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What changed in VALUE LINE INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of VALUE LINE INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+168 added−178 removedSource: 10-K (2025-07-29) vs 10-K (2024-07-26)

Top changes in VALUE LINE INC's 2025 10-K

168 paragraphs added · 178 removed · 137 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeA full statistical review, including latest performance, ranks, and sector weightings, is updated each month on approximately 800 leading load, no-load and low-load funds. Included with this product is online access to Value Line’s database of approximately 20,000 mutual funds, including screening tools and full-page printable reports on each fund. Four model portfolios are also part of the service.
Biggest changeIncluded with this product is online access to Value Line’s database of approximately 20,000 mutual funds, including screening tools and full-page printable reports on each fund. Four model portfolios are also part of the service. One recommends specific U.S. mutual funds from different objective groups, while the other highlights similar exchange traded funds (ETFs).
The Digital component of the service remains unchanged -- updated weekly with the complete stock coverage universe available for review. The Performance Rank is designed to predict relative price performance over the next six to twelve months. The Value Line Fund Advisor Plus The Value Line Mutual Fund Ranking System was introduced in 1993.
The Digital component of the service remains unchanged – it is updated weekly with the complete stock coverage universe available for review. The Performance Rank is designed to predict relative price performance over the next six to twelve months. The Value Line Fund Advisor Plus The Value Line Mutual Fund Ranking System was introduced in 1993.
Print capabilities are included. Value Line Pro Premium digital service includes The Value Line Investment Survey ® and The Value Line Investment Survey ® — Small & Mid-Cap . This equity package monitors more than 3,300 companies with market values ranging from less than $1 billion to nearly $3 trillion across 100 industries.
Print capabilities are included. Value Line Pro Premium digital service includes The Value Line Investment Survey ® and The Value Line Investment Survey ® — Small & Mid-Cap . This equity package monitors more than 3,300 companies with market values ranging from less than $1 billion to nearly $4 trillion across 100 industries.
Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. The Value Line Pro Equity Research Center has the ability to track model portfolios (large, small and mid-cap) as well as providing ranks and news.
Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. The Value Line Pro Equity Research Center has the ability to track model portfolios (large, small and mid-cap) as well as providing ranks and investment news.
Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. Value Line Library Research Center has the ability to track model portfolios (large, small and mid-cap) as well as providing ranks and news.
Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical history. Value Line Library Research Center has the ability to track model portfolios (large, small and mid-cap) as well as providing ranks and investment news.
This service includes full digital subscriptions to The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line Investment Survey - Small and Mid-Cap, The New Value Line ETFs Service, The Value Line Special Situations Service, and The Value Line Climate Change Investing Service .
This service includes full digital subscriptions to The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line Investment Survey - Small and Mid-Cap, The Value Line ETFs Service, The Value Line Special Situations Service, and The Value Line Climate Change Investing Service .
This service includes full digital subscriptions to The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line Investment Survey - Small and Mid-Cap, The New Value Line ETFs Service and The Value Line Special Situations Service .
This service includes full digital subscriptions to The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line Investment Survey - Small and Mid-Cap, The Value Line ETFs Service and The Value Line Special Situations Service .
Every issue features new updates to our portfolio. Value Line Investment Analyzer Value Line Investment Analyzer is a powerful menu-driven software program with fast filtering, ranking, reporting and graphing capabilities utilizing more than 230 data fields for various industries and indices and for the stocks covered in VLP’s flagship publication, The Value Line Investment Survey .
Every issue features new updates to our portfolio. Value Line Investment Analyzer Value Line Investment Analyzer is a powerful menu-driven software program with fast filtering, ranking, reporting and graphing capabilities utilizing more than 200 data fields for various industries and indices and for the stocks covered in VLP’s flagship publication, The Value Line Investment Survey .
As of April 30, 2024 and April 30, 2023, the Company held equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds and common stock equity securities.
As of April 30, 2025 and April 30, 2024, the Company held equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds and common stock equity securities.
Brecher 70 Chairman and Chief Executive Officer since October 2011; Acting Chairman and Acting Chief Executive Officer from November 2009 to October 2011; Chief Legal Officer; Vice President and Secretary until January 2010; Vice President and Secretary of each of the Value Line Funds from June 2008 to December 2010; Secretary of EAM LLC from February 2009 until December 2010; Director and General Counsel of AB&Co.
Brecher 71 Chairman and Chief Executive Officer since October 2011; Acting Chairman and Acting Chief Executive Officer from November 2009 to October 2011; Chief Legal Officer; Vice President and Secretary until January 2010; Vice President and Secretary of each of the Value Line Funds from June 2008 to December 2010; Secretary of EAM LLC from February 2009 until December 2010; Director and General Counsel of AB&Co.
Each mutual fund may use "Value Line" in its name only to the extent permitted by the terms of the EAM Declaration of Trust. 12 D. Wholly-Owned Operating Subsidiaries Wholly-owned operating subsidiaries of the Company as of April 30, 2024 include the following: 1.
Each mutual fund may use "Value Line" in its name only to the extent permitted by the terms of the EAM Declaration of Trust. 12 D. Wholly-Owned Operating Subsidiaries Wholly-owned operating subsidiaries of the Company as of April 30, 2025 include the following: 1.
The Value Line Investment Survey – Library Basic has coverage on stocks that comprise over 90% of the value of all stocks that trade on U.S. exchanges included in The Value Line Investment Survey , drawn from nearly 100 industries. There are over 200 data fields that can be applied to help you make more informed decisions.
The Value Line Investment Survey – Library Basic has coverage on stocks that comprise over 90% of the value of all stocks that trade on U.S. exchanges, drawn from nearly 100 industries. There are over 200 data fields that can be applied to help readers make more informed decisions.
Mr. Brecher has been an officer of the Company for more than 20 years. Stephen R. Anastasio 65 Vice President since December 2010; Director since February 2010; Treasurer since 2005. Mr. Anastasio has been an officer of the Company for more than 10 years. WEBSITE ACCESS TO SEC REPORTS The Company’s Internet site address is www.valueline.com .
Mr. Brecher has been an officer of the Company for more than 25 years. Stephen R. Anastasio 66 Vice President since December 2010; Director since February 2010; Treasurer since 2005. Mr. Anastasio has been an officer of the Company for more than 20 years. WEBSITE ACCESS TO SEC REPORTS The Company’s Internet site address is www.valueline.com .
As of April 30, 2024 and April 30, 2023, the Company held fixed income securities classified as available-for-sale, that consist of securities issued by United States federal government and bank certificates of deposit within the United States. G. Employees At April 30, 2024, the Company and its subsidiaries employed 122 people.
As of April 30, 2025 and April 30, 2024, the Company held fixed income securities classified as available-for-sale, that consist of securities issued by United States federal government and bank certificates of deposit within the United States. G. Employees At April 30, 2025, the Company and its subsidiaries employed 117 people.
The 400 stocks of the Small & Mid-Cap universe selected for inclusion in the print component of the service are those of most importance to subscribers and are mailed to subscribers in updated monthly groups. Each stock is covered 4 times per year – once per quarterly cycle.
The 400 stocks of the Small & Mid-Cap universe selected for inclusion in the print component of the service are mailed to subscribers in updated monthly groups. Each stock is covered 4 times per year – once per quarterly cycle.
Executive Officers of the Registrant The following table lists the names, ages (at June 30, 2024), and principal occupations and employment during the past five years of the Company's Executive Officers. All officers are elected to terms of office for one year.
Executive Officers of the Registrant The following table lists the names, ages (at June 30, 2025), and principal occupations and employment during the past five years of the Company's Executive Officers, who are elected to terms of office for one year.
With regard to the investment management business conducted by EAM, the prevalence of broker supermarkets or platforms permitting easy transfer of assets among mutual funds, mutual fund families, and other investment vehicles tends to increase the speed with which shareholders can leave or enter the Value Line Funds based, among other things, on short-term fluctuations in performance. 13 J.
With regard to the investment management business conducted by EAM, the prevalence of broker supermarkets or platforms permitting easy transfer of assets among mutual funds, mutual fund families, and other investment vehicles tends to increase the speed with which shareholders can leave or enter the Value Line Funds based, among other things, on short-term fluctuations in performance, variations in their ratings by outside agencies, advisers and others. 13 J.
The Company is the successor to substantially all of the operations of Arnold Bernhard & Co, Inc. ("AB&Co."). AB&Co. is the controlling shareholder of the Company and, as of April 30, 2024, owns 91.63% of the outstanding shares of the common stock of the Company. A.
The Company is the successor to substantially all of the operations of Arnold Bernhard & Co, Inc. ("AB&Co."). AB&Co. is the controlling shareholder of the Company and, as of April 30, 2025, owns 91.74% of the outstanding shares of the common stock of the Company. A.
Print capabilities are included. The Value Line Pro Equity Research Center is an equities-only package that includes access to exclusive premium services and provides online access to all of Value Line’s equity products.
The Value Line Pro Equity Research Center is an equities-only package that includes access to exclusive premium services and provides online access to all of Value Line’s equity products.
Investments As of April 30, 2024 and April 30, 2023, the Company held total investment assets (excluding its interests in EAM) with a fair market value of $63,955,000 and $54,474,000, respectively, including equity securities and available-for-sale fixed income securities on the Consolidated Balance Sheets.
Investments As of April 30, 2025 and April 30, 2024, the Company held total investment assets (excluding its interests in EAM) with a fair market value of $43,314,000 and $63,955,000, respectively, including equity securities and available-for-sale fixed income securities on the Consolidated Balance Sheets.
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2024, were $4.17 billion, which is $1.08 billion, or 35.0%, above total assets of $3.09 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2023.
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2025, were $4.68 billion, which is $0.51 billion, or 12.0%, above total assets of $4.17 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2024.
Value Line has led its subscribers towards financial success by satisfying the demand for actionable insights and tools to manage equity investments. The Value Line Investment Survey – Library Elite offers libraries digital access to full reports, analyst commentary and Value Line proprietary ranks. This equity package monitors more than 3,300 companies. Online tools include a screener, and charting.
The Value Line Investment Survey – Library Elite offers libraries digital access to full reports, analyst commentary and Value Line proprietary ranks. This equity package monitors more than 3,300 companies. Online tools include a screener, and charting. Print capabilities are included.
Total net assets of the Value Line Funds at April 30, 2024, were: ($ in thousands) Value Line Asset Allocation Fund $ 909,517 Value Line Capital Appreciation Fund 427,755 Value Line Mid Cap Focused Fund 1,462,284 Value Line Small Cap Opportunities Fund 587,214 Value Line Select Growth Fund 417,967 Value Line Larger Companies Focused Fund 332,473 Value Line Core Bond Fund 35,837 Total EAM managed net assets $ 4,173,047 Investment management fees and distribution service fees (“12b-1 fees”) vary among the Value Line Funds and may be subject to certain limitations.
Total net assets of the Value Line Funds at April 30, 2025, were: ($ in thousands) Value Line Asset Allocation Fund $ 868,505 Value Line Capital Appreciation Fund 423,959 Value Line Mid Cap Focused Fund 1,889,673 Value Line Small Cap Opportunities Fund 699,959 Value Line Select Growth Fund 421,543 Value Line Larger Companies Focused Fund 335,972 Value Line Core Bond Fund 36,019 Total EAM managed net assets $ 4,675,630 Investment management fees and distribution service fees (“12b-1 fees”) vary among the Value Line Funds and may be subject to certain limitations.
Quantitative Strategies Value Line Quantitative Strategy Portfolios are developed based on our renowned proprietary Ranking Systems for TimelinessTM, Performance and SafetyTM, Financial Strength Ratings, and a comprehensive database of fundamental research and analysis. All of these quantitative investment products have a solid theoretical foundation and have demonstrated superior empirical results.
Value Line Quantitative Strategy Portfolios are developed based on our renowned proprietary Ranking Systems for TimelinessTM, Performance and SafetyTM, Financial Strength Ratings, and a comprehensive database of fundamental research and analysis. These strategies are available for licensing by Financial Professionals such as RIAs and Portfolio Managers. 10 B.
Operations were outsourced to a third party in the United States effective May 1, 2024. E. Trademarks The Company holds trademark and service mark registrations for various names and logos in multiple countries.
Those operations were outsourced to third parties in the United States after April 30, 2024. VLDC is the owner and lessor of specialized equipment employed in distribution of the publications. E. Trademarks The Company holds trademark and service mark registrations for various names and logos in multiple countries.
Almost all of the ETFs tracked in the product are ranked by The Value Line ETF Ranking System, a proprietary estimate with the goal of predicting an ETF’s future performance relative to all other ranked ETFs. The screener includes more than 30 fields, and each ETF has its own full PDF report.
The Value Line ETFs Service This online-only, web based analysis software provides data, analysis, and screening capabilities on more than 2,700 publicly traded ETFs. Almost all of the ETFs tracked in the product are ranked by The Value Line ETF Ranking System. The screener includes more than 30 fields, and each ETF has its own full PDF report.
It is the system utilized in the Fund Advisor Plus, featuring load, no-load, and low-load open-end mutual funds. Each issue offers strategies for maximizing total return, and highlights of specific mutual funds. It also includes information about retirement planning and industry news.
It is the system utilized in The Fund Advisor Plus, featuring load, no-load, and low-load open-end mutual funds. Each issue offers strategies for investing in mutual funds, and highlights of specific mutual funds. A full statistical review, including latest performance, ranks, and sector weightings, is updated each month on approximately 800 leading load, no-load and low-load funds.
Products offer an Alerts Hub which allows the user to set up alerts for up to 25 companies, with delivery via text or email. 10 B.
Quantitative Strategies All the digital services have Charting features, including many options to chart against popular indexes with the ability to save settings and print. Products offer an Alerts Hub which allows the user to set up alerts for multiple companies, with delivery via text or email.
One recommends specific U.S. mutual funds from different objective groups, while the other highlights similar exchange traded funds (ETFs). The remaining two highlight mutual funds and ETFs globally.
The remaining two highlight mutual funds and ETFs globally.
Removed
The Value Line ETFs Service In September 2019, we introduced this service entitled The Value Line ETFs Service . This online-only, web based analysis software provides data, analysis, and screening capabilities on more than 2,700 publicly traded ETFs.
Removed
These strategies are available for licensing by Financial Professionals such as RIAs and Portfolio Managers. All the digital services have Charting features, including many options to chart against popular indexes with the ability to save settings and print.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changePoor performance could therefore reduce the amount of cash flow that the Company receives from EAM, which reduction could adversely affect the Company’s financial condition. EAM derives nearly all of its investment management fees from the Value Line Funds.
Biggest changePoor performance could also result in less favorable ratings from established mutual fund rating services and cause assets to be withdrawn from the Value Line Funds and reduce the amount of cash flow that the Company receives from EAM, which reduction could adversely affect the Company’s financial condition.
However, the Company is not able to predict whether revenues from digital retail publications will grow more than print revenues decline. Loss of copyright clients or decline in their customers, or assets managed by third party sponsors could reduce the Company ’ s revenues. Copyright agreements are based on market interest in the respective proprietary information.
However, the Company is not able to predict whether revenues from digital retail publications will grow more than print revenues decline. Loss of copyright clients or decline in their customers, or assets managed by third party sponsors could reduce the Company ’ s revenues. Copyright agreements revenues are based on market interest in the respective proprietary information.
Substantial aspects of our business depend on the secure operation of our computer systems and e-commerce websites. Security breaches could expose us to a risk of loss or misuse of sensitive information, including our own proprietary information and that of our customers and employees.
Substantial aspects of our business depend on the continuous and secure operation of our computer systems and e-commerce websites. Security breaches could expose us to a risk of loss or misuse of sensitive information, including our own proprietary information and that of our customers and employees.
It is expected that print revenues will continue to decline long-term, while the Company emphasizes digital offerings. The Company has established the goal of maintaining competitive digital products and marketing them through traditional and digital channels to retail and institutional customers.
It is expected that print revenues overall will continue to decline long-term, while the Company emphasizes digital offerings. The Company has established the goal of maintaining competitive digital products and marketing them through traditional and digital channels to retail and institutional customers.
The risks described below are not the only ones we face. Additional risks not discussed or not presently known to us or that we currently deem insignificant, may also impact our businesses. The Company and its subsidiaries are dependent on the efforts of its executives and professional staff.
The risks described below are not the only ones we face. Additional risks not discussed or not presently known to us or that we currently deem insignificant, may also impact our business. The Company and its subsidiaries are dependent on the efforts of its executives and professional staff.
EAM ’ s assets under management, which impact EAM ’ s revenue, and consequently the amount of the cash flow that the Company receives from EAM, are subject to fluctuations based on market conditions and individual fund performance.
EAM ’ s assets under management, which impact EAM ’ s revenue, and consequently the amount of the cash flow that the Company receives from EAM, are subject to fluctuations based on market conditions, individual fund performance, and the decisions of investors.
ITEM 1A. RISK FACTORS In addition to the risks referred to elsewhere in this Form 10-K, the following risks, among others, sometimes may have affected, and in the future could affect, the Company’s businesses, financial condition or results of operations and/or the investment management business conducted by EAM and consequently, the amount of revenue we receive from EAM.
ITEM 1A. RISK FACTORS In addition to the risks referred to elsewhere in this Form 10-K, the following risks, among others, sometimes may have affected, and in the future could affect, the Company’s business operations, financial condition or results of operations and/or the investment management business conducted by EAM and consequently, the amount of income we receive from EAM.
The Company believes that the negative trend in retail print subscription revenue experienced in recent years is likely to continue. During recent years, the Company has experienced a negative trend in retail print subscription revenue. While circulation of some print publications has increased, others have experienced a decline in circulation or in average yearly price realized.
The Company believes that the negative trend in retail print subscription revenue is likely to continue. The Company has experienced a negative trend in retail print subscription revenue. While circulation of some print publications has increased, others have experienced a decline in circulation or in average yearly price realized.
Our controlling stockholder exercises voting control over the Company and has the ability to elect or remove from office all of our directors. As of April 30, 2024, AB&Co., Inc. beneficially owned 91.63% of the outstanding shares of the Company’s voting stock.
Our controlling stockholder exercises voting control over the Company and has the ability to elect or remove from office all of our directors. As of April 30, 2025, AB&Co., Inc. beneficially owned 91.74% of the outstanding shares of the Company’s voting stock.
Future pandemic outbreaks could disrupt the Company ’ s operations. A substantial recurrence of infections of the COVID-19 virus or its variants could disrupt Company printing and distribution operations, or supplies of materials and services needed for the print publishing business.
Future pandemic outbreaks could disrupt the Company ’ s operations. A substantial recurrence of infections of the COVID-19 virus or other new illnesses could disrupt Company printing and distribution operations, or supplies of materials and services needed for the print publishing business.
A terrorist attack, including biological or chemical weapons attacks, and the response to such terrorist attacks, could have a significant impact on the New York City area, the local economy, the United States economy, the global economy, and U.S. and/or global financial markets, and could also have a material adverse effect on the Company’s business and on the investment management business conducted by EAM.
A terrorist attack, including biological or chemical weapons attacks, and the response to such terrorist attacks, could have a significant impact on the Company and its personnel, the United States economy, the global economy, and U.S. and/or global financial markets, and could also have a material adverse effect on the Company’s business and on the investment management business conducted by EAM.
New accounting pronouncements or tax rules and varying interpretations of accounting pronouncements or taxation practice have occurred and may occur in the future. A change in accounting pronouncements or interpretations or taxation rules or practices can have a significant effect on our reported results and may even affect our reporting of transactions completed before the change is effective.
A change in accounting pronouncements or interpretations or taxation rules or practices can have a significant effect on our reported results and may even affect our reporting of transactions completed before the change is effective.
EAM is dependent upon management contracts and service and distribution contracts with the Value Line Funds under which these fees are paid.
EAM derives substantially all of its investment management fees from the Value Line Funds. EAM is dependent upon management contracts and service and distribution contracts with the Value Line Funds under which these fees are paid.
A decline in securities prices or in the sale of investment products or an increase in fund redemptions would reduce fee income. A prolonged recession or other economic or political events could also adversely impact EAM’s revenue if it led to decreased demand for products, a higher redemption rate, or a decline in securities prices.
A prolonged recession or other economic or political events could also adversely impact EAM’s revenue if it led to decreased demand for products, a higher redemption rate, or a decline in securities prices.
With regard to the investment information and publishing business, barriers to entry have been reduced by the minimal cost structure of the Internet and other technologies. With regard to the investment management business, the absence of significant barriers to entry by new investment management firms in the mutual fund industry increases competitive pressure.
With regard to the investment information and publishing business, barriers to entry have been reduced by the minimal cost structure of the Internet and other technologies.
Competition in the investment management business is based on various factors, including business reputation, investment performance, quality of service, marketing, distribution services offered, the range of products offered and fees charged. Access to mutual fund distribution channels has also become increasingly competitive. 16 Government regulations, any changes to government regulations, and regulatory proceedings and litigation may adversely impact the business.
Competition in the investment management business is based on various factors, including business reputation, investment performance, investment management staffs, quality of service, marketing, distribution services offered, the range of products offered and fees charged.
We maintain cyber risk insurance, but this insurance may not be sufficient to cover all of our losses from any possible future breaches of our systems. Changes to existing accounting pronouncements or taxation rules or practices may affect how we conduct our business and affect our reported results of operations.
We maintain cyber risk insurance, but this insurance may not be sufficient to cover all of our losses from any possible future breaches of our systems. Likewise, serious interruption of any of the Company’s data flows, or processing methods including legacy systems, could interfere with normal continuity of operations.
Added
A decline in securities prices or in the sale of investment products or an increase in fund redemptions would reduce fee income.
Added
Investors are free to add to or withdraw from their account at any time and tend to make those decisions based on several factors, including ratings by popular services, performance, longevity of individual managers in their roles, trends in investing styles, and others.
Added
With regard to the investment management business, both the absence of significant barriers to entry by new investment management firms and a trend of strong growth by the largest industry participants in the funds industry increases competitive pressure. Further, a larger share of new sales is accounted for by exchange traded with EAM’s business competing only in the latter segment.
Added
Access to mutual fund distribution channels has also become increasingly competitive. 16 Government regulations, any changes to government regulations, and regulatory proceedings and litigation may adversely impact the business.
Added
Changes to existing accounting pronouncements or taxation rules or practices may affect how we conduct our business and affect our reported results of operations. New accounting pronouncements or tax rules and varying interpretations of accounting pronouncements or taxation practice have occurred and may occur in the future.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeSublandlord provided Value Line a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until November 2017. Base rent under the Lease was $237,218 per annum.
Biggest changeSublandlord provided Value Line a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until November 2017.
(“VLDC”) distributed Value Line’s print publications prior to April 30, 2024. Operations were outsourced to a third party in the United States prior to April 30, 2024.
(“VLDC”) distributed Value Line’s print publications prior to April 30, 2024. Operations have been outsourced to third parties in the United States effective April 30, 2024.
Removed
The Company has outsourced to a U.S. facility the functions formerly performed at the Warehouse, subsequent to the expiration of the lease on April 30, 2024. 18

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe reported high and low prices and the dividends declared on these shares during the past two fiscal years were as follows: Quarter Ended High Low Regular Dividend Declared Per Share April 30, 2024 $ 49.00 $ 36.00 $ 0.30 January 31, 2024 $ 58.45 $ 39.63 $ 0.28 October 31, 2023 $ 60.27 $ 32.07 $ 0.28 July 31, 2023 $ 62.09 $ 43.10 $ 0.28 April 30, 2023 $ 53.77 $ 45.00 $ 0.28 January 31, 2023 $ 69.85 $ 42.02 $ 0.25 October 31, 2022 $ 118.40 $ 42.52 $ 0.25 July 31, 2022 $ 92.00 $ 52.55 $ 0.25 On July 19, 2024, the Board of Directors of Value Line declared a quarterly dividend of $0.30 per share to shareholders of record as of July 29, 2024 to be paid on August 12, 2024.
Biggest changeThe reported high and low prices and the dividends declared on these shares during the past two fiscal years were as follows: Quarter Ended High Low Regular Dividend Declared Per Share April 30, 2025 $ 44.17 $ 32.94 $ 0.325 January 31, 2025 $ 57.68 $ 38.57 $ 0.30 October 31, 2024 $ 54.14 $ 39.02 $ 0.30 July 31, 2024 $ 51.00 $ 35.31 $ 0.30 April 30, 2024 $ 49.00 $ 36.00 $ 0.30 January 31, 2024 $ 58.45 $ 39.63 $ 0.28 October 31, 2023 $ 60.27 $ 32.07 $ 0.28 July 31, 2023 $ 62.09 $ 43.10 $ 0.28 On July 18, 2025, the Board of Directors of Value Line declared a quarterly dividend of $0.325 per share to shareholders of record as of July 28, 2025 to be paid on August 11, 2025.
The Company did not sell any unregistered shares of common stock during the fiscal year ended April 30, 2024. 19 Purchases of Equity Securities by the Company The following table provides information with respect to all repurchases of common stock made by or on behalf of the Company during the fiscal quarter ended April 30, 2024.
The Company did not sell any unregistered shares of common stock during the fiscal year ended April 30, 2025. 20 Purchases of Equity Securities by the Company The following table provides information with respect to all repurchases of common stock made by or on behalf of the Company during the fiscal quarter ended April 30, 2025.
Arnold Bernhard and Co., Inc. may purchase additional shares of common stock of the Company from time to time. 20
Arnold Bernhard and Co., Inc. may purchase additional shares of common stock of the Company from time to time. 21
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. The Registrant's Common Stock is traded on NASDAQ under the symbol “VALU”. The approximate number of record holders of the Registrant's Common Stock at April 30, 2024 was 31. As of April 30, 2024, the closing stock price was $36.20.
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. The Registrant's Common Stock is traded on NASDAQ under the symbol “VALU”. The approximate number of record holders of the Registrant's Common Stock at April 30, 2025 was 30. As of April 30, 2025, the closing stock price was $40.90.
ISSUER PURCHASES OF EQUITY SECURITIES Period (a) Total Number of Shares (or Units) Purchased (b) Average Price Paid per Share (or Unit) (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1) February 1, 2024 through February 29, 2024 2,000 $ 43.11 2,000 $ 1,310,000 March 1, 2024 through March 31, 2024 500 40.04 500 1,290,000 April 1, 2024 through April 30, 2024 2,000 39.21 2,000 1,211,000 Total 4,500 $ 41.03 4,500 $ 1,211,000 On October 21, 2022, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000.
ISSUER PURCHASES OF EQUITY SECURITIES Period (a) Total Number of Shares (or Units) Purchased (b) Average Price Paid per Share (or Unit) (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1) February 1, 2025 through February 28, 2025 2,402 $ 35.16 2,402 $ 853,000 March 1, 2025 through March 31, 2025 1,955 37.64 1,955 779,000 April 1, 2025 through April 30, 2025 604 37.33 604 758,000 Total 4,961 $ 36.40 4,961 $ 758,000 On October 21, 2022, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000.
During fiscal 2023, the Company repurchased an aggregate 75,303 shares of the Company's common stock for $4,704,000 at an average price of $62.47 per share including a repurchase of an aggregate 23,665 shares of the Company's common stock for $1,266,000 at an average price of $53.50 per share under the repurchase program authorized on October 21, 2022.
During fiscal 2025, the Company repurchased an aggregate 11,480 shares of the Company's common stock for $453,000 at an average price of $39.46 per share including a repurchase of an aggregate 47,202 shares of the Company's common stock for $2,243,000 at an average price of $47.52 per share under the repurchase program authorized on October 21, 2022.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

78 edited+26 added−38 removed44 unchanged
Biggest changeAsset Flows For the Years Ended April 30, 2024 2023 2022 2024 2023 vs. vs. 2023 2022 Value Line equity fund assets (excludes variable annuity)— beginning $ 3,051,550,040 $ 3,312,889,678 $ 4,432,630,658 -7.9 % -25.3 % Sales/inflows 1,265,003,253 514,725,223 489,135,580 145.8 % 5.2 % Dividends/Capital Gains Reinvested 133,650,073 194,068,940 350,143,149 -31.1 % -44.6 % Redemptions/outflows (786,671,032 ) (858,248,017 ) (1,228,854,315 ) -8.3 % -30.2 % Dividend and Capital Gain Distributions (134,961,191 ) (202,981,966 ) (365,486,450 ) -33.5 % -44.5 % Market value change 608,638,863 91,096,182 (364,678,944 ) 568.1 % -125.0 % Value Line equity fund assets (non-variable annuity)— ending 4,137,210,006 3,051,550,040 3,312,889,678 35.6 % -7.9 % Variable annuity fund assets — beginning $ 0 $ 0 $ 431,605,833 N/A N/A Sales/inflows 0 0 4,277,236 N/A N/A Dividends/Capital Gains Reinvested 0 0 329,335,773 N/A N/A Redemptions/outflows (1) 0 0 (444,323,548 ) N/A N/A Dividend and Capital Gain Distributions 0 0 (329,335,773 ) N/A N/A Market value change 0 0 8,440,479 N/A N/A Variable annuity fund assets — ending 0 0 0 N/A N/A Fixed income fund assets — beginning $ 41,104,251 $ 44,736,495 $ 100,536,371 -8.1 % -55.5 % Sales/inflows 149,059 196,436 2,519,668 -24.1 % -92.2 % Dividends/Capital Gains Reinvested 1,168,217 808,077 1,140,663 44.6 % -29.2 % Redemptions/outflows (4,157,474 ) (3,240,355 ) (52,180,984 ) 28.3 % -93.8 % Dividend and Capital Gain Distributions (1,279,170 ) (877,002 ) (1,219,715 ) 45.9 % -28.1 % Market value change (1,147,835 ) (519,400 ) (6,059,508 ) 121.0 % -91.4 % Fixed income fund assets — ending 35,837,048 41,104,251 44,736,495 -12.8 % -8.1 % Assets under management — ending $ 4,173,047,054 $ 3,092,654,291 $ 3,357,626,173 34.9 % -7.9 % (1) Guardian Insurance redeemed from Value Line Centurion and Value Line Strategic Asset Management on April 29, 2022 and the two funds were closed and subsequently liquidated. 27 As of April 30, 2024, four of six Value Line equity and hybrid mutual funds held an overall four or five star rating by Morningstar, Inc.
Biggest changeAsset Flows For the Years Ended April 30, 2025 2024 2023 2025 2024 vs. vs. 2024 2023 Value Line equity fund assets — beginning $ 4,137,210,006 $ 3,051,550,040 $ 3,312,889,678 35.6 % -7.9 % Sales/inflows $ 1,185,922,660 $ 1,265,003,253 $ 514,725,223 -6.3 % 145.8 % Dividend and Capital Gain Reinvested $ 158,326,887 $ 133,650,073 $ 194,068,940 18.5 % -31.1 % Redemptions/outflows $ (1,022,623,669 ) $ (786,671,032 ) $ (858,248,017 ) 30.0 % -8.3 % Dividend and Capital Gain Distribution $ (164,401,247 ) $ (134,961,191 ) $ (202,981,966 ) 21.8 % -33.5 % Market value change $ 345,176,192 $ 608,638,863 $ 91,096,182 -43.3 % 568.1 % Value Line equity fund assets — ending $ 4,639,610,829 $ 4,137,210,006 $ 3,051,550,040 12.1 % 35.6 % Value Line fixed income fund assets — beginning $ 35,837,048 $ 41,104,251 $ 44,736,495 -12.8 % -8.1 % Sales/inflows $ 948,097 $ 149,059 $ 196,436 536.1 % -24.1 % Dividend and Capital Gain Reinvested $ 1,273,341 $ 1,168,217 $ 808,077 9.0 % 44.6 % Redemptions/outflows $ (4,238,720 ) $ (4,157,474 ) $ (3,240,355 ) 2.0 % 28.3 % Dividend and Capital Gain Distribution $ (1,360,814 ) $ (1,279,170 ) $ (877,002 ) 6.4 % 45.9 % Market value change $ 3,559,806 $ (1,147,835 ) $ (519,400 ) -410.1 % 121.0 % Value Line fixed income fund assets — ending $ 36,018,758 $ 35,837,048 $ 41,104,251 0.5 % -12.8 % Assets under management — ending $ 4,675,629,587 $ 4,173,047,054 $ 3,092,654,291 12.0 % 34.9 % EAM Trust - Results of operations before distribution to interest holders The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2025, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $31,387,000, 12b-1 fees and other fees of $7,788,000 and other net gains of $476,000.
Prominently introduced in fiscal 2020 and 2021 were new features in the Value Line Research Center , which are The New Value Line ETFs Service , new monthly publication Value Line Information You Should Know Wealth Newsletter, The Value Line M & A Service, and our Value Line Climate Change Investing Service .
Prominently introduced in fiscal 2020 and 2021 were new features in the Value Line Research Center , which are The Value Line ETFs Service , monthly publication Value Line Information You Should Know Wealth Newsletter , The Value Line M & A Service, and our Value Line Climate Change Investing Service .
Salaries and employee benefits During the twelve months ended April 30, 2024, salaries and employee benefits of $14,851,000 decreased 2.3% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from a reduced employee headcount in fiscal year 2024.
During the twelve months ended April 30, 2024, salaries and employee benefits of $14,851,000 decreased 2.3% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from a reduced employee headcount in fiscal year 2024.
The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities.
The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, changes in tax rates, new interpretations of existing tax laws and rulings and settlements with tax authorities.
Concentration During the twelve months ended April 30, 2024, 32.2% of total publishing revenues of $37,487,000 were derived from a single customer. During the twelve months ended April 30, 2023, 33.9% of total publishing revenues of $39,695,000 were derived from a single customer.
During the twelve months ended April 30, 2024, 32.2% of total publishing revenues of $37,487,000 were derived from a single customer. During the twelve months ended April 30, 2023, 33.9% of total publishing revenues of $39,695,000 were derived from a single customer.
In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis.
Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis.
Investment periodicals and related publications revenues of $26,232,000 (excluding copyright fees) during the twelve months ended April 30, 2023 were 3.4% below publishing revenues of $27,145,000 in the prior fiscal year. The Company continued activity to attract new subscribers, primarily digital subscriptions through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel.
Investment periodicals and related publications revenues of $26,232,000 (excluding copyright fees) during the twelve months ended April 30, 2023 were 3.4% below publishing revenues of $27,145,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel.
Lease Commitments On November 30, 2016, Value Line, Inc. received consent from the landlord at 551 Fifth Avenue, New York, NY to the terms of a new sublease agreement between Value Line, Inc. and ABM Industries, Incorporated commencing on December 1, 2016.
Lease Commitments On November 30, 2016, Value Line, Inc., received consent from the landlord at 551 Fifth Avenue, New York, NY to the terms of a new sublease agreement between Value Line, Inc. and ABM Industries, Incorporated (“ABM” or the “Sublandlord”) commencing on December 1, 2016.
The business of EAM is managed by its trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees.
The business of EAM is managed by its five individual trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees.
Management believes that the Company’s cash and other liquid asset resources used in its business together with the proceeds from the SBA loan and the future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond next year.
Debt and Liquid Assets Management believes that the Company’s cash and other liquid asset resources used in its business together with future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond next year.
Total digital circulation at April 30, 2024 was 1.4% below total digital circulation at April 30, 2023 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2024, digital revenues of $16,134,000 were slight below prior fiscal year.
Total digital circulation at April 30, 2024 was 1.4% below total digital circulation at April 30, 2023 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2024, digital revenues of $16,134,000 were slightly below compared to the prior fiscal year.
There were no capital gain distributions from ETFs in Fiscal 2023 or 2022. Effective income tax rate The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2024, April 30, 2023 and April 30, 2022 were 24.50%, 24.00% and 22.25%, respectively.
There were no capital gain distributions from ETFs in fiscal 2024 or fiscal 2023. Effective income tax rate The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2025, April 30, 2024 and April 30, 2023 were 24.89%, 24.50% and 24.00%, respectively.
EAM Trust - Results of operations before distribution to interest holders The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2024, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $24,383,000, 12b-1 fees and other fees of $6,584,000 and other net gains of $433,000.
The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2024, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $24,383,000, 12b-1 fees and other fees of $6,584,000 and other net gains of $433,000.
Cash from financing activities During the twelve months ended April 30, 2024, the Company’s cash outflows from financing activities were $11,084,000 and compared to cash outflows from financing activities of $14,175,000 and $10,889,000 for the twelve months ended April 30, 2023 and 2022, respectively.
Cash from financing activities During the twelve months ended April 30, 2025, the Company’s cash outflows from financing activities were $11,756,000 and compared to cash outflows from financing activities of $11,084,000 and $14,175,000 for the twelve months ended April 30, 2024 and 2023, respectively.
Operating expenses of $28,346,000 during the twelve months ended April 30, 2024, were 0.4% above those during the twelve months ended April 30, 2023. Operating expenses of $7,515,000 during the three months ended April 30, 2024, were 8.0% above those during the three months ended April 30, 2023.
Operating expenses of $28,346,000 during the twelve months ended April 30, 2024, were 0.4% above those during the twelve months ended April 30, 2023.
During the twelve months ended April 30, 2024, 2023 and 2022, the Company recorded profit sharing expenses of $411,000, $410,000 and $557,000, respectively.
During the twelve months ended April 30, 2025, 2024 and 2023, the Company recorded profit sharing expenses of $422,000, $410,000 and $557,000, respectively.
Liquidity and Capital Resources The Company had working capital, defined as current assets less current liabilities, of $48,770,000 as of April 30, 2024 and $42,788,000 as of April 30, 2023. These amounts include short-term unearned revenue of $15,764,000 and $16,771,000 reflected in total current liabilities at April 30, 2024 and April 30, 2023, respectively.
Liquidity and Capital Resources The Company had working capital, defined as current assets less current liabilities, of $56,230,000 as of April 30, 2025 and $48,770,000 as of April 30, 2024. These amounts include short-term unearned revenue of $16,558,000 and $15,764,000 reflected in total current liabilities at April 30, 2025 and April 30, 2024, respectively.
Cash from operating activities The Company had cash inflows from operating activities of $17,932,000 during the twelve months ended April 30, 2024, compared to cash inflows from operations of $18,178,000 and $24,646,000 during the twelve months ended April 30, 2023 and 2022, respectively.
Cash from operating activities The Company had cash inflows from operating activities of $20,243,000 during the twelve months ended April 30, 2025, compared to cash inflows from operations of $17,932,000 and $18,178,000 during the twelve months ended April 30, 2024 and 2023, respectively.
The Company continued activity to attract new subscribers, primarily digital subscriptions through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2024, was 3.2% below total product line circulation at April 30, 2023.
The Company continued and increased to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2025, was 1.7% below total product line circulation at April 30, 2024.
During the twelve months ended April 30, 2022, EAM's net income was $4,284,000 after giving effect to Value Line’s non-voting revenues interest of $15,899,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
During the twelve months ended April 30, 2025, EAM's net income was $4,270,000 after giving effect to Value Line’s non-voting revenues interest of $16,183,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
Estimated payments of these liabilities in each of the next four fiscal years (in thousands): $1,429 in 2025; $1,461 in 2026; $1,493 in 2027 and $882 in 2028 totaling $5,265. 34
Estimated payments of these liabilities in each of the next four fiscal years (in thousands): $1,461 in 2026; $1,493 in 2027 and $882 in 2028 totaling $3,836. 34
During the three months ended April 30, 2024, the Company’s income from operations was $1,488,000 compared to income from operations of $2,757,000 during the three months ended April 30, 2023.
During the three months ended April 30, 2025, the Company’s income from operations was $830,000 compared to income from operations of $1,488,000 during the three months ended April 30, 2024.
Total digital circulation at April 30, 2023 was 2.7% below total digital circulation at April 30, 2022 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2023, digital revenues of $16,269,000 were up 2.4% as compared to the prior fiscal year.
Total digital circulation at April 30, 2023 was 2.7% below total digital circulation at April 30, 2022 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2023, digital revenues of $16,269,000 were up 2.4% as compared to the prior fiscal year. These figures reflect the ongoing shift from our print services to digital counterparts.
Management does not anticipate making any additional borrowings during the next twelve months. As of April 30, 2024, retained earnings and liquid assets were $104,249,000 and $68,345,000, respectively. As of April 30, 2023, retained earnings and liquid assets were $95,979,000 and $62,064,000, respectively. Seasonality Our publishing revenues are comprised of subscriptions which are generally annual subscriptions.
Management does not anticipate making any borrowings during the next twelve months. As of April 30, 2025, retained earnings and liquid assets were $113,400,000 and $77,391,000, respectively. As of April 30, 2024, retained earnings and liquid assets were $104,249,000 and $68,345,000, respectively. Seasonality Our publishing revenues are comprised of subscriptions which are generally annual subscriptions.
The following table shows the change in assets for the past three fiscal years including sales (inflows), redemptions (outflows), dividends and capital gain distributions, and market value changes. Inflows for sales, and outflows for redemptions reflect decisions of individual investors and/or their investment advisors.
Value Line Fixed Income Funds experienced net outflows during fiscal year 2025. 27 The following table shows the change in assets for the past three fiscal years including sales (inflows), redemptions (outflows), dividends and capital gain distributions, and market value changes. Inflows for sales, and outflows for redemptions reflect decisions of individual investors and/or their investment advisors.
Copyright fees During the twelve months ended April 30, 2024, copyright fees of $12,067,000 were 10.4% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, 2023, copyright fees of $13,463,000 were 0.6% above those during the corresponding period in the prior fiscal year.
Copyright fees During the twelve months ended April 30, 2025, copyright fees of $10,397,000 were 13.8% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, 2024, copyright fees of $12,067,000 were 10.4% below those during the corresponding period in the prior fiscal year.
Cash and short-term securities were $68,345,000 and $62,064,000 as of April 30, 2024 and April 30, 2023, respectively. 32 The Company’s cash and cash equivalents include $4,136,000 and $7,240,000 at April 30, 2024 and April 30, 2023, respectively, invested primarily in commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities.
The Company’s cash and cash equivalents include $33,615,000 and $4,136,000 at April 30, 2025 and April 30, 2024, respectively, invested primarily in commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities.
Total operating revenues Fiscal Years Ended April 30, Change ($ in thousands) 2024 2023 2022 '24 vs. '23 '23 vs. '22 Investment periodicals and related publications: Print $ 9,286 $ 9,963 $ 11,253 -6.8 % -11.5 % Digital 16,134 16,269 15,892 -0.8 % 2.4 % Total investment periodicals and related publications 25,420 26,232 27,145 -3.1 % -3.4 % Copyright fees 12,067 13,463 13,380 -10.4 % 0.6 % Total operating revenues $ 37,487 $ 39,695 $ 40,525 -5.6 % -2.0 % Within investment periodicals and related publications, subscription sales orders are derived from print and digital products.
Total operating revenues Fiscal Years Ended April 30, Change ($ in thousands) 2025 2024 2023 '25 vs. '24 '24 vs. '23 Investment periodicals and related publications: Print $ 8,783 $ 9,286 $ 9,963 -5.4 % -6.8 % Digital 15,899 16,134 16,269 -1.5 % -0.8 % Total investment periodicals and related publications 24,682 25,420 26,232 -2.9 % -3.1 % Copyright fees 10,397 12,067 13,463 -13.8 % -10.4 % Total operating revenues $ 35,079 $ 37,487 $ 39,695 -6.4 % -5.6 % Within investment periodicals and related publications, subscription sales orders are derived from print and digital products.
The table also illustrates the assets within the Value Line Funds broken down into equity funds, variable annuity funds (prior to fiscal 2024) and fixed income funds as of April 30, 2024, 2023 and 2022.
The table also illustrates the assets within the Value Line Funds broken down into equity funds and fixed income funds as of April 30, 2025, 2024 and 2023.
During the three months ended April 30, 2023, the Company’s net income of $4,033,000, or $0.43 per share, was 5.9% below net income of $3,807,000, or $0.40 per share, for the three months ended April 30, 2022.
During the three months ended April 30, 2024, the Company’s income from operations was $1,488,000 compared to income from operations of $2,757,000 during the three months ended April 30, 2023. 24 During the three months ended April 30, 2023, the Company’s net income of $4,033,000, or $0.43 per share, was 5.9% below net income of $3,807,000, or $0.40 per share, for the three months ended April 30, 2022.
The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows: Fiscal Years Ended April 30, Change ($ in thousands) 2024 2023 2022 '24 vs. '23 '23 vs. '22 Non-voting revenues interest $ 11,900 $ 10,397 $ 15,899 14.5 % -34.6 % Non-voting profits interest 1,382 734 2,142 88.3 % -65.7 % $ 13,282 $ 11,131 $ 18,041 19.3 % -38.3 % Operating expenses Fiscal Years Ended April 30, Change ($ in thousands) 2024 2023 2022 '24 vs. '23 '23 vs. '22 Advertising and promotion $ 2,955 $ 3,049 $ 3,223 -3.1 % -5.4 % Salaries and employee benefits 14,851 15,203 17,323 -2.3 % -12.2 % Production and distribution 5,455 5,210 5,003 4.7 % 4.1 % Office and administration 5,085 4,763 4,176 6.8 % 14.1 % Total expenses $ 28,346 $ 28,225 $ 29,725 0.4 % -5.0 % Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, office and administration.
The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows: Fiscal Years Ended April 30, Change ($ in thousands) 2025 2024 2023 '25 vs. '24 '24 vs. '23 Non-voting revenues interest $ 16,183 $ 11,900 $ 10,397 36.0 % 14.5 % Non-voting profits interest 2,135 1,382 734 54.5 % 88.3 % $ 18,318 $ 13,282 $ 11,131 37.9 % 19.3 % Operating expenses Fiscal Years Ended April 30, Change ($ in thousands) 2025 2024 2023 '25 vs. '24 '24 vs. '23 Advertising and promotion $ 3,797 $ 2,955 $ 3,049 28.5 % -3.1 % Salaries and employee benefits 14,455 14,851 15,203 -2.7 % -2.3 % Production and distribution 5,987 5,455 5,210 9.8 % 4.7 % Office and administration 4,855 5,085 4,763 -4.5 % 6.8 % Total expenses $ 29,094 $ 28,346 $ 28,225 2.6 % 0.4 % Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, office and administration.
Quarterly regular dividend payments of $0.25 per share during fiscal 2023 aggregated $9,471,000. Quarterly regular dividend payments of $0.22 per share during fiscal 2022 aggregated $8,405,000. At April 30, 2024 there were 9,428,379 common shares outstanding as compared to 9,458,605 common shares outstanding at April 30, 2023.
Quarterly regular dividend payments of $0.28 per share during fiscal 2024 aggregated $10,561,000. Quarterly regular dividend payments of $0.25 per share during fiscal 2023 aggregated $9,471,000. At April 30, 2025 there were 9,417,097 common shares outstanding as compared to 9,428,379 common shares outstanding at April 30, 2024.
The Company has outsourced to a U.S. facility the functions formerly performed at the Warehouse. 31 Investment gains / (losses) Fiscal Years Ended April 30, Change ($ in thousands) 2024 2023 2022 '24 vs. '23 '23 vs. '22 Dividend income $ 551 $ 595 $ 851 -7.4 % -30.1 % Interest income 1,934 706 18 173.9 % 3822.2 % Investment (losses) recognized on sale of equity securities during the period (1 ) (81 ) (1,568 ) -98.8 % 94.8 % Unrealized gains/(losses) recognized on equity securities held at the end of the period 288 (45 ) 167 -740.0 % -126.9 % Other (8 ) (1 ) (2 ) -700.0 % -50.0 % Total investment gains/(losses) $ 2,764 $ 1,174 $ (534 ) 135.4 % 319.9 % During the twelve months ended April 30, 2024, the Company’s investment gains, primarily derived from dividend and interest income, investment gains recognized on sales of equity securities during the period and unrealized gains recognized on equity securities held at the end of the period in fiscal 2024, resulted in investment gains of $2,764,000.
The Company has outsourced to U.S. contractors the functions formerly performed at the Warehouse. 31 Investment gains / (losses) Fiscal Years Ended April 30, Change ($ in thousands) 2025 2024 2023 '25 vs. '24 '24 vs. '23 Dividend income $ 553 $ 551 $ 595 0.4 % -7.4 % Interest income 2,126 1,934 706 9.9 % 173.9 % Investment gains/(losses) recognized on sale of equity securities during the period (123 ) (1 ) (81 ) -12200.0 % 98.8 % Unrealized gains/(losses) recognized on equity securities held at the end of the period 682 288 (45 ) 136.8 % 740.0 % Other - (8 ) (1 ) 100.0 % -700.0 % Total investment gains/(losses) $ 3,238 $ 2,764 $ 1,174 17.1 % 135.4 % During the twelve months ended April 30, 2025, the Company’s total investment gains of $3,238,000 increased 17.1% above prior fiscal year, primarily derived from unrealized gains on equity securities and increases in the interest income.
For the same period, total investment management fee waivers were $547,000 and 12b-1 fee waivers were $644,000.
For the same period, total investment management fee waivers were a nominal $180,000 and 12b-1 fee waivers were $90,000.
This increase was partially offset by decreases in production expenses to support the Company’s website and maintenance of the Company’s publishing application software and operating systems. During the twelve months ended April 30, 2023, production and distribution expenses of $5,210,000 increased 4.1% above prior fiscal year.
During the twelve months ended April 30, 2024, production and distribution expenses of $5,455,000 increased 4.7% above the prior fiscal year primarily due to increases in fulfillment restructuring costs and an increase in paper costs, offset by decreases in production expenses to support the Company’s website and maintenance of the Company’s publishing and application software and operating systems. 30 During the twelve months ended April 30, 2023, production and distribution expenses of $5,211,000 increased 4.1% above the prior fiscal year.
During the six month period ended April 30, 2024, the combined Ranking System “Rank 1 & 2” stocks’ increase of 20.0% compared to the Russell 2000 Index’s increase of 18.2% during the comparable period.
During the six month period ended April 30, 2025, the combined Ranking System “Rank 1 & 2” stocks’ decrease of 6.0% compared favorably to the Russell 2000 Index’s decrease of 10.6% during the comparable period.
These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation.
These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.
During the twelve months ended April 30, 2023, decreases were primarily due to decreases in media advertising expenses and direct mail campaigns, partially offset by the increases in renewal solicitation costs and institutional sales commissions. During the twelve months ended April 30, 2022, advertising and promotion expenses of $3,223,000 decreased 13.9% as compared to the prior fiscal year.
During the twelve months ended April 30, 2023, decreases were primarily due to decreases in media advertising expenses and direct mail campaigns, partially offset by increases in renewal solicitation costs and institutional sales commissions.
At April 30, 2023, equity and hybrid AUM decreased by 7.9% and fixed income AUM decreased by 8.1% as compared to last year at April 30, 2022. 28 EAM - The Company ’ s non-voting revenues and non-voting profits interests The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business, and 50% of EAM’s net profits, not less than 90% of which is distributed in cash every fiscal quarter.
EAM - The Company ’ s non-voting revenues and non-voting profits interests The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business, and 50% of EAM’s net profits, not less than 90% of which is distributed in cash every fiscal quarter.
During the twelve month period ended April 30, 2024, the combined Ranking System “Rank 1 & 2” stocks’ increase of 16.3% compared favorably to the Russell 2000 Index’s increase of 11.6% during the comparable period.
During the twelve month period ended April 30, 2025, the combined Ranking System “Rank 1 & 2” stocks’ increase of 7.4% compared favorably to the Russell 2000 Index’s decrease of 0.5% during the comparable period.
Fiscal Years Ended April 30, Change ($ in thousands, except earnings per share) 2024 2023 2022 '24 vs. '23 '23 vs. '22 Income from operations $ 9,141 $ 11,470 $ 10,800 -20.3 % 6.2 % Gain on forgiveness of SBA loan - - 2,331 n/a n/a Non-voting revenues and non-voting profits interests from EAM Trust 13,282 11,131 18,041 19.3 % -38.3 % Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust and gain on SBA loan forgiveness 22,423 22,601 31,172 -0.8 % -27.5 % Operating expenses 28,346 28,225 29,725 0.4 % -5.0 % Investment gains 2,764 1,174 (534 ) 135.4 % n/a Income before income taxes $ 25,187 $ 23,775 $ 30,638 5.9 % -22.4 % Net income $ 19,016 $ 18,069 $ 23,822 5.2 % -24.1 % Earnings per share $ 2.02 $ 1.91 $ 2.50 5.8 % -23.6 % During the three months ended April 30, 2024, the Company’s net income of $4,784,000, or $0.51 per share, was 18.6% above net income of $4,033,000, or $0.43 per share, for the three months ended April 30, 2023.
Fiscal Years Ended April 30, Change ($ in thousands, except earnings per share) 2025 2024 2023 '25 vs. '24 '24 vs. '23 Income from operations $ 5,985 $ 9,141 $ 11,470 -34.5 % -20.3 % Non-voting revenues and non-voting profits interests from EAM Trust 18,318 13,282 11,131 37.9 % 19.3 % Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust 24,303 22,423 22,601 8.4 % -0.8 % Operating expenses 29,094 28,346 28,225 2.6 % 0.4 % Investment gains 3,238 2,764 1,174 17.1 % 135.4 % Income before income taxes $ 27,541 $ 25,187 $ 23,775 9.3 % 5.9 % Net income $ 20,686 $ 19,016 $ 18,069 8.8 % 5.2 % Earnings per share $ 2.20 $ 2.02 $ 1.91 8.9 % 5.6 % During the twelve months ended April 30, 2025, the Company’s net income of $20,686,000, or $2.20 per share, was 8.8% above net income of $19,016,000, or $2.02 per share, for the twelve months ended April 30, 2024.
In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid.
We adopted ASU 2023-07 with such disclosures included in Note 18 to our Consolidated Financial Statements. 33 In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid.
ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of ASU 2023-07 on disclosures in our Consolidated Financial Statements.
ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.
However, Institutional Sales department total sales orders reached a record level last fiscal year ended April 30, 2023 and this higher profit margin distribution to financial advisors and professional investors significantly offsets the long-term trend of declining individual investor circulation. Circulation also reflected management’s decision to reduce marketing efforts temporarily while the challenging stock market environment persisted.
However, Institutional Sales department total sales orders reached a record level last fiscal year ended April 30, 2023 and this higher profit margin distribution to financial advisors and professional investors significantly offsets the long-term trend of declining individual investor circulation. Total print circulation at April 30, 2024 was 4.6% below the total print circulation at April 30, 2023.
During the twelve months ended April 30, 2023, EAM's net income was $1,468,000 after giving effect to Value Line’s non-voting revenues interest of $10,397,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.
During the twelve months ended April 30, 2023, EAM's net income was $1,468,000 after giving effect to Value Line’s non-voting revenues interest of $10,397,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. 28 As of April 30, 2025, one of the Value Line Funds has 12b-1 fees waivers in place, and four funds have investment management fee waivers in place amounting in aggregate to less than 1% of all EAM management fee revenues.
Cash outflows for financing activities included $523,000, $4,704,000 and $2,484,000 for the repurchase of 12,057 shares, 75,303 shares and 53,327 shares of the Company’s common stock under the July 2021, March 2022, May 2022 & October 2022 board approved common stock repurchase programs, during fiscal years 2024, 2023 and 2022, respectively.
Cash outflows for financing activities included $453,000, $523,000 and $4,704,000 for the repurchase of 11,480 shares, 12,057 shares and 75,303 shares of the Company’s common stock under the May 2022 & October 2022 board approved common stock repurchase programs, during fiscal years 2025, 2024 and 2023, respectively. Quarterly regular dividend payments of $0.30 per share during fiscal 2025 aggregated $11,303,000.
Total print circulation at April 30, 2024 was 4.6% below the total print circulation at April 30, 2023.
Total print circulation at April 30, 2025 was 1.9% below the total print circulation at April 30, 2024.
Base rent under the Lease was $237,218 per annum. The Company provided a security deposit in cash in the amount of $32,146, which has been fully refunded. VLDC distributed Value Line’s print publications.
The Company provided a security deposit in cash in the amount of $32,146, which has been fully refunded after the Company vacated the premises. VLDC distributed Value Line’s print publications from the Warehouse.
Sublandlord provided Value Line a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until November 2017.
The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. Sublandlord provided Value Line a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters.
Operating expenses of $28,225,000 during the twelve months ended April 30, 2023, were 5.0% below those during the twelve months ended April 30, 2022 as a result of cost controls in fiscal year 2023. Operating expenses of $6,961,000 during the three months ended April 30, 2023, were 3.4% below those during the three months ended April 30, 2022.
Operating expenses of $6,961,000 during the three months ended April 30, 2023, were 3.4% below those during the three months ended April 30, 2022. Advertising and promotion During twelve months ended April 30, 2025, advertising and promotion expenses of $3,797,000 increased 28.5% as compared to the prior fiscal year.
Investment periodicals and related publications revenues Investment periodicals and related publications revenues of $25,420,000 (excluding copyright fees) during the twelve months ended April 30, 2024 were 3.1% below publishing revenues of $26,232,000 in the prior fiscal year.
Investment periodicals and related publications revenues of $25,420,000 (excluding copyright fees) during the twelve months ended April 30, 2024 were 3.1% below publishing revenues of $26,232,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel.
On February 29, 2016, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC leased 24,110 square feet of warehouse and appurtenant office space located at 205 Chubb Ave., Lyndhurst, NJ (“Warehouse”) beginning on May 1, 2016 and ending on April 30, 2024 (“Lease”).
From 2016 to 2024, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC leased 24,110 square feet of warehouse and appurtenant office space located at Lyndhurst, NJ (“Warehouse”). Base rent under the Lease was $237,218 per annum.
Therefore, the investment periodicals and related publications (such as digital equivalents), along with supplying the embedded Proprietary information and intellectual property rights, are treated as one segment, Publishing. 21 Asset Management and Mutual Fund Distribution Businesses Pursuant to the EAM Declaration of Trust, the Company maintains an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business.
The Publishing segment constitutes the Company’s only reportable business segment. 22 Asset Management and Mutual Fund Distribution Businesses Pursuant to the EAM Declaration of Trust, the Company maintains an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business.
The Voting Profits Interest Holders received the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement.
The Voting Profits Interest Holders received the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement. Business Environment The U.S. economy, after performing well in 2024, got off to a weak start in calendar 2025.
During the twelve months ended April 30, 2022, the Company’s income from operations was $10,800,000 compared to income from operations of $7,535,000 during the twelve months ended April 30, 2021. For the twelve months ended April 30, 2022, operating expenses decreased 9.5% below those during the twelve months ended April 30, 2021.
During the twelve months ended April 30, 2025, the Company’s income from operations was $5,985,000 compared to income from operations of $9,141,000 during the twelve months ended April 30, 2024. For the twelve months ended April 30, 2025, operating expenses increased 2.6% above those during the twelve months ended April 30, 2024.
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2023, were $3.09 billion, which is $0.27 billion, or 8.0%, below total assets of $3.36 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2022.
Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2025, were $4.68 billion, which is $0.51 billion, or 12.0%, above total assets of $4.17 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2024.
As of April 30, Change ($ in thousands) 2024 2023 2022 '24 vs. '23 '23 vs. '22 Unearned subscription revenue (current and long-term liabilities) $ 22,281 $ 22,973 $ 23,773 -3.0 % -3.4 % A certain amount of variation is to be expected due to the volume of new orders and timing of long-term renewal contracts, direct mail campaigns and large Institutional Sales orders.
As of April 30, Change ($ in thousands) 2025 2024 2023 '25 vs. '24 '24 vs. '23 Unearned subscription revenue (current and long-term liabilities) $ 22,290 $ 22,281 $ 22,973 0.04 % -3.01 % A certain amount of variation is to be expected due to the volume of new orders and timing of long-term renewal contracts, direct mail campaigns and large Institutional Sales orders. 25 Investment periodicals and related publications revenues Investment periodicals and related publications revenues of $24,682,000 (excluding copyright fees) during the twelve months ended April 30, 2025 were 2.9% below publishing revenues of $25,420,000 in the prior fiscal year.
Sources of subscription sales Fiscal Years Ended April 30, 2024 2023 2022 Print Digital Print Digital Print Digital New Sales 12.5 % 10.4 % 10.9 % 11.0 % 11.7 % 13.0 % Renewal Sales 87.5 % 89.6 % 89.1 % 89.0 % 88.3 % 87.0 % Total Gross Sales 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % During the twelve months ended April 30, 2024, new sales of print and digital publications increased as a percent of the total gross sales as a result of an increase in new sales orders while conversion and renewal sales orders decreased from the prior fiscal year. 24 During the twelve months ended April 30, 2023, new sales of print and digital publications decreased as a percent of the total gross sales versus the prior fiscal years as a result of weakened sentiment among prospective customers in a period of market volatility.
Sources of subscription sales Fiscal Years Ended April 30, 2025 2024 2023 Print Digital Print Digital Print Digital New Sales 14.1 % 8.4 % 12.5 % 10.4 % 10.9 % 11.0 % Renewal Sales 85.9 % 91.6 % 87.5 % 89.6 % 89.1 % 89.0 % Total Gross Sales 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % During the twelve months ended April 30, 2025, 2024 & 2023, new sales of print publications increased while conversion and renewal sales orders decreased.
During the twelve months ended April 30, 2023, office and administrative expenses of $4,763,000 increased 14.1% above the prior fiscal year, primarily due to an increases in settlement costs and professional fees in connection with intellectual property, contractual, and other matters.
During the twelve months ended April 30, 2023, office and administrative expenses of $4,763,000 increased 14.1% above the prior fiscal year, primarily due to an increase in settlement costs and professional fees. Concentration During the twelve months ended April 30, 2025, 29.6% of total publishing revenues of $35,079,000 were derived from a single customer.
Value Line serves primarily individual and professional investors in stocks, who pay mostly on annual subscription plans, for basic services or as much as $100,000 or more annually for comprehensive premium quality research, not obtainable elsewhere. The ongoing goal of adding new subscribers has led us to introduce publications and packages at a range of price points.
Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products. 26 Value Line serves primarily individual and professional investors in stocks, who pay mostly on annual subscription plans, for basic services or as much as $100,000 or more annually for comprehensive premium quality research, not obtainable elsewhere.
Operating expenses of $7,205,000 during the three months ended April 30, 2022, were 18.9% below those during the three months ended April 30, 2021. 29 Advertising and promotion During twelve months ended April 30, 2024, advertising and promotion expenses of $2,955,000 decreased 3.1% as compared to the prior fiscal year.
During the twelve months ended April 30, 2025, increases were primarily due to increases in direct mail and other promotion costs. During twelve months ended April 30, 2024, advertising and promotion expenses of $2,955,000 decreased 3.1% as compared to the prior fiscal year.
During the three months ended April 30, 2023, the Company’s income from operations was $2,757,000 compared to income from operations of $2,923,000 during the three months ended April 30, 2022. 23 During the three months ended April 30, 2022, the Company’s net income of $3,807,000, or $0.40 per share, was 37.1% below net income of $6,051,000, or $0.64 per share, for the three months ended April 30, 2021.
During the three months ended April 30, 2023, the Company’s income from operations was $2,757,000 compared to income from operations of $2,923,000 during the three months ended April 30, 2022.
Operating expenses of $29,725,000 during the twelve months ended April 30, 2022, were 9.5% below those during the twelve months ended April 30, 2021 as a result of cost controls in fiscal year 2022.
Operating expenses of $7,515,000 during the three months ended April 30, 2024, were 8.0% above those during the three months ended April 30, 2023, reflecting expenses connected with discontinuing in-house warehousing and distribution functions. 29 Operating expenses of $28,225,000 during the twelve months ended April 30, 2023, were 5.0% below those during the twelve months ended April 30, 2022 as a result of cost controls in fiscal year 2023.
During the twelve months ended April 30, 2023, the Company’s investment gains, primarily derived from dividend and interest income, investment gains recognized on sales of equity securities during the period and unrealized gains recognized on equity securities held at the end of the period in fiscal 2023, resulted in investment gains of $1,174,000.
During the twelve months ended April 30, 2024, the Company’s total investment gains of $2,764,000 increased 135.4% above prior fiscal year, primarily derived from unrealized gains on equity securities and increases in the interest income. Proceeds from the sales of equity securities during the twelve months ended April 30, 2024 and April 30, 2023 were $1,129,000 and $4,706,000, respectively.
During the twelve months ended April 30, 2022, salaries and employee benefits of $17,323,000 decreased 8.2% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from a reduced employee headcount in fiscal year 2022 along with a decrease in Profit Sharing employee benefits expense.
Salaries and employee benefits During the twelve months ended April 30, 2025, salaries and employee benefits of $14,455,000 decreased 2.7% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from reduced employee headcount and the outsourcing of the Company’s distribution operation to domestic contractors since the latter part of fiscal 2024.
Accordingly, the subscription fees to be earned by fulfilling subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current and long-term liabilities. The Company allocates resources and assesses financial performance on a consolidated basis.
Accordingly, the subscription fees to be earned by fulfilling subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current and long-term liabilities. The investment periodicals and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing.
The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses.
Critical Accounting Estimates and Policies The Company prepares its consolidated financial statements in accordance with Generally Accepted Accounting Principles as in effect in the United States (U.S. “GAAP”). The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses.
Total digital circulation at April 30, 2022 was comparable to total digital circulation at April 30, 2021. During the twelve months ended April 30, 2022, digital revenues of $15,892,000 were up 1.2% partially offsetting the decrease in revenues from print publications, as compared to the prior fiscal year.
Total digital circulation at April 30, 2025 was 1.5% below total digital circulation at April 30, 2024 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2025, digital revenues of $15,899,000 were down 1.5% as compared to the prior fiscal year.
Production and distribution During the twelve months ended April 30, 2024, production and distribution expenses of $5,455,000 increased 4.7% above prior fiscal year primarily due to increases in third party software expenses associated with Advantage and an increase in paper costs.
During the twelve months ended April 30, 2024, office and administrative expenses of $5,085,000 increased 6.8% above the prior fiscal year, primarily due to an increase in restructuring costs for outsourcing VLDC’s operations.
The increase in the effective tax rate during for the twelve months ended April 30, 2024 as compared to April 30, 2023, is primarily a result of an increase in the state and local tax rate from 3.25% to 3.72%.The increase in the effective tax rate during for the twelve months ended April 30, 2023 as compared to April 30, 2022, is primarily a result of the non-taxable revenue derived from forgiveness of the PPP loan by the SBA (see note 19) in fiscal 2022 partially offset by an increase in the state and local income taxes from 3.12% to 3.25% as a result of changes in state and local income tax allocation factors.
The increase in the effective tax rate during for the twelve months ended April 30, 2025 as compared to April 30, 2024, is primarily a result of an increase in the state and local tax rate from 3.72% to 4.09%.
Our cash flows from operating activities are minimally seasonal in nature, primarily due to the timing of customer payments made for orders and subscription renewals. 33 Recent Accounting Pronouncements In 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “Income Taxes (Topic740): Simplifying the Accounting for Income Taxes” as part of its initiative to reduce complexity in the accounting standards.
Our cash flows from operating activities are minimally seasonal in nature, primarily due to the timing of customer payments made for orders and subscription renewals.
During the twelve months ended April 30, 2022, the Company’s net income of $23,822,000, or $2.50 per share, was 2.3% above net income of $23,280,000, or $2.43 per share, for the twelve months ended April 30, 2021.
During the three months ended April 30, 2024, the Company’s net income of $4,784,000, or $0.51 per share, was 18.6% above net income of $4,033,000, or $0.43 per share, for the three months ended April 30, 2023.
The Value Line equity and hybrid funds’ assets represent 98.7% and fixed income fund assets represent 1.3%, respectively, of total fund assets under management (“AUM”) as of April 30, 2023.
The Value Line equity and hybrid funds’ assets represent 99.2% and fixed income fund assets represent 0.8%, respectively, of total fund assets under management (“AUM”) as of April 30, 2025. At April 30, 2025, equity and hybrid AUM increased by 12.0% and fixed income AUM was similar when compared to last year at April 30, 2024.
The decrease in net assets was primarily due to fund shareholder redemptions and closing of two variable annuity funds. 26 Value Line Equity Funds experienced net inflows and the associated net asset outflows (redemptions less new sales) in fiscal 2024. Value Line Fixed Income Funds experienced net outflows during fiscal year 2024.
Value Line Equity Funds experienced net inflows and the associated net asset outflows (redemptions less new sales) in fiscal 2025.
Cash from investing activities The Company’s cash outflows from investing activities of $10,048,000 during the twelve months ended April 30, 2024, compared to cash outflows from investing activities of $26,116,000 and cash outflows of $3,389,000 for the twelve months ended April 30, 2023 and April 30, 2022, respectively.
The change in cash inflows was a result of an increase in cash receipts, EAM, publication subscription sales and a decrease in income tax payments offset by a decrease in cash receipts from customer accounts receivable from the same period last year. 32 Cash from investing activities The Company’s cash inflows from investing activities of $21,200,000 during the twelve months ended April 30, 2025, compared to cash outflows from investing activities of $10,048,000 and cash outflows of $26,116,000 for the twelve months ended April 30, 2024 and April 30, 2023, respectively.
During the twelve months ended April 30, 2022, copyright fees of $13,380,000 were 4.8% above those during the corresponding period in the prior fiscal year. These fees depend on the assets under management in financial products with contractual arrangements to use the Ranks and other Value Line proprietary information.
During the twelve months ended April 30, 2023, copyright fees of $13,463,000 were slightly above those during the corresponding period in the prior fiscal year.
Proceeds from maturities and sales of government debt securities classified as available-for-sale during the twelve months ended April 30, 2024 and April 30, 2023, were $37,114,000 and $9,907,000, respectively. Proceeds from the sales of equity securities during the twelve months ended April 30, 2024 and April 30, 2023 were $1,129,000 and $4,706,000, respectively.
Proceeds from the sales of equity securities during the twelve months ended April 30, 2025 and April 30, 2024 were $3,243,000 and $1,129,000, respectively. There were no capital gain distributions from ETFs in fiscal 2025 or fiscal 2024.
During the twelve months ended April 30, 2022, production and distribution expenses of $5,003,000 decreased 8.0% below the prior fiscal year, primarily due to decreases in service mailers and distribution expenses and a decrease in production support of the Company’s website, maintenance of the Company’s publishing and application software and operating systems. 30 Office and administration During the twelve months ended April 30, 2024, office and administrative expenses of $5,085,000 increased 6.8% above the prior fiscal year, primarily due to an increases in restructuring costs related to outsourcing the mailing & distribution operations at VLDC and professional fees in connection with intellectual property, contractual, and other matters.
Production and distribution During the twelve months ended April 30, 2025, production and distribution expenses of $5,987,000 increased 9.8% above the prior fiscal year primarily due to increases in third-party distribution and mailing expenses that resulted from outsourcing our internal distribution operations after April 2024, while ending our internal VLDC operation at April 30, 2024.
Removed
It does so because significant costs are shared in common by all products, and as a result, it does not have discrete financial information available for separate business components to assess performance and make resource allocation decisions for more than one segment.
Added
The nation’s gross domestic product (GDP) contracted by an estimated 0.5% during the first quarter, statistically attributable to businesses and consumers buying ahead of the implementation of the Trump Administration’s wide-ranging tariffs on April 2, 2025. The surge in imports to the United States detracts from GDP. President Trump subsequently delayed or modified many of the levies.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe following consolidated financial statements of the registrant and its subsidiaries are included as a part of this Form 10-K: Page Number Report of independent auditors (PCAOB ID No. 921) 48 Consolidated balance sheets at April 30, 2024 and 2023 50 Consolidated statements of income for the fiscal years ended April 30, 2024, 2023 and 2022 51 Consolidated statements of comprehensive income for the fiscal years ended April 30, 2024, 2023 and 2022 52 Consolidated statements of cash flows for the fiscal years ended April 30, 2024, 2023 and 2022 53 Consolidated statement of changes in shareholders’ equity for the fiscal years ended April 30, 2024, 2023 and 2022 54 Notes to the consolidated financial statements 55 37
Biggest changeThe following consolidated financial statements of the registrant and its subsidiaries are included as a part of this Form 10-K: Page Number Report of independent auditors (PCAOB ID No. 921) 49 Consolidated balance sheets at April 30, 2025 and 2024 51 Consolidated statements of income for the fiscal years ended April 30, 2025, 2024 and 2023 52 Consolidated statements of comprehensive income for the fiscal years ended April 30, 2025, 2024 and 2023 53 Consolidated statements of cash flows for the fiscal years ended April 30, 2025, 2024 and 2023 54 Consolidated statement of changes in shareholders’ equity for the fiscal years ended April 30, 2025, 2024 and 2023 55 Notes to the consolidated financial statements 56 37
Fixed Income Securities Estimated Fair Value after Hypothetical Change in Interest Rates (in thousands) (bp = basis points) 1 year 1 year 1 year 1 year Fair 50 bp 50 bp 100 bp 100 bp Value increase decrease increase decrease As of April 30, 2024 Investments in securities with fixed maturities $ 47,611 $ 46,554 $ 46,935 $ 46,363 $ 47,126 As of April 30, 2023 Investments in securities with fixed maturities $ 39,928 $ 39,202 $ 39,512 $ 39,048 $ 39,667 Management regularly monitors the maturity structure of the Company’s investments in debt securities in order to maintain an acceptable price risk associated with changes in interest rates. 35 Equity Price Risk The carrying values of investments subject to equity price risks are based on quoted market prices as of the balance sheet dates.
Fixed Income Securities Estimated Fair Value after Hypothetical Change in Interest Rate (in thousands) (bp = basis points) 1 year 1 year 1 year 1 year Fair 50 bp 50 bp 100 bp 100 bp Value increase decrease increase decrease As of April 30, 2025 Investments in securities with fixed maturities $ 22,435 $ 22,043 $ 22,480 $ 21,830 $ 22,702 As of April 30, 2024 Investments in securities with fixed maturities $ 47,611 $ 46,554 $ 46,935 $ 46,363 $ 47,126 Management regularly monitors the maturity structure of the Company’s investments in debt securities in order to maintain an acceptable price risk associated with changes in interest rates. 35 Equity Price Risk The carrying values of investments subject to equity price risks are based on quoted market prices as of the balance sheet dates.
As of April 30, 2024 and April 30, 2023, the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds was a combined total $11,663,000 and $10,169,000, respectively, and the fair value was $16,344,000 and $14,546,000, respectively.
As of April 30, 2025 and April 30, 2024, the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY), other Exchange Traded Funds and common stock equity securities was a combined total $15,513,000 and $11,663,000, respectively, and the fair value was $20,879,000 and $16,344,000, respectively.
As of April 30, 2024 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $47,931,000 and $47,611,000, respectively. As of April 30, 2023 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $39,455,000 and $39,928,000, respectively.
As of April 30, 2025 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $22,518,000 and $22,435,000, respectively. As of April 30, 2024 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $47,931,000 and $47,611,000, respectively.
Equity Securities Estimated Fair Value after Hypothetical Percentage Increase Hypothetical Hypothetical (Decrease) in ($ in thousands) Fair Value Price Change Change in Prices Shareholders’ Equity As of April 30, 2024 Equity Securities and ETFs held for dividend yield $ 16,344 30% increase $ 21,247 4.27 % 30% decrease $ 11,441 -4.27 % Equity Securities Estimated Fair Value after Hypothetical Percentage Increase Hypothetical Hypothetical (Decrease) in ($ in thousands) Fair Value Price Change Change in Prices Shareholders’ Equity As of April 30, 2023 Equity Securities and ETFs held for dividend yield $ 14,546 30% increase $ 18,910 4.12 % 30% decrease $ 10,182 -4.12 % 36 Item 8.
Equity Securities Estimated Fair Value after Hypothetical Percentage Hypothetical Hypothetical Increase (Decrease) in ($ in thousands) Fair Value Price Change Change in Prices Shareholders’ Equity As of April 30, 2025 Equity Securities and ETFs held for dividend yield $ 20,879 30% increase $ 27,143 4.96 % 30% decrease $ 14,615 -4.96 % Equity Securities Estimated Fair Value after Hypothetical Percentage Hypothetical Hypothetical Increase (Decrease) in ($ in thousands) Fair Value Price Change Change in Prices Shareholders’ Equity As of April 30, 2024 Equity Securities and ETFs held for dividend yield $ 16,344 30% increase $ 21,247 4.27 % 30% decrease $ 11,441 -4.27 % 36 Item 8.

Other VALU 10-K year-over-year comparisons