New
York
|
13-3139843
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
|
220
East 42nd Street, New York, New York
|
10017-5891
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's telephone number, including area code (212) 907-1500 | |
Securities registered pursuant to Section 12(b) of the Act: | |
The
NASDAQ Stock Market LLC
|
|
(Title
of class)
|
(Name
of each exchange on which registered)
|
Securities
registered pursuant to Section 12(g) of the Act:
None
|
PART I
|
||||
Item 1
|
Business
|
3
|
||
Item 1A
|
Risk
Factors
|
11
|
||
Item 1B
|
Unresolved
Staff Comments
|
13
|
||
Item 2
|
Properties
|
13
|
||
Item 3
|
Legal
Proceedings
|
14
|
||
Item 4
|
Submission
of Matters to a Vote of Security Holders
|
14
|
||
PART II
|
||||
Item 5
|
Market
for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
|
14
|
||
Item 6
|
Selected
Financial Data
|
15
|
||
Item 7
|
Management’s
Discussion and Analysis of Financial Condition and Results of Operations
|
16
|
||
Item 7A
|
Quantitative
and Qualitative Disclosures About Market Risk
|
23
|
||
Item 8
|
Financial
Statements and Supplementary Data
|
25
|
||
Item 9
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
26
|
||
Item 9A
|
Controls
and Procedures
|
27
|
||
Item 9B
|
Other
Information
|
27
|
||
PART III
|
||||
Item 10
|
Directors,
Executive Officers, and Corporate Governance
|
28
|
||
Item 11
|
Executive
Compensation
|
29
|
||
Item 12
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
30
|
||
Item 13
|
Certain
Relationships and Related Transactions and Director
Independence
|
31
|
||
Item 14
|
Principal
Accounting Fees and Services
|
31
|
||
|
||||
PART IV
|
||||
Item 15
|
Exhibits
and Financial Statement Schedules
|
32
|
||
Signatures
|
33
|
EXHIBIT
21.1
|
||||||||
EXHIBIT
31.1
|
||||||||
EXHIBIT
31.2
|
||||||||
EXHIBIT
32.1
|
||||||||
EXHIBIT
32.2
|
·
|
dependence
on key personnel;
|
·
|
maintaining
revenue from subscriptions for the Company’s
products;
|
·
|
protection
of intellectual property rights;
|
·
|
changes
in market and economic conditions;
|
·
|
fluctuations
in the Company’s assets under management due to broadly based changes in
the values of equity and debt securities, redemptions by investors
and
other factors;
|
·
|
dependence
on Value Line Funds for investment management and related
fees;
|
·
|
competition
in the fields of publishing, licensing and investment
management;
|
·
|
the
impact of government regulation on the Company’s business and the
uncertainties of litigation and regulatory
proceedings;
|
·
|
terrorist
attacks; and
|
· |
other
risks and uncertainties, including but not limited to the risks described
in Item 1A, “Risk Factors”, and other risks and uncertainties from time to
time.
|
·
|
Producing
investment related periodical
publications
|
·
|
Licensing
certain Value Line trademarks and Value Line proprietary ranking
system
information to third parties under written agreements for use in
third
party managed and marketed investment
products
|
·
|
Providing
investment management and distribution services to the Value Line
Funds,
institutions and individual accounts and providing distribution services
to the Value Line Funds.
|
·
|
Comprehensive
reference periodical publications
|
·
|
Targeted,
niche periodical newsletters
|
·
|
Investment
analysis software
|
·
|
Current
and historical financial databases
|
Fund
Categories
|
Aggregate
Asset Levels
|
|
Percentage
of Assets in Category
|
|
Shareholder
Accounts
|
|
Percentage
of Shareholder Accounts in Category
|
||||||
Guardian
SAM and Centurion Funds
|
$
|
919,105,000
|
24.4
|
%
|
47,561
|
24.2
|
%
|
||||||
Value
Line Funds direct accounts
|
$
|
1,539,545,000
|
41.1
|
%
|
65,723
|
33.6
|
%
|
||||||
Value
Line Funds omnibus accounts
|
$
|
1,295,284,000
|
34.5
|
%
|
82,902
|
42.2
|
%
|
||||||
Total
|
$
|
3,753,934,000
|
100.0
|
%
|
196,186
|
100.0
|
%
|
April
30,
|
||||||||||
2007
|
|
2006
|
|
2005
|
||||||
(in
thousands)
|
||||||||||
Investment
Periodicals, Related
|
||||||||||
Publications
and Licensing
|
$
|
18,976
|
$
|
14,861
|
$
|
14,871
|
||||
Investment
Management
|
80,581
|
81,762
|
44,409
|
|||||||
29,406
|
22,591
|
39,585
|
||||||||
$
|
128,963
|
$
|
119,214
|
$
|
98,865
|
Name
|
Age
|
Principal
Occupation or Employment
|
||
Jean
Bernhard Buttner
|
72
|
Chairman
of the Board, President and Chief Executive Officer of the
Company
and AB&Co. Chairman of the Board and President of each of the Value
Line Funds.
|
||
Mitchell
E. Appel
|
36
|
Chief
Financial Officer since September 2005; Treasurer from June to
September
2005; Chief Financial Officer, Circle Trust Company from January
2003 to
May 2005; Vice President - Finance, Orbitex Financial Services
Group and
Treasurer of Orbitex Group of Funds from 2000 to
2002.
|
||
Howard
A. Brecher
|
53
|
Chief
Legal Officer, Vice President and Secretary; Assistant Treasurer
and
Assistant Secretary of each of the Value Line Funds since 2005;
Vice
President, Secretary, Treasurer and General Counsel of
AB&Co.
|
David
T. Henigson
|
49
|
Vice
President; Chief Compliance Officer; Vice President, Secretary,
and Chief
Compliance Officer of each of the Value Line Funds; Vice President
of
AB&Co.
|
||
Stephen
R. Anastasio
|
48
|
Treasurer
of the Company and each of the Value Line Funds since September
2005;
Chief Financial Officer from 2003 to September 2005; Corporate
Controller
until 2003.
|
Item 1B. |
UNRESOLVED
STAFF COMMENTS.
|
Item 2. |
PROPERTIES.
|
Item 3. |
LEGAL
PROCEEDINGS.
|
Item 4. |
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY
HOLDERS.
|
Item 5. |
MARKET
FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS
AND ISSUER PURCHASES OF EQUITY
SECURITIES.
|
|
|
|
|
Dividend
Declared
|
|
|||||
Quarter
Ended
|
|
High
|
|
Low
|
|
Per
Share
|
||||
July
31, 2006
|
$
|
45.82
|
$
|
38.83
|
$
|
.25
|
||||
October
31, 2006
|
$
|
54.56
|
$
|
44.02
|
$
|
.30
|
||||
January
31, 2007
|
$
|
48.32
|
$
|
44.37
|
$
|
.30
|
||||
April
30, 2007
|
$
|
50.00
|
$
|
44.93
|
$
|
.30
|
||||
July
31, 2005
|
$
|
40.02
|
$
|
35.64
|
$
|
.25
|
||||
October
31, 2005
|
$
|
39.27
|
$
|
36.00
|
$
|
.25
|
||||
January
31, 2006
|
$
|
36.46
|
$
|
33.37
|
$
|
.25
|
||||
$
|
41.96
|
$
|
37.25
|
$
|
.25
|
Item 6. |
SELECTED
FINANCIAL DATA.
|
Years
ended April 30,
|
||||||||||||||||
2007
|
|
2006
|
|
2005
|
|
2004
|
|
2003
|
||||||||
(in
thousands, except per share amounts)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Investment
periodicals
|
||||||||||||||||
and
related publications
|
$
|
45,619
|
$
|
47,703
|
$
|
50,172
|
$
|
51,360
|
$
|
52,055
|
||||||
Licensing
Fees
|
$
|
6,861
|
$
|
5,016
|
$
|
2,541
|
$
|
1,137
|
$
|
414
|
||||||
Investment
management
|
||||||||||||||||
fees
and services
|
$
|
31,155
|
$
|
32,467
|
$
|
31,765
|
$
|
32,773
|
$
|
29,600
|
||||||
Total
revenues
|
$
|
83,635
|
$
|
85,186
|
$
|
84,478
|
$
|
85,270
|
$
|
82,069
|
||||||
Income
from operations
|
$
|
35,636
|
$
|
35,180
|
$
|
27,084
|
$
|
24,739
|
$
|
24,095
|
||||||
Net
income
|
$
|
24,607
|
$
|
23,439
|
$
|
21,318
|
$
|
20,350
|
$
|
19,987
|
||||||
Earnings
per share, basic
|
||||||||||||||||
and
fully diluted
|
$
|
2.47
|
$
|
2.35
|
$
|
2.14
|
$
|
2.04
|
$
|
2.00
|
||||||
Total
assets
|
$
|
128,963
|
$
|
119,214
|
$
|
98,865
|
$
|
266,924
|
$
|
246,814
|
||||||
per
share
|
$
|
1.15
|
$
|
1.00
|
$
|
1.00
|
$
|
18.50
|
$
|
1.00
|
Item 7. |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF
FINANCIAL
CONDITION AND RESULTS OF
OPERATIONS.
|
·
|
Executive
Summary of the Business
|
·
|
Results
of Operations
|
·
|
Liquidity
and Capital Resources
|
·
|
Critical
Accounting Estimates and Policies
|
Year
Ended April 30,
|
|
Percentage
Change
|
||||||||||||||
(in
thousands, except earnings per share)
|
2007
|
2006
|
2005
|
07
vs 06
|
06
vs 05
|
|||||||||||
Earnings
Per Share
|
$
|
2.47
|
$
|
2.35
|
$
|
2.14
|
5.1
|
%
|
9.8
|
%
|
||||||
Net
Income
|
$
|
24,607
|
$
|
23,439
|
$
|
21,318
|
5.0
|
%
|
9.9
|
%
|
||||||
Operating
Income
|
$
|
35,636
|
$
|
35,180
|
$
|
27,084
|
1.3
|
%
|
29.9
|
%
|
||||||
Income
from Securities transactions, net
|
$
|
4,867
|
$
|
3,869
|
$
|
8,278
|
25.8
|
%
|
-53.3
|
%
|
Year
Ended April 30,
|
Percentage
Change
|
|||||||||||||||
(in
thousands)
|
2007
|
2006
|
2005
|
07
vs 06
|
06
vs 05
|
|||||||||||
Investment
periodicals and related publications
|
$
|
45,619
|
$
|
47,703
|
$
|
50,172
|
-4.4
|
%
|
-4.9
|
%
|
||||||
Licensing
Fees
|
$
|
6,861
|
$
|
5,016
|
$
|
2,541
|
36.8
|
%
|
97.4
|
%
|
||||||
Investment
management fees and services
|
$
|
31,155
|
$
|
32,467
|
$
|
31,765
|
-4.0
|
%
|
2.2
|
%
|
||||||
Total
Operating Revenues
|
$
|
83,635
|
$
|
85,186
|
$
|
84,478
|
-1.8
|
%
|
0.8
|
%
|
Year
Ended April 30,
(As
a percentage of total operating revenues)
|
2007
|
2006
|
2005
|
|||||||
Investment
periodicals and related publications
|
54.5
|
%
|
56.0
|
%
|
59.4
|
%
|
||||
Licensing
Fees
|
8.2
|
%
|
5.9
|
%
|
3.0
|
%
|
||||
Investment
Management fees and services
|
37.3
|
%
|
38.1
|
%
|
37.6
|
%
|
Year
Ended April 30,
|
Percentage
Change
|
|||||||||||||||
(in
thousands)
|
2007
|
2006
|
2005
|
07
vs 06
|
06
vs 05
|
|||||||||||
Print
publication revenues
|
$
|
34,090
|
$
|
36,756
|
$
|
39,242
|
-7.3
|
%
|
-6.3
|
%
|
||||||
Electronic
publication revenues
|
$
|
11,529
|
$
|
10,947
|
$
|
10,930
|
5.3
|
%
|
0.2
|
%
|
||||||
Total
investment periodicals and related publications revenue
|
$
|
45,619
|
$
|
47,703
|
$
|
50,172
|
-4.4
|
%
|
-4.9
|
%
|
||||||
Unearned
Revenues (Short and Long Term)
|
$
|
34,500
|
$
|
37,500
|
$
|
40,022
|
-8.0
|
%
|
-6.3
|
%
|
Year
Ended April 30,
|
Percentage
Change
|
|||||||||||||||
(in
thousands)
|
2007
|
2006
|
2005
|
07
vs 06
|
06
vs 05
|
|||||||||||
Equity
funds
|
$
|
3,284,560
|
$
|
3,290,291
|
$
|
2,606,335
|
-0.2
|
%
|
26.2
|
%
|
||||||
Fixed
income funds
|
$
|
291,586
|
$
|
314,022
|
$
|
361,833
|
-7.1
|
%
|
-13.2
|
%
|
||||||
Money
market funds
|
$
|
177,788
|
$
|
166,142
|
$
|
159,814
|
7.0
|
%
|
4.0
|
%
|
||||||
Total
net assets
|
$
|
3,753,934
|
$
|
3,770,455
|
$
|
3,127,982
|
-0.4
|
%
|
20.5
|
%
|
||||||
|
||||||||||||||||
Equity
fund assets sold through GIAC
|
$
|
924,231
|
$
|
1,055,069
|
$
|
1,018,717
|
-12.4
|
%
|
3.6
|
%
|
||||||
All
other equity fund assets
|
$
|
2,360,329
|
$
|
2,235,222
|
$
|
1,587,618
|
5.6
|
%
|
40.8
|
%
|
||||||
Total
equity fund net assets
|
$
|
3,284,560
|
$
|
3,290,291
|
$
|
2,606,335
|
Year
Ended April 30,
|
|
|
|
|
|
Percentage
Change
|
|||||||||
(in
thousands)
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
07
vs 06
|
|
06
vs 05
|
|
Advertising
and promotion
|
$
|
14,628
|
$
|
13,671
|
$
|
20,455
|
7.0
|
%
|
-33.2
|
%
|
Year
Ended April 30,
|
Percentage
Change
|
|||||||||||||||
(in
thousands)
|
2007
|
2006
|
2005
|
07
vs 06
|
06
vs 05
|
|||||||||||
Salaries
and employee benefits
|
$
|
18,409
|
$
|
19,025
|
$
|
19,445
|
-3.2
|
%
|
-2.2
|
%
|
Year
Ended April 30,
|
Percentage
Change
|
|||||||||||||||
(in
thousands)
|
2007
|
2006
|
2005
|
07
vs 06
|
06
vs 05
|
|||||||||||
Production
and distribution
|
$
|
6,981
|
$
|
7,073
|
$
|
8,589
|
-1.3
|
%
|
-17.7
|
%
|
Year
Ended April 30,
|
|
|
Percentage
Change
|
|||||||||||||
(in
thousands)
|
2007
|
2006
|
2005
|
07
vs 06
|
06
vs 05
|
|||||||||||
Office
and administration
|
$
|
7,981
|
$
|
10,237
|
$
|
8,905
|
-22.0
|
%
|
15.0
|
%
|
·
|
Revenue
recognition
|
·
|
Income
taxes
|
Contractual
Obligations
|
Total
|
Less
Than
1
Year
|
|
1-3
years
|
|
3-5
years
|
|
More
Than
5
Years
|
||||||||
Operating
Lease Obligations
|
$
|
17,598
|
$
|
3,110
|
$
|
6,166
|
$
|
5,896
|
$
|
2,426
|
||||||
Purchase
Obligations
|
–
|
–
|
–
|
–
|
–
|
|||||||||||
Other
Long-term Obligations reflected on Balance Sheet
|
$
|
34,500
|
$
|
28,552
|
$
|
5,948
|
–
|
–
|
||||||||
TOTAL
|
$
|
52,098
|
$
|
31,662
|
$
|
12,114
|
$
|
5,896
|
$
|
2,426
|
Estimated
Fair Value after
|
||||||||||||||||
|
Hypothetical
Change in Interest Rates
|
|||||||||||||||
|
(bp
= basis points)
|
|||||||||||||||
|
|
6
mo.
|
6
mo.
|
1
yr.
|
1
yr.
|
|||||||||||
|
Fair
|
50bp
|
50bp
|
100bp
|
100bp
|
|||||||||||
Fixed
Income Securities
|
Value
|
|
increase
|
|
decrease
|
|
increase
|
|
decrease
|
|||||||
As
of April 30, 2007
|
||||||||||||||||
Investments
in securities with fixed maturities
|
$
|
42,952
|
$
|
42,357
|
$
|
43,074
|
$
|
41,900
|
$
|
43,054
|
||||||
Investments
in securities with fixed maturities
|
$
|
41,585
|
$
|
41,549
|
$
|
41,801
|
$
|
41,514
|
$
|
41,821
|
Equity
Securities
|
Fair
Value
|
|
Hypothetical
Price
Change
|
|
Estimated
Fair
Value after
Hypothetical
Change
in Prices
|
|
Hypothetical
Percentage
Increase
(Decrease) in
Shareholders’
Equity
|
||||||
As
of April 30, 2007
|
$
|
49,719
|
30% increase |
$
|
64,635
|
12.83
|
%
|
||||||
30% decrease |
$
|
34,803
|
(12.83
|
)%
|
|||||||||
$
|
46,644
|
30% increase |
$
|
60,637
|
14.69
|
%
|
|||||||
30% decrease |
$
|
32,651
|
(14.69
|
)%
|
Page
Number
|
|
Report
of independent auditors
|
35
|
Consolidated
balance sheets
—
April
30,
2007 and 2006
|
36
|
Consolidated
statements of income and retained earnings
|
|
-years
ended April 30, 2007, 2006 and 2005
|
37
|
Consolidated
statements of cash flows
|
|
-years
ended April 30, 2007, 2006 and 2005
|
38
|
Consolidated
statement of changes in shareholders’ equity
|
39
|
-years
ended April 30, 2007, 2006 and 2005
|
|
Notes
to the consolidated financial statements
|
40
|
|
|
Income
|
|
|
|
Earnings
|
|
||||||
|
|
Total
|
|
From
|
|
Net
|
|
Per
|
|
||||
|
|
Revenues
|
|
Operations
|
|
Income
|
|
Share
|
|||||
2007,
by Quarter -
|
|||||||||||||
First
|
$
|
21,391
|
$
|
9,869
|
$
|
6,271
|
$
|
0.63
|
|||||
Second
|
20,745
|
9,061
|
5,909
|
0.59
|
|||||||||
Third
|
21,061
|
8,859
|
7,192
|
0.72
|
|||||||||
Fourth
|
20,438
|
7,847
|
5,235
|
0.53
|
|||||||||
Total
|
$
|
83,635
|
$
|
35,636
|
$
|
24,607
|
$
|
2.47
|
|||||
2006,
by Quarter -
|
|||||||||||||
First
|
$
|
20,874
|
$
|
9,163
|
$
|
5,648
|
$
|
0.57
|
|||||
Second
|
21,002
|
8,470
|
5,385
|
0.54
|
|||||||||
Third
|
21,582
|
8,037
|
6,694
|
0.67
|
|||||||||
Fourth
|
21,728
|
9,510
|
5,712
|
0.57
|
|||||||||
Total
|
$
|
85,186
|
$
|
35,180
|
$
|
23,439
|
$
|
2.35
|
|||||
2005,
by Quarter -
|
|||||||||||||
First
|
$
|
21,380
|
$
|
6,245
|
$
|
5,941
|
$
|
0.60
|
|||||
Second
|
20,922
|
5,868
|
5,798
|
0.58
|
|||||||||
Third
|
21,058
|
6,437
|
4,657
|
0.46
|
|||||||||
Fourth
|
21,118
|
8,534
|
4,922
|
0.50 | |||||||||
Total
|
$
|
84,478
|
$
|
27,084
|
$
|
21,318
|
$
|
2.14
|
Item 9. |
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING
AND FINANCIAL DISCLOSURE.
|
Item 9A. |
CONTROLS
AND PROCEDURES.
|
(a)
|
Evaluation
of Disclosure Controls and
Procedures.
|
(b)
|
Changes
in Internal Controls.
|
Item 9B. |
OTHER
INFORMATION.
|
Item 10. |
DIRECTORS,
EXECUTIVE OFFICERS, AND CORPORATE
GOVERNANCE.
|
Director
|
||
Since
|
||
Jean
Bernhard Buttner* (72). Chairman of the Board, President,
and
|
1982
|
|
Chief
Executive Officer of the Company and Arnold Bernhard & Co.,
Inc.
|
||
Chairman
of the Board and President of each of the Value Line
Funds.
|
||
Herbert
Pardes, MD (73). President and CEO of New York-
Presbyterian
|
2000
|
|
Hospital.
|
||
Dr.
Edgar A. Buttner (44). Postdoctoral Fellow, Research Associate,
Harvard
|
2003
|
|
University
since 2003; Instructor, McLean Hospital, since 2002;
|
||
Postdoctoral
Fellow, Massachusetts Institute of Technology, 1997-
|
||
2001;
Director of Arnold Bernhard & Co., Inc. Dr. Buttner is the son
of
|
||
Jean
Bernhard Buttner.
|
||
Edward
J. Shanahan (63). President and Headmaster, Choate Rosemary
Hall
|
2004
|
|
(boarding
school); Director and Chairman, Foundation for Greater
Opportunity
|
||
(independent
educational foundation).
|
||
Marion
N. Ruth (72). President, Ruth Realty.
|
2005
|
|
Janet
Eakman (47). Private Investor. Mrs. Eakman is a daughter of
Jean
|
July
2007
|
|
Bernhard
Buttner.
|
||
Howard
A. Brecher* (53). Chief Legal Officer, Vice President and Secretary
|
1992
|
|
of
the Company; Assistant Treasurer and Assistant Secretary of each
of
the
|
||
Value
Line Funds since 2005; Director, Vice President, Secretary, Treasurer
and
|
||
General
Counsel of Arnold Bernhard & Co., Inc.
|
||
David
T. Henigson* (49). Chief Compliance Officer and Vice President
of
the
|
1992
|
|
Company;
Chief Compliance Officer, Vice President, and Secretary of each
of
the
|
||
(b)
|
The
information pertaining to Executive Officers is set forth in Part
I under
the caption
"Executive
Officers of the Registrant."
|
Item 11. |
EXECUTIVE
COMPENSATION.
|
Item 12. |
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
AND RELATED STOCKHOLDER MATTERS.
|
Name
and Address
of
Beneficial Owner
|
|
Number
of Shares
Beneficially
Owned
|
|
Percentage
of Shares
Beneficially
Owned
1
|
|||
Arnold
Bernhard & Co., Inc.
1
|
8,631,032
|
86.47
|
%
|
||||
220
East 42nd Street
|
|||||||
Name
and Address
of
Beneficial Owner
|
|
Number
of Shares
Beneficially
Owned
|
|
Percentage
of Shares
Beneficially
Owned
|
|||
Jean
Bernhard Buttner
|
100
|
1,2 |
*
|
1,2 | |||
Mitchell
E. Appel
|
100
|
*
|
|||||
Howard
A. Brecher
|
200
|
*
|
|||||
David
T. Henigson
|
150
|
*
|
|||||
Stephen
R. Anastasio
|
100
|
*
|
|||||
Edgar
A. Buttner
|
100
|
*
|
|||||
Dr.
Herbert Pardes
|
100
|
*
|
|||||
Marion
N. Ruth
|
200
|
*
|
|||||
Edward
J. Shanahan
|
100
|
*
|
|||||
All
directors and executive
|
|||||||
1,150
|
1,2 |
*
|
1,2 |
Item 13. |
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE.
|
Item 14. |
PRINCIPAL
ACCOUNTING FEES AND SERVICES.
|
2007
|
|
2006
|
|||||
Audit
fees
|
$
|
146,450
|
$
|
134,695
|
|||
Audit-related
fees
|
$
|
16,810
|
$
|
24,190
|
|||
$
|
146,105
|
$
|
76,960
|
||||
All
other fees
|
$
|
0
|
$
|
0
|
3.1
|
Articles
of Incorporation of the Company, as amended through April 17, 1983,
are
incorporated by reference to the Registration Statement - Form
S-1 of
Value Line, Inc. Part II, Item 16.(a) 3.1 filed with the Securities
and
Exchange Commission on April 7, 1983.
|
|
3.2
|
Certificate
of Amendment of Certificate of Incorporation dated October 24,
1989 is
incorporated by reference to the Annual Report on Form 10-K for
the year
ended April 30, 1990.
|
|
10.8
|
Form
of tax allocation arrangement between the Company and AB&Co.
incorporated by reference to the Registration Statement - Form
S-1 of
Value Line, Inc. Part II, Item 16.(a) 10.8 filed with the Securities
and
Exchange Commission on April 7, 1983.
|
|
10.9
|
Form
of Servicing and Reimbursement Agreement between the Company and
AB&Co., dated as of November 1, 1982 incorporated by reference to
the
Registration Statement - Form S-1 of Value Line, Inc. Part II,
Item 16.(a)
10.9 filed with the Securities and Exchange Commission on April
7,
1983.
|
|
10.10
|
Value
Line, Inc. Profit Sharing and Savings Plan as amended and restated
effective May 1, 1989, including amendments through April 30, 1995,
incorporated by reference to the Annual Report on Form 10-K for
the year
ended April 30, 1996.
|
|
10.13
|
Lease
for the Company's premises at 220 East 42nd Street, New York, N.Y.
incorporated by reference to the Annual Report on Form 10-K for
the year
ended April 30, 1994.
|
|
10.14
|
Lease
amendments dated September 14, 2000, January 19, 2006, and April
23, 2007
for the Company’s premises located at 220 East 42nd Street, New York,
NY.
|
|
|
||
14
|
Code
of Business Conduct and Code of Ethics incorporated by reference
to
Exhibit 14 to the Form 8-K filed on December 1, 2004 and as
amended July 19, 2007.
|
|
Subsidiaries
of the Registrant.
|
||
31
|
Rules
13a-14(a) and 15d-14(a) Certifications.
|
|
32
|
Section
1350 Certifications.
|
VALUE
LINE, INC.
(Registrant)
|
||
|
|
|
By: | s/Jean Bernhard Buttner | |
Jean
Bernhard Buttner
Chairman
& Chief Executive Officer
|
By: | s/Jean Bernhard Buttner | |
Jean
Bernhard Buttner
Chairman
& Chief Executive Officer
|
By: | s/Mitchell E. Appel | |
Mitchell
E. Appel
Chief
Financial Officer
|
s/
Jean
Bernhard Buttner
|
s/Howard
A. Brecher
|
|
Jean
Bernhard Buttner
|
Howard
A. Brecher
|
|
s/Edgar
A. Buttner
|
s/Marion
N. Ruth
|
|
Edgar
A. Buttner
|
Marion
N. Ruth
|
|
s/Edward
J. Shanahan
|
s/David
T. Henigson
|
|
Edward
J. Shanahan
|
David
T. Henigson
|
|
s/Janet
Eakman
|
s/Dr.
Herbert Pardes
|
|
Janet
Eakman
|
Dr.
Herbert Pardes
|
|
Value
Line, Inc.
|
|
Consolidated
Balance Sheets
|
|
(in
thousands, except share amounts)
|
April
30,
|
|
April
30,
|
|
||||
|
|
2007
|
|
2006
|
|||
Assets
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents (including short term
|
|||||||
investments
of $20,165 and $14,885, respectively)
|
$
|
20,605
|
$
|
15,331
|
|||
Trading
securities
|
15,849
|
22,314
|
|||||
Securities
available for sale
|
76,822
|
65,915
|
|||||
Accounts
receivable, net of allowance for doubtful
|
|||||||
accounts
of $88 and $72, respectively
|
3,929
|
3,037
|
|||||
Receivable
from affiliates
|
2,794
|
2,917
|
|||||
Prepaid
expenses and other current assets
|
1,588
|
1,617
|
|||||
Prepaid
and refundable income taxes
|
510
|
0
|
|||||
Deferred
income taxes
|
139
|
88
|
|||||
Total
current assets
|
122,236
|
111,219
|
|||||
Long
term assets:
|
|||||||
Property
and equipment, net
|
4,923
|
5,406
|
|||||
Capitalized
software and other intangible assets, net
|
1,804
|
2,589
|
|||||
Total
long term assets
|
6,727
|
7,995
|
|||||
Total
assets
|
$
|
128,963
|
$
|
119,214
|
|||
Liabilities
and Shareholders' Equity
|
|||||||
Current
Liabilities:
|
|||||||
Accounts
payable and accrued liabilities
|
$
|
5,316
|
$
|
6,186
|
|||
Accrued
salaries
|
1,545
|
1,495
|
|||||
Dividends
payable
|
2,995
|
2,495
|
|||||
Accrued
taxes payable
|
0
|
560
|
|||||
Unearned
revenue
|
28,552
|
28,224
|
|||||
Deferred
income taxes
|
8,654
|
8,436
|
|||||
Total
current liabilities
|
47,062
|
47,396
|
|||||
Long
term liabilities:
|
|||||||
Unearned
revenue
|
5,948
|
9,502
|
|||||
Deferred
charges
|
381
|
381
|
|||||
Total
long term liabilities
|
6,329
|
9,883
|
|||||
Shareholders'
Equity:
|
|||||||
Common
stock, $.10 par value; authorized 30,000,000
|
|||||||
shares;
issued 10,000,000 shares
|
1,000
|
1,000
|
|||||
Additional
paid-in capital
|
991
|
991
|
|||||
Retained
earnings
|
57,383
|
44,256
|
|||||
Treasury
stock, at cost (18,400 shares on 4/30/07
|
|||||||
and
4/30/06)
|
(354
|
)
|
(354
|
)
|
|||
Accumulated
other comprehensive income, net of tax
|
16,552
|
16,042
|
|||||
Total
shareholders' equity
|
75,572
|
61,935
|
|||||
Total
liabilities and shareholders' equity
|
$
|
128,963
|
$
|
119,214
|
Value
Line, Inc.
|
|
Consolidated
Condensed Statements of Income
|
|
(in
thousands, except per share amounts)
|
Years
ended April 30,
|
||||||||||
2007
|
|
2006
|
|
2005
|
||||||
Revenues:
|
||||||||||
Investment
periodicals and
|
||||||||||
related
publications
|
$
|
45,619
|
$
|
47,703
|
$
|
50,172
|
||||
Licensing
fees
|
6,861
|
5,016
|
2,541
|
|||||||
Investment
management fees & services
|
31,155
|
32,467
|
31,765
|
|||||||
Total
revenues
|
83,635
|
85,186
|
84,478
|
|||||||
Expenses:
|
||||||||||
Advertising
and promotion
|
14,628
|
13,671
|
20,455
|
|||||||
Salaries
and employee benefits
|
18,409
|
19,025
|
19,445
|
|||||||
Production
and distribution
|
6,981
|
7,073
|
8,589
|
|||||||
Office
and administration
|
7,981
|
10,237
|
8,905
|
|||||||
Total
expenses
|
47,999
|
50,006
|
57,394
|
|||||||
Income
from operations
|
35,636
|
35,180
|
27,084
|
|||||||
Income
from securities transactions, net
|
4,867
|
3,869
|
8,278
|
|||||||
Income
before income taxes
|
40,503
|
39,049
|
35,362
|
|||||||
Provision
for income taxes
|
15,896
|
15,610
|
14,044
|
|||||||
Net
income
|
$
|
24,607
|
$
|
23,439
|
$
|
21,318
|
||||
Earnings
per share, basic & fully diluted
|
$
|
2.47
|
$
|
2.35
|
$
|
2.14
|
||||
Weighted
average number of common shares
|
9,981,600
|
9,981,600
|
9,981,600
|
Value
Line, Inc.
|
||||||||||||||||
Consolidated
Condensed Statements of Cash Flows
|
||||||||||||||||
(in
thousands)
|
||||||||||||||||
Years
ended April 30,
|
||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||
Cash
flows from operating activities:
|
||||||||||||||||
Net
income
|
$
|
24,607
|
$
|
23,439
|
$
|
21,318
|
||||||||||
Adjustments
to reconcile net income to net cash
|
||||||||||||||||
provided
by operating activities:
|
||||||||||||||||
Depreciation
and amortization
|
2,063
|
2,275
|
2,506
|
|||||||||||||
Realized
gains on sales of securities
|
(2,164
|
)
|
(2,430
|
)
|
(8,802
|
)
|
||||||||||
Unrealized
losses on sales of securities
|
112
|
217
|
1,128
|
|||||||||||||
Loss
on disposal of fixed assets
|
---
|
139
|
---
|
|||||||||||||
Deferred
income taxes
|
(138
|
)
|
(204
|
)
|
(371
|
)
|
||||||||||
Changes
in assets and liabilities:
|
||||||||||||||||
Proceeds
from sales of trading securities
|
15,000
|
---
|
43,385
|
|||||||||||||
Purchases
of trading securities
|
(8,471
|
)
|
(4,364
|
)
|
(22,024
|
)
|
||||||||||
(Decrease)
in unearned revenue
|
(3,226
|
)
|
(2,366
|
)
|
(779
|
)
|
||||||||||
(Decrease)/increase
in deferred charges
|
(64
|
)
|
(84
|
)
|
15
|
|||||||||||
(Decrease)/increase
in accounts payable and accrued expenses
|
(806
|
)
|
1,939
|
796
|
||||||||||||
Increase/(decrease)
in accrued salaries
|
50
|
248
|
(329
|
)
|
||||||||||||
Increase/(decrease)
in accrued taxes payable
|
(532
|
)
|
560
|
(294
|
)
|
|||||||||||
(Increase)/decrease
in prepaid expenses and other
|
||||||||||||||||
current
assets
|
(481
|
)
|
(149
|
)
|
595
|
|||||||||||
Decrease/(increase)
in accounts receivable
|
(892
|
)
|
59
|
(917
|
)
|
|||||||||||
(Increase)/decrease
in receivable from affiliates
|
123
|
(360
|
)
|
363
|
||||||||||||
Total
adjustments
|
574
|
(4,520
|
)
|
15,272
|
||||||||||||
Net
cash provided by operating activities
|
25,181
|
18,919
|
36,590
|
|||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||
Proceeds
from sales of equity securities
|
2,065
|
2,430
|
12,671
|
|||||||||||||
Purchase
of equity securities
|
(2,280
|
)
|
(2,467
|
)
|
(1,039
|
)
|
||||||||||
Proceeds
from sales of fixed income securities
|
10,825
|
9,650
|
9,019
|
|||||||||||||
Purchases
of fixed income securities
|
(18,742
|
)
|
(8,249
|
)
|
(43,092
|
)
|
||||||||||
Acquisition
of property and equipment
|
(52
|
)
|
(218
|
)
|
(194
|
)
|
||||||||||
Expenditures
for capitalized software
|
(743
|
)
|
(724
|
)
|
(1,436
|
)
|
||||||||||
Net
cash provided by/(used in) investing activities
|
(8,927
|
)
|
422
|
(24,071
|
)
|
|||||||||||
Cash
flows from financing activities:
|
||||||||||||||||
Dividends
paid
|
(10,980
|
)
|
(9,981
|
)
|
(184,656
|
)
|
||||||||||
Net
cash used in financing activities
|
(10,980
|
)
|
(9,981
|
)
|
(184,656
|
)
|
||||||||||
Net
increase/(decrease) in cash and cash equivalents
|
5,274
|
9,360
|
(172,137
|
)
|
||||||||||||
Cash
and cash equivalents at beginning of year
|
15,331
|
5,971
|
178,108
|
|||||||||||||
Cash
and cash equivalents at end of year
|
$
|
20,605
|
$
|
15,331
|
$
|
5,971
|
VALUE
LINE, INC.
|
|
CONSOLIDATED
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
|
FOR
THREE YEARS ENDED APRIL 30, 2007, 2006 & 2005
|
|
(in
thousands, except share amounts
)
|
Common
stock
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
||||||||||||
|
|
Number
|
|
Par
|
|
Additional
|
|
|
|
|
|
|
|
Other
|
|
|
|
||||||||
|
|
of
|
|
Value
|
|
paid-in
|
|
Treasury
|
|
Comprehensive
|
|
Retained
|
|
Comprehensive
|
|
|
|
||||||||
|
|
shares
|
|
Amount
|
|
capital
|
|
Stock
|
|
income
|
|
earnings
|
|
income
|
|
Total
|
|||||||||
Balance
at April 30, 2004
|
9,981,600
|
$
|
1,000
|
$
|
991
|
$
|
(354
|
)
|
$
|
19,459
|
$
|
14,202
|
$
|
35,298
|
|||||||||||
Comprehensive
income
|
|||||||||||||||||||||||||
Net
income
|
$
|
21,318
|
21,318
|
21,318
|
|||||||||||||||||||||
Other
comprehensive income,
|
|||||||||||||||||||||||||
net
of tax:
|
|||||||||||||||||||||||||
Change
in unrealized
|
|||||||||||||||||||||||||
gains
on securities
|
(2,494
|
)
|
(2,494
|
)
|
(2,494
|
)
|
|||||||||||||||||||
Comprehensive
income
|
$
|
18,824
|
|||||||||||||||||||||||
Dividends
declared
|
(9,979
|
)
|
(9,979
|
)
|
|||||||||||||||||||||
Balance
at April 30, 2005
|
9,981,600
|
$
|
1,000
|
$
|
991
|
$
|
(354
|
)
|
$
|
30,798
|
$
|
11,708
|
$
|
44,143
|
|||||||||||
Comprehensive
income
|
|||||||||||||||||||||||||
Net
income
|
$
|
23,439
|
23,439
|
23,439
|
|||||||||||||||||||||
Other
comprehensive income,
|
|||||||||||||||||||||||||
net
of tax:
|
|||||||||||||||||||||||||
Change
in unrealized
|
|||||||||||||||||||||||||
gains
on securities,
|
|||||||||||||||||||||||||
net
of taxes
|
4,334
|
4,334
|
4,334
|
||||||||||||||||||||||
Comprehensive
income
|
$
|
27,773
|
|||||||||||||||||||||||
Dividends
declared
|
(9,981
|
)
|
(9,981
|
)
|
|||||||||||||||||||||
Balance
at April 30, 2006
|
9,981,600
|
$
|
1,000
|
$
|
991
|
$
|
(354
|
)
|
$
|
44,256
|
$
|
16,042
|
$
|
61,935
|
|||||||||||
Comprehensive
income
|
|||||||||||||||||||||||||
Net
income
|
$
|
24,607
|
24,607
|
24,607
|
|||||||||||||||||||||
Other
comprehensive income,
|
|||||||||||||||||||||||||
net
of tax:
|
|||||||||||||||||||||||||
Change
in unrealized
|
|||||||||||||||||||||||||
gains
on securities,
|
|||||||||||||||||||||||||
net
of taxes
|
510
|
510
|
510
|
||||||||||||||||||||||
Comprehensive
income
|
$
|
25,117
|
|||||||||||||||||||||||
Dividends
declared
|
(11,480
|
)
|
(11,480
|
)
|
|||||||||||||||||||||
Balance
at April 30, 2007
|
9,981,600
|
$
|
1,000
|
$
|
991
|
$
|
(354
|
)
|
$
|
57,383
|
$
|
16,552
|
$
|
75,572
|
Maturity
|
Historical
Cost
|
Fair
Value
|
Gross
Unrealized
Holding
Losses
|
|||||||
(In
Thousands)
|
||||||||||
Due
in less than 2 years
|
$
|
9,504
|
$
|
9,324
|
($180
|
)
|
||||
Due
in 2 years or more
|
17,857
|
17,779
|
(78
|
)
|
||||||
Total
investment in debt securities
|
$
|
27,361
|
$
|
27,103
|
($258
|
)
|
Maturity
|
Historical
Cost
|
Fair
Value
|
Gross
Unrealized
Holding
Losses
|
|||||||
(In
Thousands)
|
||||||||||
Due
in less than 2 years
|
$
|
10,778
|
$
|
10,641
|
($137
|
)
|
||||
Due
in 2 years or more
|
8,745
|
8,630
|
(115
|
)
|
||||||
Total
investment in debt securities
|
$
|
19,523
|
$
|
19,271
|
($252
|
)
|
April
30,
|
|||||||
2007
|
2006
|
||||||
(in
thousands)
|
|||||||
Land
|
$
|
726
|
$
|
726
|
|||
Building
and leasehold improvements
|
7,284
|
7,284
|
|||||
Furniture
and equipment
|
10,706
|
10,652
|
|||||
18,716
|
18,662
|
||||||
Accumulated
depreciation and amortization
|
(13,793
|
)
|
(13,256
|
)
|
|||
$
|
4,923
|
$
|
5,406
|
Year
ended April 30,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
(in
thousands)
|
||||||||||
Current:
|
||||||||||
Federal
|
$
|
12,575
|
$
|
12,486
|
$
|
11,860
|
||||
State
and local
|
3,459
|
3,328
|
2,555
|
|||||||
16,034
|
15,814
|
14,415
|
||||||||
Deferred:
|
||||||||||
Federal
|
(87
|
)
|
(148
|
)
|
(361
|
)
|
||||
State
and local
|
(51
|
)
|
(56
|
)
|
(10
|
)
|
||||
(138
|
)
|
(204
|
)
|
(371
|
)
|
|||||
Provision
for income taxes
|
$
|
15,896
|
$
|
15,610
|
$
|
14,044
|
Year
ended April 30,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
(in
thousands)
|
||||||||||
Unrealized
gains on securities held for sale
|
($8,991
|
)
|
($8,715
|
)
|
($6,304
|
)
|
||||
Unrealized
gains on trading securities
|
115
|
(76
|
)
|
-
|
||||||
Depreciation
and amortization
|
185
|
(90
|
)
|
(356
|
)
|
|||||
Deferred
professional fees
|
216
|
246
|
342
|
|||||||
Deferred
charges
|
(69
|
)
|
214
|
183
|
||||||
Other,
net
|
(109
|
)
|
(15
|
)
|
(41
|
)
|
||||
($8,653
|
)
|
($8,436
|
)
|
($6,176
|
)
|
Year
ended April 30,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
(in
thousands)
|
||||||||||
Tax
expense at the U.S. statutory rate
|
$
|
14,176
|
$
|
13,667
|
$
|
12,377
|
||||
Increase
(decrease) in tax expense from:
|
||||||||||
State
and local income taxes, net of
|
||||||||||
federal
income tax benefit
|
2,215
|
2,127
|
1,654
|
|||||||
Effect
of tax exempt income and dividend
|
||||||||||
deductions
|
(455
|
)
|
(293
|
)
|
(88
|
)
|
||||
Other,
net
|
(40
|
)
|
109
|
101
|
||||||
Provision
for income taxes
|
$
|
15,896
|
$
|
15,610
|
$
|
14,044
|
Year
ended April 30:
|
(in
thousands)
|
||||
2008 |
$
|
3,110
|
|||
2009 |
3,110
|
||||
2010 |
3,056
|
||||
2011 |
2,948
|
||||
Thereafter
|
5,374
|
||||
$
|
17,598
|
April
30, 2007
|
||||||||||
Investment
|
|
|
||||||||
Periodicals,
|
||||||||||
Publishing
&
|
Investment
|
|
||||||||
Licensing
|
Management
|
Total
|
||||||||
|
|
|||||||||
Revenues
from external customers
|
|
$
|
52,480
|
|
$
|
31,155
|
|
$
|
83,635
|
|
Intersegment
revenues
|
|
|
108
|
|
|
-
|
|
|
108
|
|
Income
from securities transactions
|
|
|
233
|
|
|
3,021
|
|
|
3,254
|
|
Depreciation
and amortization
|
|
|
1,963
|
|
|
80
|
|
|
2,043
|
|
Segment
profit
|
|
|
19,755
|
|
|
15,901
|
|
|
35,656
|
|
Segment
assets
|
|
|
18,976
|
|
|
80,581
|
|
|
99,557
|
|
Expenditures
for segment assets
|
|
|
715
|
|
|
80
|
|
|
795
|
April
30, 2006
|
||||||||||
Investment
|
|
|
||||||||
Periodicals,
|
||||||||||
Publishing
&
|
Investment
|
|
||||||||
Licensing
|
Management
|
Total
|
||||||||
Revenues
from external customers
|
$
|
52,719
|
$
|
32,467
|
$
|
85,186
|
||||
Intersegment
revenues
|
114
|
-
|
114
|
|||||||
Income
from securities transactions
|
62
|
2,922
|
2,984
|
|||||||
Depreciation
and amortization
|
2,169
|
88
|
2,257
|
|||||||
Segment
profit
|
20,041
|
15,158
|
35,199
|
|||||||
Segment
assets
|
14,861
|
81,762
|
96,623
|
|||||||
Expenditures
for segment assets
|
933
|
9
|
942
|
April
30, 2005
|
||||||||||
Investment
|
|
|
||||||||
Periodicals,
|
||||||||||
Publishing
&
|
Investment
|
|
||||||||
Licensing
|
Management
|
Total
|
||||||||
Revenues
from external customers
|
$
|
52,713
|
$
|
31,765
|
$
|
84,478
|
||||
Intersegment
revenues
|
180
|
-
|
180
|
|||||||
Income
from securities transactions
|
14
|
7,914
|
7,928
|
|||||||
Depreciation
and amortization
|
2,384
|
106
|
2,490
|
|||||||
Segment
profit
|
16,420
|
10,680
|
27,100
|
|||||||
Segment
assets
|
14,871
|
44,409
|
59,280
|
|||||||
Expenditures
for segment assets
|
1,441
|
189
|
1,630
|
(in
thousands)
|
||||||||||
2007
|
|
2006
|
|
2005
|
||||||
Revenues
|
||||||||||
Total
revenues for reportable segments
|
$
|
83,743
|
$
|
85,300
|
$
|
84,658
|
||||
Elimination
of intersegment revenues
|
(108
|
)
|
(114
|
)
|
(180
|
)
|
||||
Total
consolidated revenues
|
$
|
83,635
|
$
|
85,186
|
$
|
84,478
|
||||
Segment
profit
|
||||||||||
Total
profit for reportable segments
|
$
|
38,910
|
$
|
38,183
|
$
|
35,028
|
||||
Add:
Income from securities transactions
|
||||||||||
related
to corporate assets
|
1,613
|
884
|
350
|
|||||||
Less:
Depreciation related to corporate assets
|
(20
|
)
|
(18
|
)
|
(16
|
)
|
||||
Income
before income taxes
|
$
|
40,503
|
$
|
39,049
|
$
|
35,362
|
||||
Assets
|
||||||||||
Total
assets for reportable segments
|
$
|
99,556
|
$
|
96,623
|
$
|
59,280
|
||||
Corporate
assets
|
29,407
|
22,591
|
39,585
|
|||||||
Consolidated
total assets
|
$
|
128,963
|
$
|
119,214
|
$
|
98,865
|
Before
|
Tax
|
Net
of
|
||||||||
Tax
|
(Expense)
|
Tax
|
||||||||
Amount
|
or
Benefit
|
Amount
|
||||||||
(in
thousands)
|
||||||||||
Year
ended April 30, 2007
|
||||||||||
Unrealized
Gains on Securities:
|
||||||||||
Unrealized
Holding Gains/(Losses) Arising during the period
|
$
|
2,774
|
($977
|
)
|
$
|
1,797
|
||||
Add:
Reclassification adjustments for
|
||||||||||
losses
realized in net income
|
78
|
(27
|
)
|
51
|
||||||
Less:
Reclassification adjustments
|
||||||||||
for
gains realized in net income
|
(2,065
|
)
|
727
|
(1,338
|
)
|
|||||
Other
Comprehensive income
|
$
|
787
|
($277
|
)
|
$
|
510
|
Year
ended April 30, 2006
|
||||||||||
Unrealized
Gains on Securities:
|
||||||||||
Unrealized
Holding Gains/(Losses) Arising during the period
|
$
|
8,971
|
($3,195
|
)
|
$
|
5,776
|
||||
Add:
Reclassification adjustments for
|
||||||||||
losses
realized in net income
|
129
|
(45
|
)
|
84
|
||||||
Less:
Reclassification adjustments
|
||||||||||
for
gains realized in net income
|
(2,355
|
)
|
829
|
(1,526
|
)
|
|||||
Other
Comprehensive income
|
$
|
6,745
|
($2,411
|
)
|
$
|
4,334
|
||||
Year
ended April 30, 2005
|
||||||||||
Unrealized
Gains on Securities:
|
||||||||||
Unrealized
Holding Gains/(Losses) Arising during the period
|
$
|
1,902
|
($666
|
)
|
$
|
1,236
|
||||
Less:
Reclassification adjustments
|
||||||||||
for
gains realized in net income
|
(5,738
|
)
|
2,008
|
(3,730
|
)
|
|||||
Other
Comprehensive income
|
($3,836
|
)
|
$
|
1,342
|
($2,494
|
)
|
1.
|
the
transaction involves compensation approved by the Company’s Compensation
Committee;
|
2.
|
the
transaction is available to all employees
generally;
|
3.
|
indebtedness
due from the Related Person for purchases of goods and services subject
to
usual trade terms, for ordinary business travel and expense payments
and
for other transactions in the ordinary course of business;
and
|
4.
|
the
interest of the Related Person arises solely from the ownership of
the
Company's Common Stock and all holders of the Company's Common Stock
receive the same benefit on a pro rata
basis.
|
1.
|
any
person who is, or at any time since the beginning of the Company’s last
fiscal year was, a director or executive officer of the Company or
a
nominee to become a director of the
Company;
|
2.
|
any
person who is known to be the beneficial owner of more than 5% of
the
Company's Common Stock;
|
3.
|
any
immediate family member of any of the foregoing persons, which means
any
child, stepchild, parent, stepparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law of the director, executive officer, nominee or more
than 5%
beneficial owner, and any person (other than a tenant or employee)
sharing
the household of such director, executive officer, nominee or more
than 5%
beneficial owner; and
|
4.
|
any
firm, corporation or other entity in which any of the foregoing persons
is
employed or is a general partner or principal or in a similar position
or
in which such person has a 5% or greater beneficial ownership
interest.
|
·
|
Any
employee, officer or director who authorizes, directs, approves or
participates in any violation of the Code or of any applicable law,
rule
or regulation;
|
·
|
Any
employee, officer or director who has deliberately failed to report
a
violation of the Code or of any applicable law, rule or regulation,
who
has concealed any such violation or who has deliberately withheld
or
misstated relevant information concerning such a
violation;
|
·
|
Any
employee, officer or director who retaliates, directly or indirectly,
or
encourages others to do so, against any other employee, officer or
director because of a report by that person of a suspected violation
of
the Code or of any applicable law, rule or
regulation;
|
·
|
Any
employee, officer or director who knowingly refers a false allegation
of a
violation of the Code or of any applicable law, rule or regulation
or who
deliberately abuses the procedures established for investigating
suspected
violations of the Code; and
|
·
|
Any
employee, officer or director who refuses to return a signed certification
of the Code or who fails to return a signed certification of the
Code
after reasonable opportunity to do
so.
|
Date:
|
|||
(Signature)
|
|
|
Percentage
|
|
||||
|
|
|
|
of
Voting
|
|
||
|
|
|
|
Securities
|
|
||
|
|
State
of
|
|
Owned
By
|
|
||
|
|
Incorporation
|
|
Registrant
|
|||
Compupower
Corporation
|
Delaware |
100
|
%
|
||||
Value
Line Securities, Inc.
|
New York |
100
|
%
|
||||
The
Vanderbilt Advertising Agency, Inc.
|
New York |
100
|
%
|
||||
Value
Line Publishing, Inc.
|
New York |
100
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%
|
||||
New Jersey |
100
|
%
|
1. |
I
have reviewed this annual report on Form 10-K of Value Line,
Inc;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
and have:
|
a)
|
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is
being
prepared;
|
b)
|
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
|
c)
|
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The
registrant’s other certifying officers and I have disclosed, based on our
most recent
evaluation
of internal control over financial reporting, to the registrant’s auditors
and the audit committee of registrant’s board of directors (or persons
performing the equivalent
functions):
|
a)
|
all
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
b)
|
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date: July 20, 2007 | By: | /s/ Jean Bernhard Buttner |
Jean Bernhard Buttner
Chairman
& Chief Executive Officer
|
1. |
I
have reviewed this annual report on Form 10-K of Value Line,
Inc;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
and have:
|
a)
|
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is
being
prepared;
|
b)
|
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
|
c)
|
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The
registrant’s other certifying officers and I have disclosed, based on our
most recent
evaluation
of internal control over financial reporting, to the registrant’s auditors
and the audit committee of registrant’s board of directors (or persons
performing the equivalent
functions):
|
a)
|
all
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
b)
|
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date: July 20, 2007 | By: | /s/ Mitchell E. Appel |
Mitchell E. Appel
Chief Financial
Officer
|
1)
|
the
Report fully complies with the requirements of section 13(a) or 15(d)
of
the Securities Exchange Act of 1934, as amended;
and
|
2)
|
the
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.
|
Date: July 20, 2007 | By: | /s/ Jean Bernhard Buttner |
Jean
Bernhard Buttner
Chairman
& Chief Executive Officer
|
1)
|
the
Report fully complies with the requirements of section 13(a) or 15(d)
of
the Securities Exchange Act of 1934, as amended;
and
|
2)
|
the
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.
|
Date: July 20, 2007 | By: | /s/ Mitchell E. Appel |
Mitchell
E. Appel
Chief
Financial Officer
|