Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Jun. 30, 2015 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | VALUE LINE INC | ||
Entity Central Index Key | 717,720 | ||
Trading Symbol | valu | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 9,803,261 | ||
Entity Public Float | $ 18,406,297 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Current Assets: | ||
Cash and cash equivalents (including short term investments of $5,272 and $5,482, respectively) | $ 5,874 | $ 5,788 |
Securities available-for-sale | 9,632 | 9,226 |
Accounts receivable, net of allowance for doubtful accounts of $32 and $39, respectively | 1,409 | 1,206 |
Prepaid and refundable income taxes | 114 | 175 |
Prepaid expenses and other current assets | 1,460 | 1,507 |
Deferred income taxes | 356 | 364 |
Total current assets | 18,845 | 18,266 |
Long term assets: | ||
Investment in EAM Trust | 58,048 | 57,850 |
Property and equipment, net | 3,690 | 3,863 |
Capitalized software and other intangible assets, net | 6,838 | 6,896 |
Total long term assets | 68,576 | 68,609 |
Total assets | 87,421 | 86,875 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 1,787 | 2,429 |
Accrued salaries | 1,219 | 1,349 |
Dividends payable | 1,472 | 1,472 |
Accrued taxes on income | 226 | 316 |
Unearned revenue | 21,510 | 21,490 |
Total current liabilities | 26,214 | 27,056 |
Long term liabilities: | ||
Unearned revenue | 4,537 | 3,634 |
Deferred charges | 167 | 367 |
Deferred income taxes | 22,064 | 22,520 |
Total long term liabilities | 26,768 | 26,521 |
Total liabilities | 52,982 | 53,577 |
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 | 34,587 | 33,183 |
Treasury stock, at cost (190,504 shares and 182,071 shares, respectively) | (2,244) | (2,122) |
Accumulated other comprehensive income, net of tax | 105 | 246 |
Total shareholders' equity | 34,439 | 33,298 |
Total liabilities and shareholders' equity | $ 87,421 | $ 86,875 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Statement Of Financial Position [Abstract] | ||
Short term investments (in dollars) | $ 5,272 | $ 5,482 |
Allowance for doubtful accounts (in dollars) | $ 32 | $ 39 |
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 | 190,504 | 182,071 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Revenues: | |||
Investment periodicals and related publications | $ 32,676 | $ 33,598 | $ 31,940 |
Copyright data fees | 2,847 | 2,733 | 3,900 |
Total revenues | 35,523 | 36,331 | 35,840 |
Expenses: | |||
Advertising and promotion | 4,984 | 4,223 | 4,075 |
Salaries and employee benefits | 15,935 | 16,335 | 15,034 |
Production and distribution | 7,081 | 6,402 | 5,694 |
Office and administration | 5,124 | 6,870 | 6,917 |
Total expenses | 33,124 | 33,830 | 31,720 |
Income from operations | 2,399 | 2,501 | 4,120 |
Revenues and profits interests in EAM Trust | 7,970 | 7,499 | 6,260 |
Income from securities transactions, net | 126 | 178 | 126 |
Income before income taxes | 10,495 | 10,178 | 10,506 |
Income tax provision | 3,203 | 3,410 | 3,887 |
Net income | $ 7,292 | $ 6,768 | $ 6,619 |
Earnings per share, basic & fully diluted (in dollars per share) | $ 0.74 | $ 0.69 | $ 0.67 |
Weighted average number of common shares (in shares) | 9,813,623 | 9,839,155 | 9,888,774 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Net income | $ 7,292 | $ 6,768 | $ 6,619 |
Other comprehensive income/(loss), net of tax: | |||
Change in unrealized gains on securities, net of taxes | (141) | (5) | 166 |
Other comprehensive income/(loss) | (141) | (5) | 166 |
Comprehensive income/(loss) | $ 7,151 | $ 6,763 | $ 6,785 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 7,292 | $ 6,768 | $ 6,619 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,715 | 2,085 | 1,552 |
Non-voting revenues interest in EAM Trust | (7,346) | (6,767) | (5,781) |
Non-voting profits interest in EAM Trust | $ (624) | $ (732) | $ (479) |
Realized and unrealized losses on securities available-for-sale | |||
Deferred rent | $ (200) | $ 567 | |
Deferred income taxes | (237) | 464 | $ 1,078 |
Changes in operating assets and liabilities: | |||
Unearned revenue | 923 | 415 | (1,286) |
Reserve for settlement | 21 | 7 | (32) |
Operating lease exit obligation | (36) | (439) | |
Accounts payable & accrued expenses | (663) | (202) | (17) |
Accrued salaries | (130) | 149 | 92 |
Accrued taxes on income | (249) | 733 | 33 |
Prepaid and refundable income taxes | 61 | (175) | 779 |
Prepaid expenses and other current assets | 47 | 139 | (575) |
Accounts receivable | (203) | 72 | (376) |
Total adjustments | (5,885) | (3,281) | (5,451) |
Net cash provided by operating activities | 1,407 | $ 3,487 | $ 1,168 |
Purchases/sales of securities classified as available-for-sale: | |||
Proceeds from sales of equity securities | 57 | ||
Purchases of equity securities | (656) | $ (2,553) | $ (2,545) |
Distributions received from EAM Trust | 7,832 | 7,160 | 5,080 |
Acquisition of property and equipment | (120) | (206) | (331) |
Expenditures for capitalized software | (2,424) | (2,481) | (2,457) |
Net cash provided by (used for) investing activities | 4,689 | 1,920 | (253) |
Cash flows from financing activities: | |||
Purchase of treasury stock at cost | (122) | (550) | (182) |
Dividends paid | (5,888) | (5,909) | (5,935) |
Net cash used for financing activities | (6,010) | (6,459) | (6,117) |
Net change in cash and cash equivalents | 86 | (1,052) | (5,202) |
Cash and cash equivalents at beginning of year | 5,788 | 6,840 | 12,042 |
Cash and cash equivalents at end of year | $ 5,874 | $ 5,788 | $ 6,840 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common stock | Additional paid-in capital | Treasury Stock | Retained earnings | Accumulated Other Comprehensive income (loss) | Total | |
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 | 6,619 | 6,619 | |||||
Change in unrealized gains on securities, net of taxes | 166 | 166 | |||||
Purchase of treasury stock | $ (182) | $ (182) | [1] | ||||
Purchase of treasury stock (in shares) | (19,953) | (19,953) | [1] | ||||
Dividends declared | (5,932) | $ (5,932) | |||||
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 | 6,768 | 6,768 | |||||
Change in unrealized gains on securities, net of taxes | (5) | (5) | |||||
Purchase of treasury stock | $ (550) | $ (550) | [1] | ||||
Purchase of treasury stock (in shares) | (58,499) | (58,499) | [1] | ||||
Dividends declared | (5,900) | $ (5,900) | |||||
Balance at Apr. 30, 2014 | $ 1,000 | 991 | $ (2,122) | 33,183 | 246 | 33,298 | |
Balance (in shares) at Apr. 30, 2014 | 10,000,000 | (182,071) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 7,292 | 7,292 | |||||
Change in unrealized gains on securities, net of taxes | (141) | (141) | |||||
Purchase of treasury stock | $ (122) | $ (122) | [1] | ||||
Purchase of treasury stock (in shares) | (8,433) | (8,433) | [1] | ||||
Dividends declared | (5,888) | $ (5,888) | |||||
Balance at Apr. 30, 2015 | $ 1,000 | $ 991 | $ (2,244) | $ 34,587 | $ 105 | $ 34,439 | |
Balance (in shares) at Apr. 30, 2015 | 10,000,000 | (190,504) | |||||
[1] | Were acquired during the $3 million repurchase program authorized in September 2012. |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |||||||||||
Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 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 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2015 | |
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. Prior to December 23, 2010 (the “Restructuring Date”), VLI, through its direct subsidiary EULAV Asset Management LLC (“EAM LLC”), provided investment management services to the Value Line Mutual Funds (“Value Line Funds” or the “Funds”), institutions and individual accounts, and, through EAM LLC’s subsidiary EULAV Securities, Inc. (“ESI”), provided distribution, marketing, and administrative services to the Value Line Funds. On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management Trust, a Delaware business statutory trust (“EAM” or “EAM Trust”), the successor to EAM LLC and the sole member of EULAV Securities LLC (“ES”), the successor to ESI, (the “Restructuring Transaction”). Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the “EAM Trust Agreement”), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds. 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 5). 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 Restructuring Transaction and deconsolidated the related affiliates 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 significant 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 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. EAM earns investment management fees from the Value Line Funds. The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds. The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees. EAM had no separately managed accounts as of April 30, 2015 or April 30, 2014. Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals. 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 EULAV Securities’ 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 EULAV Securities. 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 equities including ETFs, and deposits in savings accounts at large commercial banks 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 the Company’s 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 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 April 30, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,272 $ - $ - $ 5,272 Securities available-for-sale 9,632 - - 9,632 $ 14,904 $ - $ - $ 14,904 As of April 30, 2014 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,482 $ - $ - $ 5,482 Securities available-for-sale 9,226 - - 9,226 $ 14,708 $ - $ - $ 14,708 The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2015 and April 30, 2014, 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 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 April 30, 2015, 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 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 April 30, 2015 and April 30, 2014, cash equivalents included $5,272,000 and $5,482,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities. Expenses Related to Settlement: The Company expenses all costs associated with a Fair Fund as incurred (see Note 15 “Expenses for Settlement”). |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Apr. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary Cash Flow Information | Note 2-Supplementary Cash Flow Information: Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 State and local income tax payments $ 238 $ 114 $ 120 Federal income tax payments to the Parent $ 3,366 $ 2,254 $ 1,877 See Note 3-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (“AB&Co.” or the “Parent”). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3-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 April 30, 2015, were $2.40 billion, which is $46 million, or 2.0%, above total assets of $2.35 billion in the Value Line Funds managed by EAM at April 30, 2014. In January 2015, the Value Line VIP Equity Advantage Fund was launched. The fund is an open end fund that invests primarily in a basket of closed-end funds. The fund is exclusively available in the Guardian Pro Series Variable Annuities. EAM partnered with Worthington Capital Management, a $2 billion Memphis based investment adviser, to create and launch the Worthington Value Line Equity Advantage Fund which started in February 2015. The fund, similar to VIP, uses a proprietary model created by Worthington, EAM, and Value Line Publishing LLC, to identify which closed end funds to hold in the portfolio and is available in the retail and RIA (registered investment advisers) channels. In March 2015, Value Line Larger Companies Fund was renamed Value Line Larger Companies Focused Fund and Value Line Fund was renamed Value Line Mid Cap Focused Fund. The names were changed to emphasize both portfolios focus on high conviction ideas in the large cap and mid cap securities, respectively. In March 2015, Reich & Tang announced it will be liquidating the Daily Income Fund in July 2015. EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds’ shareholders to exchange into and is now available in place of the Daily Income Fund. The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and at least 90% of the Company’s 50% interest in the residual profits of EAM which are payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues calculated each fiscal quarter was 49.18%, 49.63%, 49.80% and 49.87% during the first, second, third and fourth quarters of fiscal 2015, respectively, and 46.66%, 47.27%, 47.91% and 48.66% during the first, second, third and fourth quarters of fiscal 2014, respectively. 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 Consolidated Balance Sheets, and not yet paid, were $1,951,000 and $1,887,000 at April 30, 2015 and April 30, 2014, respectively. EAM Trust - VLI’s non-voting revenues and non-voting profits interests: The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM’s investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows: Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 Non-voting revenues interest in EAM $ 7,346 $ 6,767 $ 5,781 Non-voting profits interest in EAM 624 732 479 $ 7,970 $ 7,499 $ 6,260 Transactions with Parent: During the fiscal years ended April 30, 2015 and April 30, 2014, the Company was reimbursed $171,000 and $220,000, respectively for payments it made on behalf of and services it provided to AB&Co. There were no receivables due from the Parent at April 30, 2015 or April 30, 2014. The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. For the years ended April 30, 2015, 2014, and 2013, the Company made payments to the Parent for federal income tax amounting to $3,366,000, $2,254,000, and $1,877,000, 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 April 30, 2015, the Parent owned 88% of the outstanding shares of common stock of the Company. |
Investments
Investments | 12 Months Ended |
Apr. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4-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 were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets. Equity Securities: Equity securities classified as available-for-sale on the Consolidated Balance Sheets, consist of investments in common stocks, ETFs that attempt to replicate the performance of certain equity indexes held for dividend yield, 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 April 30, 2015 and April 30, 2014, 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 $9,470,000 and $8,847,000, respectively, and the fair value was $9,632,000 and $9,226,000, respectively. There were capital gain distributions from certain ETF’s of $57,000 and $36,000, respectively, during fiscal years 2015 and 2014. The decreases in gross unrealized gains on equity securities classified as available-for-sale of $217,000, net of deferred taxes of $76,000, were included in Shareholders’ Equity at April 30, 2015. The decreases in gross unrealized gains on equity securities classified as available-for-sale of $8,000, net of deferred taxes of $3,000, were included in Shareholders’ Equity at April 30, 2014. There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2015 or April 30, 2014. The carrying value and fair value of securities available-for-sale at April 30, 2015 were as follows: ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Common stocks $ 101 $ 74 $ - $ 175 ETFs - equities 3,903 1,508 - 5,411 Inverse ETFs - equities 5,466 - (1,420 ) 4,046 $ 9,470 $ 1,582 $ (1,420 ) $ 9,632 The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows: ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Common stocks $ 101 $ 47 $ (12 ) $ 136 ETFs - equities 3,878 1,280 (2 ) 5,156 Inverse ETFs - equities 4,868 - (934 ) 3,934 $ 8,847 $ 1,327 $ (948 ) $ 9,226 Government Debt Securities (Fixed Income Securities): Fixed income securities held from time to time consist of government debt securities issued by the United States federal government. There were no fixed income securities as of April 30, 2015 or April 30, 2014. There were no sales or proceeds from maturities and sales of government debt securities classified as available-for-sale during the fiscal years ended April 30, 2015, 2014 and 2013. Income from securities transactions was comprised of the following: Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 Dividend income $ 157 $ 147 $ 124 Interest income 3 5 4 Capital gain distribution from ETFs (1) 57 36 - Exchange loss (16 ) - - Interest expense - (5 ) - Other (75 ) (5 ) (2 ) Total income/(loss) from securities transactions and other, net $ 126 $ 178 $ 126 (1) Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2015 and 2014, respectively. The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Financial Statements. Realized gains and losses are recorded on the trade date in the Consolidated Statements of Income when securities are sold, mature or are redeemed. As of April 30, 2015 and April 30, 2014, gross unrealized gains of $162,000 and $380,000, net of deferred taxes of $57,000 and $134,000, respectively, are recorded in Accumulated Other Comprehensive Income in the Consolidated Balance Sheets. Investment in Unconsolidated Entities: Equity Method Investment: As of April 30, 2015 and April 30, 2014, the Company’s investment in EAM Trust, on the Consolidated Balance Sheets was $58,048,000 and $57,850,000, respectively. The value of VLI’s investment in EAM at April 30, 2015 and April 30, 2014 reflects the fair value of contributed capital of $55,805,000 at inception, which included $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI’s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets. It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding. The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM did not record any impairment losses for its assets during the fiscal years 2015 or 2014. The components of EAM’s investment management operations, provided to the Company by EAM, were as follows: Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 15,014 $ 14,452 $ 12,773 12b-1 fees and other fees, net of waivers shown below $ 5,459 $ 5,061 $ 3,905 Other income $ 34 $ 16 $ 14 Investment management fee waivers and reimbursements (1) $ 192 $ 89 $ 379 12b-1 fee waivers (1) $ 1,518 $ 1,683 $ 2,156 Value Line’s non-voting revenues interest $ 7,346 $ 6,767 $ 5,781 EAM’s net income (2) $ 1,248 $ 1,464 $ 945 (1) During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively. During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and 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. In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds. Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds’ shareholders to exchange into and is now available in place of the Daily Income Fund. (2) Represents EAM’s net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. Fiscal Years Ended April 30, ($ in thousands) 2015 2014 EAM’s total assets $ 60,159 $ 59,965 EAM’s total liabilities (1) (3,104 ) (3,158 ) EAM’s total equity $ 57,055 $ 56,807 (1) At April 30, 2015 and 2014, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,951,000 and $1,887,000, respectively. |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Apr. 30, 2015 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | Note 5: 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 Balance Sheets for its interest in EAM. Value Line ($ in thousands) VIE Assets Investment in EAM Trust Liabilities Maximum Exposure to As of April 30, 2015 $ 60,159 $ 58,048 $ - $ 58,048 As of April 30, 2014 $ 59,965 $ 57,850 $ - $ 57,850 (1) Reported within Long Term Assets on Consolidated Balance Sheets. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6-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 Sheets was comprised of the following: As of April 30, ($ in thousands) 2015 2014 Land $ 726 $ 726 Building and leasehold improvements 5,037 5,024 Furniture and equipment 4,084 5,312 9,847 11,062 Accumulated depreciation and amortization (6,157 ) (7,199 ) Total property and equipment, net $ 3,690 $ 3,863 |
Federal, State and Local Income
Federal, State and Local Income Taxes | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Federal, State and Local Income Taxes | Note 7-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: Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 Current tax expense (benefit): Federal $ 3,197 $ 2,707 $ 2,679 State and local 243 239 130 3,440 2,946 2,809 Deferred tax expense (benefit): Federal (83 ) 572 728 State and local (154 ) (108 ) 350 (237 ) 464 1,078 Income tax provision: $ 3,203 $ 3,410 $ 3,887 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: Fiscal Years Ended April 30, ($ in thousands) 2015 2014 Federal tax benefit (liability): Unrealized gains on securities available-for-sale $ (57 ) $ (134 ) Operating lease exit obligation 70 70 Deferred professional fees 34 36 Deferred charges 263 327 Total federal tax benefit 310 299 State and local tax benefits: Other - deferred charges 46 65 Total state and local tax benefits 46 65 Deferred tax asset, short term $ 356 $ 364 Fiscal Years Ended April 30, ($ in thousands) 2015 2014 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 2,435 2,416 Other 401 646 Total federal tax liability 19,896 20,122 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 1,970 2,181 Deferred non-cash post-employment compensation (69 ) (76 ) Depreciation and amortization 271 298 Deferred professional fees (4 ) (5 ) Total state and local tax liabilities 2,168 2,398 Deferred tax liability, long term $ 22,064 $ 22,520 The tax effect of temporary differences giving rise to the Company’s long term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company’s asset management and mutual fund distribution subsidiaries, partially offset by the long term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI’s former employee. 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 rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2015, 2014 and 2013 were 30.52%, 33.50% and 37.00%, respectively. The Company’s annual effective tax rate will 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 and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2015 is primarily attributable to the writeoff of the tax bases of goodwill, effect of the reduction in the allocation factors on the state and local deferred tax liability (primarily the gain on deconsolidation of EAM), reversal of excess income tax accruals established in past years that were resolved upon completion of the prior NYC and IRS audits and an increase in the domestic production tax credits. The decrease in the effective income tax rate during fiscal 2014 is attributable to the lower percentage of income subject to state and local income taxes and a favorable settlement of a local income tax audit. The fluctuation in the effective income tax rate during fiscal 2013 is attributable to a higher percentage of income subject to state and local taxes offset by the recognition of the domestic production tax credits and an increase in the dividends received deduction during the current fiscal year. 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: Fiscal Years Ended April 30, 2015 2014 2013 U.S. statutory federal rate 35.00 % 35.00 % 35.00 % Increase (decrease) in tax rate from: State and local income taxes, net of federal income tax benefit -0.15 % 0.84 % 2.96 % Effect of dividends received deductions -0.40 % -0.33 % -0.27 % Write off goodwill -1.62 % - - Domestic production tax credit -0.44 % -0.58 % -0.52 % Other, net -1.87 % -1.43 % -0.17 % Effective income tax rate 30.52 % 33.50 % 37.00 % The Company believes that, as of April 30, 2015, 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 2013, 2012, and 2011 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities. During May 2014, New York City concluded its examination of the Company’s income tax returns for the three years through fiscal year 2011, which resulted in no changes that had any adverse effect on the Company’s financial statements. The Company’s tax returns for the fiscal years ended April 30, 2013 and 2012 are being examined by the Internal Revenue Service (IRS) and by New York City (NYC). The Company does not expect the audit examinations to have a material effect on its financial statements. |
Employees' Profit Sharing and S
Employees' Profit Sharing and Savings Plan | 12 Months Ended |
Apr. 30, 2015 | |
Compensation Related Costs [Abstract] | |
Employees' Profit Sharing and Savings Plan | Note 8-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 fiscal years ended April 30, 2015, 2014, and 2013, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $422,000, $373,000 and $240,000, respectively. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease Commitments | Note 9-Lease Commitments: 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. In March 2015 the Company received $122,355 from sublandlord. The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. The Sublease terms have provided for a significant decrease in the Company’s annual rental expenses. The Company recorded a deferred charge on its Consolidated Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease due to free rent for the first six months of the sublease. The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease. Future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows: Fiscal Years Ended April 30, Sublease ($ in thousands) 2016 $ 1,468 2017 1,224 2018 and thereafter - $ 2,692 For the fiscal years ended April 30, 2015, 2014, and 2013, rental expenses were $1,268,000, $2,213,000 and $2,509,000, respectively. The rental expenses during fiscal 2014 included additional one time overlapping rent of $771,000 for the previously occupied office facilities during the short term lease extension which ended September 15, 2013. The additional rent was offset by a significant decrease in the Company’s annual rental expenses for the New York City office facility under the sublease terms between Value Line, Inc. and Citibank. |
Disclosure of Credit Risk of Fi
Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Apr. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk | Note 10-Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk: Other than EAM and the Value Line Funds as explained in Note 3 - Related Party Transactions, no single customer accounted for a significant portion of the Company’s sales in fiscal 2015, 2014, or 2013, nor its accounts receivable as of April 30, 2015 or 2014. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Apr. 30, 2015 | |
Comprehensive Income (Loss) Note [Abstract] | |
Comprehensive Income | Note 11-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. Beginning fiscal 2013, 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 April 30, 2015, and April 30, 2014, the Company held equity securities consisting primarily of ETFs with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Balance Sheets. Additionally, as of April 30, 2015, and April 30, 2014, 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 Balance Sheets. The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2015 are as follows: Fiscal Year Ended April 30, 2015 ($ in thousands) Amount Before Tax Tax Expense/ (Benefit) Amount Net Change in unrealized gains on securities $ ( 274 ) $ 96 $ ( 178 ) Less: Gains realized in net income 57 (20 ) 37 $ (217 ) $ 76 $ (141 ) The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2014 are as follows: Fiscal Year Ended April 30, 2014 ($ in thousands) Amount Before Tax Tax Expense/ Amount Net Change in unrealized gains on securities $ 28 $ (10 ) $ 18 Less: Gains realized in net income (36 ) 13 (23 ) $ (8 ) $ 3 $ (5 ) The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2013 are as follows: Fiscal Year Ended April 30, 2013 ($ in thousands) Amount Before Tax Tax Expense Amount Net of Tax Change in unrealized gains on securities $ 256 $ (90 ) $ 166 $ 256 $ (90 ) $ 166 |
Accounting for the Costs of Com
Accounting for the Costs of Computer Software Developed for Internal Use | 12 Months Ended |
Apr. 30, 2015 | |
Internal Use Software [Abstract] | |
Accounting for the Costs of Computer Software Developed for Internal Use | Note 12-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 $2,422,000 and $2,481,000 related to the development of software for internal use for the twelve months ended April 30, 2015 and 2014, respectively, of which $2,414,000 and $2,416,000 related to development costs for the digital production software project and $8,000 and $65,000 related to a new fulfillment system, respectively. Total capitalized software includes $1,692,000 and $1,595,000 of internal costs to develop software and $730,000 and $886,000 of third party programmers’ costs for the years ended April 30, 2015, and April 30, 2014, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is 5 years. Total amortization expenses for the years ended April 30, 2015, 2014, and 2013 were $2,421,000, $1,812,000, and $1,295,000, respectively. Amortization expense in fiscal 2015 included accelerated write-off of $138,000 related to obsolete software. |
Treasury Stock and Repurchase P
Treasury Stock and Repurchase Program | 12 Months Ended |
Apr. 30, 2015 | |
Treasury Stock [Abstract] | |
Treasury Stock and Repurchase Program | Note 13 - 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 cost per share) Shares Total Average Cost Assigned Average Cost per Share Aggregate Purchase Price Balance as of April 30, 2012 (1) 103,619 $ 1,390 $ 13.41 $ - Purchases effected in open market (2) 19,953 $ 182 $ 9.13 $ 2,818 Balance as of April 30, 2013 123,572 $ 1,572 $ 12.72 $ 2,818 Purchases effected in open market (2) 58,499 $ 550 $ 9.41 $ 2,268 Balance as of April 30, 2014 182,071 $ 2,122 $ 11.65 $ 2,268 Purchases effected in open market (2) 8,433 $ 122 $ 14.47 $ 2,146 Balance as of April 30, 2015 190,504 $ 2,244 $ 11.78 $ 2,146 (1) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011. (2) Were acquired during the $3 million repurchase program authorized in September 2012. |
Copyright Data Fees
Copyright Data Fees | 12 Months Ended |
Apr. 30, 2015 | |
Copyright Data Fees [Abstract] | |
Copyright Data Fees | Note 14 - Copyright Data Fees: During the twelve months ended April 30, 2015, copyright data fees of $2,847,000 were 4.2% above fiscal 2014. As of April 30, 2015, total third party sponsored assets were attributable to five contracts for copyright data representing $2.25 billion in various products, as compared to four contracts for copyright data representing $2.28 billion in assets at April 30, 2014. The value of assets managed by third party sponsors was affected by a shift in assets in one of the underlying portfolios during April 2013 and then in February 2014 to a new subadviser which was beyond Value Line’s control. The Company signed a new copyright data contract in the third fiscal quarter of 2015, and the three new exchange-traded funds subject to that contract began trading in March 2015. |
Expenses for Settlement
Expenses for Settlement | 12 Months Ended |
Apr. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Expenses and Provision for Settlement | Note 15- Expenses for Settlement: As required by the Settlement, the SEC created a "Fair Fund" pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002. The Fair Fund is being used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement. The Company is required to bear costs associated with the Fair Fund administration, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution. The SEC has appointed A.B. Data, Ltd., which has no affiliation with the Company, as the Administrator of the Fair Fund. The provision for settlement included anticipated costs of Fair Fund administration estimated by Fair Fund administration as well as certain fees and costs arising from the Settlement Transaction. During fiscal 2015, 2014 and 2013, the Company expensed $75,000, $270,000 and $0, respectively, and made payments to the Administrator of the Fair Fund aggregating $67,000, $156,000 and $32,000, respectively. |
Business Segments
Business Segments | 12 Months Ended |
Apr. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | Note 16-Business Segments: Prior to December 23, 2010, (the Restructuring Transaction date), the Company operated two reportable business segments: (1) Publishing and (2) Investment Management. The Publishing segment, the Company’s only reportable segment subsequent to the Restructuring Transaction date, produces investment periodicals and related publications (retail and institutional) in both print and digital form, and includes copyright data fees for the Value Line Proprietary Ranking System information and other proprietary information. As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit. Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM. |
Organization and Summary of S25
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2015 | |
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 5). 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 Restructuring Transaction and deconsolidated the related affiliates 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 significant 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 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. EAM earns investment management fees from the Value Line Funds. The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds. The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the “1940 Act”). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees. EAM had no separately managed accounts as of April 30, 2015 or April 30, 2014. Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals. |
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 EULAV Securities’ 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 EULAV Securities. 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 equities including ETFs, and deposits in savings accounts at large commercial banks 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 the Company’s 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 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 April 30, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,272 $ - $ - $ 5,272 Securities available-for-sale 9,632 - - 9,632 $ 14,904 $ - $ - $ 14,904 As of April 30, 2014 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,482 $ - $ - $ 5,482 Securities available-for-sale 9,226 - - 9,226 $ 14,708 $ - $ - $ 14,708 The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2015 and April 30, 2014, 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 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 April 30, 2015, 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 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 April 30, 2015 and April 30, 2014, cash equivalents included $5,272,000 and $5,482,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities. |
Expenses Related to Settlement | Expenses Related to Settlement: The Company expenses all costs associated with a Fair Fund as incurred (see Note 15 “Expenses for Settlement”). |
Organization and Summary of S26
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Schedule of fair value measurements of investments | As of April 30, 2015 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,272 $ - $ - $ 5,272 Securities available-for-sale 9,632 - - 9,632 $ 14,904 $ - $ - $ 14,904 As of April 30, 2014 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,482 $ - $ - $ 5,482 Securities available-for-sale 9,226 - - 9,226 $ 14,708 $ - $ - $ 14,708 |
Supplementary Cash Flow Infor27
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash flow supplemental disclosures | Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 State and local income tax payments $ 238 $ 114 $ 120 Federal income tax payments to the Parent $ 3,366 $ 2,254 $ 1,877 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of non voting revenues interest and non voting profits interests | Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 Non-voting revenues interest in EAM $ 7,346 $ 6,767 $ 5,781 Non-voting profits interest in EAM 624 732 479 $ 7,970 $ 7,499 $ 6,260 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
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 April 30, 2015 were as follows: ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Common stocks $ 101 $ 74 $ - $ 175 ETFs - equities 3,903 1,508 - 5,411 Inverse ETFs - equities 5,466 - (1,420 ) 4,046 $ 9,470 $ 1,582 $ (1,420 ) $ 9,632 The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows: ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Common stocks $ 101 $ 47 $ (12 ) $ 136 ETFs - equities 3,878 1,280 (2 ) 5,156 Inverse ETFs - equities 4,868 - (934 ) 3,934 $ 8,847 $ 1,327 $ (948 ) $ 9,226 |
Schedule of income from securities transactions | Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 Dividend income $ 157 $ 147 $ 124 Interest income 3 5 4 Capital gain distribution from ETFs (1) 57 36 - Exchange loss (16 ) - - Interest expense - (5 ) - Other (75 ) (5 ) (2 ) Total income/(loss) from securities transactions and other, net $ 126 $ 178 $ 126 (1) Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2015 and 2014, respectively. |
Schedule of components of EAM's investment management operations | Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 15,014 $ 14,452 $ 12,773 12b-1 fees and other fees, net of waivers shown below $ 5,459 $ 5,061 $ 3,905 Other income $ 34 $ 16 $ 14 Investment management fee waivers and reimbursements (1) $ 192 $ 89 $ 379 12b-1 fee waivers (1) $ 1,518 $ 1,683 $ 2,156 Value Line’s non-voting revenues interest $ 7,346 $ 6,767 $ 5,781 EAM’s net income (2) $ 1,248 $ 1,464 $ 945 (1) During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively. During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and 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. In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds. Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds’ shareholders to exchange into and is now available in place of the Daily Income Fund. (2) Represents EAM’s net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. |
Schedule of assets and liabilities | Fiscal Years Ended April 30, ($ in thousands) 2015 2014 EAM’s total assets $ 60,159 $ 59,965 EAM’s total liabilities (1) (3,104 ) (3,158 ) EAM’s total equity $ 57,055 $ 56,807 (1) At April 30, 2015 and 2014, EAM’s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,951,000 and $1,887,000, respectively. |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Variable Interest Entity [Abstract] | |
Schedule of total assets, the maximum exposure to loss, value of the assets and liabilities in EAM | Value Line ($ in thousands) VIE Assets Investment in EAM Trust Liabilities Maximum Exposure to As of April 30, 2015 $ 60,159 $ 58,048 $ - $ 58,048 As of April 30, 2014 $ 59,965 $ 57,850 $ - $ 57,850 (1) Reported within Long Term Assets on Consolidated Balance Sheets. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | As of April 30, ($ in thousands) 2015 2014 Land $ 726 $ 726 Building and leasehold improvements 5,037 5,024 Furniture and equipment 4,084 5,312 9,847 11,062 Accumulated depreciation and amortization (6,157 ) (7,199 ) Total property and equipment, net $ 3,690 $ 3,863 |
Federal, State and Local Inco32
Federal, State and Local Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Fiscal Years Ended April 30, ($ in thousands) 2015 2014 2013 Current tax expense (benefit): Federal $ 3,197 $ 2,707 $ 2,679 State and local 243 239 130 3,440 2,946 2,809 Deferred tax expense (benefit): Federal (83 ) 572 728 State and local (154 ) (108 ) 350 (237 ) 464 1,078 Income tax provision: $ 3,203 $ 3,410 $ 3,887 |
Schedule of components of deferred tax asset and deferred tax liability | Fiscal Years Ended April 30, ($ in thousands) 2015 2014 Federal tax benefit (liability): Unrealized gains on securities available-for-sale $ (57 ) $ (134 ) Operating lease exit obligation 70 70 Deferred professional fees 34 36 Deferred charges 263 327 Total federal tax benefit 310 299 State and local tax benefits: Other - deferred charges 46 65 Total state and local tax benefits 46 65 Deferred tax asset, short term $ 356 $ 364 Fiscal Years Ended April 30, ($ in thousands) 2015 2014 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 2,435 2,416 Other 401 646 Total federal tax liability 19,896 20,122 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 1,970 2,181 Deferred non-cash post-employment compensation (69 ) (76 ) Depreciation and amortization 271 298 Deferred professional fees (4 ) (5 ) Total state and local tax liabilities 2,168 2,398 Deferred tax liability, long term $ 22,064 $ 22,520 |
Schedule of effective income tax rate reconciliation | Fiscal Years Ended April 30, 2015 2014 2013 U.S. statutory federal rate 35.00 % 35.00 % 35.00 % Increase (decrease) in tax rate from: State and local income taxes, net of federal income tax benefit -0.15 % 0.84 % 2.96 % Effect of dividends received deductions -0.40 % -0.33 % -0.27 % Write off goodwill -1.62 % - - Domestic production tax credit -0.44 % -0.58 % -0.52 % Other, net -1.87 % -1.43 % -0.17 % Effective income tax rate 30.52 % 33.50 % 37.00 % |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum payments | Fiscal Years Ended April 30, Sublease ($ in thousands) 2016 $ 1,468 2017 1,224 2018 and thereafter - $ 2,692 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Comprehensive Income (Loss) Note [Abstract] | |
Schedule of components of comprehensive income included in the consolidated statements of changes in shareholders' equity | Fiscal Year Ended April 30, 2015 ($ in thousands) Amount Before Tax Tax Expense/ (Benefit) Amount Net Change in unrealized gains on securities $ ( 274 ) $ 96 $ ( 178 ) Less: Gains realized in net income 57 (20 ) 37 $ (217 ) $ 76 $ (141 ) Fiscal Year Ended April 30, 2014 ($ in thousands) Amount Before Tax Tax Expense/ Amount Net Change in unrealized gains on securities $ 28 $ (10 ) $ 18 Less: Gains realized in net income (36 ) 13 (23 ) $ (8 ) $ 3 $ (5 ) Fiscal Year Ended April 30, 2013 ($ in thousands) Amount Before Tax Tax Expense Amount Net of Tax Change in unrealized gains on securities $ 256 $ (90 ) $ 166 $ 256 $ (90 ) $ 166 |
Treasury Stock and Repurchase35
Treasury Stock and Repurchase Program (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Treasury Stock [Abstract] | |
Schedule of treasury stock, at cost | ($ in thousands except for cost per share) Shares Total Average Cost Assigned Average Cost per Share Aggregate Purchase Price Balance as of April 30, 2012 (1) 103,619 $ 1,390 $ 13.41 $ - Purchases effected in open market (2) 19,953 $ 182 $ 9.13 $ 2,818 Balance as of April 30, 2013 123,572 $ 1,572 $ 12.72 $ 2,818 Purchases effected in open market (2) 58,499 $ 550 $ 9.41 $ 2,268 Balance as of April 30, 2014 182,071 $ 2,122 $ 11.65 $ 2,268 Purchases effected in open market (2) 8,433 $ 122 $ 14.47 $ 2,146 Balance as of April 30, 2015 190,504 $ 2,244 $ 11.78 $ 2,146 (1) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011. (2) Were acquired during the $3 million repurchase program authorized in September 2012. |
Organization and Summary of S36
Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 5,272 | $ 5,482 |
Securities available-for-sale | 9,632 | 9,226 |
Investments, fair value disclosure | 14,904 | 14,708 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,272 | 5,482 |
Securities available-for-sale | 9,632 | 9,226 |
Investments, fair value disclosure | $ 14,904 | $ 14,708 |
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 S37
Organization and Summary of Significant Accounting Policies (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Cash equivalents | $ 5,272 | $ 5,482 |
EAM Trust | ||
Schedule of Equity Method Investments [Line Items] | ||
Non-voting profits interest ("Profits Interest") | 50.00% | |
EAM Trust | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment management fee revenues from its mutual fund and separate accounts business | 41.00% | |
Percentage of non voting profits interests due each quarter from EAM | 90.00% | |
EAM Trust | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment management fee revenues from its mutual fund and separate accounts business | 55.00% |
Supplementary Cash Flow Infor38
Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
State and local income tax payments | $ 238 | $ 114 | $ 120 |
Federal income tax payments to the Parent | $ 3,366 | $ 2,254 | $ 1,877 |
Related Party Transactions - In
Related Party Transactions - Income from its non-voting revenues interest and its non-voting profits interests in EAM (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Related Party Transactions [Abstract] | |||
Non-voting revenues interest in EAM | $ 7,346 | $ 6,767 | $ 5,781 |
Non-voting profits interest in EAM | 624 | 732 | 479 |
Revenues and profits interests in EAM Trust | $ 7,970 | $ 7,499 | $ 6,260 |
Related Party Transactions (Det
Related Party Transactions (Detail Textuals) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Related Party Transaction [Line Items] | ||||||||||||
Federal income tax payments to the Parent | $ 3,366,000 | $ 2,254,000 | $ 1,877,000 | |||||||||
Value Line Inc | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Reimbursed income | 171,000 | 220,000 | ||||||||||
EAM Trust | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Total assets of value line funds managed by EAM | $ 2,400,000,000 | $ 2,350,000,000 | 2,400,000,000 | 2,350,000,000 | ||||||||
Increase in the value of assets managed by EAM | $ 46,000,000 | |||||||||||
Percentage of assets increased in funds | 2.00% | |||||||||||
Non-voting profits interest in EAM | 50.00% | |||||||||||
Non voting profits interest in variable entity not yet paid | $ 1,951,000 | $ 1,887,000 | $ 1,951,000 | $ 1,887,000 | ||||||||
Percentage of ownership in outstanding shares of common stock of the Company by parent | 88.00% | 88.00% | ||||||||||
Percentage of non-voting revenues interest in unconsolidated entity | 49.87% | 49.80% | 49.63% | 49.18% | 48.66% | 47.91% | 47.27% | 46.66% | ||||
EAM Trust | Value Line Inc | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Value of fund | $ 2,000,000,000 | |||||||||||
EAM Trust | Minimum | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Percentage of non voting profits interests due each quarter from EAM | 90.00% | |||||||||||
Investment management fee revenues from its mutual fund and separate accounts business | 41.00% | |||||||||||
EAM Trust | Maximum | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Investment management fee revenues from its mutual fund and separate accounts business | 55.00% |
Investments - Carrying value an
Investments - Carrying value and fair value of securities available-for-sale (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 9,470 | $ 8,847 |
Gross Unrealized Gains | 1,582 | 1,327 |
Gross Unrealized Losses | (1,420) | (948) |
Fair Value | 9,632 | 9,226 |
Common stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 101 | 101 |
Gross Unrealized Gains | $ 74 | 47 |
Gross Unrealized Losses | (12) | |
Fair Value | $ 175 | 136 |
ETFs - equities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 3,903 | 3,878 |
Gross Unrealized Gains | $ 1,508 | 1,280 |
Gross Unrealized Losses | (2) | |
Fair Value | $ 5,411 | 5,156 |
Inverse ETFs - equities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 5,466 | $ 4,868 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ (1,420) | $ (934) |
Fair Value | $ 4,046 | $ 3,934 |
Investments - Composition of in
Investments - Composition of income from securities transactions (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | ||
Investment Income, Net [Abstract] | ||||
Dividend income | $ 157 | $ 147 | $ 124 | |
Interest income | 3 | 5 | $ 4 | |
Capital gain distribution from ETFs | [1] | 57 | $ 36 | |
Exchange loss | $ (16) | |||
Interest expense | $ (5) | |||
Other | $ (75) | (5) | $ (2) | |
Total income/(loss) from securities transactions and other, net | $ 126 | $ 178 | $ 126 | |
[1] | Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2015 and 2014, respectively. |
Investments - Components of EAM
Investments - Components of EAM's investment management operations (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | ||
Schedule of Investments [Line Items] | ||||
Value Line's non-voting revenues interest | $ 7,346 | $ 6,767 | $ 5,781 | |
EAM's net income | 7,292 | 6,768 | 6,619 | |
EAM Trust | ||||
Schedule of Investments [Line Items] | ||||
Investment management fees earned from the Value Line Funds, net of waivers shown below | 15,014 | 14,452 | 12,773 | |
12b-1 fees and other fees, net of waivers shown below | 5,459 | 5,061 | 3,905 | |
Other income | 34 | 16 | 14 | |
Investment management fee waivers and reimbursements | [1] | 192 | 89 | 379 |
12b-1 fee waivers | [1] | 1,518 | 1,683 | 2,156 |
Value Line's non-voting revenues interest | 7,346 | 6,767 | 5,781 | |
EAM's net income | [2] | $ 1,248 | $ 1,464 | $ 945 |
[1] | During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively. During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and 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. In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds. Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds' shareholders to exchange into and is now available in place of the Daily Income Fund. | |||
[2] | Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. |
Investments - Components of ass
Investments - Components of assets and liabilities (Details 3) - EAM Trust - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 | |
Schedule of Investments [Line Items] | |||
EAM's total assets | $ 60,159 | $ 59,965 | |
EAM's total liabilities | [1] | (3,104) | (3,158) |
EAM's total equity | $ 57,055 | $ 56,807 | |
[1] | At April 30, 2015 and 2014, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,951,000 and $1,887,000, respectively. |
Investments (Detail Textuals)
Investments (Detail Textuals) - USD ($) | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Aggregate cost of equity securities available for sale | $ 9,470,000 | $ 8,847,000 | ||
Fair value of equity securities | 9,632,000 | 9,226,000 | ||
Capital gain distribution from ETFs | [1] | 57,000 | 36,000 | |
Increase (decrease) in gross unrealized gains on equity securities classified as available-for-sale | (217,000) | (8,000) | $ 256,000 | |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 105,000 | 246,000 | ||
Equity Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Aggregate cost of equity securities available for sale | 9,470,000 | 8,847,000 | ||
Fair value of equity securities | 9,632,000 | 9,226,000 | ||
Increase (decrease) in gross unrealized gains on equity securities classified as available-for-sale | (217,000) | (8,000) | ||
Deferred taxes on unrealized gains on securities | $ 76,000 | $ 3,000 | ||
Proceeds from maturities and sales of government debt securities | ||||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $ 162,000 | $ 380,000 | ||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Deferred Tax Expense (Benefit) | $ 57,000 | $ 134,000 | ||
[1] | Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2015 and 2014, respectively. |
Investments - Equity Method Inv
Investments - Equity Method Investment (Detail Textuals 1) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | ||
Schedule of Equity Method Investments [Line Items] | |||
Investment in EAM Trust | $ 58,048,000 | $ 57,850,000 | |
EAM Trust | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in EAM Trust | [1] | 58,048,000 | 57,850,000 |
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% | 50.00% | |
Payable to VLI for its accrued non-voting revenues and non-voting profits interests | $ 1,951,000 | $ 1,887,000 | |
[1] | Reported within Long Term Assets on Consolidated Balance Sheets. |
Variable Interest Entity - Tota
Variable Interest Entity - Total assets of EAM, maximum exposure to loss due to involvement with EAM and value of assets and liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 | |
Variable Interest Entity [Line Items] | |||
Investment in EAM Trust | $ 58,048 | $ 57,850 | |
EAM Trust | |||
Variable Interest Entity [Line Items] | |||
VIE Assets | 60,159 | 59,965 | |
Investment in EAM Trust | [1] | $ 58,048 | $ 57,850 |
Liabilities | |||
Maximum Exposure to Loss | $ 58,048 | $ 57,850 | |
[1] | Reported within Long Term Assets on Consolidated Balance Sheets. |
Variable Interest Entity (Detai
Variable Interest Entity (Detail textuals) | 12 Months Ended |
Apr. 30, 2015 | |
EAM Trust | |
Variable Interest Entity [Line Items] | |
Non-voting profits interest in EAM | 50.00% |
Property and Equipment - Compon
Property and Equipment - Components of property and equipment, net (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 726 | $ 726 |
Building and leasehold improvements | 5,037 | 5,024 |
Furniture and equipment | 4,084 | 5,312 |
Property, plant and equipment, gross | 9,847 | 11,062 |
Accumulated depreciation and amortization | (6,157) | (7,199) |
Total property and equipment, net | $ 3,690 | $ 3,863 |
Federal, State and Local Inco50
Federal, State and Local Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Current tax expense (benefit): | |||
Federal | $ 3,197 | $ 2,707 | $ 2,679 |
State and local | 243 | 239 | 130 |
Current tax expense (benefit) | 3,440 | 2,946 | 2,809 |
Deferred tax expense (benefit): | |||
Federal | (83) | 572 | 728 |
State and local | (154) | (108) | 350 |
Deferred tax expense (benefit) | (237) | 464 | 1,078 |
Income tax provision: | $ 3,203 | $ 3,410 | $ 3,887 |
Federal, State and Local Inco51
Federal, State and Local Income Taxes - Tax effect of temporary differences in deferred tax asset and deferred tax liability (Details 1) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred tax asset, short term | $ 356 | $ 364 |
Deferred gain on deconsolidation of EAM | 50,510 | |
Deferred non-cash post-employment compensation | 1,770 | |
Deferred tax liability, long term | 22,064 | 22,520 |
Federal tax benefit (liability) | ||
Deferred Tax Assets and Liabilities [Line Items] | ||
Unrealized gains on securities available-for-sale | (57) | (134) |
Operating lease exit obligation | 70 | 70 |
Deferred professional fees | 34 | 36 |
Deferred charges | 263 | 327 |
Deferred tax asset, short term | 310 | 299 |
Deferred gain on deconsolidation of EAM | 17,679 | 17,679 |
Deferred non-cash post-employment compensation | (619) | (619) |
Depreciation and amortization | 2,435 | 2,416 |
Other | 401 | 646 |
Deferred tax liability, long term | 19,896 | 20,122 |
State and local tax liabilities (benefits) | ||
Deferred Tax Assets and Liabilities [Line Items] | ||
Other - deferred charges | 46 | 65 |
Deferred tax asset, short term | 46 | 65 |
Deferred gain on deconsolidation of EAM | 1,970 | 2,181 |
Deferred non-cash post-employment compensation | (69) | (76) |
Depreciation and amortization | 271 | 298 |
Deferred professional fees | (4) | (5) |
Deferred tax liability, long term | $ 2,168 | $ 2,398 |
Federal, State and Local Inco52
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) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
U.S. statutory federal rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in tax rate from: | |||
State and local income taxes, net of federal income tax benefit | (0.15%) | 0.84% | 2.96% |
Effect of dividends received deductions | (0.40%) | (0.33%) | (0.27%) |
Write off goodwill | (1.62%) | ||
Domestic production tax credit | (0.44%) | (0.58%) | (0.52%) |
Other, net | (1.87%) | (1.43%) | (0.17%) |
Effective income tax rate | 30.52% | 33.50% | 37.00% |
Federal, State and Local Inco53
Federal, State and Local Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Gain from deconsolidation of the company's asset management and mutual fund distribution subsidiaries | $ 50,510 | ||
Deferred non-cash postemployment compensation granted to VLI's former employee | $ 1,770 | ||
Effective income tax rate | 30.52% | 33.50% | 37.00% |
Employees' Profit Sharing and54
Employees' Profit Sharing and Savings Plan (Detail Textuals) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Compensation Related Costs [Abstract] | |||
Estimated profit sharing plan contribution included in salaries and employee benefits | $ 422,000 | $ 373,000 | $ 240,000 |
Lease Commitments - Future mini
Lease Commitments - Future minimum payments under operating lease (Details) $ in Thousands | Apr. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 1,468 |
2,017 | $ 1,224 |
2018 and thereafter | |
Operating leases sublease, total | $ 2,692 |
Lease Commitments (Detail Textu
Lease Commitments (Detail Textuals) | Feb. 07, 2013USD ($)ft² | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | Mar. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |||||
Rental expenses | $ 1,268,000 | $ 2,213,000 | $ 2,509,000 | ||
Additional short term overlapping rent expense | $ 771,000 | ||||
Citibank, N.A. (the "Sublandlord") | |||||
Operating Leased Assets [Line Items] | |||||
Area of land for lease | ft² | 44,493 | ||||
Base rent under the sublease agreement per annum | $ 1,468,269 | ||||
Security deposit in cash | $ 489,423 | ||||
Lease received | $ 122,355 |
Comprehensive Income - Componen
Comprehensive Income - Components of comprehensive income that are included in Consolidated Statement of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Comprehensive Income (Loss) Note [Abstract] | |||
Change in unrealized gains on securities during the period, before tax | $ (274) | $ 28 | $ 256 |
Change in unrealized gains on securities during the period, tax (expense)/(benefit) | 96 | (10) | (90) |
Change in unrealized gains on securities during the period, net of tax | (178) | 18 | 166 |
Less: Gains losses realized in net income, before tax | 57 | (36) | |
Less: Gains losses realized in net income, tax (expense)/(benefit) | (20) | 13 | |
Less: Gains realized in net income amount, net of tax | 37 | (23) | |
Other comprehensive income (loss), available-for-sale securities adjustment, before tax | (217) | (8) | 256 |
Other comprehensive income (loss), available-for-sale securities, tax (expense)/(benefit) | 76 | 3 | (90) |
Other comprehensive income (loss), available-for-sale securities adjustment, net of tax | $ (141) | $ (5) | $ 166 |
Accounting for the Costs of C58
Accounting for the Costs of Computer Software Developed for Internal Use (Detail Textuals) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Internal Use Software [Abstract] | |||
Capitalized cost of development of software for internal use | $ 2,422,000 | $ 2,481,000 | |
Development costs for the digital production software project | 2,414,000 | 2,416,000 | |
Development costs related to a new fulfillment system | 8,000 | 65,000 | |
Internal costs to develop software | 1,692,000 | 1,595,000 | |
Third party programmers' costs | $ 730,000 | 886,000 | |
Expected useful life of the asset | 5 years | ||
Amortization expense | $ 2,421,000 | $ 1,812,000 | $ 1,295,000 |
Accelerated write off of obsolete software | $ 138,000 |
Treasury Stock and Repurchase59
Treasury Stock and Repurchase Program - Components of treasury stock, at cost (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |||
Treasury Stock At Cost [Roll Forward] | ||||||
Balance (in shares) | 182,071 | 123,572 | 103,619 | [1] | ||
Purchases effected in open market, shares | [2] | 8,433 | 58,499 | 19,953 | ||
Balance (in shares) | 190,504 | 182,071 | 123,572 | |||
Total Average Cost Assigned, Beginning Balance (in dollars) | $ 2,122 | $ 1,572 | $ 1,390 | [1] | ||
Purchases effected in open market (in dollars) | [2] | 122 | 550 | 182 | ||
Total Average Cost Assigned, Ending Balance (in dollars) | $ 2,244 | $ 2,122 | $ 1,572 | |||
Average Cost per Share, Beginning Balance (in dollars per share) | $ 11.65 | $ 12.72 | $ 13.41 | [1] | ||
Average cost per share | [2] | 14.47 | 9.41 | 9.13 | ||
Average Cost per Share, Ending Balance (in dollars per share) | $ 11.78 | $ 11.65 | $ 12.72 | |||
Aggregate purchase price remaining under the program | $ 2,146 | $ 2,268 | $ 2,818 | |||
[1] | Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011. | |||||
[2] | Were acquired during the $3 million repurchase program authorized in September 2012. |
Treasury Stock and Repurchase60
Treasury Stock and Repurchase Program (Detail Textuals) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2012 | Jan. 31, 2011 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Sep. 19, 2012 | ||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of treasury shares | [1] | 8,433 | 58,499 | 19,953 | |||
Total average cost | [1] | $ 122,000 | $ 550,000 | $ 182,000 | |||
September 2012 Share Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Authorized repurchase amount of common stock | $ 3,000,000 | ||||||
January 2011 Share Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of treasury shares | 18,400 | ||||||
Former Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of treasury shares | 85,219 | ||||||
Total average cost | $ 1,036,000 | ||||||
[1] | Were acquired during the $3 million repurchase program authorized in September 2012. |
Copyright Data Fees (Detail Tex
Copyright Data Fees (Detail Textuals) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015USD ($)ContractFund | Apr. 30, 2014USD ($)Contract | Apr. 30, 2013USD ($) | |
Copyright Data Fees [Abstract] | |||
Copyright data fees received | $ 2,847 | $ 2,733 | $ 3,900 |
Percentage of copyright data fees | 4.20% | ||
Number of contracts for copyright data | Contract | 5 | 4 | |
Third party sponsored assets for copyright data | $ 2,250,000 | $ 2,280,000 | |
Number of new ETFs subject to contract began trading in March 2015 | Fund | 3 |
Expenses for Settlement (Detail
Expenses for Settlement (Detail Textuals) - Value line funds - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Expenses for Settlement | $ 75,000 | $ 270,000 | $ 0 |
Payment to administrator of fair fund | $ 67,000 | $ 156,000 | $ 32,000 |
Business Segments (Detail Textu
Business Segments (Detail Textuals) | 12 Months Ended |
Apr. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 2 |