| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| State and local income tax payments | $ | 188 | $ | 238 | $ | 114 | ||||||
| Federal income tax payments to the Parent | $ | 3,545 | $ | 3,366 | $ | 2,254 |
| Fiscal Years Ended April 30, | ($ in thousands) | |||
| 2017 | 1,417 | |||
| 2018 | 199 | |||
| 2019 | 204 | |||
| 2020 | 211 | |||
| 2021 | 217 | |||
| 2022 and thereafter | 691 | |||
| $ | 2,939 |
| Fiscal Year Ended April 30, 2016 | ||||||||||||
| ($ in thousands) | Amount Before Tax | Tax Expense/ (Benefit) | Amount Net of Tax | |||||||||
| Change in unrealized gains on securities | $ | (300 | ) | $ | 106 | $ | (194 | ) | ||||
| Less: Gains realized in net income | 329 | (115 | ) | 214 | ||||||||
| $ | 29 | $ | (9 | ) | $ | 20 |
| Fiscal Year Ended April 30, 2015 | ||||||||||||
| ($ in thousands) | Amount Before Tax | Tax Expense/ (Benefit) | Amount Net of Tax | |||||||||
| Change in unrealized gains on securities | $ | (274 | ) | $ | 96 | $ | (178 | ) | ||||
| Less: Gains realized in net income | 57 | (20 | ) | 37 | ||||||||
| $ | (217 | ) | $ | 76 | $ | (141 | ) |
| Fiscal Year Ended April 30, 2014 | ||||||||||||
| ($ in thousands) | Amount Before Tax | Tax Expense/ (Benefit) | Amount Net of Tax | |||||||||
| Change in unrealized gains on securities | $ | (44 | ) | $ | 15 | $ | (29 | ) | ||||
| Less: Gains realized in net income | 36 | (13 | ) | 23 | ||||||||
| $ | (8 | ) | $ | 3 | $ | (5 | ) |
| As of April 30, 2016 | ||||||||||||||||
| ($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Cash equivalents | $ | 12,037 | $ | - | $ | - | $ | 12,037 | ||||||||
| Securities available-for-sale | 3,637 | - | - | 3,637 | ||||||||||||
| $ | 15,674 | $ | - | $ | - | $ | 15,674 |
| As of April 30, 2015 | ||||||||||||||||
| ($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Cash equivalents | $ | 5,272 | $ | - | $ | - | $ | 5,272 | ||||||||
| Securities available-for-sale | 9,632 | - | - | 9,632 | ||||||||||||
| $ | 14,904 | $ | - | $ | - | $ | 14,904 |
| Level 1 – quoted prices in active markets for identical investments |
| Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments) |
| As of April 30, 2016 | ||||||||||||||||
| ($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Cash equivalents | $ | 12,037 | $ | - | $ | - | $ | 12,037 | ||||||||
| Securities available-for-sale | 3,637 | - | - | 3,637 | ||||||||||||
| $ | 15,674 | $ | - | $ | - | $ | 15,674 |
| As of April 30, 2015 | ||||||||||||||||
| ($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Cash equivalents | $ | 5,272 | $ | - | $ | - | $ | 5,272 | ||||||||
| Securities available-for-sale | 9,632 | - | - | 9,632 | ||||||||||||
| $ | 14,904 | $ | - | $ | - | $ | 14,904 |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| Current tax expense (benefit): | ||||||||||||
| Federal | $ | 3,799 | $ | 3,197 | $ | 2,707 | ||||||
| State and local | 219 | 243 | 239 | |||||||||
| 4,018 | 3,440 | 2,946 | ||||||||||
| Deferred tax expense (benefit): | ||||||||||||
| Federal | (839 | ) | (83 | ) | 572 | |||||||
| State and local | (462 | ) | (154 | ) | (108 | ) | ||||||
| (1,301 | ) | (237 | ) | 464 | ||||||||
| Income tax provision | $ | 2,717 | $ | 3,203 | $ | 3,410 |
| Fiscal Years Ended April 30, | ||||||||
| ($ in thousands) | 2016 | 2015 | ||||||
| Federal tax benefit (liability): | ||||||||
| Unrealized gains on securities available-for-sale | $ | (68 | ) | $ | (57 | ) | ||
| Capital loss carryforward | 86 | - | ||||||
| Operating lease exit obligation | 58 | 70 | ||||||
| Deferred professional fees | 77 | 34 | ||||||
| Deferred charges | 250 | 263 | ||||||
| Total federal tax benefit | 403 | 310 | ||||||
| State and local tax benefits: | ||||||||
| Other - deferred charges | 29 | 46 | ||||||
| Total state and local tax benefits | 29 | 46 | ||||||
| Deferred tax asset, short term | $ | 432 | $ | 356 |
| Fiscal Years Ended April 30, | ||||||||
| ($ in thousands) | 2016 | 2015 | ||||||
| Federal tax liability (benefit): | ||||||||
| Deferred gain on deconsolidation of EAM | $ | 17,679 | $ | 17,679 | ||||
| Deferred non-cash post-employment compensation | (619 | ) | (619 | ) | ||||
| Depreciation and amortization | 1,812 | 2,435 | ||||||
| Other | 8 | 401 | ||||||
| Total federal tax liability | 18,880 | 19,896 | ||||||
| State and local tax liabilities (benefits): | ||||||||
| Deferred gain on deconsolidation of EAM | 1,704 | 1,970 | ||||||
| Deferred non-cash post-employment compensation | (60 | ) | (69 | ) | ||||
| Depreciation and amortization | 174 | 271 | ||||||
| Deferred professional fees | (15 | ) | (4 | ) | ||||
| Total state and local tax liabilities | 1,803 | 2,168 | ||||||
| Deferred tax liability, long term | $ | 20,683 | $ | 22,064 |
| Fiscal Years Ended April 30, | ||||||||||||
| 2016 | 2015 | 2014 | ||||||||||
| U.S. statutory federal rate | 35.00 | % | 35.00 | % | 35.00 | % | ||||||
| Increase (decrease) in tax rate from: | ||||||||||||
| State and local income taxes, net of federal income tax benefit | -3.39 | % | -0.15 | % | 0.84 | % | ||||||
| Effect of dividends received deductions | -0.41 | % | -0.40 | % | -0.33 | % | ||||||
| Write off goodwill | - | -1.62 | % | - | ||||||||
| Domestic production tax credit | -0.33 | % | -0.44 | % | -0.58 | % | ||||||
| Other, net | -3.72 | % | -1.87 | % | -1.43 | % | ||||||
| Effective income tax rate | 27.15 | % | 30.52 | % | 33.50 | % |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| Investment management fees earned from the Value Line Funds, net of waivers shown below | $ | 14,548 | $ | 15,014 | $ | 14,452 | ||||||
| 12b-1 fees and other fees, net of waivers shown below | $ | 5,669 | $ | 5,459 | $ | 5,061 | ||||||
| Other income | $ | (14 | ) | $ | 34 | $ | 16 | |||||
| Investment management fee waivers and reimbursements (1) | $ | 262 | $ | 192 | $ | 89 | ||||||
| 12b-1 fee waivers (1) | $ | 1,071 | $ | 1,518 | $ | 1,683 | ||||||
| Value Line’s non-voting revenues interest | $ | 7,211 | $ | 7,346 | $ | 6,767 | ||||||
| EAM's net income (2) | $ | 880 | $ | 1,248 | $ | 1,464 |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| Dividend income | $ | 142 | $ | 157 | $ | 147 | ||||||
| Interest income | - | 3 | 5 | |||||||||
| Capital gain distribution from ETFs (1) | 105 | 57 | 36 | |||||||||
| Exchange loss | (2 | ) | (16 | ) | - | |||||||
| Interest expense | - | - | (5 | ) | ||||||||
| Capital gains (2) | 224 | - | - | |||||||||
| Other | 8 | (75 | ) | (5 | ) | |||||||
| Total income/(loss) from securities transactions and other, net | $ | 477 | $ | 126 | $ | 178 |
| ($ in thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
| ETFs - equities | $ | 3,445 | $ | 194 | $ | (2 | ) | $ | 3,637 |
| ($ in thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
| Common stocks | $ | 101 | $ | 74 | $ | - | $ | 175 | ||||||||
| ETFs - equities | 3,903 | 1,508 | - | 5,411 | ||||||||||||
| Inverse ETFs - equities | 5,466 | - | (1,420 | ) | 4,046 | |||||||||||
| $ | 9,470 | $ | 1,582 | $ | (1,420 | ) | $ | 9,632 |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| Dividend income | $ | 142 | $ | 157 | $ | 147 | ||||||
| Interest income | - | 3 | 5 | |||||||||
| Capital gain distribution from ETFs (1) | 105 | 57 | 36 | |||||||||
| Exchange loss | (2 | ) | (16 | ) | - | |||||||
| Interest expense | - | - | (5 | ) | ||||||||
| Capital gains (2) | 224 | - | - | |||||||||
| Other | 8 | (75 | ) | (5 | ) | |||||||
| Total income/(loss) from securities transactions and other, net | $ | 477 | $ | 126 | $ | 178 |
| (1) Capital gain distributions of $105,000 and $57,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2016 and 2015, respectively. |
| (2) Capital gains of $224,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2016. |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| Investment management fees earned from the Value Line Funds, net of waivers shown below | $ | 14,548 | $ | 15,014 | $ | 14,452 | ||||||
| 12b-1 fees and other fees, net of waivers shown below | $ | 5,669 | $ | 5,459 | $ | 5,061 | ||||||
| Other income | $ | (14 | ) | $ | 34 | $ | 16 | |||||
| Investment management fee waivers and reimbursements (1) | $ | 262 | $ | 192 | $ | 89 | ||||||
| 12b-1 fee waivers (1) | $ | 1,071 | $ | 1,518 | $ | 1,683 | ||||||
| Value Line’s non-voting revenues interest | $ | 7,211 | $ | 7,346 | $ | 6,767 | ||||||
| EAM's net income (2) | $ | 880 | $ | 1,248 | $ | 1,464 |
| (1) During fiscal 2016 and 2015 investment management fee waivers and reimbursements primarily related to one Value Line Mutual Fund and the 12b-1 fee waivers related to four and six of the Value Line Mutual Funds, respectively. Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds’ shareholders to exchange into and is now available in place of the Daily Income Fund. |
| (2) Represents EAM's net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. |
| Fiscal Years Ended April 30, | ||||||||
| ($ in thousands) | 2016 | 2015 | ||||||
| EAM's total assets | $ | 60,292 | $ | 60,159 | ||||
| EAM's total liabilities (1) | (3,021 | ) | (3,104 | ) | ||||
| EAM's total equity | $ | 57,271 | $ | 57,055 |
| (1) At April 30, 2016 and 2015, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,750,000 and $1,951,000, respectively. |
| Level 1 – quoted prices in active markets for identical investments |
| Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments) |
| As of April 30, 2016 | ||||||||||||||||
| ($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Cash equivalents | $ | 12,037 | $ | - | $ | - | $ | 12,037 | ||||||||
| Securities available-for-sale | 3,637 | - | - | 3,637 | ||||||||||||
| $ | 15,674 | $ | - | $ | - | $ | 15,674 |
| As of April 30, 2015 | ||||||||||||||||
| ($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Cash equivalents | $ | 5,272 | $ | - | $ | - | $ | 5,272 | ||||||||
| Securities available-for-sale | 9,632 | - | - | 9,632 | ||||||||||||
| $ | 14,904 | $ | - | $ | - | $ | 14,904 |
| As of April 30, | ||||||||
| ($ in thousands) | 2016 | 2015 | ||||||
| Land | $ | 726 | $ | 726 | ||||
| Building and leasehold improvements | 5,190 | 5,037 | ||||||
| Furniture and equipment | 4,156 | 4,084 | ||||||
| 10,072 | 9,847 | |||||||
| Accumulated depreciation and amortization | (6,451 | ) | (6,157 | ) | ||||
| Total property and equipment, net | $ | 3,621 | $ | 3,690 |
| As of April 30, | ||||||||
| ($ in thousands) | 2016 | 2015 | ||||||
| Land | $ | 726 | $ | 726 | ||||
| Building and leasehold improvements | 5,190 | 5,037 | ||||||
| Furniture and equipment | 4,156 | 4,084 | ||||||
| 10,072 | 9,847 | |||||||
| Accumulated depreciation and amortization | (6,451 | ) | (6,157 | ) | ||||
| Total property and equipment, net | $ | 3,621 | $ | 3,690 |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| Non-voting revenues interest in EAM | $ | 7,211 | $ | 7,346 | $ | 6,767 | ||||||
| Non-voting profits interest in EAM | 440 | 624 | 732 | |||||||||
| $ | 7,651 | $ | 7,970 | $ | 7,499 |
| ($ in thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
| ETFs - equities | $ | 3,445 | $ | 194 | $ | (2 | ) | $ | 3,637 |
| ($ in thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
| Common stocks | $ | 101 | $ | 74 | $ | - | $ | 175 | ||||||||
| ETFs - equities | 3,903 | 1,508 | - | 5,411 | ||||||||||||
| Inverse ETFs - equities | 5,466 | - | (1,420 | ) | 4,046 | |||||||||||
| $ | 9,470 | $ | 1,582 | $ | (1,420 | ) | $ | 9,632 |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| State and local income tax payments | $ | 188 | $ | 238 | $ | 114 | ||||||
| Federal income tax payments to the Parent | $ | 3,545 | $ | 3,366 | $ | 2,254 |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| Current tax expense (benefit): | ||||||||||||
| Federal | $ | 3,799 | $ | 3,197 | $ | 2,707 | ||||||
| State and local | 219 | 243 | 239 | |||||||||
| 4,018 | 3,440 | 2,946 | ||||||||||
| Deferred tax expense (benefit): | ||||||||||||
| Federal | (839 | ) | (83 | ) | 572 | |||||||
| State and local | (462 | ) | (154 | ) | (108 | ) | ||||||
| (1,301 | ) | (237 | ) | 464 | ||||||||
| Income tax provision | $ | 2,717 | $ | 3,203 | $ | 3,410 |
| Fiscal Year Ended April 30, 2016 | ||||||||||||
| ($ in thousands) | Amount Before Tax | Tax Expense/ (Benefit) | Amount Net of Tax | |||||||||
| Change in unrealized gains on securities | $ | (300 | ) | $ | 106 | $ | (194 | ) | ||||
| Less: Gains realized in net income | 329 | (115 | ) | 214 | ||||||||
| $ | 29 | $ | (9 | ) | $ | 20 |
| Fiscal Year Ended April 30, 2015 | ||||||||||||
| ($ in thousands) | Amount Before Tax | Tax Expense/ (Benefit) | Amount Net of Tax | |||||||||
| Change in unrealized gains on securities | $ | (274 | ) | $ | 96 | $ | (178 | ) | ||||
| Less: Gains realized in net income | 57 | (20 | ) | 37 | ||||||||
| $ | (217 | ) | $ | 76 | $ | (141 | ) |
| Fiscal Year Ended April 30, 2014 | ||||||||||||
| ($ in thousands) | Amount Before Tax | Tax Expense/ (Benefit) | Amount Net of Tax | |||||||||
| Change in unrealized gains on securities | $ | (44 | ) | $ | 15 | $ | (29 | ) | ||||
| Less: Gains realized in net income | 36 | (13 | ) | 23 | ||||||||
| $ | (8 | ) | $ | 3 | $ | (5 | ) |
| Fiscal Years Ended April 30, | ||||||||
| ($ in thousands) | 2016 | 2015 | ||||||
| Federal tax benefit (liability): | ||||||||
| Unrealized gains on securities available-for-sale | $ | (68 | ) | $ | (57 | ) | ||
| Capital loss carryforward | 86 | - | ||||||
| Operating lease exit obligation | 58 | 70 | ||||||
| Deferred professional fees | 77 | 34 | ||||||
| Deferred charges | 250 | 263 | ||||||
| Total federal tax benefit | 403 | 310 | ||||||
| State and local tax benefits: | ||||||||
| Other - deferred charges | 29 | 46 | ||||||
| Total state and local tax benefits | 29 | 46 | ||||||
| Deferred tax asset, short term | $ | 432 | $ | 356 |
| Fiscal Years Ended April 30, | ||||||||
| ($ in thousands) | 2016 | 2015 | ||||||
| Federal tax liability (benefit): | ||||||||
| Deferred gain on deconsolidation of EAM | $ | 17,679 | $ | 17,679 | ||||
| Deferred non-cash post-employment compensation | (619 | ) | (619 | ) | ||||
| Depreciation and amortization | 1,812 | 2,435 | ||||||
| Other | 8 | 401 | ||||||
| Total federal tax liability | 18,880 | 19,896 | ||||||
| State and local tax liabilities (benefits): | ||||||||
| Deferred gain on deconsolidation of EAM | 1,704 | 1,970 | ||||||
| Deferred non-cash post-employment compensation | (60 | ) | (69 | ) | ||||
| Depreciation and amortization | 174 | 271 | ||||||
| Deferred professional fees | (15 | ) | (4 | ) | ||||
| Total state and local tax liabilities | 1,803 | 2,168 | ||||||
| Deferred tax liability, long term | $ | 20,683 | $ | 22,064 |
| Fiscal Years Ended April 30, | ||||||||||||
| 2016 | 2015 | 2014 | ||||||||||
| U.S. statutory federal rate | 35.00 | % | 35.00 | % | 35.00 | % | ||||||
| Increase (decrease) in tax rate from: | ||||||||||||
| State and local income taxes, net of federal income tax benefit | -3.39 | % | -0.15 | % | 0.84 | % | ||||||
| Effect of dividends received deductions | -0.41 | % | -0.40 | % | -0.33 | % | ||||||
| Write off goodwill | - | -1.62 | % | - | ||||||||
| Domestic production tax credit | -0.33 | % | -0.44 | % | -0.58 | % | ||||||
| Other, net | -3.72 | % | -1.87 | % | -1.43 | % | ||||||
| Effective income tax rate | 27.15 | % | 30.52 | % | 33.50 | % |
| Fiscal Years Ended April 30, | ($ in thousands) | |||
| 2017 | 1,417 | |||
| 2018 | 199 | |||
| 2019 | 204 | |||
| 2020 | 211 | |||
| 2021 | 217 | |||
| 2022 and thereafter | 691 | |||
| $ | 2,939 |
| Net Revenues | Income/ (Loss) from Operations | Revenues and Profits Interests in EAM Trust | Income/ (Loss) From Securities Trans. and Other, net | Net Income | Earnings Per Share | |||||||||||||||||||
| 2016, by Quarter | ||||||||||||||||||||||||
| First | $ | 8,832 | $ | 959 | $ | 2,042 | $ | 51 | $ | 2,119 | $ | 0.22 | ||||||||||||
| Second | 8,637 | 826 | 1,940 | 31 | 1,992 | 0.20 | ||||||||||||||||||
| Third | 8,599 | 557 | 1,919 | 133 | 1,913 | 0.20 | ||||||||||||||||||
| Fourth* | 8,478 | (462 | ) | 1,750 | 262 | 1,267 | 0.13 | |||||||||||||||||
| Total | $ | 34,546 | $ | 1,880 | $ | 7,651 | $ | 477 | $ | 7,291 | $ | 0.75 | ||||||||||||
| 2015, by Quarter | ||||||||||||||||||||||||
| First | $ | 9,070 | $ | 1,062 | $ | 2,022 | $ | 41 | $ | 2,036 | $ | 0.21 | ||||||||||||
| Second | 9,261 | 1,046 | 1,949 | 66 | 1,982 | 0.20 | ||||||||||||||||||
| Third | 8,863 | 851 | 2,024 | 96 | 2,177 | 0.22 | ||||||||||||||||||
| Fourth** | 8,329 | (560 | ) | 1,975 | (77 | ) | 1,097 | 0.11 | ||||||||||||||||
| Total | $ | 35,523 | $ | 2,399 | $ | 7,970 | $ | 126 | $ | 7,292 | $ | 0.74 | ||||||||||||
| 2014, by Quarter | ||||||||||||||||||||||||
| First | $ | 8,952 | $ | 469 | $ | 1,769 | $ | 38 | $ | 1,445 | $ | 0.15 | ||||||||||||
| Second | 9,013 | 646 | 1,854 | 34 | 1,616 | 0.16 | ||||||||||||||||||
| Third | 9,274 | 1,008 | 1,974 | 70 | 2,026 | 0.21 | ||||||||||||||||||
| Fourth | 9,092 | 378 | 1,902 | 36 | 1,681 | 0.17 | ||||||||||||||||||
| Total | $ | 36,331 | $ | 2,501 | $ | 7,499 | $ | 178 | $ | 6,768 | $ | 0.69 |
| ($ in thousands except for cost per share) | Shares | Cost Assigned | Average Cost per Share | Aggregate Purchase Price Remaining Under the Program | ||||||||||||
| Balance as of April 30, 2013 (1) | 123,572 | $ | 1,572 | $ | 12.72 | $ | 2,818 | |||||||||
| Purchases effected in open market (2) | 58,499 | $ | 550 | $ | 9.41 | $ | 2,268 | |||||||||
| Balance as of April 30, 2014 | 182,071 | $ | 2,122 | $ | 11.65 | $ | 2,268 | |||||||||
| Purchases effected in open market (2) | 8,433 | $ | 122 | $ | 14.47 | $ | 2,146 | |||||||||
| Balance as of April 30, 2015 | 190,504 | $ | 2,244 | $ | 11.78 | $ | 2,146 | |||||||||
| Purchases effected in open market (2) | 52,907 | $ | 796 | $ | 15.05 | $ | 1,350 | |||||||||
| Balance as of April 30, 2016 | 243,411 | $ | 3,040 | $ | 12.49 | $ | 1,350 |
| Value Line | ||||||||||||||||
| ($ in thousands) | VIE Assets | Investment in EAM Trust (1) | Liabilities | Maximum Exposure to Loss | ||||||||||||
| As of April 30, 2016 | $ | 60,292 | $ | 57,942 | $ | - | $ | 57,942 | ||||||||
| As of April 30, 2015 | $ | 60,159 | $ | 58,048 | $ | - | $ | 58,048 |
| Net Revenues | Income/ (Loss) from Operations | Revenues and Profits Interests in EAM Trust | Income/ (Loss) From Securities Trans. and Other, net | Net Income | Earnings Per Share | |||||||||||||||||||
| 2016, by Quarter | ||||||||||||||||||||||||
| First | $ | 8,832 | $ | 959 | $ | 2,042 | $ | 51 | $ | 2,119 | $ | 0.22 | ||||||||||||
| Second | 8,637 | 826 | 1,940 | 31 | 1,992 | 0.20 | ||||||||||||||||||
| Third | 8,599 | 557 | 1,919 | 133 | 1,913 | 0.20 | ||||||||||||||||||
| Fourth* | 8,478 | (462 | ) | 1,750 | 262 | 1,267 | 0.13 | |||||||||||||||||
| Total | $ | 34,546 | $ | 1,880 | $ | 7,651 | $ | 477 | $ | 7,291 | $ | 0.75 | ||||||||||||
| 2015, by Quarter | ||||||||||||||||||||||||
| First | $ | 9,070 | $ | 1,062 | $ | 2,022 | $ | 41 | $ | 2,036 | $ | 0.21 | ||||||||||||
| Second | 9,261 | 1,046 | 1,949 | 66 | 1,982 | 0.20 | ||||||||||||||||||
| Third | 8,863 | 851 | 2,024 | 96 | 2,177 | 0.22 | ||||||||||||||||||
| Fourth** | 8,329 | (560 | ) | 1,975 | (77 | ) | 1,097 | 0.11 | ||||||||||||||||
| Total | $ | 35,523 | $ | 2,399 | $ | 7,970 | $ | 126 | $ | 7,292 | $ | 0.74 | ||||||||||||
| 2014, by Quarter | ||||||||||||||||||||||||
| First | $ | 8,952 | $ | 469 | $ | 1,769 | $ | 38 | $ | 1,445 | $ | 0.15 | ||||||||||||
| Second | 9,013 | 646 | 1,854 | 34 | 1,616 | 0.16 | ||||||||||||||||||
| Third | 9,274 | 1,008 | 1,974 | 70 | 2,026 | 0.21 | ||||||||||||||||||
| Fourth | 9,092 | 378 | 1,902 | 36 | 1,681 | 0.17 | ||||||||||||||||||
| Total | $ | 36,331 | $ | 2,501 | $ | 7,499 | $ | 178 | $ | 6,768 | $ | 0.69 |
| Fiscal Years Ended April 30, | ||||||||
| ($ in thousands) | 2016 | 2015 | ||||||
| EAM's total assets | $ | 60,292 | $ | 60,159 | ||||
| EAM's total liabilities (1) | (3,021 | ) | (3,104 | ) | ||||
| EAM's total equity | $ | 57,271 | $ | 57,055 |
| ($ in thousands except for cost per share) | Shares | Cost Assigned | Average Cost per Share | Aggregate Purchase Price Remaining Under the Program | ||||||||||||
| Balance as of April 30, 2013 (1) | 123,572 | $ | 1,572 | $ | 12.72 | $ | 2,818 | |||||||||
| Purchases effected in open market (2) | 58,499 | $ | 550 | $ | 9.41 | $ | 2,268 | |||||||||
| Balance as of April 30, 2014 | 182,071 | $ | 2,122 | $ | 11.65 | $ | 2,268 | |||||||||
| Purchases effected in open market (2) | 8,433 | $ | 122 | $ | 14.47 | $ | 2,146 | |||||||||
| Balance as of April 30, 2015 | 190,504 | $ | 2,244 | $ | 11.78 | $ | 2,146 | |||||||||
| Purchases effected in open market (2) | 52,907 | $ | 796 | $ | 15.05 | $ | 1,350 | |||||||||
| Balance as of April 30, 2016 | 243,411 | $ | 3,040 | $ | 12.49 | $ | 1,350 |
| (1) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011. |
| (2) Were acquired during the $3 million repurchase program authorized in September 2012. |
| Fiscal Years Ended April 30, | ||||||||||||
| ($ in thousands) | 2016 | 2015 | 2014 | |||||||||
| Non-voting revenues interest in EAM | $ | 7,211 | $ | 7,346 | $ | 6,767 | ||||||
| Non-voting profits interest in EAM | 440 | 624 | 732 | |||||||||
| $ | 7,651 | $ | 7,970 | $ | 7,499 |
| Value Line | ||||||||||||||||
| ($ in thousands) | VIE Assets | Investment in EAM Trust (1) | Liabilities | Maximum Exposure to Loss | ||||||||||||
| As of April 30, 2016 | $ | 60,292 | $ | 57,942 | $ | - | $ | 57,942 | ||||||||
| As of April 30, 2015 | $ | 60,159 | $ | 58,048 | $ | - | $ | 58,048 |
| (1) Reported within Long Term Assets on Consolidated Balance Sheets. |