Financial Performance - For the three months ended July 31, 2024, net income was $5,887,000, or $0.62 per share, representing a 21.2% increase from $4,859,000, or $0.52 per share, in the same period of 2023[118]. - Total operating revenues for the three months ended July 31, 2024, were $8,884,000, down 8.8% from $9,743,000 in the same period of 2023[119]. - The company's operating expenses increased slightly to $7,037,000, up 0.6% from $6,996,000 in the same period of 2023[118]. - Cash inflows from operating activities for the three months ended July 31, 2024, were $4,771,000, a decrease from $5,058,000 during the same period in 2023[147]. - Cash outflows from financing activities were $3,006,000 for the three months ended July 31, 2024, compared to $2,830,000 for the same period in 2023[150]. Revenue Sources - Non-voting revenues and non-voting profits interests from EULAV Asset Management Trust increased by 48.4% to $4,241,000 compared to $2,857,000 in the prior year[118]. - Subscription sales for print publications accounted for 18.2% of total gross sales, while digital subscriptions accounted for 9.2% in the three months ended July 31, 2024[121]. - Investment periodicals and related publications revenues were $6,287,000 for the three months ended July 31, 2024, a decrease of 2.6% compared to $6,457,000 in the prior fiscal year[123]. - Digital revenues for the three months ended July 31, 2024, were $4,054,000, slightly lower compared to the prior fiscal year, indicating a shift from print to digital services[124]. Investment Performance - Investment gains for the three months ended July 31, 2024, were $1,709,000, a significant increase of 126.4% from $755,000 in the prior year[118]. - Total investment gains for the three months ended July 31, 2024, were $1,709,000, a 126.4% increase from $755,000 in the prior year, primarily due to unrealized gains on equity securities[141]. - During the three months ended July 31, 2024, total investment management fees earned from the Value Line Funds were $7,376,000, an increase from $5,428,000 in the same period of the prior year[130][131]. Assets and Capital - Total assets in the Value Line Funds managed by EAM increased to $4.60 billion, up $1.13 billion or 32.6% from $3.47 billion at July 31, 2023[129]. - As of July 31, 2024, the company had working capital of $50,381,000, an increase from $48,770,000 as of April 30, 2024[146]. - As of July 31, 2024, retained earnings were $107,311,000, up from $104,249,000 as of April 30, 2024[151]. Market Conditions - The U.S. GDP expanded by an estimated 3.0% in the June quarter of 2024, more than double the 1.4% gain recorded in the March period[114]. - The Federal Reserve is expected to begin reducing the federal funds rate after holding it steady in a range of 5.25% to 5.50% for eight consecutive meetings[115]. Tax and Compliance - The effective income tax rate for the three months ended July 31, 2024, was 24.50%, up from 23.87% in the prior year, primarily due to increased state and local income taxes[143]. - The company is evaluating the impact of new accounting standards on disclosures in its Consolidated Financial Statements[152][153]. Other Financial Metrics - The average common shares outstanding decreased slightly to 9,419,938 in the three months ended July 31, 2024, from 9,432,573 in the same period of 2023[118]. - Unearned subscription revenue as of July 31, 2024, was $21,076,000, a decrease of 5.4% from $22,281,000 as of April 30, 2024[122]. - The aggregate cost and fair value of fixed income securities classified as available-for-sale as of July 31, 2024, were $34,042,000 and $33,928,000, respectively[159]. - The fair value of equity securities as of July 31, 2024, was $21,724,000, an increase from $16,344,000 as of April 30, 2024[169]. - The company expects to continue using cash for dividend payments, with quarterly dividends of $0.30 per share during fiscal year 2025 totaling $2,827,000[150]. - The company does not anticipate making any borrowings during the next twelve months[151]. Circulation and Marketing - Total print circulation decreased by 2.2% compared to the previous year, reflecting management's decision to reduce marketing efforts in a challenging market environment[124]. - Non-voting revenues interest from EAM increased by 40.7% to $3,680,000 compared to $2,616,000 in the prior year[135]. - The Value Line equity and hybrid funds' assets increased by 33.0% to $4,566 million, while fixed income funds decreased by 5.1% to $37 million as of July 31, 2024[134].

Market Value and Shares - The aggregate market value of the registrant's voting and non-voting common stock held by non-affiliates at October 31, 2023, was $32,483,588[29]. - There were 9,418,839 shares of the registrant's Common Stock outstanding at June 30, 2024[30]. - The registrant's controlling shareholder, Arnold Bernhard & Co, Inc., owns 91.63% of the outstanding shares[19]. Company Operations and Classification - The Company is the successor to substantially all of the operations of Arnold Bernhard & Co, Inc., which owns 91.63% of the outstanding shares of the common stock of the Company as of April 30, 2024[19]. - The Company is classified as a smaller reporting company under SEC regulations[8]. - The registrant is a smaller reporting company and has filed all required reports during the preceding 12 months[11]. - The registrant is not a shell company[13]. - The registrant is not a well-known seasoned issuer[11]. Compliance and Reporting - The Company has filed all reports required by Section 13 or 15 of the Securities Exchange Act of 1934 during the preceding 12 months[11]. - The registrant has not filed a report on an attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act[12]. - The registrant has not disclosed any delinquent filers[8]. - The registrant has been subject to filing requirements for the past 90 days[11]. - The registrant has submitted electronically every Interactive Data File required during the preceding 12 months[8]. Value Line Services - Value Line offers digital versions of most of its products through its website, enhancing accessibility for subscribers[10]. - The Value Line Mutual Fund Ranking System includes data on approximately 20,000 mutual funds, providing comprehensive performance analysis and investment strategies[25]. - The Value Line Special Situations Service focuses on smaller companies with exceptional appreciation potential, introduced in 1951[26]. - The Value Line Daily Options Survey evaluates and ranks approximately 600,000 U.S. equity and equity index options, available only as an online subscription[27].

New York, July 26, 2024 (GLOBE NEWSWIRE) -- Value Line, Inc., (NASDAQ: VALU) reported results for the fiscal year ended April 30, 2024. During the twelve months ended April 30, 2024, the Company's net income of $19,016,000, or $2.02 per share, was 5.2% above net income of $18,069,000, or $1.91 per share, for the twelve months ended April 30, 2023. The Company's receipts of $13,282,000 from its non-voting revenues interest in EAM and non-voting profits interest in EAM increased $2,151,000 or 19.3% above the ...

NEW YORK, July 19, 2024 (GLOBE NEWSWIRE) -- Value Line, Inc. (NASDAQ: VALU) announced today that its Board of Directors declared on July 19, 2024 a quarterly cash dividend of $0.30 per common share, payable on August 12, 2024, to stockholders of record on July 29, 2024. The Company has 9,418,074 shares of common stock outstanding as of July 19, 2024. In this report, "Value Line," "we," "us," "our" refers to Value Line, Inc. and "the Company" refers to Value Line and its subsidiaries unless the context other ...

Cautionary Statement Regarding Forward-Looking Information maintaining revenue from subscriptions for the Company's digital and print published products; changes in investment trends and economic conditions, including global financial issues; changes in Federal Reserve policies affecting interest rates and liquidity along with resulting effects on equity markets; stability of the banking system, including the success of U.S. government policies and actions in regard to banks with liquidity or capital issues ...

Zacks Investment Research has recently initiated coverage of Value Line, Inc. (VALU) with a Neutral recommendation. This evaluation comes as the company navigates a landscape of diversified revenue streams and robust financial health while contending with certain market challenges. Value Line has demonstrated effective expense management, leading to consistent profitability, as highlighted by the research report. Net income reached $14.2 million for the nine months ended Jan 31, 2024, showcasing operational ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________________________ to __________________________________ Commission File Number: 0-11306 VALUE LINE, INC. (Exact name of registrant as ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited interim consolidated financial statements and management's discussion and analysis for the company [Item 1. Consolidated Condensed Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Condensed%20Financial%20Statements) This section presents Value Line, Inc.'s unaudited interim consolidated financial statements and accompanying notes [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) The balance sheet shows total assets of **$130.3 million** and total shareholders' equity of **$85.7 million** as of October 31, 2023 Consolidated Condensed Balance Sheet Highlights (in thousands $) | Account | October 31, 2023 (unaudited) | April 30, 2023 | | :--- | :--- | :--- | | **Total current assets** | $65,688 | $66,076 | | **Total long term assets** | $64,653 | $65,000 | | **Total assets** | **$130,341** | **$131,076** | | **Total current liabilities** | $21,575 | $23,288 | | **Total long term liabilities** | $23,024 | $24,115 | | **Total liabilities** | **$44,599** | **$47,403** | | **Total shareholders' equity** | **$85,742** | **$83,673** | [Consolidated Condensed Statements of Income](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Income) Net income for the six months ended October 31, 2023, was **$8.35 million**, a decrease from **$8.79 million** in the prior year Statement of Income Summary (in thousands $, except per share data) | Metric | Three Months Ended Oct 31, 2023 | Three Months Ended Oct 31, 2022 | Six Months Ended Oct 31, 2023 | Six Months Ended Oct 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total publishing revenues | $9,610 | $10,066 | $19,353 | $20,010 | | Income from operations | $2,674 | $3,173 | $5,421 | $5,729 | | Net income | $3,488 | $4,330 | $8,347 | $8,788 | | Earnings per share, basic & fully diluted | $0.37 | $0.46 | $0.89 | $0.93 | [Consolidated Condensed Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income) Comprehensive income for the six months ended October 31, 2023, was **$7.69 million**, primarily due to a **$0.66 million** net loss from fixed income securities Comprehensive Income Summary (in thousands $) | Metric | Three Months Ended Oct 31, 2023 | Three Months Ended Oct 31, 2022 | Six Months Ended Oct 31, 2023 | Six Months Ended Oct 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net income | $3,488 | $4,330 | $8,347 | $8,788 | | Other comprehensive income/(loss) | $(448) | $(3) | $(660) | $2 | | **Comprehensive income** | **$3,040** | **$4,327** | **$7,687** | **$8,790** | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$5.76 million**, with **$3.81 million** used in investing and **$5.62 million** in financing activities Cash Flow Summary (in thousands $) | Activity | Six Months Ended Oct 31, 2023 | Six Months Ended Oct 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $5,763 | $8,599 | | Net cash used in investing activities | $(3,808) | $(17,405) | | Net cash used in financing activities | $(5,621) | $(8,229) | | **Net change in cash and cash equivalents** | **$(3,666)** | **$(17,035)** | [Consolidated Condensed Statement of Changes in Shareholders' Equity](index=9&type=section&id=Consolidated%20Condensed%20Statement%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased from **$83.67 million** to **$85.74 million**, driven by net income offset by dividends and treasury stock purchases - Dividends declared per common share were **$0.56** for the six months ending October 31, 2023, compared to **$0.50** for the six months ending October 31, 2022[20](index=20&type=chunk)[23](index=23&type=chunk) - The company purchased treasury stock totaling **$338,000** for the six months ended October 31, 2023[19](index=19&type=chunk)[20](index=20&type=chunk) [Notes to Consolidated Condensed Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) Notes detail accounting policies, including revenue recognition, equity method for EAM Trust, securities valuation, lease commitments, and related party transactions - The company's core business is producing investment periodicals and licensing its copyrights and proprietary ranks. It also holds a significant non-voting revenues and profits interest in Eulav Asset Management LLC (EAM)[26](index=26&type=chunk) - Subscription revenues are recognized ratably over the subscription life. Copyright fees are asset-based and recognized monthly as the product is delivered[32](index=32&type=chunk)[33](index=33&type=chunk) - The investment in EAM Trust is accounted for using the equity method, as the company determined it is not the primary beneficiary of the Variable Interest Entity (VIE)[30](index=30&type=chunk)[36](index=36&type=chunk)[74](index=74&type=chunk) - During the six months ended October 31, 2023, **33.6%** of total publishing revenues were derived from a single customer[127](index=127&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, including declines in net income and operating income, revenue trends, operating expenses, liquidity, capital resources, and critical accounting policies [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Net income fell **5.0%** to **$8.35 million**, and total publishing revenues declined **3.3%**, with operating expenses down **2.4%** for the six months ended October 31, 2023 Key Performance Indicators (in thousands $) | Metric | Six Months Ended Oct 31, 2023 | Six Months Ended Oct 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Income from operations | $5,421 | $5,729 | -5.4% | | Net income | $8,347 | $8,788 | -5.0% | | Total publishing revenues | $19,353 | $20,010 | -3.3% | | Total operating expenses | $13,932 | $14,281 | -2.4% | Revenue Breakdown (in thousands $) | Revenue Source | Six Months Ended Oct 31, 2023 | Six Months Ended Oct 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Print Publications | $4,709 | $5,071 | -7.1% | | Digital Publications | $8,146 | $8,132 | 0.2% | | Copyright Fees | $6,498 | $6,807 | -4.5% | - Total product line circulation at October 31, 2023, was **5.5%** below the prior year, reflecting weak investor sentiment and a shift from print to digital services[156](index=156&type=chunk)[157](index=157&type=chunk) - The company's non-voting interests in EAM generated **$5.85 million** in income for the six-month period, a slight increase of **0.4%** year-over-year[171](index=171&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) Working capital was **$44.1 million** and cash and short-term securities **$59.9 million** as of October 31, 2023, with operating cash flow decreasing due to timing of receivables and lower EAM distributions Liquidity Position (in thousands $) | Metric | October 31, 2023 | April 30, 2023 | | :--- | :--- | :--- | | Working Capital | $44,113 | $42,788 | | Cash and short-term securities | $59,894 | $62,064 | - Net cash from operating activities decreased primarily due to the timing of receipts for accounts receivable (**$2.4 million**) and lower distributions from EAM (**$1.4 million**)[186](index=186&type=chunk) - Quarterly dividend payments were **$0.28** per share in fiscal 2024, totaling **$5.28 million** for the six-month period[188](index=188&type=chunk) - Management does not anticipate any borrowings during the next twelve months and reports no off-balance-sheet arrangements[190](index=190&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from interest rates and equity prices through diversified investments and provides sensitivity analyses on their potential impact - The company's primary market risks are associated with interest rates on its fixed-income securities and price fluctuations in its equity investments[196](index=196&type=chunk) Interest Rate Risk Sensitivity on Fixed Income Securities (in thousands $) | As of October 31, 2023 | Fair Value | 100 bp increase | 100 bp decrease | | :--- | :--- | :--- | :--- | | Investments in securities with fixed maturities | $42,906 | $41,934 | $42,439 | Equity Price Risk Sensitivity (in thousands $) | As of October 31, 2023 | Fair Value | 30% increase | 30% decrease | | :--- | :--- | :--- | :--- | | Equity Securities and ETFs | $13,064 | $16,983 | $9,145 | [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of October 31, 2023, with no material changes to internal control over financial reporting - The Principal Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures were effective as of October 31, 2023[209](index=209&type=chunk) - There were no material changes to the company's internal control over financial reporting during the last fiscal quarter[209](index=209&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other information including legal proceedings, risk factors, equity sales, and exhibits [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that there are no legal proceedings to disclose for the period - None[210](index=210&type=chunk) [Risk Factors](index=46&type=page&id=Item%201A.%20Risk%20Factors) New risk factors have been added, reflecting management's ongoing analysis of the business environment since the last annual report - New risk factors have been added to reflect management's continuing analysis of developments in the Company's business environment[211](index=211&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **3,546** common shares for approximately **$150,000** under a **$3 million** share repurchase program approved in October 2022 Issuer Purchases of Equity Securities (Quarter Ended Oct 31, 2023) ($) | Period | Total Shares Purchased | Average Price Paid per Share | Maximum Dollar Value Remaining for Repurchase | | :--- | :--- | :--- | :--- | | August 2023 | 413 | $48.47 | $1,526,000 | | September 2023 | 1,324 | $47.43 | $1,463,000 | | October 2023 | 1,809 | $37.33 | $1,396,000 | | **Total** | **3,546** | **$42.40** | **$1,396,000** | - The Board of Directors approved a share repurchase program on October 21, 2022, authorizing the repurchase of up to **$3,000,000** of the company's common stock[215](index=215&type=chunk) [Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[216](index=216&type=chunk) [Other Information](index=47&type=section&id=Item%205.%20Other%20Information) The company has never adopted a Rule 10b5-1 trading arrangement, and no directors or executive officers adopted or terminated one recently - Value Line has never adopted a Rule 10b5-1 trading arrangement, and no directors or executive officers adopted or terminated one during the recent fiscal quarters[217](index=217&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including SOX certifications and Inline XBRL documents - Exhibits include Section 302 and 906 certifications and Inline XBRL data files[221](index=221&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-Q For the transition period from _____________________________________ to __________________________________ Commission File Number: 0-11306 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 VALUE LINE, INC. (Exact name of registrant as spe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________________________ to __________________________________ Commission file number: 0-11306 VALUE LINE, INC. (Exact name of registrant as specified ...