Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'VALUE LINE INC |
Entity Central Index Key | '0000717720 |
Trading Symbol | 'valu |
Current Fiscal Year End Date | '--04-30 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 9,837,277 |
Document Type | '10-Q |
Document Period End Date | 31-Oct-13 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | |
In Thousands, unless otherwise specified | |||
Current Assets: | ' | ' | |
Cash and cash equivalents (including short term investments of $3,084 and $6,312, respectively) | $3,895 | $6,840 | |
Securities available-for-sale | 7,966 | 6,682 | |
Accounts receivable, net of allowance for doubtful accounts of $28 and $17, respectively | 1,487 | 1,278 | |
Prepaid expenses and other current assets | 1,237 | 1,646 | |
Deferred income taxes | 457 | 227 | |
Total current assets | 15,042 | 16,673 | |
Long term assets: | ' | ' | |
Investment in EAM Trust | 57,761 | 57,511 | |
Property and equipment, net | 3,937 | 3,930 | |
Capitalized software and other intangible assets, net | 6,618 | 6,227 | |
Total long term assets | 68,316 | 67,668 | |
Total assets | 83,358 | 84,341 | |
Current Liabilities: | ' | ' | |
Accounts payable and accrued liabilities | 1,884 | 2,460 | |
Accrued salaries | 1,020 | 1,200 | |
Dividends payable | 1,476 | 1,481 | |
Accrued taxes on income | 936 | 180 | |
Unearned revenue | 20,371 | 22,073 | |
Total current liabilities | 25,687 | 27,394 | |
Long term liabilities: | ' | ' | |
Unearned revenue | 2,494 | 2,636 | |
Deferred charges | 222 | ' | |
Deferred income taxes | 22,172 | 21,326 | |
Total long term liabilities | 24,888 | 23,962 | |
Total liabilities | 50,575 | 51,356 | |
Shareholders' Equity: | ' | ' | |
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares | 1,000 | 1,000 | |
Additional paid-in capital | 991 | 991 | |
Retained earnings | 32,422 | 32,315 | |
Treasury stock, at cost (162,723 and 123,572 shares, respectively) | -1,921 | -1,572 | [1],[2],[3] |
Accumulated other comprehensive income, net of tax | 291 | 251 | |
Total shareholders' equity | 32,783 | 32,985 | |
Total liabilities and shareholders' equity | $83,358 | $84,341 | |
[1] | Includes 18,400 shares with a total average cost of $354,000 that were acquired prior to the repurchase program authorized in January 2011. | ||
[2] | 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. | ||
[3] | Includes 19,953 shares with a total average cost of $182,000 that were acquired during the new repurchase program authorized in September 2012. |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parentheticals) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | |
In Thousands, except Share data, unless otherwise specified | |||
Statement Of Financial Position [Abstract] | ' | ' | |
Short term investments (in dollars) | $3,084 | $6,312 | |
Allowance for doubtful accounts (in dollars) | $28 | $17 | |
Common stock, par value (in dollars per share) | $0.10 | $0.10 | |
Common stock, shares authorized | 30,000,000 | 30,000,000 | |
Common stock, shares issued | 10,000,000 | 10,000,000 | |
Treasury stock, shares | 162,723 | 123,572 | [1],[2],[3] |
[1] | Includes 18,400 shares with a total average cost of $354,000 that were acquired prior to the repurchase program authorized in January 2011. | ||
[2] | 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. | ||
[3] | Includes 19,953 shares with a total average cost of $182,000 that were acquired during the new repurchase program authorized in September 2012. |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Revenues: | ' | ' | ' | ' |
Investment periodicals and related publications | $8,306 | $7,827 | $16,502 | $15,855 |
Copyright data fees | 707 | 982 | 1,463 | 1,892 |
Total revenues | 9,013 | 8,809 | 17,965 | 17,747 |
Expenses: | ' | ' | ' | ' |
Advertising and promotion | 1,115 | 1,087 | 2,158 | 1,899 |
Salaries and employee benefits | 3,965 | 3,634 | 7,865 | 7,413 |
Production and distribution | 1,519 | 1,452 | 3,061 | 2,814 |
Office and administration | 1,768 | 1,716 | 3,766 | 3,349 |
Total expenses | 8,367 | 7,889 | 16,850 | 15,475 |
Income from operations | 646 | 920 | 1,115 | 2,272 |
Revenues and profits interests in EAM Trust | 1,854 | 1,529 | 3,623 | 3,002 |
Income from securities transactions, net | 34 | 30 | 72 | 56 |
Income before income taxes | 2,534 | 2,479 | 4,810 | 5,330 |
Income tax provision | 918 | 907 | 1,749 | 1,982 |
Net income | $1,616 | $1,572 | $3,061 | $3,348 |
Earnings per share, basic & fully diluted (in dollars per share) | $0.16 | $0.16 | $0.31 | $0.34 |
Weighted average number of common shares (in shares) | 9,847,951 | 9,894,789 | 9,855,670 | 9,895,585 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Statement Of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $1,616 | $1,572 | $3,061 | $3,348 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in unrealized gains on securities, net of taxes | 42 | ' | 40 | 27 |
Other comprehensive income (loss) | 42 | ' | 40 | 27 |
Comprehensive income | $1,658 | $1,572 | $3,101 | $3,375 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $3,061 | $3,348 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 985 | 756 |
Non-voting revenues interest in EAM Trust | -3,261 | -2,808 |
Non-voting profits interest in EAM Trust | -362 | -194 |
Deferred rent | 422 | ' |
Deferred income taxes | 621 | 553 |
Changes in operating assets and liabilities: | ' | ' |
Unearned revenue | -1,844 | -2,884 |
Reserve for settlement | -129 | -19 |
Operating lease exit obligation | -36 | -219 |
Accounts payable & accrued expenses | -611 | -366 |
Accrued salaries | -180 | -82 |
Accrued taxes on income | 730 | 401 |
Prepaid and refundable income taxes | ' | 779 |
Prepaid expenses and other current assets | 409 | 132 |
Accounts receivable | -209 | -118 |
Receivable from affiliates | ' | ' |
Total adjustments | -3,465 | -4,069 |
Net cash used in operating activities | -404 | -721 |
Cash flows from investing activities: | ' | ' |
Purchases of securities classified as available-for-sale | -1,223 | -1,200 |
Distributions received from EAM Trust | 3,373 | 1,979 |
Acquisition of property and equipment | -153 | -39 |
Expenditures for capitalized software | -1,230 | -839 |
Net cash provided by (used in) investing activities | 767 | -99 |
Cash flows from financing activities: | ' | ' |
Purchase of treasury stock at cost | -349 | -30 |
Dividends paid | -2,959 | -2,969 |
Net cash used in financing activities | -3,308 | -2,999 |
Net change in cash and cash equivalents | -2,945 | -3,819 |
Cash and cash equivalents at beginning of year | 6,840 | 12,042 |
Cash and cash equivalents at end of period | $3,895 | $8,223 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statement of Changes in Shareholders' Equity (unaudited) (USD $) | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated Other Comprehensive income/(loss) | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Apr. 30, 2012 | $1,000 | $991 | ($1,390) | $31,628 | $85 | $32,314 |
Balance (in shares) at Apr. 30, 2012 | 10,000,000 | ' | -103,619 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 3,348 | ' | 3,348 |
Change in unrealized gains on securities, net of taxes | ' | ' | ' | ' | 27 | 27 |
Purchase of treasury stock | ' | ' | -30 | ' | ' | -30 |
Purchase of treasury stock (in shares) | ' | ' | -3,440 | ' | ' | ' |
Dividends declared | ' | ' | ' | -2,969 | ' | -2,969 |
Balance at Oct. 31, 2012 | 1,000 | 991 | -1,420 | 32,007 | 112 | 32,690 |
Balance (in shares) at Oct. 31, 2012 | 10,000,000 | ' | -107,059 | ' | ' | ' |
Balance at Apr. 30, 2013 | 1,000 | 991 | -1,572 | 32,315 | 251 | 32,985 |
Balance (in shares) at Apr. 30, 2013 | 10,000,000 | ' | -123,572 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 3,061 | ' | 3,061 |
Change in unrealized gains on securities, net of taxes | ' | ' | ' | ' | 40 | 40 |
Purchase of treasury stock | ' | ' | -349 | ' | ' | -349 |
Purchase of treasury stock (in shares) | ' | ' | -39,151 | ' | ' | ' |
Dividends declared | ' | ' | ' | -2,954 | ' | -2,954 |
Balance at Oct. 31, 2013 | $1,000 | $991 | ($1,921) | $32,422 | $291 | $32,783 |
Balance (in shares) at Oct. 31, 2013 | 10,000,000 | ' | -162,723 | ' | ' | ' |
Consolidated_Condensed_Stateme4
Consolidated Condensed Statement of Changes in Shareholders' Equity (unaudited) (Parentheticals) (USD $) | 3 Months Ended | |||
Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' | ' |
Dividends declared per share (in dollars per share) | $0.15 | $0.15 | $0.15 | $0.15 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note 1 - Organization and Summary of Significant Accounting Policies: | |||||||||||||||||
Value Line, Inc. (“Value Line” or “VLI”, and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York. The name “Value Line” as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. The Company’s primary business is producing investment periodicals and related publications and making available copyright data including 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. | |||||||||||||||||
The Consolidated Condensed Balance Sheets as of October 31, 2013 and April 30, 2013, which have been derived from the unaudited interim Consolidated Condensed Financial Statements and the audited Consolidated Financial Statements, respectively, were prepared following the interim reporting requirements of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying Unaudited Interim Consolidated Condensed Financial Statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation. This report should be read in conjunction with the audited financial statements and footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2013 filed with the SEC on July 26, 2013 (the “Form 10-K”). Results of operations covered by this report may not be indicative of the results of operations for the entire year. | |||||||||||||||||
Use of Estimates: | |||||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. | |||||||||||||||||
Principles of Consolidation: | |||||||||||||||||
The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 3). | |||||||||||||||||
In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. On December 23, 2010, the Company completed the deconsolidation of the investment management related affiliates (the “Restructuring Transaction”) in accordance with FASB’s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Condensed Statements of Income. | |||||||||||||||||
Revenue Recognition: | |||||||||||||||||
Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities. | |||||||||||||||||
Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (“ETFs”). The Company earns asset-based copyright data fees as specified in the individual agreements. Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value. | |||||||||||||||||
Investment in Unconsolidated Entities: | |||||||||||||||||
The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee. | |||||||||||||||||
The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits. | |||||||||||||||||
Valuation of Securities: | |||||||||||||||||
The Company’s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in ETFs, shares of equity securities in various publicly traded companies and bank certificates of deposits and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820. The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders’ equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method. | |||||||||||||||||
The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. | |||||||||||||||||
Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act. | |||||||||||||||||
The Fair Value Measurements Topic of FASB’s ASC 820 defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | |||||||||||||||||
The three-tier hierarchy of inputs is summarized in the three broad levels listed below. | |||||||||||||||||
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) | |||||||||||||||||
The following summarizes the levels of fair value measurements of the Company’s investments: | |||||||||||||||||
As of October 31, 2013 | |||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 3,084 | $ | - | $ | - | $ | 3,084 | |||||||||
Securities available-for-sale | 7,966 | - | - | 7,966 | |||||||||||||
$ | 11,050 | $ | - | $ | - | $ | 11,050 | ||||||||||
As of April 30, 2013 | |||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 6,312 | $ | - | $ | - | $ | 6,312 | |||||||||
Securities available-for-sale | 6,682 | - | - | 6,682 | |||||||||||||
$ | 12,994 | $ | - | $ | - | $ | 12,994 | ||||||||||
The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended October 31, 2013 and April 30, 2013, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement. | |||||||||||||||||
Advertising expenses: | |||||||||||||||||
The Company expenses advertising costs as incurred. | |||||||||||||||||
Income Taxes: | |||||||||||||||||
The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Condensed Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. | |||||||||||||||||
The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of October 31, 2013, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements. | |||||||||||||||||
Earnings per share: | |||||||||||||||||
Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units. | |||||||||||||||||
Cash and Cash Equivalents: | |||||||||||||||||
For purposes of the Consolidated Condensed Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of October 31, 2013 and April 30, 2013, cash equivalents included $3,084,000 and $6,312,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities. |
Investments
Investments | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
Note 2 - Investments: | |||||||||||||||||
Securities Available-for-Sale: | |||||||||||||||||
Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB’s ASC 320, Investments - Debt and Equity Securities. All of the Company’s securities classified as available-for-sale are readily marketable and have a maturity of twelve months or less and are classified as current assets on the Consolidated Condensed Balance Sheets. | |||||||||||||||||
Equity Securities: | |||||||||||||||||
Equity securities classified as available-for-sale, consist of investments in common stocks, ETFs that attempt to replicate the performance of certain equity indexes, ETFs that attempt to replicate the inverse of the price performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions. As of October 31, 2013 and April 30, 2013, the Company held equity securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields, all classified as securities available-for-sale on the Consolidated Condensed Balance Sheets. Additionally, as of October 31, 2013 and April 30, 2013, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield. | |||||||||||||||||
As of October 31, 2013 and April 30, 2013, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the iShares Dow Jones Select Dividend Index (DVY), SPDR S&P Dividend (SDY), First Trust Value Line Dividend Index (FVD), PowerShares Financial Preferred (PGF), certain common shares of equity securities and inverse equity index ETFs, was $7,518,000 and $6,295,000, respectively, and the fair value was $7,966,000 and $6,682,000, respectively. | |||||||||||||||||
There were no sales or proceeds from sales of equity securities during the six months ended October 31, 2013 and October 31, 2012. The increases in gross unrealized gains on equity securities classified as available-for-sale of $61,000 and $41,000, net of deferred taxes of $21,000 and $14,000, were included in Shareholders’ Equity at October 31, 2013 and October 31, 2012, respectively. | |||||||||||||||||
The changes in the value of equity securities investments are recorded in Other Comprehensive Income in the Consolidated Condensed Financial Statements. Realized gains and losses are recorded as of the trade date in the Consolidated Condensed Statements of Income when securities are sold, mature or are redeemed. As of October 31, 2013 and April 30, 2013, accumulated other comprehensive income was $448,000 and $387,000, net of deferred taxes of $157,000 and $136,000, respectively. | |||||||||||||||||
The carrying value and fair value of securities available-for-sale at October 31, 2013 were as follows: | |||||||||||||||||
($ in thousands) | Cost | Gross Unrealized | Gross | Fair Value | |||||||||||||
Gains | Unrealized | ||||||||||||||||
Losses | |||||||||||||||||
Common stocks | $ | 103 | $ | 52 | $ | (16 | ) | $ | 139 | ||||||||
ETFs - equities | 3,878 | 1,030 | (8 | ) | 4,900 | ||||||||||||
Inverse ETFs - equities | 3,537 | - | (610 | ) | 2,927 | ||||||||||||
$ | 7,518 | $ | 1,082 | $ | (634 | ) | $ | 7,966 | |||||||||
The carrying value and fair value of securities available-for-sale at April 30, 2013 were as follows: | |||||||||||||||||
($ in thousands) | Cost | Gross Unrealized | Gross | Fair Value | |||||||||||||
Gains | Unrealized | ||||||||||||||||
Losses | |||||||||||||||||
Common stocks | $ | 103 | $ | 27 | $ | (16 | ) | $ | 114 | ||||||||
ETFs - equities | 3,878 | 740 | - | 4,618 | |||||||||||||
Inverse ETFs - equities | 2,314 | - | (364 | ) | 1,950 | ||||||||||||
$ | 6,295 | $ | 767 | $ | (380 | ) | $ | 6,682 | |||||||||
Government Debt Securities (Fixed Income Securities): | |||||||||||||||||
Fixed income securities consist of government debt securities issued by the United States federal government. There were no fixed income securities as of October 31, 2013 or April 30, 2013. | |||||||||||||||||
Income from securities transactions was comprised of the following: | |||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Dividend income | $ | 36 | $ | 30 | $ | 72 | $ | 57 | |||||||||
Other | (2 | ) | - | - | (1 | ) | |||||||||||
Total income from securities transactions, net | $ | 34 | $ | 30 | $ | 72 | $ | 56 | |||||||||
Investment in Unconsolidated Entities: | |||||||||||||||||
Equity Method Investment: | |||||||||||||||||
As of October 31, 2013 and April 30, 2013, the Company’s investment in EAM Trust, on the Consolidated Balance Sheets was $57,761,000 and $57,511,000, respectively. | |||||||||||||||||
The value of VLI’s investment in EAM at October 31, 2013 and April 30, 2013 reflects the fair value of contributed capital of $55,805,000 at inception, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI’s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Condensed Balance Sheets. | |||||||||||||||||
It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds. Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds’ distribution plans. However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds. | |||||||||||||||||
The Company monitors its investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM did not record any impairment losses for its assets during the fiscal years 2014 or 2013. | |||||||||||||||||
The components of EAM’s investment management operations, provided to the Company by EAM, were as follows: | |||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
($ in thousands) (unaudited) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Investment management fees earned from the Value Line Funds, net of waivers shown below | $ | 3,580 | $ | 3,149 | $ | 7,065 | $ | 6,229 | |||||||||
12b-1 fees and other fees, net of waivers shown below | $ | 1,294 | $ | 985 | $ | 2,413 | $ | 1,876 | |||||||||
Other income | $ | 8 | $ | - | $ | 10 | $ | - | |||||||||
Investment management fee waivers (1) | $ | 23 | $ | 167 | $ | 47 | $ | 348 | |||||||||
12b-1 fee waivers (1) | $ | 379 | $ | 547 | $ | 902 | $ | 1,090 | |||||||||
Value Line’s non-voting revenues interest | $ | 1,663 | $ | 1,414 | $ | 3,261 | $ | 2,808 | |||||||||
EAM’s net income (2) | $ | 382 | $ | 230 | $ | 724 | $ | 388 | |||||||||
(1) During fiscal 2013, investment management fee waivers primarily related to the U.S. Government Money Market Fund (“USGMMF”) which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012. During fiscal 2014 and 2013, the 12b-1 fee waivers related to seven and nine of the Value Line Mutual Funds, respectively. | |||||||||||||||||
(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. | |||||||||||||||||
October 31, | April 30, | ||||||||||||||||
($ in thousands) | 2013 | 2013 | |||||||||||||||
(unaudited) | |||||||||||||||||
EAM’s total assets | $ | 59,498 | $ | 59,349 | |||||||||||||
EAM’s total liabilities (1) | (2,828 | ) | (2,814 | ) | |||||||||||||
EAM’s total equity | $ | 56,670 | $ | 56,535 | |||||||||||||
(1) At October 31, 2013 and April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,835,000 and $1,621,000, respectively. |
Variable_Interest_Entity
Variable Interest Entity | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Variable Interest Entity [Abstract] | ' | ||||||||||||||||
Variable Interest Entity | ' | ||||||||||||||||
Note 3 - Variable Interest Entity | |||||||||||||||||
The Company retained a non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed, as a result of the Restructuring Transaction on December 23, 2010, to carry on the asset management and mutual fund distribution businesses formerly conducted by the Company. EAM is considered to be a VIE. The Company makes its determination for consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests. Other than EAM, the Company does not have an interest in any other VIEs. | |||||||||||||||||
The Company has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the activities of EAM that most significantly impact its economic performance. Value Line does not hold any voting stock of EAM and it does not have any involvement in the day-to-day activities or operations of EAM. Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM. | |||||||||||||||||
In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss. While all of the profit interest shareholders in EAM are subject to variability based on EAM’s operations risk, Value Line’s non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests. | |||||||||||||||||
The Company has not provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement. Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM. The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Condensed Balance Sheets for its interest in EAM. | |||||||||||||||||
Value Line | |||||||||||||||||
($ in thousands) | VIE Assets | Investment in | Liabilities | Maximum | |||||||||||||
EAM Trust (1) | Exposure to | ||||||||||||||||
Loss | |||||||||||||||||
As of October 31, 2013 (unaudited) | $ | 59,498 | $ | 57,761 | $ | - | $ | 57,761 | |||||||||
As of April 30, 2013 | $ | 59,349 | $ | 57,511 | $ | - | $ | 57,511 | |||||||||
(1) Reported within Long Term Assets on the Consolidated Condensed Balance Sheets. |
Supplementary_Cash_Flow_Inform
Supplementary Cash Flow Information | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplementary Cash Flow Information | ' | ||||||||
Note 4 - Supplementary Cash Flow Information: | |||||||||
Six Months Ended October 31, | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
State and local income tax payments | $ | (46 | ) | $ | (19 | ) | |||
Federal income tax payments to the Parent | $ | (354 | ) | $ | (230 | ) |
Employees_Profit_Sharing_and_S
Employees' Profit Sharing and Savings Plan | 6 Months Ended |
Oct. 31, 2013 | |
Compensation Related Costs [Abstract] | ' |
Employees' Profit Sharing and Savings Plan | ' |
Note 5 - Employees’ Profit Sharing and Savings Plan: | |
Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the “Plan”). In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the six months ended October 31, 2013 and October 31, 2012, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Condensed Statements of Income, was $155,000 and $70,000, respectively. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Comprehensive Income (Loss) Note [Abstract] | ' | ||||||||||||
Comprehensive Income | ' | ||||||||||||
Note 6 - Comprehensive Income: | |||||||||||||
The FASB’s ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not be recognized in the calculation of net income. | |||||||||||||
In May 2012, the Company adopted the provisions of Accounting Standards Update 2011-05 to reflect comprehensive income in two statements which include the components of net income and total net income in the first statement, immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income and a total for comprehensive income. | |||||||||||||
As of October 31, 2013 and October 31, 2012, the Company held equity securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Condensed Balance Sheets. Additionally, as of October 31, 2013 and October 31, 2012, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield. The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated other comprehensive income in the Company’s Consolidated Condensed Balance Sheets. | |||||||||||||
The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the six months ended October 31, 2013 are as follows: | |||||||||||||
($ in thousands) | Amount Before | Tax Expense | Amount Net of | ||||||||||
Tax | Tax | ||||||||||||
Change in unrealized gains on securities | $ | 61 | $ | (21 | ) | $ | 40 | ||||||
$ | 61 | $ | (21 | ) | $ | 40 | |||||||
The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the six months ended October 31, 2012 are as follows: | |||||||||||||
($ in thousands) | Amount Before | Tax Expense | Amount Net of | ||||||||||
Tax | Tax | ||||||||||||
Change in unrealized gains on securities | $ | 41 | $ | (14 | ) | $ | 27 | ||||||
$ | 41 | $ | (14 | ) | $ | 27 |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||
Note 7 - Related Party Transactions: | |||||||||||||||||
Investment Management (overview): | |||||||||||||||||
On December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM. Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below. Total assets in the Value Line Funds managed and/or distributed by EAM at October 31, 2013, were $2.3 billion,13.2% above total assets of $2.0 billion in the Value Line Funds managed and/or distributed by EAM at October 31, 2012. The increase is a result of net appreciation in equity assets under management partially offset by redemptions within the funds. | |||||||||||||||||
The non-voting revenues and 90% of the Company’s non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Condensed Consolidated Balance Sheets, and not yet paid, were $1,835,000 and $1,621,000 at October 31, 2013 and April 30, 2013, respectively. | |||||||||||||||||
EAM Trust - VLI’s non-voting revenues and non-voting profits interests: | |||||||||||||||||
The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM’s investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows: | |||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Non-voting revenues interest in EAM | $ | 1,663 | $ | 1,414 | $ | 3,261 | $ | 2,808 | |||||||||
Non-voting profits interest in EAM | 191 | 115 | 362 | 194 | |||||||||||||
$ | 1,854 | $ | 1,529 | $ | 3,623 | $ | 3,002 | ||||||||||
Transactions with Parent: | |||||||||||||||||
During the six months ended October 31, 2013 and October 31, 2012, the Company was reimbursed $101,000 and $88,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent. There were no receivables from affiliates including receivables from the Parent on the Consolidated Condensed Balance Sheets at October 31, 2013 and April 30, 2013. | |||||||||||||||||
The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. The Company made federal tax payments of $354,000 and $230,000 to the Parent during the six months ended October 31, 2013 and October 31, 2012, respectively. | |||||||||||||||||
From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent may make additional purchases of common stock of the Company from time to time in the future. As of October 31, 2013, the Parent owned 87.77% of the outstanding shares of common stock of the Company. |
Federal_State_and_Local_Income
Federal, State and Local Income Taxes | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Federal, State and Local Income Taxes | ' | ||||||||||||||||
Note 8 - Federal, State and Local Income Taxes: | |||||||||||||||||
In accordance with the requirements of the Income Tax Topic of the FASB’s ASC, the Company’s provision for income taxes includes the following: | |||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Current tax expense: | |||||||||||||||||
Federal | $ | 838 | $ | 879 | $ | 1,054 | $ | 1,327 | |||||||||
State and local | 46 | 29 | 74 | 102 | |||||||||||||
884 | 908 | 1,128 | 1,429 | ||||||||||||||
Deferred tax expense: | |||||||||||||||||
Federal | 24 | (31 | ) | 530 | 436 | ||||||||||||
State and local | 10 | 30 | 91 | 117 | |||||||||||||
34 | (1 | ) | 621 | 553 | |||||||||||||
Income tax provision: | $ | 918 | $ | 907 | $ | 1,749 | $ | 1,982 | |||||||||
Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effect of temporary differences giving rise to the Company’s deferred tax asset and deferred tax liability are as follows: | |||||||||||||||||
October 31, | April 30, | ||||||||||||||||
($ in thousands) | 2013 | 2013 | |||||||||||||||
Federal tax benefit (liability): | |||||||||||||||||
Unrealized gains on securities available-for-sale | $ | (158 | ) | $ | (136 | ) | |||||||||||
Operating lease deferred obligation | 70 | 13 | |||||||||||||||
Deferred professional fees | 39 | 49 | |||||||||||||||
Deferred charges | 277 | 265 | |||||||||||||||
Total federal tax benefit | 228 | 191 | |||||||||||||||
State and local tax benefits: | |||||||||||||||||
NYC UBT tax credit carryforward | 177 | - | |||||||||||||||
Other | 52 | 36 | |||||||||||||||
Total state and local tax benefits | 229 | 36 | |||||||||||||||
Deferred tax asset, short term | $ | 457 | $ | 227 | |||||||||||||
October 31, | April 30, | ||||||||||||||||
($ in thousands) | 2013 | 2013 | |||||||||||||||
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 | 2,302 | 1,642 | |||||||||||||||
Other | 358 | 262 | |||||||||||||||
Total federal tax liability | 19,720 | 18,964 | |||||||||||||||
State and local tax liabilities (benefits): | |||||||||||||||||
Deferred gain on deconsolidation of EAM | 2,243 | 2,243 | |||||||||||||||
Deferred non-cash post-employment compensation | (79 | ) | (79 | ) | |||||||||||||
Depreciation and amortization | 292 | 208 | |||||||||||||||
Deferred professional fees | (4 | ) | (10 | ) | |||||||||||||
Total state and local tax liabilities | 2,452 | 2,362 | |||||||||||||||
Deferred tax liability, long term | $ | 22,172 | $ | 21,326 | |||||||||||||
At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full fiscal year. The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur. | |||||||||||||||||
The overall effective income tax rate, as a percentage of pre-tax ordinary income for the six months ended October 31, 2013 and October 31, 2012 was 36.36% and 37.18%, respectively. The Company’s annual effective tax rate may change due to a number of factors including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax income, the Company’s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings by and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2014 is primarily attributable to a lower percentage of income subject to state and local taxes and an increase in the dividends received deduction. | |||||||||||||||||
The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following: | |||||||||||||||||
Six Months Ended October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
U.S. statutory federal rate | 35 | % | 35 | % | |||||||||||||
Increase (decrease) in tax rate from: | |||||||||||||||||
State and local income taxes, net of federal income tax benefit | 2.23 | % | 2.68 | % | |||||||||||||
Effect of dividends received deductions | -0.35 | % | -0.25 | % | |||||||||||||
Domestic production tax credit | -0.4 | % | -0.59 | % | |||||||||||||
Other, net | -0.12 | % | 0.34 | % | |||||||||||||
Effective income tax rate | 36.36 | % | 37.18 | % | |||||||||||||
The Company believes that, as of October 31, 2013, there were no material uncertain tax positions that would require disclosure under GAAP. | |||||||||||||||||
The Company is included in the consolidated federal income tax return of the Parent. The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company’s liability/(benefit) as if it filed a separate return. | |||||||||||||||||
The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years 2010, 2011, and 2012 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities. The Company’s tax returns for the fiscal years ended April 30, 2010 and 2011 are being examined by the City of New York. The Company does not expect the audit examination to have a material effect on its financial statements. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Note 9 - Property and Equipment: | |||||||||
Property and equipment are carried at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases. For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Condensed Balance Sheets was comprised of the following: | |||||||||
October 31, | April 30, | ||||||||
($ in thousands) | 2013 | 2013 | |||||||
Land | $ | 726 | $ | 726 | |||||
Building and leasehold improvements | 5,059 | 7,391 | |||||||
Furniture and equipment | 5,261 | 11,180 | |||||||
11,046 | 19,297 | ||||||||
Accumulated depreciation and amortization | (7,109 | ) | (15,367 | ) | |||||
Total property and equipment, net | $ | 3,937 | $ | 3,930 | |||||
During the three months ended October 31, 2013, the Company disposed of leasehold improvements, furniture and equipment, relating to the Company’s previous office facility (See Note 12), totaling $8,403,000 in addition to the corresponding depreciation and amortization of $8,403,000. There was no gain or loss recorded as a result of this disposition. |
Accounting_for_the_Costs_of_Co
Accounting for the Costs of Computer Software Developed for Internal Use | 6 Months Ended |
Oct. 31, 2013 | |
Internal Use Software [Abstract] | ' |
Accounting for the Costs of Computer Software Developed for Internal Use | ' |
Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use: | |
The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), “Accounting for the Costs of Computer Software Developed for Internal Use”. SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software’s estimated useful life in a systematic and rational manner. | |
The Company capitalized $1,230,000 and $839,000 related to the development of software for internal use for the six months ended October 31, 2013 and October 31, 2012, respectively, of which $1,191,000 and $758,000 are related to development costs for the digital production software project and $39,000 and $81,000 are related to a new fulfillment system, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is approximately 3 to 5 years. Total amortization expenses for the six months ended October 31, 2013 and October 31, 2012 were $839,000 and $617,000, respectively. |
Treasury_Stock_and_Repurchase_
Treasury Stock and Repurchase Program | 6 Months Ended | |||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||
Treasury Stock [Abstract] | ' | |||||||||||||||||
Treasury Stock and Repurchase Program | ' | |||||||||||||||||
Note 11 - Treasury Stock and Repurchase Program: | ||||||||||||||||||
On September 19, 2012, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000. The repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date. | ||||||||||||||||||
Treasury stock, at cost, consists of the following: | ||||||||||||||||||
(in thousands except for shares and cost per share) | Shares | Total Average | Average Cost | Aggregate Purchase Price | ||||||||||||||
Cost Assigned | per Share | Remaining Under the Program | ||||||||||||||||
Balance as of April 30, 2013 (1)(2)(3) | 123,572 | $ | 1,572 | $ | 12.72 | $ | 2,818 | |||||||||||
Purchases effected in open market during the quarters ended: | ||||||||||||||||||
July 31, 2013 | 25,723 | 226 | $ | 8.82 | $ | 2,592 | ||||||||||||
October 31, 2013 | 13,428 | 123 | $ | 9.13 | $ | 2,469 | ||||||||||||
Balance as of October 31, 2013 | 162,723 | $ | 1,921 | $ | 11.81 | |||||||||||||
(1) Includes 18,400 shares with a total average cost of $354,000 that were acquired prior to the repurchase program authorized in January 2011. | ||||||||||||||||||
(2) 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. | ||||||||||||||||||
(3) Includes 19,953 shares with a total average cost of $182,000 that were acquired during the new repurchase program authorized in September 2012. |
Lease_Commitments
Lease Commitments | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||
Lease Commitments | ' | |||||||||||||
Note 12 - Lease Commitments: | ||||||||||||||
On June 4, 1993, the Company entered into a 15 year lease agreement to provide primary office space. The lease included free rental periods as well as scheduled base rent escalations over the term of the lease. In April 2007, the Company extended the term for 5 additional years at a market rental rate to May 2013. The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease. | ||||||||||||||
On February 7, 2013, the Company and Citibank, N.A. (the “Sublandlord”) entered into a sublease agreement, pursuant to which Value Line has leased approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (“Building” or “Premises”) beginning on July 1, 2013 and ending on February 27, 2017 (“Sublease”). On August 16, 2013, the Company moved to the Building which became its new corporate office facility. Base rent under the Sublease is $1,468,269 per annum, subject to customary concessions in the Company’s favor and pass-through of certain increases in operating costs and real estate taxes. The Company provided a security deposit in cash in the amount of $489,423, which is to be partially returned over the course of the sublease term. The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. The Sublease terms have provided for a significant decrease in the Company’s annual rental expenses. The Company recorded a deferred charge on its Consolidated Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease due to free rent for the first six months of the sublease. | ||||||||||||||
Value Line reached an agreement with its previous landlord to extend the term of the expired lease for its previous corporate office facility, which expired on May 31, 2013, for a period of three and a half months from June 1, 2013 to September 15, 2013 (“Lease Modification”) at a rental which approximated the Company’s monthly rent payments under the expired lease obligation. | ||||||||||||||
Rental expenses for the six months ended October 31, 2013 and October 31, 2012 were $1,638,000 and $1,255,000, respectively. The increase in rent expense during fiscal 2014 included additional short term overlapping rent expense of $771,000 for the previously occupied office facilities during the lease extension which ended September 15, 2013. | ||||||||||||||
As of October 31, 2013 future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows: | ||||||||||||||
Twelve Months ended October 31, | Previous Lease | Current New | Total | |||||||||||
Sublease | ||||||||||||||
($ in thousands) | ||||||||||||||
2014 | $ | - | $ | 1,224 | $ | 1,224 | ||||||||
2015 | - | 1,468 | 1,468 | |||||||||||
2016 | - | 1,468 | 1,468 | |||||||||||
2017 | - | 490 | 490 | |||||||||||
$ | - | $ | 4,650 | $ | 4,650 | |||||||||
As of October 31, 2012 future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, were as follows: | ||||||||||||||
Twelve Months ended October 31, | Previous Lease | New Sublease | Total | |||||||||||
($ in thousands) | ||||||||||||||
2013 | $ | 2,800 | $ | - | $ | 2,800 | ||||||||
$ | 2,800 | $ | - | $ | 2,800 |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates: | |||||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation: | |||||||||||||||||
The Company follows the guidance in the Financial Accounting Standards Board’s (“FASB”) Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity (“VIE”). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity’s economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 3). | |||||||||||||||||
In accordance with FASB’s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. On December 23, 2010, the Company completed the deconsolidation of the investment management related affiliates (the “Restructuring Transaction”) in accordance with FASB’s Topic 810. As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). The Company relied on the guidance in FASB’s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Condensed Statements of Income. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition: | |||||||||||||||||
Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities. | |||||||||||||||||
Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (“ETFs”). The Company earns asset-based copyright data fees as specified in the individual agreements. Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value. | |||||||||||||||||
Investment in Unconsolidated Entities | ' | ||||||||||||||||
Investment in Unconsolidated Entities: | |||||||||||||||||
The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC 323. The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee. | |||||||||||||||||
The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a “non-voting revenues interest” and a “non-voting profits interest” in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding ES’s distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM’s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to the Restructuring Date, the Company’s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM’s subsidiary ES. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM’s revenues and profits. | |||||||||||||||||
Valuation of Securities | ' | ||||||||||||||||
Valuation of Securities: | |||||||||||||||||
The Company’s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in ETFs, shares of equity securities in various publicly traded companies and bank certificates of deposits and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB’s ASC 820. The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders’ equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method. | |||||||||||||||||
The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. | |||||||||||||||||
Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act. | |||||||||||||||||
The Fair Value Measurements Topic of FASB’s ASC 820 defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | |||||||||||||||||
The three-tier hierarchy of inputs is summarized in the three broad levels listed below. | |||||||||||||||||
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) | |||||||||||||||||
The following summarizes the levels of fair value measurements of the Company’s investments: | |||||||||||||||||
As of October 31, 2013 | |||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 3,084 | $ | - | $ | - | $ | 3,084 | |||||||||
Securities available-for-sale | 7,966 | - | - | 7,966 | |||||||||||||
$ | 11,050 | $ | - | $ | - | $ | 11,050 | ||||||||||
As of April 30, 2013 | |||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 6,312 | $ | - | $ | - | $ | 6,312 | |||||||||
Securities available-for-sale | 6,682 | - | - | 6,682 | |||||||||||||
$ | 12,994 | $ | - | $ | - | $ | 12,994 | ||||||||||
The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended October 31, 2013 and April 30, 2013, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement. | |||||||||||||||||
Advertising expenses | ' | ||||||||||||||||
Advertising expenses: | |||||||||||||||||
The Company expenses advertising costs as incurred. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes: | |||||||||||||||||
The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB’s ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Condensed Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. | |||||||||||||||||
The Income Tax Topic of the FASB’s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of October 31, 2013, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company’s financial statements. | |||||||||||||||||
Earnings per share | ' | ||||||||||||||||
Earnings per share: | |||||||||||||||||
Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents: | |||||||||||||||||
For purposes of the Consolidated Condensed Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of October 31, 2013 and April 30, 2013, cash equivalents included $3,084,000 and $6,312,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Schedule of levels of fair value measurements of investments | ' | ||||||||||||||||
As of October 31, 2013 | |||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 3,084 | $ | - | $ | - | $ | 3,084 | |||||||||
Securities available-for-sale | 7,966 | - | - | 7,966 | |||||||||||||
$ | 11,050 | $ | - | $ | - | $ | 11,050 | ||||||||||
As of April 30, 2013 | |||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 6,312 | $ | - | $ | - | $ | 6,312 | |||||||||
Securities available-for-sale | 6,682 | - | - | 6,682 | |||||||||||||
$ | 12,994 | $ | - | $ | - | $ | 12,994 |
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of carrying value and fair value of securities available-for-sale | ' | ||||||||||||||||
The carrying value and fair value of securities available-for-sale at October 31, 2013 were as follows: | |||||||||||||||||
($ in thousands) | Cost | Gross Unrealized | Gross | Fair Value | |||||||||||||
Gains | Unrealized | ||||||||||||||||
Losses | |||||||||||||||||
Common stocks | $ | 103 | $ | 52 | $ | (16 | ) | $ | 139 | ||||||||
ETFs - equities | 3,878 | 1,030 | (8 | ) | 4,900 | ||||||||||||
Inverse ETFs - equities | 3,537 | - | (610 | ) | 2,927 | ||||||||||||
$ | 7,518 | $ | 1,082 | $ | (634 | ) | $ | 7,966 | |||||||||
The carrying value and fair value of securities available-for-sale at April 30, 2013 were as follows: | |||||||||||||||||
($ in thousands) | Cost | Gross Unrealized | Gross | Fair Value | |||||||||||||
Gains | Unrealized | ||||||||||||||||
Losses | |||||||||||||||||
Common stocks | $ | 103 | $ | 27 | $ | (16 | ) | $ | 114 | ||||||||
ETFs - equities | 3,878 | 740 | - | 4,618 | |||||||||||||
Inverse ETFs - equities | 2,314 | - | (364 | ) | 1,950 | ||||||||||||
$ | 6,295 | $ | 767 | $ | (380 | ) | $ | 6,682 | |||||||||
Schedule of income from securities transactions | ' | ||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Dividend income | $ | 36 | $ | 30 | $ | 72 | $ | 57 | |||||||||
Other | (2 | ) | - | - | (1 | ) | |||||||||||
Total income from securities transactions, net | $ | 34 | $ | 30 | $ | 72 | $ | 56 | |||||||||
Schedule of components of EAM's investment management operations | ' | ||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
($ in thousands) (unaudited) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Investment management fees earned from the Value Line Funds, net of waivers shown below | $ | 3,580 | $ | 3,149 | $ | 7,065 | $ | 6,229 | |||||||||
12b-1 fees and other fees, net of waivers shown below | $ | 1,294 | $ | 985 | $ | 2,413 | $ | 1,876 | |||||||||
Other income | $ | 8 | $ | - | $ | 10 | $ | - | |||||||||
Investment management fee waivers (1) | $ | 23 | $ | 167 | $ | 47 | $ | 348 | |||||||||
12b-1 fee waivers (1) | $ | 379 | $ | 547 | $ | 902 | $ | 1,090 | |||||||||
Value Line’s non-voting revenues interest | $ | 1,663 | $ | 1,414 | $ | 3,261 | $ | 2,808 | |||||||||
EAM’s net income (2) | $ | 382 | $ | 230 | $ | 724 | $ | 388 | |||||||||
(1) During fiscal 2013, investment management fee waivers primarily related to the U.S. Government Money Market Fund (“USGMMF”) which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012. During fiscal 2014 and 2013, the 12b-1 fee waivers related to seven and nine of the Value Line Mutual Funds, respectively. | |||||||||||||||||
(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. | |||||||||||||||||
Schedule of assets and liabilities | ' | ||||||||||||||||
October 31, | April 30, | ||||||||||||||||
($ in thousands) | 2013 | 2013 | |||||||||||||||
(unaudited) | |||||||||||||||||
EAM’s total assets | $ | 59,498 | $ | 59,349 | |||||||||||||
EAM’s total liabilities (1) | (2,828 | ) | (2,814 | ) | |||||||||||||
EAM’s total equity | $ | 56,670 | $ | 56,535 | |||||||||||||
(1) At October 31, 2013 and April 30, 2013, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,835,000 and $1,621,000, respectively. |
Variable_Interest_Entity_Table
Variable Interest Entity (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Variable Interest Entity [Abstract] | ' | ||||||||||||||||
Schedule of total assets, the maximum exposure to loss, value of the assets and liabilities in EAM | ' | ||||||||||||||||
Value Line | |||||||||||||||||
($ in thousands) | VIE Assets | Investment in | Liabilities | Maximum | |||||||||||||
EAM Trust (1) | Exposure to | ||||||||||||||||
Loss | |||||||||||||||||
As of October 31, 2013 (unaudited) | $ | 59,498 | $ | 57,761 | $ | - | $ | 57,761 | |||||||||
As of April 30, 2013 | $ | 59,349 | $ | 57,511 | $ | - | $ | 57,511 | |||||||||
(1) Reported within Long Term Assets on the Consolidated Condensed Balance Sheets. |
Supplementary_Cash_Flow_Inform1
Supplementary Cash Flow Information (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of cash flow supplemental disclosures | ' | ||||||||
Six Months Ended October 31, | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
State and local income tax payments | $ | (46 | ) | $ | (19 | ) | |||
Federal income tax payments to the Parent | $ | (354 | ) | $ | (230 | ) |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Comprehensive Income (Loss) Note [Abstract] | ' | ||||||||||||
Schedule of components of comprehensive income included in the consolidated condensed statements of income and changes in shareholders' equity | ' | ||||||||||||
The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the six months ended October 31, 2013 are as follows: | |||||||||||||
($ in thousands) | Amount Before | Tax Expense | Amount Net of | ||||||||||
Tax | Tax | ||||||||||||
Change in unrealized gains on securities | $ | 61 | $ | (21 | ) | $ | 40 | ||||||
$ | 61 | $ | (21 | ) | $ | 40 | |||||||
The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders’ Equity for the six months ended October 31, 2012 are as follows: | |||||||||||||
($ in thousands) | Amount Before | Tax Expense | Amount Net of | ||||||||||
Tax | Tax | ||||||||||||
Change in unrealized gains on securities | $ | 41 | $ | (14 | ) | $ | 27 | ||||||
$ | 41 | $ | (14 | ) | $ | 27 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Schedule of non voting revenues interest and non voting profits interests | ' | ||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Non-voting revenues interest in EAM | $ | 1,663 | $ | 1,414 | $ | 3,261 | $ | 2,808 | |||||||||
Non-voting profits interest in EAM | 191 | 115 | 362 | 194 | |||||||||||||
$ | 1,854 | $ | 1,529 | $ | 3,623 | $ | 3,002 |
Federal_State_and_Local_Income1
Federal, State and Local Income Taxes (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of provision for income taxes | ' | ||||||||||||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Current tax expense: | |||||||||||||||||
Federal | $ | 838 | $ | 879 | $ | 1,054 | $ | 1,327 | |||||||||
State and local | 46 | 29 | 74 | 102 | |||||||||||||
884 | 908 | 1,128 | 1,429 | ||||||||||||||
Deferred tax expense: | |||||||||||||||||
Federal | 24 | (31 | ) | 530 | 436 | ||||||||||||
State and local | 10 | 30 | 91 | 117 | |||||||||||||
34 | (1 | ) | 621 | 553 | |||||||||||||
Income tax provision: | $ | 918 | $ | 907 | $ | 1,749 | $ | 1,982 | |||||||||
Schedule of components of deferred tax asset and deferred tax liability | ' | ||||||||||||||||
October 31, | April 30, | ||||||||||||||||
($ in thousands) | 2013 | 2013 | |||||||||||||||
Federal tax benefit (liability): | |||||||||||||||||
Unrealized gains on securities available-for-sale | $ | (158 | ) | $ | (136 | ) | |||||||||||
Operating lease deferred obligation | 70 | 13 | |||||||||||||||
Deferred professional fees | 39 | 49 | |||||||||||||||
Deferred charges | 277 | 265 | |||||||||||||||
Total federal tax benefit | 228 | 191 | |||||||||||||||
State and local tax benefits: | |||||||||||||||||
NYC UBT tax credit carryforward | 177 | - | |||||||||||||||
Other | 52 | 36 | |||||||||||||||
Total state and local tax benefits | 229 | 36 | |||||||||||||||
Deferred tax asset, short term | $ | 457 | $ | 227 | |||||||||||||
October 31, | April 30, | ||||||||||||||||
($ in thousands) | 2013 | 2013 | |||||||||||||||
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 | 2,302 | 1,642 | |||||||||||||||
Other | 358 | 262 | |||||||||||||||
Total federal tax liability | 19,720 | 18,964 | |||||||||||||||
State and local tax liabilities (benefits): | |||||||||||||||||
Deferred gain on deconsolidation of EAM | 2,243 | 2,243 | |||||||||||||||
Deferred non-cash post-employment compensation | (79 | ) | (79 | ) | |||||||||||||
Depreciation and amortization | 292 | 208 | |||||||||||||||
Deferred professional fees | (4 | ) | (10 | ) | |||||||||||||
Total state and local tax liabilities | 2,452 | 2,362 | |||||||||||||||
Deferred tax liability, long term | $ | 22,172 | $ | 21,326 | |||||||||||||
Schedule of effective income tax rate reconciliation | ' | ||||||||||||||||
Six Months Ended October 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
U.S. statutory federal rate | 35 | % | 35 | % | |||||||||||||
Increase (decrease) in tax rate from: | |||||||||||||||||
State and local income taxes, net of federal income tax benefit | 2.23 | % | 2.68 | % | |||||||||||||
Effect of dividends received deductions | -0.35 | % | -0.25 | % | |||||||||||||
Domestic production tax credit | -0.4 | % | -0.59 | % | |||||||||||||
Other, net | -0.12 | % | 0.34 | % | |||||||||||||
Effective income tax rate | 36.36 | % | 37.18 | % |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of property and equipment | ' | ||||||||
October 31, | April 30, | ||||||||
($ in thousands) | 2013 | 2013 | |||||||
Land | $ | 726 | $ | 726 | |||||
Building and leasehold improvements | 5,059 | 7,391 | |||||||
Furniture and equipment | 5,261 | 11,180 | |||||||
11,046 | 19,297 | ||||||||
Accumulated depreciation and amortization | (7,109 | ) | (15,367 | ) | |||||
Total property and equipment, net | $ | 3,937 | $ | 3,930 |
Treasury_Stock_and_Repurchase_1
Treasury Stock and Repurchase Program (Tables) | 6 Months Ended | |||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||
Treasury Stock [Abstract] | ' | |||||||||||||||||
Schedule of treasury stock, at cost | ' | |||||||||||||||||
(in thousands except for shares and cost per share) | Shares | Total Average | Average Cost | Aggregate Purchase Price | ||||||||||||||
Cost Assigned | per Share | Remaining Under the Program | ||||||||||||||||
Balance as of April 30, 2013 (1)(2)(3) | 123,572 | $ | 1,572 | $ | 12.72 | $ | 2,818 | |||||||||||
Purchases effected in open market during the quarters ended: | ||||||||||||||||||
July 31, 2013 | 25,723 | 226 | $ | 8.82 | $ | 2,592 | ||||||||||||
October 31, 2013 | 13,428 | 123 | $ | 9.13 | $ | 2,469 | ||||||||||||
Balance as of October 31, 2013 | 162,723 | $ | 1,921 | $ | 11.81 | |||||||||||||
(1) Includes 18,400 shares with a total average cost of $354,000 that were acquired prior to the repurchase program authorized in January 2011. | ||||||||||||||||||
(2) 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. | ||||||||||||||||||
(3) Includes 19,953 shares with a total average cost of $182,000 that were acquired during the new repurchase program authorized in September 2012. |
Lease_Commitments_Tables
Lease Commitments (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||
Schedule of future minimum payments | ' | |||||||||||||
As of October 31, 2013 future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows: | ||||||||||||||
Twelve Months ended October 31, | Previous Lease | Current New | Total | |||||||||||
Sublease | ||||||||||||||
($ in thousands) | ||||||||||||||
2014 | $ | - | $ | 1,224 | $ | 1,224 | ||||||||
2015 | - | 1,468 | 1,468 | |||||||||||
2016 | - | 1,468 | 1,468 | |||||||||||
2017 | - | 490 | 490 | |||||||||||
$ | - | $ | 4,650 | $ | 4,650 | |||||||||
As of October 31, 2012 future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, were as follows: | ||||||||||||||
Twelve Months ended October 31, | Previous Lease | New Sublease | Total | |||||||||||
($ in thousands) | ||||||||||||||
2013 | $ | 2,800 | $ | - | $ | 2,800 | ||||||||
$ | 2,800 | $ | - | $ | 2,800 |
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | $3,084 | $6,312 |
Securities available-for-sale | 7,966 | 6,682 |
Investments, fair value disclosure | 11,050 | 12,994 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 3,084 | 6,312 |
Securities available-for-sale | 7,966 | 6,682 |
Investments, fair value disclosure | 11,050 | 12,994 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Securities available-for-sale | ' | ' |
Investments, fair value disclosure | ' | ' |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Securities available-for-sale | ' | ' |
Investments, fair value disclosure | ' | ' |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies (Detail Textuals) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | EAM Trust | EAM Trust | EAM Trust | ||
Minimum | Maximum | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investment management fee revenues from its mutual fund and separate accounts business | ' | ' | ' | 41.00% | 55.00% |
Non-voting profits interest ("Profits Interest") | ' | ' | 50.00% | ' | ' |
Percentage of non voting profits interests due each quarter from EAM | ' | ' | 90.00% | ' | ' |
Short term investments (in dollars) | $3,084 | $6,312 | ' | ' | ' |
Investments_Carrying_value_and
Investments - Carrying value and fair value of securities available-for-sale (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Apr. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $7,518 | $6,295 |
Gross Unrealized Gains | 1,082 | 767 |
Gross Unrealized Losses | -634 | -380 |
Fair Value | 7,966 | 6,682 |
Common stocks | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 103 | 103 |
Gross Unrealized Gains | 52 | 27 |
Gross Unrealized Losses | -16 | -16 |
Fair Value | 139 | 114 |
ETFs - equities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 3,878 | 3,878 |
Gross Unrealized Gains | 1,030 | 740 |
Gross Unrealized Losses | -8 | ' |
Fair Value | 4,900 | 4,618 |
Inverse ETFs - equities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 3,537 | 2,314 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | -610 | -364 |
Fair Value | $2,927 | $1,950 |
Investments_Composition_of_inc
Investments - Composition of income from securities transactions (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Investment Income, Net [Abstract] | ' | ' | ' | ' |
Dividend income | $36 | $30 | $72 | $57 |
Other | -2 | ' | ' | -1 |
Total income from securities transactions, net | $34 | $30 | $72 | $56 |
Investments_Components_of_EAMs
Investments - Components of EAM's investment management operations (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | ||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ||||
Value Line's non-voting revenues interest | $1,663 | $1,414 | $3,261 | $2,808 | ||||
EAM's net income | 1,616 | 1,572 | 3,061 | 3,348 | ||||
EAM Trust | ' | ' | ' | ' | ||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ||||
Investment management fees earned from the Value Line Funds, net of waivers shown below | 3,580 | 3,149 | 7,065 | 6,229 | ||||
12b-1 fees and other fees, net of waivers shown below | 1,294 | 985 | 2,413 | 1,876 | ||||
Other income | 8 | ' | 10 | ' | ||||
Investment management fee waivers | 23 | [1] | 167 | [1] | 47 | [1] | 348 | [1] |
12b-1 fee waivers | 379 | [1] | 547 | [1] | 902 | [1] | 1,090 | [1] |
Value Line's non-voting revenues interest | 1,663 | 1,414 | 3,261 | 2,808 | ||||
EAM's net income | $382 | [2] | $230 | [2] | $724 | [2] | $388 | [2] |
[1] | During fiscal 2013, investment management fee waivers primarily related to the U.S. Government Money Market Fund ("USGMMF") which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012. During fiscal 2014 and 2013, the 12b-1 fee waivers related to seven and nine of the Value Line Mutual Funds, respectively. | |||||||
[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. |
Investments_Components_of_asse
Investments - Components of assets and liabilities (Details 3) (EAM Trust, USD $) | Oct. 31, 2013 | Apr. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
EAM Trust | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
EAM's total assets | $59,498 | $59,349 | ||
EAM's total liabilities | -2,828 | [1] | -2,814 | [1] |
EAM's total equity | $56,670 | $56,535 | ||
[1] | At October 31, 2013 and April 30, 2013, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,835,000 and $1,621,000, respectively. |
Investments_Detail_Textuals
Investments (Detail Textuals) (USD $) | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Aggregate cost of equity securities available for sale | $7,518,000 | ' | $6,295,000 |
Fair value of equity securities | 7,966,000 | ' | 6,682,000 |
Increase (decreases) in gross unrealized gains on equity securities classified as available-for-sale | 61,000 | 41,000 | ' |
Accumulated other comprehensive income, net of tax | 291,000 | ' | 251,000 |
Equity Securities | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Aggregate cost of equity securities available for sale | 7,518,000 | ' | 6,295,000 |
Fair value of equity securities | 7,966,000 | ' | 6,682,000 |
Increase (decreases) in gross unrealized gains on equity securities classified as available-for-sale | 61,000 | 41,000 | ' |
Deferred taxes on unrealized gains on securities | 21,000 | 14,000 | ' |
Accumulated other comprehensive income, net of tax | 448,000 | ' | 387,000 |
Deferred taxes on accumulated other comprehensive income | $157,000 | ' | $136,000 |
Investments_Equity_Method_Inve
Investments - Equity Method Investment (Detail Textuals 1) (USD $) | 6 Months Ended | |||
Oct. 31, 2013 | Apr. 30, 2013 | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Investment in EAM Trust | $57,761,000 | $57,511,000 | ||
EAM Trust | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Investment in EAM Trust | 57,761,000 | [1] | 57,511,000 | [1] |
Fair value of contributed capital at inception | 55,805,000 | 55,805,000 | ||
Cash and liquid securities in excess of working capital requirements contributed to capital account | 5,820,000 | 5,820,000 | ||
Non-voting profits interest ("Profits Interest") | 50.00% | ' | ||
Payable to VLI for its accrued non-voting revenues and non-voting profits interests | $1,835,000 | $1,621,000 | ||
[1] | Reported within Long Term Assets on the Consolidated Condensed Balance Sheets. |
Variable_Interest_Entity_Total
Variable Interest Entity - Total assets of EAM, maximum exposure to loss due to involvement with EAM and value of assets and liabilities (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ||
Investment in EAM Trust | $57,761 | $57,511 | ||
EAM Trust | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
VIE Assets | 59,498 | 59,349 | ||
Investment in EAM Trust | 57,761 | [1] | 57,511 | [1] |
Liabilities | ' | ' | ||
Maximum Exposure to Loss | $57,761 | $57,511 | ||
[1] | Reported within Long Term Assets on the Consolidated Condensed Balance Sheets. |
Variable_Interest_Entity_Detai
Variable Interest Entity (Detail textuals) (EAM Trust) | 6 Months Ended |
Oct. 31, 2013 | |
EAM Trust | ' |
Variable Interest Entity [Line Items] | ' |
Non-voting profits interest in EAM | 50.00% |
Supplementary_Cash_Flow_Inform2
Supplementary Cash Flow Information (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
State and local income tax payments | ($46) | ($19) |
Federal income tax payments to the Parent | ($354) | ($230) |
Employees_Profit_Sharing_and_S1
Employees' Profit Sharing and Savings Plan (Detail Textuals) (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Compensation Related Costs [Abstract] | ' | ' |
Estimated profit sharing plan contribution included in salaries and employee benefits | $155,000 | $70,000 |
Comprehensive_Income_Component
Comprehensive Income - Components of comprehensive income that are included in Consolidated Statement of Changes in Shareholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 |
Comprehensive Income (Loss) Note [Abstract] | ' | ' | ' |
Change in unrealized gains on securities, Before Tax | ' | $61 | $41 |
Change in unrealized gains on securities, Tax Expense | ' | -21 | -14 |
Change in unrealized gains on securities, Net of Tax | ' | 40 | 27 |
Other comprehensive income (loss), available-for-sale securities adjustment, Before Tax | ' | 61 | 41 |
Other comprehensive income (loss), available-for-sale securities, Tax Expense | ' | -21 | -14 |
Other comprehensive income (loss), available-for-sale securities adjustment, Net of Tax | $42 | $40 | $27 |
Related_Party_Transactions_Inc
Related Party Transactions - Income from its non-voting revenues interest and its non-voting profits interests in EAM (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Non-voting revenues interest in EAM | $1,663 | $1,414 | $3,261 | $2,808 |
Non-voting profits interest in EAM | 191 | 115 | 362 | 194 |
Revenues and profits interests in EAM Trust | $1,854 | $1,529 | $3,623 | $3,002 |
Related_Party_Transactions_Det
Related Party Transactions (Detail Textuals) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | |
Value Line Inc | Value Line Inc | Value Line Inc | Value Line Inc | EAM Trust | EAM Trust | EAM Trust | EAM Trust | |||
Investment in EAM Trust | Investment in EAM Trust | Minimum | Maximum | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets of value line funds managed by EAM | ' | ' | ' | ' | ' | ' | $2,300,000,000 | $2,000,000,000 | ' | ' |
Percentage of assets increased in funds | ' | ' | ' | ' | ' | ' | 13.20% | ' | ' | ' |
Percentage of non voting profits interests due each quarter from EAM | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' |
Non voting profits interest in variable entity not yet paid | ' | ' | ' | ' | 1,835,000 | 1,621,000 | ' | ' | ' | ' |
Investment management fee revenues from its mutual fund and separate accounts business | ' | ' | ' | ' | ' | ' | ' | ' | 41.00% | 55.00% |
Reimbursed income | ' | ' | 101,000 | 88,000 | ' | ' | ' | ' | ' | ' |
Percentage of ownership in outstanding shares of common stock of the company by parent | ' | ' | 87.77% | ' | ' | ' | ' | ' | ' | ' |
Federal income tax payments to the parent | $354,000 | $230,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Federal_State_and_Local_Income2
Federal, State and Local Income Taxes - Provision for income taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Current tax expense: | ' | ' | ' | ' |
Federal | $838 | $879 | $1,054 | $1,327 |
State and local | 46 | 29 | 74 | 102 |
Current tax expense | 884 | 908 | 1,128 | 1,429 |
Deferred tax expense: | ' | ' | ' | ' |
Federal | 24 | -31 | 530 | 436 |
State and local | 10 | 30 | 91 | 117 |
Deferred tax expense | 34 | -1 | 621 | 553 |
Income tax provision: | $918 | $907 | $1,749 | $1,982 |
Federal_State_and_Local_Income3
Federal, State and Local Income Taxes - Tax effect of temporary differences in deferred tax asset and deferred tax liability (Details 1) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets and Liabilities [Line Items] | ' | ' |
Total federal tax benefit | $457 | $227 |
Total federal, state and local tax liabilities | 22,172 | 21,326 |
Federal Tax Benefit (Liability) | ' | ' |
Deferred Tax Assets and Liabilities [Line Items] | ' | ' |
Unrealized gains on securities available-for-sale | -158 | -136 |
Operating lease deferred obligation | 70 | 13 |
Deferred professional fees | 39 | 49 |
Deferred charges | 277 | 265 |
Total federal tax benefit | 228 | 191 |
Deferred gain on deconsolidation of EAM | 17,679 | 17,679 |
Deferred non-cash post-employment compensation | -619 | -619 |
Depreciation and amortization | 2,302 | 1,642 |
Other | 358 | 262 |
Total federal, state and local tax liabilities | 19,720 | 18,964 |
State and Local Tax Liability (Benefit) | ' | ' |
Deferred Tax Assets and Liabilities [Line Items] | ' | ' |
NYC UBT tax credit carryforward | 177 | ' |
Other | 52 | 36 |
Total federal tax benefit | 229 | 36 |
Deferred gain on deconsolidation of EAM | 2,243 | 2,243 |
Deferred non-cash post-employment compensation | -79 | -79 |
Depreciation and amortization | 292 | 208 |
Deferred professional fees | -4 | -10 |
Total federal, state and local tax liabilities | $2,452 | $2,362 |
Federal_State_and_Local_Income4
Federal, State and Local Income Taxes - Provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate (Details 2) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' |
U.S. statutory federal rate | 35.00% | 35.00% |
Increase (decrease) in tax rate from: | ' | ' |
State and local income taxes, net of federal income tax benefit | 2.23% | 2.68% |
Effect of dividends received deductions | -0.35% | -0.25% |
Domestic production tax credit | -0.40% | -0.59% |
Other, net | -0.12% | 0.34% |
Effective income tax rate | 36.36% | 37.18% |
Federal_State_and_Local_Income5
Federal, State and Local Income Taxes (Detail Textuals) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective income tax rate | 36.36% | 37.18% |
Property_and_Equipment_Compone
Property and Equipment - Components of property and equipment, net (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land | $726 | $726 |
Building and leasehold improvements | 5,059 | 7,391 |
Furniture and equipment | 5,261 | 11,180 |
Property and equipment, gross | 11,046 | 19,297 |
Accumulated depreciation and amortization | -7,109 | -15,367 |
Total property and equipment, net | $3,937 | $3,930 |
Property_and_Equipment_Detail_
Property and Equipment (Detail Textuals) (USD $) | 3 Months Ended |
Oct. 31, 2013 | |
Airline Property, Plant, and Equipment [Abstract] | ' |
Disposal of leasehold improvements and furniture and equipment | $8,403,000 |
Depreciation and amortization | $8,403,000 |
Accounting_for_the_Costs_of_Co1
Accounting for the Costs of Computer Software Developed for Internal Use (Detail Textuals) (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Capitalized cost of development of software for internal use | $1,230,000 | $839,000 |
Development costs for digital production software project | 1,191,000 | 758,000 |
Development costs related to new fulfillment system | 39,000 | 81,000 |
Amortization expense | $839,000 | $617,000 |
Computer Software Developed For Internal Use | Minimum | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Expected useful life of asset | '3 years | ' |
Computer Software Developed For Internal Use | Maximum | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Expected useful life of asset | '5 years | ' |
Treasury_Stock_and_Repurchase_2
Treasury Stock and Repurchase Program - Components of treasury stock, at cost (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | ||
Shares | ' | ' | ' | ' | ||
Balance as of April 30, 2013 | ' | 123,572 | [1],[2],[3] | 123,572 | [1],[2],[3] | ' |
Purchases effected in open market | 13,428 | 25,723 | ' | ' | ||
Balance as of October 31, 2013 | 162,723 | ' | 162,723 | ' | ||
Total Average Cost Assigned | ' | ' | ' | ' | ||
Balance as of April 30, 2013 | ' | $1,572 | [1],[2],[3] | $1,572 | [1],[2],[3] | ' |
Purchases effected in open market | 123 | 226 | 349 | 30 | ||
Balance as of October 31, 2013 | 1,921 | ' | 1,921 | ' | ||
Average Cost per Share | ' | ' | ' | ' | ||
Balance as of April 30, 2013 | ' | $12.72 | [1],[2],[3] | $12.72 | [1],[2],[3] | ' |
Purchases effected in open market | $9.13 | $8.82 | ' | ' | ||
Balance as of October 31, 2013 | $11.81 | ' | $11.81 | ' | ||
Aggregate Purchase Price Remaining Under the Program | ' | ' | ' | ' | ||
Balance as of April 30, 2013 | ' | 2,818 | [1],[2],[3] | 2,818 | [1],[2],[3] | ' |
Purchases effected in open market | $2,469 | $2,592 | ' | ' | ||
[1] | Includes 18,400 shares with a total average cost of $354,000 that were acquired prior to the repurchase program authorized in January 2011. | |||||
[2] | 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. | |||||
[3] | Includes 19,953 shares with a total average cost of $182,000 that were acquired during the new repurchase program authorized in September 2012. |
Treasury_Stock_and_Repurchase_3
Treasury Stock and Repurchase Program (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 19, 2012 | Jan. 31, 2011 | Jan. 31, 2011 |
September 2012 Share Repurchase Program | January 2011 Share Repurchase Program | Former Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Authorized repurchase amount of common stock | ' | ' | ' | ' | $3,000,000 | ' | ' |
Number of treasury shares | 13,428 | 25,723 | ' | ' | 19,953 | 18,400 | 85,219 |
Total average cost | $123 | $226 | $349 | $30 | $182,000 | $354,000 | $1,036,000 |
Lease_Commitments_Future_minim
Lease Commitments - Future minimum payments under operating lease (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Operating Leased Assets [Line Items] | ' | ' |
2013 | ' | $2,800 |
2014 | 1,224 | ' |
2015 | 1,468 | ' |
2016 | 1,468 | ' |
2017 | 490 | ' |
Operating leases, total | 4,650 | 2,800 |
Previous Lease | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
2013 | ' | 2,800 |
2014 | ' | ' |
2015 | ' | ' |
2016 | ' | ' |
2017 | ' | ' |
Operating leases, total | ' | 2,800 |
New Sublease | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
2013 | ' | ' |
2014 | 1,224 | ' |
2015 | 1,468 | ' |
2016 | 1,468 | ' |
2017 | 490 | ' |
Operating leases, total | $4,650 | ' |
Lease_Commitments_Detail_Textu
Lease Commitments (Detail Textuals) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | |
Jun. 04, 1993 | Apr. 30, 2007 | Oct. 31, 2013 | Oct. 31, 2012 | Feb. 07, 2013 | |
Company and Citibank, N.A. (the "Sublandlord") | |||||
sqft | |||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' |
Term of lease | '15 years | ' | ' | ' | ' |
Extended term of lease | ' | '5 years | ' | ' | ' |
Area of land for lease | ' | ' | ' | ' | 44,493 |
Base rent under the sublease agreement per annum | ' | ' | ' | ' | $1,468,269 |
Security deposit in cash | ' | ' | ' | ' | 489,423 |
Rental expenses | ' | ' | 1,638,000 | 1,255,000 | ' |
Additional short term overlapping rent expense | ' | ' | $771,000 | ' | ' |