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Informational only - not investment advice.

VALUE LINE INC (VALU)

CIK: 0000717720. SIC: 6282 Investment Advice. Latest 10-K as of: 2025-07-29.

SIC breadcrumb: Finance, Insurance, And Real Estate > Security And Commodity Brokers, Dealers, Exchanges, And Services > SIC 6282 Investment Advice

SEC company page: https://www.sec.gov/edgar/browse/?CIK=717720. Latest filing source: 0001437749-25-023754.

Selected Fundamentals

MetricValueUnitFYFiled
Revenue35,079,000USD20252025-07-29
Net income20,686,000USD20252025-07-29
Assets144,533,000USD20252025-07-29

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000717720.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Metric2016201720182019202020212022202320242025
Revenue34,546,00034,574,00035,868,00036,257,00040,299,00040,392,00040,525,00039,695,00037,487,00035,079,000
Net income7,291,00010,367,00014,738,00012,009,00014,943,00023,280,00023,822,00018,069,00019,016,00020,686,000
Operating income1,880,0007,459,0002,572,0005,413,0009,090,0007,535,00010,800,00011,470,0009,141,0005,985,000
Operating cash flow2,004,0004,036,0009,907,00011,494,00013,745,00016,410,00024,646,00018,178,00017,932,00020,243,000
Capital expenditures227,0001,276,000408,00011,0002,00033,00011,00030,00015,000178,000
Dividends paid6,167,0006,616,0008,929,0007,362,0007,724,0008,068,0008,405,0009,471,00010,561,00011,303,000
Share buybacks796,000741,000354,000608,0001,214,0001,526,0002,484,0004,704,000523,000453,000
Assets86,507,00086,724,00086,788,00091,788,000109,728,000121,136,000128,743,000131,076,000136,035,000144,533,000
Liabilities51,907,00048,870,00043,247,00044,264,00056,189,00054,123,00049,098,00047,403,00045,242,00044,855,000
Stockholders' equity34,600,00037,854,00043,541,00047,524,00053,539,00067,013,00079,645,00083,673,00090,793,00099,678,000
Cash and cash equivalents13,122,0006,557,0005,941,0006,493,0004,954,00019,171,00029,703,0007,590,0004,390,00034,077,000
Free cash flow1,777,0002,760,0009,499,00011,483,00013,743,00016,377,00024,635,00018,148,00017,917,00020,065,000

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Metric2016201720182019202020212022202320242025
Net margin21.11%29.98%41.09%33.12%37.08%57.64%58.78%45.52%50.73%58.97%
Operating margin5.44%21.57%7.17%14.93%22.56%18.65%26.65%28.90%24.38%17.06%
Return on equity21.07%27.39%33.85%25.27%27.91%34.74%29.91%21.59%20.94%20.75%
Return on assets8.43%11.95%16.98%13.08%13.62%19.22%18.50%13.79%13.98%14.31%
Liabilities / equity1.501.290.990.931.050.810.620.570.500.45
Current ratio0.761.051.071.241.511.832.582.843.193.38

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000717720.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

QuarterEnd DateRevenueNet IncomeDiluted EPSMethod
2022-Q32022-01-3110,258,0005,614,000reported discrete quarter
2022-Q42022-04-3010,128,0003,807,000derived Q4 = FY annual - nine-month YTD
2023-Q32022-10-314,330,000reported discrete quarter
2023-Q32023-01-319,967,000reported discrete quarter
2023-Q42023-04-309,718,0004,033,000derived Q4 = FY annual - nine-month YTD
2024-Q12023-07-319,743,0004,859,000reported discrete quarter
2024-Q22023-07-314,859,000reported discrete quarter
2024-Q22023-10-319,610,000reported discrete quarter
2025-Q12024-07-318,884,0005,887,000reported discrete quarter
2025-Q22024-07-315,887,000reported discrete quarter
2024-Q32024-10-315,685,000reported discrete quarter
2025-Q22024-10-318,841,000reported discrete quarter
2024-Q32025-01-318,967,000reported discrete quarter
2026-Q12025-07-318,606,0006,460,000reported discrete quarter
2026-Q22025-07-316,460,000reported discrete quarter
2026-Q22025-10-318,556,000reported discrete quarter
2026-Q32025-10-315,682,000reported discrete quarter
2026-Q32026-01-318,276,000reported discrete quarter

Quarterly Charts

Macro Cross-References

Latest quarter (10-Q)

Latest 10-Q source: 0001437749-26-008479.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-03-17. Report date: 2026-01-31.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Cautionary Statement Regarding Forward-Looking Information

In this report, “Value Line,” “we,” “us,” “our” refers to Value Line, Inc. and “the Company” refers to Value Line and its subsidiaries unless the context otherwise requires.

This report contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain projections and business trends) accompanied by such phrases as “believe”, “estimate”, “expect”, “anticipate”, “will”, “intend” and other similar or negative expressions, that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Actual results for Value Line, Inc. (“Value Line” or “the Company”) may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the following:

●

maintaining revenue from subscriptions for the Company’s digital and print published products;

●

changes in investment trends and economic conditions, including global financial issues;

●

changes in Federal Reserve policies affecting interest rates and liquidity along with resulting effects on equity markets;

●

stability of the banking system, including the success of U.S. government policies and actions in regard to banks with liquidity or capital issues, along with the associated impact on equity markets;

●

continuation of orderly markets for equities and corporate and governmental debt securities;

●

problems protecting intellectual property rights in Company methods and trademarks;

●

problems protecting confidential information including customer confidential or personal information that we may possess;

●

dependence on non-voting revenues and non-voting profits interests in EULAV Asset Management (“EAM” or “EAM Trust”), and accordingly on its key management, investment management, and sales personnel. EAM Trust is a Delaware statutory trust, which serves as the investment advisor to the Value Line Funds and engages in related distribution, marketing and administrative services;

●

fluctuations in EAM’s and third-party copyright assets under management due to evaluations by outside rating agencies, broadly based changes in the values of equity and debt securities, market sector variations, redemptions by investors and other factors including continuation of employment by key members of its management, investment management, and sales leadership;

●

possible changes in the valuation of EAM’s intangible assets from time to time;

●

possible changes in future revenues or collection of receivables from significant customers;

●

dependence on key executive and specialist personnel of signification supplier and other firms;

●

risks associated with the outsourcing of certain functions, technical facilities, and operations, including in some instances outside the U.S.;

●

risks of increased tariffs and other restrictions affecting the cost and availability of materials, equipment, and other necessary inputs to the Company’s operations;

●

competition in the fields of publishing, copyright and investment management, along with associated effects on the level and structure of prices and fees, and the mix of services delivered;

●

the impact of government regulation on the Company’s and EAM’s businesses;

●

federal and/or state legislative changes that might affect Value Line’s business;

●

the availability of free or low cost investment information through discount brokers or generally over the internet;

●

the economic and other impacts of present and future global political and military conflicts, which could affect investor interest in stock market investing or cause assets under management in EAM to fall or to rise, or affect availability and cost of energy, goods, and services required by the Company and its suppliers;

●

continued availability of generally dependable energy supplies, transportation facilities, digital data and telephone transmission infrastructure in the geographic areas in which the company and certain suppliers operate;

●

terrorist attacks, cyber attacks and natural disasters;

●

the need for changes in our business plans because of unexpected events that occur;

●

widespread illnesses which may drastically affect markets, employment, and other economic conditions, and may have additional unpredictable impacts on employees, suppliers, customers, and operations;

●

changes in prices and availability of materials and other inputs and services, such as financial data, freight and postage, required by the Company;

●

risk of short-term or long-term catastrophic computer problems associated with legacy software systems which could interrupt regular publication schedules;

●

risk of inadequacy of our insurance coverage to compensate for potential losses;

●

potential impact of vendors’ consolidation;

●

other risks and uncertainties, including but not limited to the risks described in Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended April 30, 2025 and in Part II, Item 1A of this Quarterly Report on Form 10-Q for the period ended January 31, 2026; and other risks and uncertainties arising from time to time.

23

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors which may involve external factors over which we may have no control could also have material adverse effects on future results. Likewise, changes we make in our plans, objectives, strategies, or intentions, which may occur at any time in our discretion, could also have material favorable or adverse effects on our future results. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies with the SEC pursuant to the SEC's rules, we have no duty to update these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, current plans, anticipated actions, and future financial conditions and results may differ from those expressed in any forward-looking information contained herein.

Executive Summary of the Business

The Company's core business is producing investment publications and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands including Value Line®, the Value Line logo®, The Value Line Investment Survey®, Smart Research, Smarter Investing™ and The Most Trusted Name in Investment Research®. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. EULAV Asset Management Trust (“EAM”) was established to provide the investment management services to the Value Line Funds, institutional and individual accounts and provide distribution, marketing, and administrative services to the Value Line® Mutual Funds ("Value Line Funds") and to provide distribution, marketing, and administrative services to the Value Line Funds.

The Company’s target audiences within the investment research field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package. Institutional licensees consist of corporations, financial professionals, colleges, and municipal libraries. Libraries and universities offer the Company’s detailed research to their patrons and students. Investment management professionals use the research and historical information in their day-to-day businesses. The Company has a dedicated department that solicits institutional subscriptions.

Payments received for new and renewal subscriptions and the value of receivables for amounts billed to retail and institutional customers are recorded as unearned revenue until the order is fulfilled. As the orders are fulfilled, the Company recognizes revenue in equal installments over the life of the particular subscription. Accordingly, the subscription fees to be earned by fulfilling subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current and long-term liabilities.

The investment publications and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing. The Publishing segment constitutes the Company’s only reportable business segment.

Asset Management and Mutual Fund Distribution Businesses

Pursuant to the EAM Declaration of Trust, the Company maintains an interest in revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business. Although the Company does not have control over the operating and financial policies of EAM, the Company has a contractual right to receive its share of EAM’s revenues and profits

The business of EAM is managed by its five individual trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees. The Company is entitled to receive from EAM a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Holders of the remaining profits interests will receive the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement.

24

Business Environment

The U.S. economy entered calendar 2026 at a slowly growing pace. After a slow start in 2025, with a tariff-driven spike in imports resulting in a 0.6% annualized contraction in the first quarter, the gross domestic product (GDP) expanded 3.8%, 4.4%, and 0.7%, respectively, over the final three quarters of the year. It also should be noted that the federal government shutdown, the longest in the nation’s history, reduced the estimated final-quarter GDP tally by at least a full percentage point. The advances over the final nine months of last year were driven by a resilient consumer sector, as well massive spending on artificial intelligence and the related infrastructure build out. Looking forward, further GDP gains are expected over the next 12 months, with lower interest rates, the result of three quarter-point cuts to the Fed interest rate last year, tax cuts, and regulation rollback providing support for the economy. Additional Fed interest rate reductions may occur as well.

Meanwhile, there are concerns that a reacceleration in inflation is possible this year. Attacks by Iran on multiple states in the Middle East followed the launch by the United States and Israel of a substantial assault on Iran that killed that nation’s Supreme Leader Ayatollah Ali Khamenei as well as other military and government leaders. President Trump and Secretary of State Marco Rubio have said the use of force aims to eliminate Iran’s nuclear program, degrade its missile and naval forces, and possibly bring about regime change. Both the fighting itself and Iranian warnings that ships not use the Strait of Hormuz, a waterway where 20% of the world’s oil supply passes through, could significantly disrupt the worldwide shipment of oil and othe

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2025-07-29. Report date: 2025-04-30.

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help a reader understand Value Line, its operations and business factors. The MD&A should be read in conjunction with Item 1, “Business”, and Item 1A, “Risk Factors” of Form 10-K, and in conjunction with the consolidated financial statements and the accompanying notes contained in Item 8 of this report.

The MD&A includes the following subsections:

●

Executive Summary of the Business

●

Results of Operations

●

Liquidity and Capital Resources

●

Recent Accounting Pronouncements

●

Critical Accounting Estimates and Policies

Executive Summary of the Business

The Company's core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands including Value Line®, the Value Line logo®, The Value Line Investment Survey®, Smart Research, Smarter Investing™ and The Most Trusted Name in Investment Research®. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. EULAV Asset Management Trust (“EAM”) was established to provide the investment management services to the Value Line Funds, institutional and individual accounts and provide distribution, marketing, and administrative services to the Value Line® Mutual Funds ("Value Line Funds"). The Company maintains a significant investment in EAM from which it receives payments in respect of its non-voting revenues and non-voting profits interests.

The Company’s target audiences within the investment research field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package. Institutional licensees consist of corporations, financial professionals, colleges, and municipal libraries. Libraries and universities offer the Company’s detailed research to their patrons and students. Investment management professionals use the research and historical information in their day-to-day businesses. The Company has a dedicated department that solicits institutional subscriptions.

Payments received for new and renewal subscriptions and the value of receivables for amounts billed to retail and institutional customers are recorded as unearned revenue until the order is fulfilled. As the orders are fulfilled, the Company recognizes revenue in equal installments over the life of the particular subscription. Accordingly, the subscription fees to be earned by fulfilling subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current and long-term liabilities.

The investment periodicals and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing. The Publishing segment constitutes the Company’s only reportable business segment.

22

Asset Management and Mutual Fund Distribution Businesses

Pursuant to the EAM Declaration of Trust, the Company maintains an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business.

The business of EAM is managed by its five individual trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees. The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders received the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement.

Business Environment

The U.S. economy, after performing well in 2024, got off to a weak start in calendar 2025. The nation’s gross domestic product (GDP) contracted by an estimated 0.5% during the first quarter, statistically attributable to businesses and consumers buying ahead of the implementation of the Trump Administration’s wide-ranging tariffs on April 2, 2025. The surge in imports to the United States detracts from GDP. President Trump subsequently delayed or modified many of the levies.

The weak economic start to 2025, along with the still unsettled global trade environment and geopolitical unrest, including the war in Ukraine and the 12 days of aerial attacks between Israel and Iran, did bring a cautious reaction from the Federal Reserve on the monetary policy front. Indeed, the central bank kept the federal funds rate steady, in the range of 4.25% to 4.50%, during the first half of 2025, while it assessed the impact of the global developments on the rate of inflation stateside. There still are concerns that the tariffs may lead to a reacceleration in the pace of price growth, which, along with somewhat a softening labor market, could lead to a period of stagflation. Stagflation occurs when there are rising inflation and weakening employment at the same time the economy is slowing.

That said, while some of the soft (sentiment) data during the spring season, including a decline in consumer confidence, suggest that the economy is weakening, the hard data did not indicate as much. On the positive side, inflation on both the consumer and producer (wholesale) levels did ease some this spring; the job market proved resilient, with the unemployment rate falling to 4.1% in June, a level indicative of full employment; and manufacturing activity, though still contracting, did come in above forecast during the month of June. This suggests that the economy likely returned to growth mode in the second quarter and the aforementioned stagflation scenario has yet to materialize.

Amid the global uncertainty, the Republican-controlled House of Representatives and Senate were able to produce a new budget deal that President Trump signed into law on July 4, 2025. The President’s comprehensive tax and policy legislation, which is estimated to add $3.4 trillion to the federal deficit over the next decade, also included legislation that increases the nation’s debt ceiling by $5 trillion. In the near-to-intermediate term, the new budget deal, along with the possibility that the Federal Reserve may enact one or two quarter-point cuts to the benchmark short-term interest rate, which is widely considered to be restrictive, in the second half of the year, may lift corporate and consumer spending. This may well spur GDP growth over the final six months of calendar 2025.

In all, the business environment has held up well amid the uncertain fiscal and monetary environment, highlighted by double-digit earnings growth for the S&P 500 companies during the first quarter of 2025. This, along with the popularity of artificial intelligence (AI)-related stocks, helped the major averages climb the proverbial “wall of worry,” with the S&P 500 Index and technology-dominated NASDAQ Composite ending the first half of 2025 at record highs. That said, valuations looked quite frothy entering the second half of 2025 and with concerns over import tariffs and inflation still persisting, some share-price volatility can’t be ruled out.

23

Results of Operations for Fiscal Years 2025, 2024 and 2023

The following table illustrates the Company’s key components of revenues and expenses.

Fiscal Years Ended April 30,

Change

($ in thousands, except earnings per share)

2025

2024

2023

'25 vs. '24

'24 vs. '23

Income from operations

$

5,985

$

9,141

$

11,470

-34.5

%

-20.3

%

Non-voting revenues and non-voting profits interests from EAM Trust

18,318

13,282

11,131

37.9

%

19.3

%

Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust

24,303

22,423

22,601

8.4

%

-0.8

%

Operating expenses

29,094

28,346

28,225

2.6

%

0.4

%

Investment gains

3,238

2,764

1,174

17.1

%

135.4

%

Income before income taxes

$

27,541

$

25,187

$

23,775

9.3

%

5.9

%

Net income

$

20,686

$

19,016

$

18,069

8.8

%

5.2

%

Earnings per share

$

2.20

$

2.02

$

1.91

8.9

%

5.6

%

During the twelve months ended April 30, 2025, the Company’s net income of $20,686,000, or $2.20 per share, was 8.8% above net income of $19,016,000, or $2.02 per share, for the twelve months ended April 30, 2024. During the twelve months ended April 30, 2025, the Company’s income from operations was $5,985,000 compared to income from operations of $9,141,000 during the twelve months ended April 30, 2024. For the twelve months ended April 30, 2025, operating expenses increased 2.6% above those during the twelve months ended April 30, 2024. Due to stock market trends, copyright revenue, an element of operating income, declined this year while at the same time, revenues and profits income from EAM were up significantly.

During the twelve months ended April 30, 2025, there were 9,417,097 average common shares outstanding as compared to 9,428,379 average common shares outstanding during the twelve months ended April 30, 2024.

During the twelve months ended April 30, 2024, the Company’s net income of $19,016,000, or $2.02 per share, was 5.2% above net income of $18,069,000, or $1.91 per share, for the twelve months ended April 30, 2023. During the twelve months ended April 30, 2024, the Company’s income from operations was $9,141,000 compared to income from operations of $11,470,000 during the twelve months ended April 30, 2023. For the twelve months ended April 30, 2024, operating expenses increased slightly above those during the twelve months ended April 30, 2023. Due to stock market trends, copyright revenue, an element of operating income, declined this year while at the same time, revenues and profits income from EAM were up significantly.

During the twelve months ended April 30, 2024, there were 9,428,379 average common shares outstanding as compared to 9,458,605 average common shares outstanding during the twelve months ended April 30, 2023.

During the three months ended April 30, 2025, the Company’s net income of $3,951,000, or $0.42 per share, was 17.4% below net income of $4,784,000, or $0.51 per share, for the three months ended April 30, 2024. During the three months ended April 30, 2025, the Company’s income from operations was $830,000 compared to income from operations of $1,488,000 during the three months ended April 30, 2024.

During the three months ended April 30, 2024, the Company’s net income of $4,784,000, or $0.51 per share, was 18.6% above net income of $4,033,000, or $0.43 per share, for the three months ended April 30, 2023. During the three months ended April 30, 2024, the Company’s income from operations was $1,488,000 compared to income from operations of $2,757,000 during the three months ended April 30, 2023.

24

During the three months ended April 30, 2023, the Company’s net income of $4,033,000, or $0.43 per share, was 5.9% below net income of $3,807,000, or $0.40 per share, for the three months ended April 30, 2022. During the three months ended April 30, 2023, the Company’s income from operations was $2,757,000 compared to income from operations of $2,923,000 during the three months ended April 30, 2022.

During the twelve months ended April 30, 2023, the Company’s net income of $18,069,000, or $1.91 per share, was 24.1% below net income of $23,822,000, or $2.50 per share, for the twelve months ended April 30, 2022. Fiscal 2022 included a gain of $2,331,000 from the tax-free forgiveness of SBA’s PPP loan to the Company. During the twelve months ended April 30, 2023, the Company’s income from operations was $11,470,000 compared to income from operations of $10,800,000 during the twelve months ended April 30, 2022. For the twelve months ended April 30, 2023, operating expenses decreased 5.0% below those during the twelve months ended April 30, 2022.

During the twelve months ended April 30, 2023, there were 9,458,605 average common shares outstanding as compared to 9,544,421 average common shares outstanding during the twelve months ended April 30, 2022.

Total operating revenues

Fiscal Years Ended April 30,

Change

($ in thousands)

2025

2024

2023

'25 vs. '24

'24 vs. '23

Investment periodicals and related publications:

Print

$

8,783

$

9,286

$

9,963

-5.4

%

-6.8

%

Digital

15,899

16,134

16,269

-1.5

%

-0.8

%

Total investment periodicals and related publications

24,682

25,420

26,232

-2.9

%

-3.1

%

Copyright fees

10,397

12,067

13,463

-13.8

%

-10.4

%

Total operating revenues

$

35,079

$

37,487

$

39,695

-6.4

%

-5.6

%

Within investment periodicals and related publications, subscription sales orders are derived from print and digital products. The following chart illustrates the changes in the sales orders associated with print and digital subscriptions.

Sources of subscription sales

Fiscal Years Ended April 30,

2025

2024

2023

Print

Digital

Print

Digital

Print

Digital

New Sales

14.1

%

8.4

%

12.5

%

10.4

%

10.9

%

11.0

%

Renewal Sales

85.9

%

91.6

%

87.5

%

89.6

%

89.1

%

89.0

%

Total Gross Sales

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

During the twelve months ended April 30, 2025, 2024 & 2023, new sales of print publications increased while conversion and renewal sales orders decreased.

As of April 30,

Change

($ in thousands)

2025

2024

2023

'25 vs. '24

'24 vs. '23

Unearned subscription revenue (current and long-term liabilities)

$

22,290

$

22,281

$

22,973

0.04

%

-3.01

%

A certain amount of variation is to be expected due to the volume of new orders and timing of long-term renewal contracts, direct mail campaigns and large Institutional Sales orders.

25

Investment periodicals and related publications revenues

Investment periodicals and related publications revenues of $24,682,000 (excluding copyright fees) during the twelve months ended April 30, 2025 were 2.9% below publishing revenues of $25,420,000 in the prior fiscal year. The Company continued and increased to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2025, was 1.7% below total product line circulation at April 30, 2024.

Total print circulation at April 30, 2025 was 1.9% below the total print circulation at April 30, 2024. During the twelve months ended April 30, 2025, print publication revenues of $8,783,000, decreased 5.4%, below print publication revenues of $9,286,000 during April of 2024 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2025 was 1.5% below total digital circulation at April 30, 2024 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2025, digital revenues of $15,899,000 were down 1.5% as compared to the prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.

Investment periodicals and related publications revenues of $25,420,000 (excluding copyright fees) during the twelve months ended April 30, 2024 were 3.1% below publishing revenues of $26,232,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at April 30, 2024, was 3.2% below total product line circulation at April 30, 2023. However, Institutional Sales department total sales orders reached a record level last fiscal year ended April 30, 2023 and this higher profit margin distribution to financial advisors and professional investors significantly offsets the long-term trend of declining individual investor circulation.

Total print circulation at April 30, 2024 was 4.6% below the total print circulation at April 30, 2023. During the twelve months ended April 30, 2024, print publication revenues of $9,286,000, decreased 6.8%, below print publication revenues of $9,963,000 during April of 2023 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2024 was 1.4% below total digital circulation at April 30, 2023 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2024, digital revenues of $16,134,000 were slightly below compared to the prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Further, publishing revenue is fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.

Investment periodicals and related publications revenues of $26,232,000 (excluding copyright fees) during the twelve months ended April 30, 2023 were 3.4% below publishing revenues of $27,145,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, total product line circulation at April 30, 2023, was 10.4% below total product line circulation at April 30, 2022. However, during the twelve months ended April 30, 2023, Institutional Sales department total sales orders, representing our growing business with financial advisors and professional investors, reached a record of $15,236,000, 10.0% above the prior fiscal year. The retail telemarketing sales team generated total sales orders of $7,409,000 or 10.6% below the prior fiscal year.

Total print circulation at April 30, 2023 was 16.0% below the total print circulation at April 30, 2022. During the twelve months ended April 30, 2023, print publication revenues of $9,963,000, decreased 11.5%, below print publication revenues of $11,253,000 during April of 2022 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at April 30, 2023 was 2.7% below total digital circulation at April 30, 2022 with the professional clientele offsetting individual subscribers. During the twelve months ended April 30, 2023, digital revenues of $16,269,000 were up 2.4% as compared to the prior fiscal year. These figures reflect the ongoing shift from our print services to digital counterparts. Further, publishing revenue was fairly steady, despite the dip in print circulation. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.

26

Value Line serves primarily individual and professional investors in stocks, who pay mostly on annual subscription plans, for basic services or as much as $100,000 or more annually for comprehensive premium quality research, not obtainable elsewhere. The ongoing goal of adding new subscribers has led us to introduce publications and packages at a range of price points. Prominently introduced in fiscal 2020 and 2021 were new features in the Value Line Research Center, which are The Value Line ETFs Service, monthly publication Value Line Information You Should Know Wealth Newsletter, The Value Line M & A Service, and our Value Line Climate Change Investing Service.

The Value Line Proprietary Ranks (the “Ranking System”), a component of the Company’s flagship product, The Value Line Investment Survey, is also utilized in the Company’s copyright business. The Ranking System is made available to EAM for specific uses without charge. During the six month period ended April 30, 2025, the combined Ranking System “Rank 1 & 2” stocks’ decrease of 6.0% compared favorably to the Russell 2000 Index’s decrease of 10.6% during the comparable period. During the twelve month period ended April 30, 2025, the combined Ranking System “Rank 1 & 2” stocks’ increase of 7.4% compared favorably to the Russell 2000 Index’s decrease of 0.5% during the comparable period.

Copyright fees

During the twelve months ended April 30, 2025, copyright fees of $10,397,000 were 13.8% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, 2024, copyright fees of $12,067,000 were 10.4% below those during the corresponding period in the prior fiscal year. During the twelve months ended April 30, 2023, copyright fees of $13,463,000 were slightly above those during the corresponding period in the prior fiscal year. These fees depend on the assets under management in financial products with contractual arrangements to use the Ranks and other Value Line proprietary information, which tend to fluctuate based on interest rates and ratings by fund rating agencies, among other factors.

Investment management fees and services – (unconsolidated)

The Company has substantial non-voting revenues and non-voting profits interests in EAM, the investment adviser to the Value Line Mutual Funds. Accordingly, the Company does not report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and will receive ongoing payments in respect of its non-voting revenues and non-voting profits interests.

Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2025, were $4.68 billion, which is $0.51 billion, or 12.0%, above total assets of $4.17 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2024.

Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2024, were $4.17 billion, which is $1.08 billion, or 35.0%, above total assets of $3.09 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2023.

Value Line Equity Funds experienced net inflows and the associated net asset outflows (redemptions less new sales) in fiscal 2025. Value Line Fixed Income Funds experienced net outflows during fiscal year 2025.

27

The following table shows the change in assets for the past three fiscal years including sales (inflows), redemptions (outflows), dividends and capital gain distributions, and market value changes. Inflows for sales, and outflows for redemptions reflect decisions of individual investors and/or their investment advisors. The table also illustrates the assets within the Value Line Funds broken down into equity funds and fixed income funds as of April 30, 2025, 2024 and 2023.

Asset Flows

For the Years Ended April 30,

2025

2024

2023

2025

2024

vs.

vs.

2024

2023

Value Line equity fund assets — beginning

$

4,137,210,006

$

3,051,550,040

$

3,312,889,678

35.6

%

-7.9

%

Sales/inflows

$

1,185,922,660

$

1,265,003,253

$

514,725,223

-6.3

%

145.8

%

Dividend and Capital Gain Reinvested

$

158,326,887

$

133,650,073

$

194,068,940

18.5

%

-31.1

%

Redemptions/outflows

$

(1,022,623,669

)

$

(786,671,032

)

$

(858,248,017

)

30.0

%

-8.3

%

Dividend and Capital Gain Distribution

$

(164,401,247

)

$

(134,961,191

)

$

(202,981,966

)

21.8

%

-33.5

%

Market value change

$

345,176,192

$

608,638,863

$

91,096,182

-43.3

%

568.1

%

Value Line equity fund assets — ending

$

4,639,610,829

$

4,137,210,006

$

3,051,550,040

12.1

%

35.6

%

Value Line fixed income fund assets — beginning

$

35,837,048

$

41,104,251

$

44,736,495

-12.8

%

-8.1

%

Sales/inflows

$

948,097

$

149,059

$

196,436

536.1

%

-24.1

%

Dividend and Capital Gain Reinvested

$

1,273,341

$

1,168,217

$

808,077

9.0

%

44.6

%

Redemptions/outflows

$

(4,238,720

)

$

(4,157,474

)

$

(3,240,355

)

2.0

%

28.3

%

Dividend and Capital Gain Distribution

$

(1,360,814

)

$

(1,279,170

)

$

(877,002

)

6.4

%

45.9

%

Market value change

$

3,559,806

$

(1,147,835

)

$

(519,400

)

-410.1

%

121.0

%

Value Line fixed income fund assets — ending

$

36,018,758

$

35,837,048

$

41,104,251

0.5

%

-12.8

%

Assets under management — ending

$

4,675,629,587

$

4,173,047,054

$

3,092,654,291

12.0

%

34.9

%

EAM Trust - Results of operations before distribution to interest holders

The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2025, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $31,387,000, 12b-1 fees and other fees of $7,788,000 and other net gains of $476,000. For the same period, total investment management fee waivers were a nominal $180,000 and 12b-1 fee waivers were $90,000. During the twelve months ended April 30, 2025, EAM's net income was $4,270,000 after giving effect to Value Line’s non-voting revenues interest of $16,183,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2024, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $24,383,000, 12b-1 fees and other fees of $6,584,000 and other net gains of $433,000. For the same period, total investment management fee waivers were $288,000 and 12b-1 fee waivers were $94,000. During the twelve months ended April 30, 2024, EAM's net income was $2,764,000 after giving effect to Value Line’s non-voting revenues interest of $11,900,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

The gross fees and net income of EAM’s investment management operations during the twelve months ended April 30, 2023, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $19,824,000, 12b-1 fees and other fees of $5,964,000 and other net gains of $142,000. For the same period, total investment management fee waivers were $164,000 and 12b-1 fee waivers were $105,000. During the twelve months ended April 30, 2023, EAM's net income was $1,468,000 after giving effect to Value Line’s non-voting revenues interest of $10,397,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

28

As of April 30, 2025, one of the Value Line Funds has 12b-1 fees waivers in place, and four funds have investment management fee waivers in place amounting in aggregate to less than 1% of all EAM management fee revenues.

The Value Line equity and hybrid funds’ assets represent 99.2% and fixed income fund assets represent 0.8%, respectively, of total fund assets under management (“AUM”) as of April 30, 2025. At April 30, 2025, equity and hybrid AUM increased by 12.0% and fixed income AUM was similar when compared to last year at April 30, 2024.

The Value Line equity and hybrid funds’ assets represent 99.1% and fixed income fund assets represent 0.9%, respectively, of total fund assets under management (“AUM”) as of April 30, 2024. At April 30, 2024, equity and hybrid AUM increased by 35.6% and fixed income AUM decreased by 12.8% as compared to last year at April 30, 2023.

EAM - The Company’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, and 50% of EAM’s net profits, not less than 90% of which is distributed in cash every fiscal quarter.

The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows:

Fiscal Years Ended April 30,

Change

($ in thousands)

2025

2024

2023

'25 vs. '24

'24 vs. '23

Non-voting revenues interest

$

16,183

$

11,900

$

10,397

36.0

%

14.5

%

Non-voting profits interest

2,135

1,382

734

54.5

%

88.3

%

$

18,318

$

13,282

$

11,131

37.9

%

19.3

%

Operating expenses

Fiscal Years Ended April 30,

Change

($ in thousands)

2025

2024

2023

'25 vs. '24

'24 vs. '23

Advertising and promotion

$

3,797

$

2,955

$

3,049

28.5

%

-3.1

%

Salaries and employee benefits

14,455

14,851

15,203

-2.7

%

-2.3

%

Production and distribution

5,987

5,455

5,210

9.8

%

4.7

%

Office and administration

4,855

5,085

4,763

-4.5

%

6.8

%

Total expenses

$

29,094

$

28,346

$

28,225

2.6

%

0.4

%

Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, office and administration.

Operating expenses of $29,094,000 during the twelve months ended April 30, 2025, were 2.6% above those during the twelve months ended April 30, 2024. Operating expenses of $7,557,000 during the three months ended April 30, 2025, were slightly above those during the three months ended April 30, 2024.

Operating expenses of $28,346,000 during the twelve months ended April 30, 2024, were 0.4% above those during the twelve months ended April 30, 2023. Operating expenses of $7,515,000 during the three months ended April 30, 2024, were 8.0% above those during the three months ended April 30, 2023, reflecting expenses connected with discontinuing in-house warehousing and distribution functions.

29

Operating expenses of $28,225,000 during the twelve months ended April 30, 2023, were 5.0% below those during the twelve months ended April 30, 2022 as a result of cost controls in fiscal year 2023. Operating expenses of $6,961,000 during the three months ended April 30, 2023, were 3.4% below those during the three months ended April 30, 2022.

Advertising and promotion

During twelve months ended April 30, 2025, advertising and promotion expenses of $3,797,000 increased 28.5% as compared to the prior fiscal year. During the twelve months ended April 30, 2025, increases were primarily due to increases in direct mail and other promotion costs.

During twelve months ended April 30, 2024, advertising and promotion expenses of $2,955,000 decreased 3.1% as compared to the prior fiscal year. During the twelve months ended April 30, 2024, decreases were primarily due to decreases in total sales commissions.

During twelve months ended April 30, 2023, advertising and promotion expenses of $3,049,000 decreased 5.4% as compared to the prior fiscal year. During the twelve months ended April 30, 2023, decreases were primarily due to decreases in media advertising expenses and direct mail campaigns, partially offset by increases in renewal solicitation costs and institutional sales commissions.

Salaries and employee benefits

During the twelve months ended April 30, 2025, salaries and employee benefits of $14,455,000 decreased 2.7% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from reduced employee headcount and the outsourcing of the Company’s distribution operation to domestic contractors since the latter part of fiscal 2024.

During the twelve months ended April 30, 2024, salaries and employee benefits of $14,851,000 decreased 2.3% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from a reduced employee headcount in fiscal year 2024.

During the twelve months ended April 30, 2023, salaries and employee benefits of $15,203,000 decreased 12.2% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from a reduced employee headcount in fiscal year 2023, as well as reductions in payment for a profit sharing contribution and the company’s share of medical benefits.

During the twelve months ended April 30, 2025, 2024 and 2023, the Company recorded profit sharing expenses of $422,000, $410,000 and $557,000, respectively.

Production and distribution

During the twelve months ended April 30, 2025, production and distribution expenses of $5,987,000 increased 9.8% above the prior fiscal year primarily due to increases in third-party distribution and mailing expenses that resulted from outsourcing our internal distribution operations after April 2024, while ending our internal VLDC operation at April 30, 2024.

During the twelve months ended April 30, 2024, production and distribution expenses of $5,455,000 increased 4.7% above the prior fiscal year primarily due to increases in fulfillment restructuring costs and an increase in paper costs, offset by decreases in production expenses to support the Company’s website and maintenance of the Company’s publishing and application software and operating systems.

30

During the twelve months ended April 30, 2023, production and distribution expenses of $5,211,000 increased 4.1% above the prior fiscal year. Increases in production support of the Company’s website and maintenance of the Company’s publishing and application software and operating systems were partially offset by lower paper and printing costs resulting from decreases in print circulation.

Office and administration

During the twelve months ended April 30, 2025, office and administrative expenses of $4,855,000 decreased 4.5% below the prior fiscal year, primarily because the Company did not have to incur restructuring costs for outsourcing VLDC's operations as in the previous fiscal year.

During the twelve months ended April 30, 2024, office and administrative expenses of $5,085,000 increased 6.8% above the prior fiscal year, primarily due to an increase in restructuring costs for outsourcing VLDC’s operations.

During the twelve months ended April 30, 2023, office and administrative expenses of $4,763,000 increased 14.1% above the prior fiscal year, primarily due to an increase in settlement costs and professional fees.

Concentration

During the twelve months ended April 30, 2025, 29.6% of total publishing revenues of $35,079,000 were derived from a single customer. During the twelve months ended April 30, 2024, 32.2% of total publishing revenues of $37,487,000 were derived from a single customer. During the twelve months ended April 30, 2023, 33.9% of total publishing revenues of $39,695,000 were derived from a single customer.

Lease Commitments

On November 30, 2016, Value Line, Inc., received consent from the landlord at 551 Fifth Avenue, New York, NY to the terms of a new sublease agreement between Value Line, Inc. and ABM Industries, Incorporated (“ABM” or the “Sublandlord”) commencing on December 1, 2016. Pursuant to the agreement Value Line leased from ABM 24,726 square feet of office space located on the second and third floors at 551 Fifth Avenue, New York, NY (“Building” or “Premises”) beginning on December 1, 2016 and ending on November 29, 2027. Base rent under the sublease agreement is $1,126,000 per annum during the first year with an annual increase in base rent of 2.25% scheduled for each subsequent year, payable in equal monthly installments on the first day of each month, subject to customary concessions in the Company’s favor and pass-through of certain increases in utility costs and real estate taxes over the base year. The Company provided a security deposit represented by a letter of credit in the amount of $469,000 in October 2016, which was reduced to $305,000 on October 3, 2021 and is to be fully refunded after the sublease ends. This Building became the Company’s new corporate office facility. The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. Sublandlord provided Value Line a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters.

From 2016 to 2024, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC leased 24,110 square feet of warehouse and appurtenant office space located at Lyndhurst, NJ (“Warehouse”). Base rent under the Lease was $237,218 per annum. The Company provided a security deposit in cash in the amount of $32,146, which has been fully refunded after the Company vacated the premises. VLDC distributed Value Line’s print publications from the Warehouse. The Company has outsourced to U.S. contractors the functions formerly performed at the Warehouse.

31

Investment gains / (losses)

Fiscal Years Ended April 30,

Change

($ in thousands)

2025

2024

2023

'25 vs. '24

'24 vs. '23

Dividend income

$

553

$

551

$

595

0.4

%

-7.4

%

Interest income

2,126

1,934

706

9.9

%

173.9

%

Investment gains/(losses) recognized on sale of equity securities during the period

(123

)

(1

)

(81

)

-12200.0

%

98.8

%

Unrealized gains/(losses) recognized on equity securities held at the end of the period

682

288

(45

)

136.8

%

740.0

%

Other

-

(8

)

(1

)

100.0

%

-700.0

%

Total investment gains/(losses)

$

3,238

$

2,764

$

1,174

17.1

%

135.4

%

During the twelve months ended April 30, 2025, the Company’s total investment gains of $3,238,000 increased 17.1% above prior fiscal year, primarily derived from unrealized gains on equity securities and increases in the interest income. Proceeds from the sales of equity securities during the twelve months ended April 30, 2025 and April 30, 2024 were $3,243,000 and $1,129,000, respectively. There were no capital gain distributions from ETFs in fiscal 2025 or fiscal 2024.

During the twelve months ended April 30, 2024, the Company’s total investment gains of $2,764,000 increased 135.4% above prior fiscal year, primarily derived from unrealized gains on equity securities and increases in the interest income. Proceeds from the sales of equity securities during the twelve months ended April 30, 2024 and April 30, 2023 were $1,129,000 and $4,706,000, respectively. There were no capital gain distributions from ETFs in fiscal 2024 or fiscal 2023.

Effective income tax rate

The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2025, April 30, 2024 and April 30, 2023 were 24.89%, 24.50% and 24.00%, respectively. The increase in the effective tax rate during for the twelve months ended April 30, 2025 as compared to April 30, 2024, is primarily a result of an increase in the state and local tax rate from 3.72% to 4.09%. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, changes in tax rates, new interpretations of existing tax laws and rulings and settlements with tax authorities.

Liquidity and Capital Resources

The Company had working capital, defined as current assets less current liabilities, of $56,230,000 as of April 30, 2025 and $48,770,000 as of April 30, 2024. These amounts include short-term unearned revenue of $16,558,000 and $15,764,000 reflected in total current liabilities at April 30, 2025 and April 30, 2024, respectively. Cash and short-term securities were $77,391,000 and $68,345,000 as of April 30, 2025 and April 30, 2024, respectively.

The Company’s cash and cash equivalents include $33,615,000 and $4,136,000 at April 30, 2025 and April 30, 2024, respectively, invested primarily in commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities.

Cash from operating activities

The Company had cash inflows from operating activities of $20,243,000 during the twelve months ended April 30, 2025, compared to cash inflows from operations of $17,932,000 and $18,178,000 during the twelve months ended April 30, 2024 and 2023, respectively. The change in cash inflows was a result of an increase in cash receipts, EAM, publication subscription sales and a decrease in income tax payments offset by a decrease in cash receipts from customer accounts receivable from the same period last year.

32

Cash from investing activities

The Company’s cash inflows from investing activities of $21,200,000 during the twelve months ended April 30, 2025, compared to cash outflows from investing activities of $10,048,000 and cash outflows of $26,116,000 for the twelve months ended April 30, 2024 and April 30, 2023, respectively. The significant cash inflows in investing activities for the twelve months ended April 30, 2025 was a result of management’s conscious decisions to invest the proceeds from maturities of fixed income short-term securities in the Company’s short-term U.S. Government money market fund accounts at sometimes higher yields than U.S Treasury Bills.

Cash from financing activities

During the twelve months ended April 30, 2025, the Company’s cash outflows from financing activities were $11,756,000 and compared to cash outflows from financing activities of $11,084,000 and $14,175,000 for the twelve months ended April 30, 2024 and 2023, respectively. Cash outflows for financing activities included $453,000, $523,000 and $4,704,000 for the repurchase of 11,480 shares, 12,057 shares and 75,303 shares of the Company’s common stock under the May 2022 & October 2022 board approved common stock repurchase programs, during fiscal years 2025, 2024 and 2023, respectively. Quarterly regular dividend payments of $0.30 per share during fiscal 2025 aggregated $11,303,000. Quarterly regular dividend payments of $0.28 per share during fiscal 2024 aggregated $10,561,000. Quarterly regular dividend payments of $0.25 per share during fiscal 2023 aggregated $9,471,000.

At April 30, 2025 there were 9,417,097 common shares outstanding as compared to 9,428,379 common shares outstanding at April 30, 2024. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.

Debt and Liquid Assets

Management believes that the Company’s cash and other liquid asset resources used in its business together with future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond next year. Management does not anticipate making any borrowings during the next twelve months. As of April 30, 2025, retained earnings and liquid assets were $113,400,000 and $77,391,000, respectively. As of April 30, 2024, retained earnings and liquid assets were $104,249,000 and $68,345,000, respectively.

Seasonality

Our publishing revenues are comprised of subscriptions which are generally annual subscriptions. Our cash flows from operating activities are minimally seasonal in nature, primarily due to the timing of customer payments made for orders and subscription renewals.

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We adopted ASU 2023-07 with such disclosures included in Note 18 to our Consolidated Financial Statements.

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In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of ASU 2023-09 on disclosures in our Consolidated Financial Statements.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the nature of expenses include in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. We are currently evaluating the impact on our financial statement disclosures.

Critical Accounting Estimates and Policies

The Company prepares its consolidated financial statements in accordance with Generally Accepted Accounting Principles as in effect in the United States (U.S. “GAAP”). The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent, and the Company evaluates its estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. The Company believes the following critical accounting policies reflect the significant judgments and estimates used in the preparation of its Consolidated Financial Statements:

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Valuation of EAM

Investment in EAM Trust

The Company accounts for its investment in EAM using the equity method of accounting. A specialized valuation firm annually prepares an evaluation of the EAM business, permitting the Company to determine that the valuation of our investment is not impaired. Based on this evaluation by the firm engaged by EAM, EAM determines if there is other-than-temporary impairment in its investment. The Company uses the report information for a similar purpose.

Should the fair value of the investment fall below its carrying value, the Company will determine whether the investment is other-than-temporarily impaired, which includes assessing the severity and duration of the impairment and the likelihood of recovery. If the investment is considered to be other-than-temporarily impaired, the Company will write down the investment to its fair value. Since the inception of EAM, the Company has not recognized any other-than-temporary impairment in the investment.

Contractual Obligations

We are a party to lease contracts which will result in cash payments to lessors in future periods. Operating lease liabilities are included in our Consolidated Balance Sheets. Estimated payments of these liabilities in each of the next four fiscal years (in thousands): $1,461 in 2026; $1,493 in 2027 and $882 in 2028 totaling $3,836.

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