| 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) |

| Yes |   | No | X  |
|-----|--------|----|---------|

| Yes |   | No | X  |
|-----|--------|----|---------|

| Yes | X | No |   |
|-----|---|----|--------|

| Yes |   | No |   |
|-----|--------|----|--------|

| Large accelerated filer                       |   |   | Accelerated filer         |    |
|-----------------------------------------------|--------|--------|---------------------------|---------|
|                                          |   |   |                      |    |
| Non-accelerated filer                         |   |   | Smaller reporting company |  X |
| (Do not check if a smaller reporting company) |   |

| Yes |   | No | X  |
|-----|--------|----|---------|

|                                             |   |   | Acres Sold            |   |   |   | Revenues        |   |   |   | RevenuesPer Acre (a) |   |
|-------------------------------------------------------|--------|--------|-----------------------|--------|--------|--------|-----------------|--------|--------|--------|----------------------|--------|
| 2011:                                                 |   |   |                  |   |   |   |            |   |   |   |                 |   |
|   Developed                                      |   |   |                  |   |   |   |            |   |   |   |                 |   |
|        Residential      |   |   | 3                     |   |   | $      | 1,031,000       |   |   | $      | 344,000              |   |
|        Commercial (b)   |   |   | -                     |   |   |   | 35,000          |   |   |   | -                    |   |
|   Total Developed                                |   |   | 3                     |   |   |   |  1,066,000 |   |   |   | 344,000              |   |
|   Undeveloped                               |   |   | 19               |   |   |   | 714,000         |   |   |   |  38,000         |   |
|        Total            |   |   |  22    |   |   | $      | 1,780,000       |   |   | $      |  81,000         |   |
|                                                  |   |   |                  |   |   |   |            |   |   |   |                 |   |
| 2010:                                                 |   |   |                  |   |   |   |            |   |   |   |                 |   |
|   Developed                                 |   |   |                  |   |   |   |            |   |   |   |                 |   |
|        Residential |   |   | 6                     |   |   | $      | 1,891,000       |   |   | $      | 293,000              |   |
|        Commercial  |   |   | 2                     |   |   |   | 894,000         |   |   |   | 523,000              |   |
|   Total Developed                           |   |   | 8                     |   |   |   | 2,785,000       |   |   |   | 341,000              |   |
|   Undeveloped                               |   |   | 48          |   |   |   | 2,400,000       |   |   |   | 50,000               |   |
|       Total             |   |   | 56          |   |   | $      | 5,185,000       |   |   | $      | 92,000               |   |
|                                                  |   |   |                  |   |   |   |            |   |   |   |                 |   |
| 2009:                                                 |   |   |                  |   |   |   |            |   |   |   |                 |   |
|   Developed                                 |   |   |                  |   |   |   |            |   |   |   |                 |   |
|        Residential |   |   | 13               |   |   | $      | 3,109,000       |   |   | $      | 244,000              |   |
|        Commercial  |   |   | 1                     |   |   |   | 126,000         |   |   |   | 126,000              |   |
|   Total Developed                           |   |   | 14               |   |   |   | 3,235,000       |   |   |   | 236,100              |   |
|   Undeveloped                               |   |   | 134    |   |   |   | 5,679,000       |   |   |   | 42,400               |   |
|       Total             |   |   | 148         |   |   | $      | 8,914,000       |   |   | $      | 60,200               |   |
|                                                  |   |   |                  |   |   |   |            |   |   |   |                 |   |

|   | • |   | the Company may not be able to acquire a desired property because of competition from other real estate developers or investors who may have greater capital or better access to cash than the Company has;                                                                              |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |
|   | • |   | the Company may not be able to obtain or renew financing on acceptable terms, or at all;                                                                                                                                                                                                 |
|   |    |
|   | • |   | an adverse change in market conditions during the interval between acquisition and sale of a property may result in a lower than originally anticipated profit;                                                                                                                          |
|   |    |
|   | • |   | the Company may underestimate the cost of development required to bring an acquired property up to standards established for the market position intended for that property;                                                                                                             |
|   |    |
|   | • |   | acquired properties may be located in new markets where the Company may face risks associated with a lack of market knowledge or understanding of the local economy, a lack of business relationships in the area or unfamiliarity with local governmental and permitting procedures; or |
|   |    |
|   | • |   | the Company may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into its existing operations.                                                                                                                    |

|   | • |   | periods of general economic slowdown or recession;                                                                                                                                  |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |
|   | • |   | changes in government regulation;                                                                                                                                                   |
|   |    |
|   | • |   | rising interest rates or a decline in the general availability or affordability of mortgage financing;                                                                              |
|   |    |   |                                                                                                                                                                                |
|   | • |   | adverse changes in local or regional economic conditions;                                                                                                                           |
|   |    |
|   | • |   | shifts in population away from the markets that the Company serves;                                                                                                                 |
|   |    |
|   | • |   | tax law changes, including potential limits on, or elimination of, the deductibility of certain mortgage interest expense, real property taxes and employee relocation expenses; or |
|   |    |
|   | • |   | acts of God, including hurricanes, earthquakes and other natural disasters.                                                                                                         |

|   | • |   | variations in the Company’s quarterly and annual operating results, which could be significant; |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------|
|   |    |
|   | • |   | material announcements by the Company or the Company’s competitors;                             |
|   |    |
|   | • |   | sales of a substantial number of shares of the Company’s common stock; and                      |
|   |    |
|   | • |   | adverse changes in general economic or market conditions.                                             |

|   | • |   | classify the Company’s Board of Directors into three classes, each of which serves for a term of three years, with one class being elected each year; and |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | prohibit shareholders from calling a special meeting of shareholders. |
|--------|---------|--------|-----------------------------------------------------------------------|

| Name             | Office Held / Principal Occupation for Past Five Years        | Age    |
|------------------|-----------------------------------------------------------------------------------|--------|
|             |                                                                              |   |
|             |                                                                              |   |
| Peter M. Pizza   | Vice President and Chief Financial Officer of the Company since 2001;             | 60     |
|             | Vice President and Controller of the Company from 1997 to 2001.                   |   |
|             |                                                                              |   |
| Irving Needleman | Vice President, General Counsel and Secretary of the Company                      | 73     |
|             | since November 2006.  Of counsel to the law firm of McElroy, Deutsch,   |   |
|             | Mulvaney & Carpenter, LLP from September 2005 to October 2006.                |   |
|             | Partner in the law firm of Jacobs Persinger & Parker for more than one        |   |
|             | year prior to September 2005.                                                     |   |
|             |                                                                              |   |
| Michael P. Duloc | President and Chief Executive Officer of Kable Media Services, Inc.               | 54     |
|             | since June 1, 2007; President of Kable’s Newsstand Distribution             |   |
|             | Services business since 1996 and Chief Operating Officer of that business         |   |
|             | from that date until June 2007; President and Chief Operating Officer of          |   |
|             | Kable's Fulfillment Services business from 2000 until January 2007.               |   |
|             |                                                                              |   |
| John F. Meneough | President of Palm Coast Data LLC since 2002 and President of its                  | 63     |
|             | predecessor companies since 1996.                                                 |   |

| Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity |
|---------|---------------------------------------------------------------------------------------------------|

|   |   | FIRST  |   |   | SECOND |   |   | THIRD  |   |   | FOURTH |   |
|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|   |   | HIGH   |   |   | LOW    |   |   | HIGH   |   |   | LOW    |   |   | HIGH |   |   | LOW |   |   | HIGH |   |   | LOW |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2011   |   | $      | 15.32  |   |   | $      | 11.90  |   |   | $      | 13.89  |   |   | $ | 9.96 |   |   | $ | 14.62 |   |   | $ | 9.64 |   |   | $ | 13.07 |   |   | $ | 9.35 |   |
| 2010   |   | $      | 20.60  |   |   | $      | 9.70   |   |   | $      | 15.39  |   |   | $ | 11.04 |   |   | $ | 14.79 |   |   | $ | 12.09 |   |   | $ | 15.75 |   |   | $ | 13.38 |   |

|                                                                                                  |   | Year Ended April 30,                     |
|-------------------------------------------------------------------------------------------------------|--------|------------------------------------------|
|                                                                                                  |   | 2011(a)                                  |   |   | 2010(b) |   |   | 2009(c) |   |   | 2008 |   | 2007 |
|                                                                                                  |   | (In thousands, except per share amounts) |
| Financial Summary:                                                                                    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
|   Revenues                                                                                  |   | $                                        | 96,837 |   |   | $ | 120,498 |   |   | $ | 145,901 |   |   | $ | 172,061 |   |   | $ | 204,839 |   |
|   Income (Loss) from Continuing     Operations                     |   | $                                        | (7,561 | ) |   | $ | (9,480 | ) |   | $ | (43,466 | ) |   | $ |  13,762 |   |   | $ |  46,697 |   |
|   Income (Loss) from Discontinued      Operations, net of tax |   | $                                        | - |   |   | $ |  - |   |   | $ |  - |   |   | $ | (57 | ) |   | $ | (1,591 | ) |
|   Net Income (Loss)                                                                         |   | $                                        | (7,561 | ) |   | $ | (9,480 | ) |   | $ | (43,466 | ) |   | $ | 13,705 |   |   | $ | 45,106 |   |
|   Total Assets                                                                              |   | $                                        | 190,040 |   |   | $ | 211,509 |   |   | $ | 227,652 |   |   | $ | 284,951 |   |   | $ | 292,659 |   |
|                                                                                                  |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capitalization:                                                                                       |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Shareholders’ Equity                                                                |   | $                                        | 78,946 |   |   | $ | 86,567 |   |   | $ | 96,281 |   |   | $ | 145,056 |   |   | $ | 160,004 |   |
|   Notes Payable                                                                             |   | $                                        | 23,985 |   |   | $ | 28,654 |   |   | $ | 37,936 |   |   | $ | 25,980 |   |   | $ | 32,299 |   |
|                                                                                                  |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per Share:                                                                                            |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Earnings (Loss) from Continuing      Operations       |   | $                                        | (1.26 | ) |   | $ | (1.58 | ) |   | $ | (7.25 | ) |   | $ |  2.20 |   |   | $ |  7.02 |   |
|    Income (Loss) from      Discontinued Operations       |   | $                                        | - |   |   | $ |  - |   |   | $ |  - |   |   | $ | (0.01 | ) |   | $ | (0.24 | ) |
|    Earnings (Loss) -                                                                   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Basic and Diluted                                                 |   | $                                        | (1.26 | ) |   | $ | (1.58 | ) |   | $ | (7.25 | ) |   | $ | 2.19 |   |   | $ | 6.78 |   |
|    Book Value                                                                          |   | $                                        | 13.17 |   |   | $ | 14.44 |   |   | $ | 16.06 |   |   | $ | 24.20 |   |   | $ | 24.05 |   |
|    Cash Dividend                                                                       |   | $                                        | - |   |   | $ | - |   |   | $ | - |   |   | $ | 1.00 |   |   | $ | 0.85 |   |
|                                                                                                  |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares Outstanding, End of Year                                                                       |   |                                     | 5,996 |   |   |   | 5,996 |   |   |   | 5,996 |   |   |   | 5,995 |   |   |   | 6,654 |   |
|                                                                                                  |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|

| (a)   | Includes pre-tax charges of $6,827 related to the impairment of certain real estate assets ($4,301 after tax, or $0.72 per share) and $3,893 related to the impairment of goodwill (with no tax benefit, or $0.65 per share).  See Note 9 to the consolidated financial statements included in this annual report on Form 10-K for further information. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Includes a pre-tax charge of $2,075 related to the impairment of certain real estate assets ($1,307 after tax, or $0.22 per share). See Note 9 to the consolidated financial statements included in this annual report on Form 10-K for further information. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Includes a pre-tax charge of $50,246 related to the impairment of goodwill ($41,557 after tax, or $6.93 per share).  See Note 9 to the consolidated financial statements included in this annual report on Form 10-K for further information. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

|   Contractual Obligations |   |  Total |   |   | Less than1 year |   |   | 1-3 years |   |   | 3-5 years |   |   | More than5 years |   |
|-------------------------------------|--------|-------------|--------|--------|-----------------|--------|--------|----------------|--------|--------|----------------|--------|--------|------------------|--------|
|                                |   |        |   |   |            |   |   |           |   |   |           |   |   |             |   |
| Notes payable                       |   | $           | 23,985 |   |            | $      | 2,660  |           |   | $      | 17,118         |   |   | $                | 247    |   |   | $ | 3,960 |   |
| Operating leases and other          |   |        | 9,841  |   |            |   | 3,512  |           |   |   | 5,729          |   |   |             | 600    |   |   |   | - |   |
| Total                               |   | $           | 33,826 |   |            | $      | 6,172  |           |   | $      | 22,847         |   |   | $                | 847    |   |   | $ | 3,960 |   |

| FORWARD-LOOKING STATEMENTS AND RISK FACTORS |
|---------------------------------------------|

| ASSETS                                                                                                                                                                          |   | 2011   |    |   | 2010   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                                                                                            |   |   |    |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                                                                                                       |   | $      | 25,756  |   |   | $      | 25,531 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| RECEIVABLES, net:                                                                                                                                                               |   |   |    |   |   |   |   |   |
| Real estate operations and other                                                                                                                                                |   |   | 607     |   |   |   | 1,195 |   |
|    Media services operations                                                                                                                                     |   |   | 28,125  |   |   |   | 33,175 |   |
|                                                                                                                                                                            |   |   | 28,732  |   |   |   | 34,370 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| TAXES RECEIVABLE                                                                                                                                                                |   |   | -       |   |   |   | 2,126 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| REAL ESTATE INVENTORY                                                                                                                                                           |   |   | 75,247  |   |   |   | 80,375 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| INVESTMENT ASSETS, net                                                                                                                                                          |   |   | 11,139  |   |   |   | 12,474 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| PROPERTY, PLANT AND EQUIPMENT, net                                                                                                                                              |   |   | 28,150  |   |   |   | 31,174 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| INTANGIBLE AND OTHER ASSETS, net                                                                                                                                                |   |   | 16,118  |   |   |   | 18,953 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| DEFERRED INCOME TAXES                                                                                                                                                           |   |   | 4,898   |   |   |   | 2,613 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| GOODWILL                                                                                                                                                                        |   |   | -       |   |   |   | 3,893 |   |
| TOTAL ASSETS                                                                                                                                                                    |   | $      | 190,040 |   |   | $      | 211,509 |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                      |   |   |    |   |   |   |   |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| LIABILITIES:                                                                                                                                                                    |   |   |    |   |   |   |   |   |
| ACCOUNTS PAYABLE AND ACCRUED EXPENSES                                                                                                                                           |   | $      | 70,876  |   |   | $      | 79,969 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| NOTES PAYABLE:Amounts due within one year                                                                                                                                       |   |   | 2,660   |   |   |   |  24,052 |   |
| Amounts subsequently due                                                                                                                                                        |   |   | 21,325  |   |   |   | 4,602 |   |
|                                                                                                                                                                            |   |   | 23,985  |   |   |   | 28,654 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| TAXES PAYABLE                                                                                                                                                                   |   |   | 43      |   |   |   | - |   |
| OTHER LONG TERM LIABILITIES                                                                                                                                                     |   |   | 3,571   |   |   |   | 4,244 |   |
| ACCRUED PENSION COST                                                                                                                                                            |   |   | 12,619  |   |   |   | 12,075 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| TOTAL LIABILITIES                                                                                                                                                               |   |   | 111,094 |   |   |   | 124,942 |   |
|                                                                                                                                                                            |   |   |    |   |   |   |   |   |
| SHAREHOLDERS’ EQUITY:Common stock, $.10 par value;shares authorized - 20,000,000; shares issued - 7,420,704 at      April 30, 2011 and 2010 |   |   | 742     |   |   |   |  742 |   |
| Capital contributed in excess of par value                                                                                                                                      |   |   | 46,100  |   |   |   | 46,100 |   |
| Retained earnings                                                                                                                                                               |   |   | 67,901  |   |   |   | 75,462 |   |
| Accumulated other comprehensive loss, net                                                                                                                                       |   |   | (9,140  | )      |   |   | (9,080 | ) |
| Treasury stock, 1,424,492 shares at April 30, 2011 and 2010, at cost                                                                                                            |   |   | (26,657 | )      |   |   | (26,657 | ) |
| TOTAL SHAREHOLDERS’ EQUITY                                                                                                                                                |   |   | 78,946  |   |   |   | 86,567 |   |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                |   | $      | 190,040 |   |   | $      | 211,509 |   |

|                                                      |   | Year Ended April 30, |    |
|-----------------------------------------------------------|--------|----------------------|---------|
|                                                      |   | 2011                 |    |   | 2010 |   |   | 2009 |   |
| REVENUES:                                                 |   |                 |    |   |   |   |   |   |   |
| Real estate land sales                                    |   | $                    | 1,780   |   |   | $ | 5,185 |   |   | $ | 8,914 |   |
| Media services operations                                 |   |                 | 94,963  |   |   |   | 115,016 |   |   |   | 136,206 |   |
| Interest and other                                        |   |                 | 94      |   |   |   | 297 |   |   |   | 781 |   |
|                                                      |   |                 | 96,837  |   |   |   | 120,498 |   |   |   | 145,901 |   |
|                                                      |   |                 |    |   |   |   |   |   |   |   |   |   |
| COSTS AND EXPENSES:                                       |   |                 |    |   |   |   |   |   |   |   |   |   |
| Real estate land sales                                    |   |                 | 1,120   |   |   |   | 3,137 |   |   |   | 2,156 |   |
| Operating expenses:                                       |   |                 |    |   |   |   |   |   |   |   |   |   |
| Media services operations                                 |   |                 | 77,972  |   |   |   | 104,662 |   |   |   | 127,324 |   |
| Real estate commissions and selling                       |   |                 | 223     |   |   |   | 368 |   |   |   | 342 |   |
| Restructuring and fire recovery costs                     |   |                 | 516     |   |   |   | 5,547 |   |   |   | 1,050 |   |
| Other                                                     |   |                 | 1,466   |   |   |   | 2,580 |   |   |   | 1,489 |   |
| General and administrative:                               |   |                 |    |   |   |   |   |   |   |   |   |   |
| Media services operations                                 |   |                 | 9,385   |   |   |   | 11,613 |   |   |   | 12,694 |   |
| Real estate operations and corporate                      |   |                 | 4,443   |   |   |   | 4,272 |   |   |   | 4,239 |   |
|    Impairment of assets                         |   |                 | 10,720  |   |   |   | 2,075 |   |   |   | 50,246 |   |
|    Interest expense, net of capitalized amounts |   |                 | 1,765   |   |   |   | 1,615 |   |   |   | 715 |   |
|                                                      |   |                 | 107,610 |   |   |   | 135,869 |   |   |   | 200,255 |   |
|                                                      |   |                 |    |   |   |   |   |   |   |   |   |   |
| LOSS BEFORE INCOME TAXES                                  |   |                 | (10,773 | ) |   |   | (15,371 | ) |   |   | (54,354 | ) |
|                                                      |   |                 |    |   |   |   |   |   |   |   |   |   |
| BENEFIT FOR INCOME TAXES                                  |   |                 | (3,212  | ) |   |   | (5,891 | ) |   |   | (10,888 | ) |
|                                                      |   |                 |    |   |   |   |   |   |   |   |   |   |
| NET LOSS                                                  |   | $                    | (7,561  | ) |   | $ | (9,480 | ) |   | $ | (43,466 | ) |
|                                                      |   |                 |    |   |   |   |   |   |   |   |   |   |
| LOSS PER SHARE - BASIC AND DILUTED                        |   | $                    | (1.26   | ) |   | $ | (1.58 | ) |   | $ | (7.25 | ) |
|                                                      |   |                 |    |   |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING      |   |                 | 5,996   |   |   |   |  5,996 |   |   |   |  5,996 |   |

|                                              |   | Common Stock |   |   | Capital Contributed in Excess of |   |   | Retained  |   |   | Accumulated Other Comprehensive |   |   | TreasuryStock,at |
|---------------------------------------------------|--------|--------------|--------|--------|--------------------------------------------|--------|--------|-----------|--------|--------|---------------------------------|--------|--------|------------------|
|                                              |   | Shares       |   |   | Amount                                     |   |   | Par Value |   |   | Earnings                        |   |   | Loss             |   |   | Cost |   | Total |
|                                              |   |         |   |   |                                       |   |   |      |   |   |                            |   |   |             |   |   |   |   |   |   |   |
| BALANCE, April 30, 2008                           |   |         | 7,420  |   |                                       | $      | 742    |      |   | $      | 46,085                          |   |   | $                | 128,408 |   |   | $ | (3,522 | ) |   | $ | (26,657 | ) |   | $ | 145,056 |   |
|                                              |   |         |   |   |                                       |   |   |      |   |   |                            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net loss                  |   |         | -      |   |                                       |   | -      |      |   |   | -                               |   |   |             | (43,466 | ) |   |   | - |   |   |   | - |   |   |   | (43,466 | ) |
|     Other comprehensive loss  |   |         | -      |   |                                       |   | -      |      |   |   | -                               |   |   |             | - |   |   |   | (5,324 | ) |   |   | - |   |   |   | (5,324 | ) |
|     Total comprehensive loss  |   |         |   |   |                                       |   |   |      |   |   |                            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   | (48,790 | ) |
|     Exercise of stock options |   |         | 1      |   |                                       |   | -      |      |   |   | 15                              |   |   |             | - |   |   |   | - |   |   |   | - |   |   |   | 15 |   |
| BALANCE, April 30, 2009                           |   |         | 7,421  |   |                                       |   | 742    |      |   |   | 46,100                          |   |   |             | 84,942 |   |   |   | (8,846 | ) |   |   | (26,657 | ) |   |   | 96,281 |   |
|                                              |   |         |   |   |                                       |   |   |      |   |   |                            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net loss                  |   |         | -      |   |                                       |   | -      |      |   |   | -                               |   |   |             | (9,480 | ) |   |   | - |   |   |   | - |   |   |   | (9,480 | ) |
|     Other comprehensive loss  |   |         | -      |   |                                       |   | -      |      |   |   | -                               |   |   |             | - |   |   |   | (234 | ) |   |   | - |   |   |   | (234 | ) |
|     Total comprehensive loss  |   |         |   |   |                                       |   |   |      |   |   |                            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   | (9,714 | ) |
| BALANCE, April 30, 2010                           |   |         | 7,421  |   |                                       |   | 742    |      |   |   | 46,100                          |   |   |             | 75,462 |   |   |   | (9,080 | ) |   |   | (26,657 | ) |   |   | 86,567 |   |
|                                              |   |         |   |   |                                       |   |   |      |   |   |                            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net loss                  |   |         | -      |   |                                       |   | -      |      |   |   | -                               |   |   |             | (7,561 | ) |   |   | - |   |   |   | - |   |   |   | (7,561 | ) |
|     Other comprehensive loss  |   |         | -      |   |                                       |   | -      |      |   |   | -                               |   |   |             | - |   |   |   | (60 | ) |   |   | - |   |   |   | (60 | ) |
|     Total comprehensive loss  |   |         |   |   |                                       |   |   |      |   |   |                            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   | (7,621 | ) |
| BALANCE, April 30, 2011                           |   |         | 7,421  |   |                                       | $      | 742    |      |   | $      | 46,100                          |   |   | $                | 67,901 |   |   | $ | (9,140 | ) |   | $ | (26,657 | ) |   | $ | 78,946 |   |

|                                                                                                            |   |  Year Ended April 30, |
|-----------------------------------------------------------------------------------------------------------------|--------|----------------------------|
|                                                                                                            |   |  2011                 |   |   |  2010 |   |   |  2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                           |   |                       |   |   |   |   |   |   |   |
|   Net loss                                                                                                 |   | $                          | (7,561 | ) |   | $ | (9,480 | ) |   | $ | (43,466 | ) |
|   Adjustments to reconcile net loss                                                                        |   |                       |   |   |   |   |   |   |   |   |   |   |
|      to net cash provided by (used in) operating activities:                           |   |                       |   |   |   |   |   |   |   |   |   |   |
|      Impairment of assets                                                                   |   |                       | 10,720 |   |   |   | 2,075 |   |   |   | 50,246 |   |
|      Depreciation and amortization                                                          |   |                       | 5,899 |   |   |   | 11,554 |   |   |   | 10,159 |   |
|      Non-cash credits and charges:                                                          |   |                       |   |   |   |   |   |   |   |   |   |   |
|         Loss on disposition of assets                                   |   |                       | 54 |   |   |   | 74 |   |   |   | 114 |   |
|         Provision for (recoveries of) doubtful accounts                      |   |                       | 75 |   |   |   | (721 | ) |   |   | 6,775 |   |
|         Pension accrual                                                 |   |                       | 447 |   |   |   | 1,032 |   |   |   | 34 |     |
|       Changes in assets and liabilities, excluding the effect of acquisitions:         |   |                       |   |   |   |   |   |   |   |
|         Receivables                                                          |   |                       | 5,113 |   |   |   | 2,175 |   |   |   | 7,647 |   |
|         Real estate inventory                                           |   |                       | 86 |   |   |   | 166 |   |   |   | (4,313 | ) |
|         Taxes receivable                                                |   |                       | 2,126 |   |   |   | 883 |   |   |   | (3,009 | ) |
|         Other assets                                                    |   |                       | 913 |   |   |   | 1,947 |   |   |   | (189 | ) |
|         Accounts payable and accrued expenses                                |   |                       | (9,093 | ) |   |   | 540 |   |   |   | (17,520 | ) |
|         Taxes payable                                                        |   |                       | 43 |   |   |   | - |   |   |   | (980 | ) |
|         Deferred income taxes and long-term liabilities                      |   |                       | (2,921 | ) |   |   | (1,566 | ) |   |   | (8,025 | ) |
|           Net cash provided by (used in) operating activities |   |                       | 5,901 |   |   |   | 8,679 |   |   |   | (2,527 | ) |
|                                                                                                            |   |                       |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                           |   |                       |   |   |   |   |   |   |   |   |   |   |
|   Capital expenditures - property, plant, and equipment                                               |   |                       | (1,012 | ) |   |   | (2,884 | ) |   |   | (5,212 | ) |
|   Proceeds from disposition of assets                                                                 |   |                       | 5 |   |   |   | - |   |   |   | - |   |
|   Acquisition, net of cash acquired                                                                        |   |                       | - |   |   |   | - |   |   |   | (3,075 | ) |
|           Net cash used in investing activities                    |   |                       | (1,007 | ) |   |   | (2,884 | ) |   |   | (8,287 | ) |
|                                                                                                            |   |                       |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                           |   |                       |   |   |   |   |   |   |   |   |   |   |
| Proceeds from debt financing                                                                                    |   |                       | 51,791 |   |   |   | 26,982 |   |   |   | 54,136 |   |
| Principal debt payments                                                                                         |   |                       | (56,460 | ) |   |   | (36,264 | ) |   |   | (46,927 | ) |
| Exercise of stock options                                                                                       |   |                       | - |   |   |   | - |   |   |   | 15 |   |
|       Net cash provided by (used in) financing activities                         |   |                       | (4,669 | ) |   |   | (9,282 | ) |   |   | 7,224 |   |
|                                                                                                            |   |                       |   |   |   |   |   |   |   |   |   |   |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                                |   |                       | 225 |   |   |   | (3,487 | ) |   |   | (3,590 | ) |
| Cash and cash equivalents, beginning of year                                                                    |   |                       | 25,531 |   |   |   | 29,018 |   |   |   | 32,608 |   |
| Cash and cash equivalents, end of year                                                                          |   | $                          | 25,756 |   |   | $ | 25,531 |   |   | $ | 29,018 |   |
|                                                                                                            |   |                       |   |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION:                                                                             |   |                       |   |   |   |   |   |   |   |   |   |   |
|    Interest paid – net of amounts capitalized                                                   |   | $                          | 1,787 |   |   | $ | 1,647 |   |   | $ | 694 |   |
|    Income taxes paid (refunded), net                                                             |   | $                          | (2,459 | ) |   | $ | (2,207 | ) |   | $ | 1,648 |   |
|                                                                                                            |   |                       |   |   |   |   |   |   |   |   |   |   |
|    Non-cash transactions:                                                                        |   |                       |   |   |   |   |   |   |   |   |   |   |
|      Repossession of real estate inventory                                             |   | $                          | - |   |   | $ | 1,040 |   |   | $ | 6,979 |   |
|      Repossession of real estate investment assets                                          |   | $                          | - |   |   | $ | 1,117 |   |   | $ | 1,125 |   |
|                                                                                                            |   |                       |
|   The accompanying notes to consolidated financial statements are an                                       |
|   integral part of these consolidated financial statements.                                                |   |

| (1) | SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: |
|-----|---------------------------------------------------------------------|

| Receivables consist of:                                   |   | April 30,   |   |
|-----------------------------------------------------------|--------|-------------|--------|
|                                                      |   | 2011        |   | 2010 |   |
|                                                      |   | (Thousands) |   |
| Real estate operations and corporate:                     |   |        |   |   |   |   |
| Mortgage notes and other receivables                      |   | $           | 1,057  |   |   | $ | 1,266 |   |
| Less allowance for doubtful accounts                      |   |        | (450   | ) |   |   | (71 | ) |
|                                                      |   | $           | 607    |   |   | $ | 1,195 |   |
| Media services operations (maturing within one year):     |   |        |   |   |   |   |   |   |
|    Subscription Fulfillment Services       |   | $           | 13,780 |   |   | $ | 17,727 |   |
| Newsstand Distribution Services, net of estimated returns |   |        | 13,226 |   |   |   | 14,112 |   |
|    Product Services and Other              |   |        | 1,961  |   |   |   | 2,165 |   |
|                                                      |   |        | 28,967 |   |   |   | 34,004 |   |
|    Less allowance for doubtful accounts    |   |        | (842   | ) |   |   | (829 | ) |
|                                                      |   | $           | 28,125 |   |   | $ | 33,175 |   |

| Investment assets consist of:      |   | April 30,   |   |
|------------------------------------|--------|-------------|--------|
|                               |   | 2011        |   |   | 2010 |   |
|                               |   | (Thousands) |   |
|                               |   |        |   |   |   |   |
| Land held for long-term investment |   | $           | 10,646 |   |   | $ | 11,981 |   |
|                               |   |        |   |   |   |   |   |   |
| Other                              |   |        | 753    |   |   |   | 794 |   |
| Less accumulated depreciation      |   |        | (260   | ) |   |   | (301 | ) |
|                               |   |        | 493    |   |   |   | 493 |   |
|                               |   | $           | 11,139 |   |   | $ | 12,474 |   |

| Property, plant and equipment consist of: |   | April 30,   |    |
|-------------------------------------------|--------|-------------|---------|
|                                      |   | 2011        |    |   | 2010 |   |
|                                      |   | (Thousands) |    |
|                                      |   |        |    |   |   |   |
| Land, buildings and improvements          |   | $           | 29,344  |   |   | $ | 29,144 |   |
| Furniture and equipment                   |   |        | 22,593  |   |   |   | 40,567 |   |
|                                      |   |        | 51,937  |   |   |   | 69,711 |   |
| Less accumulated depreciation             |   |        | (23,787 | ) |   |   | (38,537 | ) |
|                                      |   | $           | 28,150  |   |   | $ | 31,174 |   |

|                                 |   | April 30, 2011    |   |   | April 30, 2010           |   |   |
|--------------------------------------|--------|-------------------|--------|--------|--------------------------|--------|--------|
|                                 |   |  (Thousands) |   |   |
|                                 |   | Cost              |   |   | Accumulated Amortization |   |   | Cost |   |   | Accumulated Amortization |   |   |
|                                 |   |              |   |   |                     |   |   |   |   |   |   |   |   |
| Software development costs           |   | $                 | 1,964  |   |                     | $      | 1,675  |   |   | $ | 1,666 |   |   | $ | 1,356 |   |   |
| Deferred order entry costs           |   |              | 1,785  |   |                     |   | -      |   |   |   | 2,772 |   |   |   | - |   |   |
| Prepaid expenses                     |   |              | 3,252  |   |                     |   | -      |   |   |   | 3,661 |   |   |   | - |   |   |
| Customer contracts and relationships |   |              | 15,000 |   |                     |   | 5,362  |   |   |   | 15,000 |   |   |   | 4,112 |   |   |
| Other                                |   |              | 1,695  |   |                     |   | 541    |   |   |   | 2,042 |   |   |   | 720 |   |   |
|                                 |   | $                 | 23,696 |   |                     | $      | 7,578  |   |   | $ | 25,141 |   |   | $ | 6,188 |   |   |

| Accounts payable and accrued expenses consist of: |   | April 30,   |   |
|---------------------------------------------------|--------|-------------|--------|
|                                              |   | 2011        |   |   | 2010 |   |
|                                              |   | (Thousands) |   |
|                                              |   |        |   |   |   |   |
| Publisher payables, net                           |   | $           | 60,425 |   |   | $ | 64,803 |   |
| Accrued expenses                                  |   |        | 3,486  |   |   |   | 5,643 |   |
| Trade payables                                    |   |        | 2,608  |   |   |   | 3,311 |   |
| Other                                             |   |        | 4,357  |   |   |   | 6,212 |   |
|                                              |   | $           | 70,876 |   |   | $ | 79,969 |   |

| Notes payable consist of:                          |   | April 30,   |   |
|----------------------------------------------------|--------|-------------|--------|
|                                               |   | 2011        |   |   | 2010 |   |
|                                               |   | (Thousands) |   |
| Credit facilities:Real estate operations and other |   | $           | 19,339 |   |   | $ | 22,500 |   |
| Media services operations                          |   |        | -      |   |   |   | 1,354 |   |
|    Other notes payable              |   |        | 4,646  |   |   |   | 4,800 |   |
|                                               |   | $           | 23,985 |   |   | $ | 28,654 |   |

| (9)   | IMPAIRMENT OF ASSETS |
|-----------------|----------------------|

| (10)   | FAIR VALUE MEASUREMENTS: |
|------------------|--------------------------|

| Level 1 | Unadjusted quoted prices for identical assets or liabilities in active markets. |
|---------|---------------------------------------------------------------------------------|

| Level 2 | Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Level 3 | Inputs for the asset or liability are unobservable and reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2011:                    |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | Impairment Loss Recorded |   |
|--------------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|-------------------------------|--------|
|                     |   |    |   |   |    |   |   |    |   |   |                          |   |
| Mortgage note receivable |   | $       | -      |   |    | $      | -      |    |   | $      | 451                           |   |   | $ | 450 |   |
| Real estate inventory    |   | $       | -      |   |    | $      | -      |    |   | $      | 9,928                         |   |   | $ | 6,376 |   |
| Goodwill                 |   | $       | -      |   |    | $      | -      |    |   | $      | -                             |   |   | $ | 3,893 |   |

| 2010:                 |   |   |   |   |   |   |   |   |   |   |   |   |
|-----------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Real estate inventory |   | $      | -      |   |   | $      | -      |   |   | $      | 4,190  |   |   | $ | 2,075 |   |

| (11)   | BENEFIT PLANS: |
|------------------|----------------|

|                                                                                  |   | Year Ended April 30, |   |
|---------------------------------------------------------------------------------------|--------|----------------------|--------|
|                                                                                  |   | 2011                 |   |   | 2010 |   |   | 2009 |   |
|                                                                                  |   |                 |   |   | (Thousands) |   |   |   |   |
| Interest cost on projected benefit obligation                                         |   | $                    | 1,706  |   |   | $ | 1,918 |   |   | $ | 1,806 |   |
| Expected return on assets                                                             |   |                 | (1,565 | ) |   |   | (1,307 | ) |   |   | (2,077 | ) |
| Plan expenses                                                                         |   |                 | 227    |   |   |   | 190 |   |   |   | 253 |   |
| Recognized net actuarial loss                                                         |   |                 | 1,155  |   |   |   | 1,160 |   |   |   | 291 |   |
| Total cost recognized in pretax income                                                |   |                 | 1,523  |   |   |   | 1,961 |   |   |   | 273 |   |
| Cost recognized in pretax other comprehensive income                                  |   |                 | 96     |   |   |   | 389 |   |   |   | 8,586 |   |
|           Net periodic pension cost |   | $                    | 1,619  |   |   | $ | 2,350 |   |   | $ | 8,859 |   |

|                                                       | Year Ended April 30,                      |
|------------------------------------------------------------|-------------------------------------------|
|                                                       | 2011                                      |   | 2010 |   | 2009 |
|                                                       |                                      |   |   |   |   |
| Discount rate used to determine net periodic pension cost  |       5.44% |   |       7.08% |   |        6.42% |
| Discount rate used to determine pension benefit obligation |       5.05% |   |       5.44% |   |        7.08% |
| Expected long-term rate of return on assets                |       8.00% |   |       8.00% |   |        8.00% |

|                                                                         |   | April 30, |    |
|------------------------------------------------------------------------------|--------|-----------|---------|
|                                                                         |   | 2011      |    |   |  2010 |   |   |   |  2009 |   |
| Change in benefit obligation:                                                |   |      |    |   |   |   |   |   |
| Benefit obligation at beginning of year                                      |   | $         | 32,568  |   |   | $ | 28,247 |   |   |   | $ | 29,270 |   |
| Interest cost                                                                |   |      | 1,706   |   |   |   | 1,918 |   |   |   |   | 1,806 |   |
| Actuarial (gain) loss                                                        |   |      | 2,861   |   |   |   | 4,833 |   |   |   |   | (529 | ) |
| Benefits paid                                                                |   |      | (2,585  | ) |   |   | (2,430 | ) |   |   |   | (2,300 | ) |
| Benefit obligation at end of year                                            |   | $         | 34,550  |   |   | $ | 32,568 |   |   |   | $ | 28,247 |   |
|                                                                         |   |      |    |   |   |   |   |   |   |   |   |   |   |   |
| Change in plan assets:                                                       |   |      |    |   |   |   |   |   |   |   |   |   |   |   |
|  Fair value of plan assets at beginning of year                         |   | $         | 20,493  |   |   | $ | 17,582 |   |   |   | $ | 27,225 |   |
|       Company contributions                    |   |      | 1,075   |   |   |   | 940 |   |   |   |   | 240 |   |
|  Actual return on plan assets                                           |   |      | 3,168   |   |   |   | 4,628 |   |   |   |   | (7,393 | ) |
|  Benefits paid                                                          |   |      | (2,585  | ) |   |   | (2,430 | ) |   |   |   | (2,300 | ) |
|  Plan expenses                                                          |   |      | (220    | ) |   |   | (227 | ) |   |   |   | (190 | ) |
|       Fair value of plan assets at end of year |   | $         | 21,931  |   |   | $ | 20,493 |   |   |   | $ | 17,582 |   |
| Funded (underfunded) status:                                                 |   | $         | (12,619 | ) |   | $ | (12,075 | ) |   |   | $ | (10,665 | ) |
|                                                                         |   |      |    |   |   |   |   |   |   |   |   |   |   |   |
| Recognition of underfunded status:                                           |   |      |    |   |   |   |   |   |   |   |   |   |   |   |
|  Accrued pension cost                                                   |   | $         | (12,619 | ) |   | $ | (12,075 | ) |   |   | $ | (10,665 | ) |
|                                                                         |   |      |    |   |   |   |   |   |   |   |   |   |   |   |

|                                   |   | 2011 |   |   | 2010   |   |   | 2009   |   |
|----------------------------------------|--------|------|--------|--------|--------|--------|--------|--------|--------|
| Pre-tax accumulated comprehensive loss |   | $    | 14,897 |   |   | $      | 14,800 |   |   | $ | 14,423 |   |

|                                                      |   | Pension Benefits |   |
|-----------------------------------------------------------|--------|------------------|--------|
|                                                      |   | Pre-tax          |   |   | Net of Tax |   |
|                                                      |   |             |   |   |   |   |
| Accumulated comprehensive loss, May 1, 2009               |   | $                | 14,423 |   |   | $ | 8,846 |   |
| Net actuarial loss                                        |   |             | 1,537  |   |   |   | 953 |   |
| Amortization of net loss                                  |   |             | (1,160 | ) |   |   | (719 | ) |
| Accumulated comprehensive loss,  April 30, 2010 |   |             | 14,800 |   |   |   | 9,080 |   |
| Net actuarial loss                                        |   |             | 1,252  |   |   |   | 776 |   |
| Amortization of net loss                                  |   |             | (1,155 | ) |   |   | (716 | ) |
| Accumulated comprehensive loss,  April 30, 2011 |   | $                | 14,897 |   |   | $ | 9,140 |   |

|                                          | April 30,                                                                                                                                                             |   |
|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                          | 2011                                                                                                                                                                  |   | 2010 |
| Equity securities                             |                             79 | %      |   |                             78 | % |
| Fixed income securities                       |  18                                                                                                                                                              |   |   |  18 |   |
| Other (principally cash and cash equivalents) |    3                                                                                                                                                   |   |   |    4 |   |
| Total                                         |                           100            | %      |   |                           100 | % |

| 2011:                                                                   |   | Total  |   |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|------------------------------------------------------------------------------|--------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
| Cash and cash equivalents                                                    |   | $      | 625    |   |    | $      | 625    |    |   | $      | -       |   |   | $ | - |   |
| Investments at fair value:                                                   |   |   |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
|      Equity securities                              |   |   | 17,311 |   |    |   | 17,311 |    |   |   | -       |   |   |   | - |   |
|      Corporate bonds and debentures                 |   |   | 1,815  |   |    |   | 1,815  |    |   |   | -       |   |   |   | - |   |
|      U.S. Treasury and government agency securities |   |   | 2,180  |   |    |   | 2,180  |    |   |   | -       |   |   |   | - |   |
| Total assets at fair value                                                   |   | $      | 21,931 |   |    | $      | 21,931 |    |   | $      | -       |   |   | $ | - |   |

| 2010:                                                                   |   | Total  |   |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
|------------------------------------------------------------------------------|--------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
| Cash and cash equivalents                                                    |   | $      | 762    |   |    | $      | 762    |    |   | $      | -       |   |   | $ | - |   |
| Investments at fair value:                                                   |   |   |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
|      Equity securities                              |   |   | 15,963 |   |    |   | 15,963 |    |   |   | -       |   |   |   | - |   |
|      Corporate bonds and debentures                 |   |   | 2,583  |   |    |   | 2,583  |    |   |   | -       |   |   |   | - |   |
|      U.S. Treasury and government agency securities |   |   | 1,185  |   |    |   | 1,185  |    |   |   | -       |   |   |   | - |   |
| Total assets at fair value                                                   |   | $      | 20,493 |   |    | $      | 20,493 |    |   | $      | -       |   |   | $ | - |   |

|                                                            | Year Ended April 30, |
|-----------------------------------------------------------------|----------------------|
|                                                            | 2011                 |   |   |   |   |   | 2010 |   |   |   |   |   | 2009 |   |   |   |
|                                                            |                 |   |   | Weighted |   |   |   |   |   | Weighted |   |   |   |   |   | Weighted |
|                                                            | Number               |   |   | Average |   |   | Number |   |   | Average |   |   | Number |   |   | Average |
|                                                            | ofShares             |   |   | Exercise Price |   |   | ofShares |   |   | ExercisePrice |   |   | ofShares |   |   | ExercisePrice |
| Options outstanding at beginning of year                        |                 |  2,000 |   |   | $ |  24.88 |   |   |   |  3,500 |   |   | $ |   21.74 |   |   |   |  4,500 |   |   | $ |   20.28 |
|                                                            |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Granted                                                         |                 | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |
| Exercised                                                       |                 | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,000) |   |   | $ | 15.19 |
| Expired or canceled                                             |                 |  (2,000) |   |   |   | - |   |   |   | (1,500) |   |   |   | - |   |   |   | - |   |   |   | - |
| Options outstanding at                                          |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   end of year                                         |                 | - |   |   |   | - |   |   |   | 2,000 |   |   | $ | 24.88 |   |   |   | 3,500 |   |   | $ | 21.74 |
|                                                            |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Available for grant at                                          |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   end of year                                         |                 | - |   |   |   |   |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   |   |
| Options exercisable at  end of year                   |                 |  - |   |   |   |   |   |   |   |  2,000 |   |   |   |   |   |   |   |  3,500 |   |   |   |   |
| Range of exercise prices for options exercisable at end of year |                 |  - |   |   |   |   |   |   | $ |  24.88 |   |   |   |   |   |   | $ |  17.55 to $24.88 |   |   |   |   |

|                                       |   | Year Ended April 30, |   |
|--------------------------------------------|--------|----------------------|--------|
|                                       |   | 2011                 |   |   | 2010 |   |   | 2009 |   |
|                                       |   |                 |   |   | (Thousands) |   |   |   |   |
| Current:                                   |   |                 |   |   |   |   |   |   |   |
| Federal                                    |   | $                    | (606   | ) |   | $ | (2,811 | ) |   | $ | (3,169 | ) |
|    State and local               |   |                 | 4      |   |   |   | 96 |   |   |   | 305 |   |
|                                       |   |                 | (602   | ) |   |   | (2,715 | ) |   |   | (2,864 | ) |
|    Deferred:                     |   |                 |   |   |   |   |   |   |   |   |   |   |
|    Federal                       |   |                 | (2,277 | ) |   |   | (3,401 | ) |   |   | (6,746 | ) |
|    State and local               |   |                 | (333   | ) |   |   | 225 |   |   |   | (1,278 | ) |
|                                       |   |                 | (2,610 | ) |   |   | (3,176 | ) |   |   | (8,024 | ) |
| Total provision (benefit) for income taxes |   | $                    | (3,212 | ) |   | $ | (5,891 | ) |   | $ | (10,888 | ) |

|                                                            |   | April 30,   |         |
|-----------------------------------------------------------------|--------|-------------|--------------|
|                                                            |   | 2011        |         | 2010 |   |
|                                                            |   | (Thousands) |         |
| Deferred income tax assets:                                     |   |        |         |   |   |
| State tax loss carryforwards                                    |   | $           | 3,971        |   | $ | 4,109 |   |
| Accrued pension costs                                           |   |        | 4,547        |   |   | 4,597 |   |
| Federal NOL carryforward                                        |   |        | 2,399        |   |   | 1,790 |   |
| Vacation accrual                                                |   |        | 740          |   |   | 884 |   |
| Intangibles and deductible goodwill                             |   |        | 8,159        |   |   | 8,935 |   |
| Real estate basis differences                                   |   |        | 790          |   |   | - |   |
| Other                                                           |   |        | -            |   |   | 225 |   |
|       Total deferred income tax assets |   | $           |  20,606 |   | $ |        20,540 |   |

|                                                                                                                                  |   | April 30,   |    |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|---------|
|                                                                                                                                  |   | 2011        |    |   | 2010 |   |
|                                                                                                                                  |   | (Thousands) |    |
| Deferred income tax liabilities:                                                                                                      |   |        |    |   |   |   |
| Real estate basis differences                                                                                                         |   | $           | -       |   |   | $ | (1,793 | ) |
| Reserve for periodical returns                                                                                                        |   |        | (1,812  | ) |   |   | (1,732 | ) |
| Depreciable assets                                                                                                                    |   |        | (4,867  | ) |   |   | (4,865 | ) |
| Deferred gains on investment assets                                                                                                   |   |        | (5,249  | ) |   |   | (5,044 | ) |
| Capitalized costs for financial reportingpurposes, expensed for tax                                                                   |   |        | (810    | ) |   |   | (1,330 | ) |
|       Other                                                                                             |   |        | (88     | ) |   |   | - |   |
| Total deferred income tax liabilities                                                                                                 |   |        | (12,826 | ) |   |   | (14,764 | ) |
|                                                                                                                                  |   |        |    |   |   |   |   |   |
| Valuation allowance for realization of state tax            loss carryforwards |   |        | (2,882  | ) |   |   | (3,163 | ) |
|  Net deferred income tax asset                                                                                                   |   | $           | 4,898   |   |   | $ | 2,613 |   |

|                                                                                                                                          |   | Year Ended April 30, |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|
|                                                                                                                                          |   | 2011                 |   |   | 2010 |   |   |  2009 |   |   |
|                                                                                                                                          |   |                 |   |   | (Thousands) |   |   |   |
| Computed tax provision (benefit) at statutory rate                                                                                            |   | $                    | (3,770 | ) |   | $ | (5,379 | ) |   | $ | (19,013 | ) |
| Increase (reduction) in tax resulting from:State income taxes, net of federal     income tax effect                  |   |                 | (228 | ) |   |   | (1,058 | ) |   |   | (631 | ) |
|     Expiration of state NOLs and change in          valuation allowance |   |                 |  14 |   |   |   |  1,267 |   |   |   |  - |   |
|     Adjustment for unrecognized tax benefits                                                                              |   |                 | (619 | ) |   |   | (932 | ) |   |   | (481 | ) |
|     Non-deductible goodwill impairment (see Note 9)                                                                       |   |                 | 1,363 |   |   |   | - |   |   |   | 9,367 |   |
|     Other                                                                                                                 |   |                 | 28 |   |   |   | 211 |   |   |   | (130 | ) |
| Actual tax provision (benefit)                                                                                                                |   | $                    | (3,212 | ) |   | $ | (5,891 | ) |   | $ | (10,888 | ) |

|                                                                                                      |   | 2011   |   |   | 2010   |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Gross unrecognized tax benefits at beginning of year                                                      |   | $      | 3,253  |   |   | $      | 4,623 |   |
| Gross increases:                                                                                          |   |   |   |   |   |   |   |   |
| Additions based on tax positions related to current year                                                  |   |   | 60     |   |   |   | 76 |   |
| Additions based on tax positions of prior years                                                           |   |   | 265    |   |   |   | - |   |
| Gross decreases:                                                                                          |   |   |   |   |   |   |   |   |
| Reductions based on tax positions of prior years                                                          |   |   | (411   | )      |   |   | (712 | ) |
| Reductions based on the lapse of the applicable      statute of limitations |   |   | (783   | )      |   |   | (734 | ) |
| Gross unrecognized tax benefits at end of year                                                            |   | $      | 2,384  |   |   | $      | 3,253 |   |

|                                 |   | Real EstateOperations |   |   | SubscriptionFulfillmentServices |   |   |  NewsstandDistribution Services |   |   | Product Services and Other (Kable) |   |   |  Corporate andOther |   |   | Consolidated |   |
|--------------------------------------|--------|-----------------------|--------|--------|---------------------------------|--------|--------|-------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|-------------------------------|--------|--------|--------------|--------|
| Year ended April 30, 2011 (a):       |   |                  |   |   |                            |   |   |                                      |   |   |                                              |   |   |                          |   |   |         |   |
| Revenues                             |   | $                     | 2,123  |   |                            | $      | 73,618 |                                      |   | $      | 11,030                                            |   |   | $                             | 10,315 |   |         | $      | (249 | ) |   | $ | 96,837 |   |
|                                 |   |                  |   |   |                            |   |   |                                      |   |   |                                              |   |   |                          |   |   |         |   |   |   |   |   |   |   |
| Net income (loss)                    |   | $                     | (5,764 | )      |                            | $      | 1,902  |                                      |   | $      | (3,931                                            | )      |   | $                             | 13     |   |         | $      | 219 |   |   | $ | (7,561 | ) |
| Provision (benefit) for income taxes |   |                  | (4,292 | )      |                            |   | 696    |                                      |   |   | 324                                               |   |   |                          | 47     |   |         |   | 13 |   |   |   | (3,212 | ) |
| Interest expense (income), net (b)   |   |                  | 1,385  |   |                            |   | 2,317  |                                      |   |   | (1,261                                            | )      |   |                          | 103    |   |         |   | (779 | ) |   |   | 1,765 |   |
| Depreciation and amortization        |   |                  | 82     |   |                            |   | 4,797  |                                      |   |   | 615                                               |   |   |                          | 253    |   |         |   | 152 |   |   |   | 5,899 |   |
| Impairment of assets                 |   |                  | 6,827  |   |                            |   | -      |                                      |   |   | 3,893                                             |   |   |                          | -      |   |         |   | - |   |   |   | 10,720 |   |
| EBITDA (c)                           |   | $                     | (1,762 | )      |                            | $      | 9,712  |                                      |   | $      | (360                                              | )      |   | $                             | 416    |   |         | $      | (395 | ) |   | $ | 7,611 |   |
|                                 |   |                  |   |   |                            |   |   |                                      |   |   |                                              |   |   |                          |   |   |         |   |   |   |   |   |   |   |
| Total assets                         |   | $                     | 85,122 |   |                            | $      | 61,027 |                                      |   | $      | 31,132                                            |   |   | $                             | 4,304  |   |         | $      | 8,455 |   |   | $ | 190,040 |   |
| Capital expenditures                 |   | $                     | -      |   |                            | $      | 997    |                                      |   | $      | -                                                 |   |   | $                             | 13     |   |         | $      | 2 |   |   | $ | 1,012 |   |
|                                 |   |                  |   |   |                            |   |   |                                      |   |   |                                              |   |   |                          |   |   |         |   |   |   |   |   |   |   |
| Year ended April 30, 2010 (a):       |   |                  |   |   |                            |   |   |                                      |   |   |                                              |   |   |                          |   |   |         |   |   |   |   |   |   |   |
| Revenues                             |   | $                     | 5,714  |   |                            | $      | 92,022 |                                      |   | $      | 12,947                                            |   |   | $                             | 10,047 |   |         | $      | (232 | ) |   | $ | 120,498 |   |
|                                 |   |                  |   |   |                            |   |   |                                      |   |   |                                              |   |   |                          |   |   |         |   |   |   |   |   |   |   |
| Net income (loss)                    |   | $                     | (2,688 | )      |                            | $      | (9,168 | )                                         |   | $      | 1,671                                             |   |   | $                             | (105   | )      |         | $      | 810 |   |   | $ | (9,480 | ) |
| Provision (benefit) for income taxes |   |                  | (2,738 | )      |                            |   | (4,649 | )                                         |   |   | 1,097                                             |   |   |                          | (55    | )      |         |   | 454 |   |   |   | (5,891 | ) |
| Interest expense (income), net (b)   |   |                  | 877    |   |                            |   | 2,591  |                                      |   |   | (1,197                                            | )      |   |                          | 88     |   |         |   | (744 | ) |   |   | 1,615 |   |
| Depreciation and amortization        |   |                  | 106    |   |                            |   | 10,523 |                                      |   |   | 555                                               |   |   |                          | 222    |   |         |   | 148 |   |   |   | 11,554 |   |
| Impairment of assets                 |   |                  | 2,075  |   |                            |   | -      |                                      |   |   | -                                                 |   |   |                          | -      |   |         |   | - |   |   |   | 2,075 |   |
| EBITDA (c)                           |   | $                     | (2,368 | )      |                            | $      | (703   | )                                         |   | $      | 2,126                                             |   |   | $                             | 150    |   |         | $      | 668 |   |   | $ | (127 | ) |
|                                 |   |                  |   |   |                            |   |   |                                      |   |   |                                              |   |   |                          |   |   |         |   |   |   |   |   |   |   |
| Goodwill                             |   | $                     | -      |   |                            | $      | -      |                                      |   | $      | 3,893                                             |   |   | $                             | -      |   |         | $      | - |   |   | $ | 3,893 |   |
| Total assets                         |   | $                     | 90,260 |   |                            | $      | 70,338 |                                      |   | $      | 37,087                                            |   |   | $                             | 4,683  |   |         | $      | 9,141 |   |   | $ | 211,509 |   |
| Capital expenditures                 |   | $                     | -      |   |                            | $      | 2,631  |                                      |   | $      | 15                                                |   |   | $                             | 228    |   |         | $      | 10 |   |   | $ | 2,884 |   |
|                                 |   |                  |   |   |                            |   |   |                                      |   |   |                                              |   |   |                          |   |   |         |   |   |   |   |   |   |   |

| Year ended April 30, 2009 (a):       |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Revenues                             |   | $      | 9,621  |   |   | $      | 115,964 |   |   | $      | 12,400 |   |   | $      | 7,842  |   |   | $      | 74 |   |   | $ | 145,901 |   |
|                                 |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                    |   | $      | 2,565  |   |   | $      | (43,839 | )      |   | $      | (3,510 | )      |   | $      | 304    |   |   | $      | 1,014 |   |   | $ | (43,466 | ) |
| Provision (benefit) for income taxes |   |   | 465    |   |   |   | (10,490 | )      |   |   | (1,786 | )      |   |   | 223    |   |   |   | 700 |   |   |   | (10,888 | ) |
| Interest expense (income), net (b)   |   |   | 73     |   |   |   | 2,855   |   |   |   | (1,050 | )      |   |   | 31     |   |   |   | (1,194 | ) |   |   | 715 |   |
| Depreciation and amortization        |   |   | 39     |   |   |   | 9,423   |   |   |   | 564    |   |   |   | 56     |   |   |   | 77 |   |   |   | 10,159 |   |
| Impairment of assets                 |   |   | -      |   |   |   | 50,246  |   |   |   | -      |   |   |   | -      |   |   |   | - |   |   |   | 50,246 |   |
| EBITDA (c)                           |   | $      | 3,142  |   |   | $      | 8,195   |   |   | $      | (5,782 | )      |   | $      | 614    |   |   | $      | 597 |   |   | $ | 6,766 |   |
|                                 |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill                             |   | $      | -      |   |   | $      | -       |   |   | $      | 3,893  |   |   | $      | -      |   |   | $      | - |   |   | $ | 3,893 |   |
| Total assets                         |   | $      | 97,970 |   |   | $      | 56,111  |   |   | $      | 55,918 |   |   | $      | 4,618  |   |   | $      | 13,035 |   |   | $ | 227,652 |   |
| Capital expenditures                 |   | $      | 3,114  |   |   | $      | 1,698   |   |   | $      | 10     |   |   | $      | 326    |   |   | $      | 64 |   |   | $ | 5,212 |   |

| (a)   | Revenue information provided for each segment includes amounts grouped as Interest and other in the accompanying statements of operations.  Corporate revenue in 2011 and 2010 is net of an intercompany revenue elimination. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Interest expense (income), net includes inter-segment interest income that is eliminated in consolidation. |
|-----------------|------------------------------------------------------------------------------------------------------------|

| (c)   | The Company uses EBITDA (which the Company defines as income before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                     |   | (In thousands, except per share amounts) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                     |   | Quarter Ended                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |                                     |   |   |   |   |   |   |   |   |   |   |
| Year ended April 30, 2011:                                                                                                                                                                                                                                                                                                                                                               |   | July 31,2010                             |   |   | October 31,2010 |   |   | January 31,2011(a) |   |   | April 30,2011(b) |   |
| Revenues                                                                                                                                                                                                                                                                                                                                                                                 |   | $                                        | 25,087 |   |   | $ | 25,816 |   |   | $ | 23,846 |   |   | $ | 22,088 |   |
| Gross profit                                                                                                                                                                                                                                                                                                                                                                             |   | $                                        | 3,802  |   |   | $ | 5,244 |   |   | $ | 4,515 |   |   | $ | 2,922 |   |
| Net income (loss)                                                                                                                                                                                                                                                                                                                                                                        |   | $                                        | (498   | ) |   | $ | 731 |   |   | $ | 1,281 |   |   | $ | (9,075 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per share – basic and diluted                                                                                                                                                                                                                                                                                                                                      |   | $                                        | (.08   | ) |   | $ | .12 |   |   | $ | .21 |   |   | $ | (1.51 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Year ended April 30, 2010:                                                                                                                                                                                                                                                                                                                                                               |   | July 31,2009                             |   |   | October 31,2009 |   |   | January 31,2010(a) |   |   | April 30,2010 (b) |   |
| Revenues                                                                                                                                                                                                                                                                                                                                                                                 |   | $                                        | 32,457 |   |   | $ | 32,333 |   |   | $ | 28,916 |   |   | $ | 26,792 |   |
| Gross profit (loss)                                                                                                                                                                                                                                                                                                                                                                      |   | $                                        | 2,764  |   |   | $ | 3,002 |   |   | $ | 1,739 |   |   | $ | (2,933 | ) |
| Net income (loss)                                                                                                                                                                                                                                                                                                                                                                        |   | $                                        | (1,056 | ) |   | $ | (985 | ) |   | $ | (721 | ) |   | $ | (6,718 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per share – basic and diluted                                                                                                                                                                                                                                                                                                                                      |   | $                                        | (.18   | ) |   | $ | (.16 | ) |   | $ | (.12 | ) |   | $ | (1.12 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                     |   |
| (a) Includes tax benefits of $764,000 (equivalent to $0.13 per share in 2011) and $1,148,000 (equivalent to $0.19 per share) in 2010) from the recognition of previously unrecognized tax benefits.(b) Includes after tax, non-cash impairment charges of $8,194,000 (equivalent to $1.37 per share) in 2011 and $1,307,000 (equivalent to $0.22 per share) in 2010. |   |

|   |                       and Financial Disclosure |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 9A. | Controls and Procedures |
|----------|-------------------------|

| Item 10. | Directors, Executive Officers and Corporate Governance |
|----------|--------------------------------------------------------|

| Item 11. | Executive Compensation |
|----------|------------------------|

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
|----------|------------------------------------------------------------------------------------------------|

| Item 13. | Certain Relationships and Related Transactions, and Director Independence |
|----------|---------------------------------------------------------------------------|

| Item 14. | Principal Accounting Fees and Services |
|----------|----------------------------------------|

| Item 15. | Exhibits and Financial Statement Schedules |
|----------|--------------------------------------------|

| ·   | Management’s Annual Report on Internal Control Over Financial Reporting |
|--------------------|-------------------------------------------------------------------------------|

| ·   | Report of Independent Registered Public Accounting Firm dated July 21, 2011 – McGladrey & Pullen, LLP |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| ·   | Consolidated Balance Sheets - April 30, 2011 and 2010 |
|--------------------|-------------------------------------------------------|

| ·   | Consolidated Statements of Operations for the Three Years Ended April 30, 2011 |
|--------------------|--------------------------------------------------------------------------------|

| ·   | Consolidated Statements of Shareholders' Equity for the Three Years Ended April 30, 2011 |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | Consolidated Statements of Cash Flows for the Three Years Ended April 30, 2011 |
|--------------------|--------------------------------------------------------------------------------|

| ·   | Notes to Consolidated Financial Statements |
|--------------------|--------------------------------------------|

|   | By: /s/  Peter M. Pizza |
|--------|-----------------------------------|
|   | Peter M. Pizza                    |
|   | Vice President and                |
|   | Chief Financial Officer           |

|                                       |                            |                                   |   |
|--------------------------------------------|---------------------------------|----------------------------------------|--------|
| /s/  Peter M. Pizza              |                            | /s/  Albert V. Russo         |   |
| Peter M. Pizza                             |                            | Albert V. Russo                        |   |
| Vice President and Chief Financial Officer | Director                        |                                   |
| Principal Financial Officer                | Dated:  July 21, 2011 |                                   |
| and Principal Accounting Officer*          |                            |                                   |
| Dated:  July 21, 2011            |                            |                                   |   |
|                                       |                            |                                   |   |
|                                       |                            |                                   |
| /s/  Edward B. Cloues, II        |                            | /s/  Samuel N. Seidman       |   |
| Edward B. Cloues, II                       |                            | Samuel N. Seidman                      |   |
| Director                                   |                            | Director                               |   |
| Dated:  July 21, 2011            |                            | Dated:  July 21, 2011        |   |
|                                       |                            |                                   |   |
|                                       |                            |                                   |   |
| /s/  Lonnie A. Coombs            |                            | /s/  Jonathan B. Weller      |   |
| Lonnie A. Coombs                           |                            | Jonathan B. Weller                     |   |
| Director                                   |                            | Director                               |   |
| Dated:  July 21, 2011            |                            | Dated:  July 21, 2011        |   |
|                                       |                            |                                   |   |
|                                       |                            |                                   |   |
| /s/  Nicholas G. Karabots        |                            | /s/  Michael P. Duloc        |   |
| Nicholas G. Karabots                       | Michael P. Duloc                |                                   |
| Director                                   |                            | President, Kable Media Services, Inc.* |
| Dated:  July 21, 2011            |                            | Dated:  July 21, 2011        |   |
|                                       |                            |                                   |   |
|                                       |                            |                                   |   |
|                                       |                            | /s/  John F. Meneough        |   |
|                                       |                            | John F. Meneough                       |   |
|                                       |                            | President, Palm Coast Data LLC*        |
|                                       |                            | Dated:  July 21, 2011        |   |

| NUMBER  |      | ITEM  |
|--------------|-----------|------------|
|         | 3.1  |       | Certificate of Incorporation, as amended - Incorporated by reference to Exhibit 3.1 to Registrant's Registration Statement on Form S-3 filed March 21, 2007.  |
|         | 3.2       |       | By-Laws, as amended - Filed herewith.  |
|         | 4.1       |       | Third Amended and Restated Loan and Security  Agreement  dated as of July 13, 2009, by and among Kable Media Services,  Inc., Kable News Company, Inc., Kable Distribution Services, Inc., Kable News  International, Inc., Kable Fulfillment Services, Inc., Palm Coast  Data Holdco,  Inc., Palm Coast Data LLC, Kable Product  Services, Inc., Kable Specialty  Packaging Services LLC, and Kable Staffing  Resources  LLC and Bank of America, N.A., as successor by merger with LaSalle Bank National Association – Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed July 14, 2009.  |
|         | 4.2       |       | Revolving Credit and Security Agreement dated as of May 13, 2010, by and among Kable Media Services, Inc., Kable Distribution Services, Inc., Kable Product Services, Inc., Kable News Company, Inc., Palm Coast Data Holdco, Inc., Kable Staffing Resources LLC, Kable Specialty Packaging Services LLC, Kable News International, Inc., Kable Fulfillment Services, Inc., and Palm Coast Data LLC, and PNC Bank, National Association, as Agent and Lender – Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed May 18, 2010.  |
|         | 4.3       |       | Loan Agreement dated December 17, 2009 between AMREP Southwest Inc. and Compass Bank – Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed December 22, 2009.  |
|         | 4.4       |       | $22,500,000 Promissory Note dated December 17, 2009 of AMREP Southwest Inc. payable to the order of Compass Bank – Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed December 22, 2009.  |
|         | 4.5       |       | First Amendment dated April 29, 2011 to the Loan Agreement dated December 17, 2009 between AMREP Southwest Inc. and Compass Bank.  - Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed May 2, 2011.  |
|         | 4.6       |       | First Modification dated April 29, 2011 to the Promissory Note dated December 17, 2009 of AMREP Southwest Inc. payable to the order of Compass Bank. - Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed  May 2, 2011.  |
|         | 10.1      |       | Amended and Restated Distribution Agreement dated as of July 1, 2008 between Kappa Publishing Group, Inc. and Kable Distribution Services, Inc. – Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed March 12, 2009.*  |
|         | 10.2      |       | First Amendment dated as of February 14, 2011 to the Amended and Restated Distribution Agreement dated as of July 1, 2008 between Kappa Publishing Group, Inc. and Kable Distribution Services, Inc. – Filed herewith.  |
|         | 10.3      |       | 2006 Equity Compensation Plan – Incorporated by reference to Appendix B to the Registrant’s Proxy Statement for its 2006 Annual Meeting of Shareholders forming a part of Registrant’s Definitive Schedule 14A filed August 14, 2006.**  |
|         | 21        |       | Subsidiaries of Registrant – Filed herewith.  |
|         | 23        |       | Consent of McGladrey & Pullen, LLP - Filed herewith.  |
|         | 31.1      |       | Certification required by Rule 13a - 14 (a) under the Securities Exchange Act of 1934 - Filed herewith.  |
|         | 31.2      |       | Certification required by Rule 13a - 14 (a) under the Securities Exchange Act of 1934 - Filed herewith.  |
|         | 31.3      |       | Certification required by Rule 13a - 14 (a) under the Securities Exchange Act of 1934 - Filed herewith.  |
|         | 32.1      |       | Certification required by Rule 13a - 14 (b) under the Securities Exchange Act of 1934 - Filed herewith. |