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REVENUES

6 Months Ended

Oct. 31, 2023

(8) REVENUES

Land sale revenues. Land sale revenues are sales of developed residential land, developed commercial land and undeveloped land.

Home sale revenues. Home sale revenues are from homes constructed and sold by the Company in the Albuquerque, New Mexico metropolitan area.

Other revenues. Other revenues consist of (in thousands):


	Three Months				Six Months
	Ended October 31,				Ended October 31,
	2023		2022		2023		2022
Oil and gas royalties	$	—	$	49	$	—	$	106
Landscaping revenues		314		—		426		—
Miscellaneous other revenues		135		345		252		384
Total	$	449	$	394	$	678	$	490

Refer to Note 7 to the consolidated financial statements contained in the 2023 Form 10-K for additional detail about the categories of other revenues.

Miscellaneous other revenues for the three and six months ended October 31, 2023 primarily consist of extension fees for purchase contracts, forfeited deposits and residential rental revenues. Miscellaneous other revenues for the three and six months ended October 31, 2022 primarily consist of a non-refundable option payment and forfeited deposits.

Major customers.

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Substantially all of the land sale revenues were received from three customers for each of the three and six months ended October 31, 2023 and four customers for each of the three and six months ended October 31, 2022. Other than receivables for immaterial amounts, there were no outstanding receivables from these customers as of October 31, 2023 or October 31, 2022.

●

There was one customer that contributed in excess of 10% of the Company’s revenues for the three months ended October 31, 2023. The revenue from such customer for the three months ended October 31, 2023 was $3,200,000, with this revenue reported in the Company’s land development business segment. There were four customers that each contributed in excess of 10% of the Company’s revenues for the three months ended October 31, 2022. The revenues for each such customer for the three months ended October 31, 2022 were as follows: $4,400,000, $4,000,000, $2,000,000 and $1,900,000, with each of these revenues reported in the Company’s land development business segment.

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There were two customers that each contributed in excess of 10% of the Company’s revenues for the six months ended October 31, 2023. The revenues from each such customer for the six months ended October 31, 2023 were as follows: $3,500,000 and

$6,000,000, with each of these revenues reported in the Company’s land development business segment. There were three customers that each contributed in excess of 10% of the Company’s revenues for the six months ended October 31, 2022. The revenues for each such customer for the six months ended October 31, 2022 were as follows: $4,400,000, $4,200,000 and $4,000,000, with each of these revenues reported in the Company’s land development business segment.