Value Line, Inc., (NASDAQ:VALU)
reports results for the fiscal year ended April 30, 2014. On July 17,
2014, Company’s Board of Directors declared a quarterly cash dividend of
$0.15 per share of common stock, payable on August 12, 2014, to
stockholders of record on July 31, 2014. The Company has 9,814,876
shares of common stock outstanding as of July 17, 2014.
During the twelve months ended April 30, 2014, the Company’s net income
of $6,768,000, or $0.69 per share, was $149,000 or 2.3% above net income
of $6,619,000, or $0.67 per share, for the twelve months ended April 30,
2013. Total product circulation at April 30, 2014 has increased 6.7%
from the prior year. The Institutional Sales division recorded
$12,844,000 in gross sales, an increase of 7% over the previous year,
establishing a new record. Income from operations of $2,501,000 for the
twelve months ended April 30, 2014 included higher depreciation and
amortization expense of $533,000 and one time overlapping rent expense
of $771,000 for the previously occupied office facilities during the
short term lease extension that ended September 15, 2013. Income from
operations for the twelve months ended April 30, 2013 was $4,120,000.
Income before income taxes of $10,178,000 for the twelve months ended
April 30, 2014 compares to income before income taxes of $10,506,000 for
the twelve months ended April 30, 2013. Income before income taxes for
fiscal 2014 and 2013 is inclusive of the non-voting revenues and
non-voting profits interests from EULAV Asset Management of $7,499,000
and $6,260,000, and depreciation and amortization expense of $2,085,000
and $1,552,000, respectively. The Company’s cash inflows from operating
activities increased almost 200% to $3,487,000 during the twelve months
ended April 30, 2014, compared to cash inflows from operations of
$1,168,000 during the twelve months ended April 30, 2013.
Shareholders’ equity of $33,298,000 at April 30, 2014 compares favorably
to shareholders’ equity of $32,985,000 at April 30, 2013. As of April
30, 2014, retained earnings and liquid assets were $33,183,000 and
$15,014,000, respectively.
The Company’s annual report on Form 10-K has been filed with the SEC and
is available on the Company’s website at www.valueline.com/About/corporate_filings.aspx.
Shareholders may receive a printed copy, free of charge upon request.
Value Line, Inc. is a leading New York based provider of investment
research. The Value Line Investment Survey is one of the
most widely used sources of independent equity investment research.
Value Line also publishes a range of proprietary investment research in
both print and digital formats including research in the areas of Mutual
Funds, Options and Convertible securities. Value Line’s acclaimed
research also enables the Company to provide specialized products such
as Value Line Select, Value Line Special Situations, Value
Line Dividend Select, and copyright data, distributed
under copyright agreements for fees, including certain proprietary
ranking system information and other proprietary information used in
third party products. Investment Management services are provided
through its substantial non-controlling and non-voting interests in
EULAV Asset Management, the investment advisor to The Value Line Family
of Mutual Funds. Value Line’s products are available to individual
investors by mail, at www.valueline.com
or through 1-800-VALUELINE or 1-800-535-9648, while institutional-level
services for professional investors, advisers, corporate, academic,
municipal and legal libraries are offered at www.ValueLinePro.com
and at 1-800-531-1425.
Cautionary Statement Regarding Forward-Looking Information
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 market and economic conditions, including global financial
issues;
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protection of intellectual property rights;
-
dependence on non-voting revenues and non-voting profits interests in
EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM
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 assets under management due to broadly based
changes in the values of equity and debt securities, redemptions by
investors and other factors, and the effect these changes may have on
the valuation of EAM’s intangible assets;
-
dependence on key personnel;
-
competition in the fields of publishing, copyright data and investment
management;
-
the impact of government regulation on the Company’s and EAM’s
businesses;
-
availability of free or low cost investment data through discount
brokers or generally over the internet;
-
terrorist attacks, cyber security attacks and natural disasters;
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other risks and uncertainties, including but not limited to the risks
described in Item 1A, “Risk Factors” of the Company’s Annual Report on
Form 10-K for the year ended April 30, 2014; and
-
other risks and uncertainties arising from time to time.
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 or changes in our plans, strategies, objectives, expectations or
intentions, which may happen at any time at our discretion, could also
have material adverse effects on 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.
Copyright Business Wire 2014