)
Proceeds from line of credit receivable		2,000	0
Net transfers from discontinued operations		1,394	728
Net cash provided by (used in) financing activities		2,512	(54)
Increase in cash and cash equivalents		347	6,524
Cash and cash equivalents, beginning of period		12,050	7,571
Cash and cash equivalents, end of period		12,397	14,095
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid		688	851
Income taxes paid (refunded), net		1,860	4
Non-cash transactions:
Issuance of common stock in settlement		$ 0	$ 4,274

[1] Revenue information provided for each segment includes amounts grouped as Other in the accompanying consolidated statements of operations. Corporate and Other is net of intercompany eliminations.

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INTANGIBLE AND OTHER ASSETS

6 Months Ended

Oct. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible and Other Assets [Text Block]

(5) INTANGIBLE AND OTHER ASSETS

Intangible and other assets, net consist of the following (in thousands):

	October 31, 2015				April 30, 2015
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Customer contracts and relationships	$	16,986	$	11,465	$	16,986	$	10,757
Prepaid expenses		2,197		-		2,520		-
Deferred order entry costs		875		-		961		-
Other		266		-		730		-
	$	20,324	$	11,465	$	21,197	$	10,757

Customer contracts and relationships are amortized on a straight line basis over twelve years. Deferred order entry costs represent costs incurred in connection with the data entry of customer subscription information to database files and are charged directly to operations generally over a twelve month period.

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DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Carrying amounts of major classes of assets included as part of discontinued operations:
Cash and cash equivalents		$ 1,241
Receivables, net		431
Intangible and other assets, net		17
Total assets classified as discontinued operations in the accompanying balance sheets	$ 0	1,689
Carrying amounts of major classes of liabilities included as part of discontinued operations:
Accounts payable and accrued expenses		150
Deferred and income taxes payable		145
Total liabilities classified as discontinued operations in the accompanying balance sheets	$ 0	$ 295

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NOTES PAYABLE (Details Textual)	6 Months Ended
	Oct. 31, 2015 USD ($)
Debt Instrument [Line Items]
Mortgage Notes Payable	$ 4,025,000
Mortgage Loans on Real Estate, Interest Rate	6.35%
Other Notes Payable, Current	$ 132,000
Real Estate Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period	8.50%
Notes Payable, Related Parties, Noncurrent	$ 13,183,000
Book Value Of Real Estate Property Collateralized	$ 63,103,000
Line Of Credit Facility Participation Percentage Purchased	20.00%
Debt Instrument, Payment Terms	No payments of principal are required until maturity, except that the following amounts are required to be applied to the payment of the loan: (a) 25% of the net cash proceeds from any sales of real property by AMREP Southwest and (b) 25% of any royalty payments received by AMREP Southwest under the oil and gas lease

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DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Oct. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The following table provides a reconciliation of the carrying amounts of the major classes of assets and liabilities of the discontinued operations in the accompanying balance sheet (in thousands):

	April 30, 2015
Carrying amounts of major classes of assets included as part of discontinued operations:
Cash and cash equivalents	$	1,241
Receivables, net		431
Intangible and other assets, net		17
Total assets classified as discontinued operations in the accompanying balance sheets	$	1,689
Carrying amounts of major classes of liabilities included as part of discontinued operations:
Accounts payable and accrued expenses	$	150
Deferred and income taxes payable		145
Total liabilities classified as discontinued operations in the accompanying balance sheets	$	295

The following tables provide a reconciliation of the carrying amounts of components of pretax income or loss of the discontinued operations to the amounts reported in the accompanying statement of operations (in thousands):

	October 31,  2014
For the three months ended:
Components of pretax income from discontinued operations:
Revenues	$	5,039
Operating expenses		(4,006)
General and administrative expenses		(525)
Interest expense		(65)
Income from discontinued operations before income taxes		443
Provision for income taxes		92
Net income from discontinued operations	$	351
For the six months ended:
Components of pretax income from discontinued operations:
Revenues	$	10,697
Operating expenses		(9,202)
General and administrative expenses		(1,146)
Gain from settlement (Note 11)		11,155
Interest expense		(93)
Income from discontinued operations before income taxes		11,411
Provision for income taxes		4,160
Net income from discontinued operations	$	7,251

The following table provides the total operating and investing cash flows of the discontinued operations for the period in which the results of operations of the discontinued operations are presented in the accompanying statement of operations (in thousands):

	October 31,  2014
For the six months ended:
Cash flows from discontinued operating activities:
Net income	$	7,251
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on settlement		(11,155)
Depreciation and amortization		202
Non-cash credits and charges:
Allowance for doubtful accounts		(867)
Changes in assets and liabilities:
Receivables		4,692
Intangible and other assets		111
Accounts payable and accrued expenses		(2,440)
Other		4,043
Total adjustments		(5,414)
Net cash provided by (used in) operating activities	$	1,837
Cash flows from investing activities:
Capital expenditures - property, plant and equipment	$	(31)
Net cash used in investing activities	$	(31)