Financial Data and Key Metrics Changes - The company reported a net income of $20,686,000 for fiscal 2025, translating to $2.20 per share, which is an increase of 8.8% from fiscal 2024 [13] - Retained earnings rose by more than $9.1 million, or 8.8%, totaling $113,400,000, marking the highest level in the past two decades [14][17] - Liquid assets exceeded $77.1 million at year-end, reflecting a more than 13% increase year-over-year [17] Business Line Data and Key Metrics Changes - Earnings from EAM, the investment advisor to the Value Line Mutual Fund, totaled $18,318,000, growing by over $5 million, or 38% from the previous year [13] - Income from securities transactions reached a record high of $3,238,000, exceeding the prior year's income of $2,764,000 by more than 17% [14] Market Data and Key Metrics Changes - The U.S. economy, where the company conducts 98% of its business, has been generally expanding, with expectations for continued growth [18] - Stock market conditions have been favorable, with most indexes hitting new highs, positively impacting the company [19] Company Strategy and Development Direction - The company continues to invest in advertising and marketing initiatives, particularly targeting individual investors, and is utilizing artificial intelligence for more effective advertising [15] - There is an ongoing effort to update and redesign information technology systems for greater efficiency and security, including replacing older legacy systems [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic outlook, despite concerns about rising unemployment and softness in certain sectors like manufacturing and home building [18] - The company believes that the Federal Reserve's timely policy actions will address areas of economic softness [19] - Higher tariffs have had little impact on profitability and supply chain disruptions, with the company diversifying supply sources to mitigate risks [20] Other Important Information - The company has paid over $20 million in dividends to shareholders over the past two years, reflecting a commitment to returning value to shareholders [17] Q&A Session Summary Question: What is management's view of the economic outlook and its effect on the company? - Management expects the U.S. economy to continue expanding, with some concerns about rising unemployment and softness in manufacturing and home building [18] - The Federal Reserve's actions are seen as timely to address economic softness, and stock market conditions have been favorable for the company [19] Question: What are the board's plans for buying back stock? - The company has been moderately active in stock repurchase programs and continues to evaluate its stance periodically [20]