Value Line, Inc.551
Fifth Avenue
Value Line, Inc., (NASDAQ: VALU) reported results for the fiscal
year ended April 30, 2018.
During the twelve months ended April 30, 2018,
the Company’s net income of $14,738,000, or $1.52 per share, was
$4,371,000 or 42.2% above net income of $10,367,000, or $1.07 per
share, for the twelve months ended April 30, 2017.
Shareholders’ equity of $43,541,000 at April 30, 2018 increased by
$5,687,000 over shareholders’ equity of $37,854,000 at April 30,
2017. Total dividends during fiscal year 2018 were 93 cents
per share, compared to 69 cents per share the year before.
The increases in net income and shareholders’
equity include the effects of the fiscal 2018 reduction in the U.S.
statutory federal corporate income tax rate from 35% to 21% on the
Company’s long-term deferred tax liabilities, resulting in a tax
benefit equal to 54.51% of pre-tax income for the twelve months
ended April 30, 2018. The Company re-calculated its net
deferred tax assets and liabilities using the Federal Tax Rate
under the Tax Cuts and Jobs Act of 2017. The effect of the
re-calculation was reflected entirely in the third quarter ended
January 31, 2018 (the period that included the enactment date) and
was allocated directly to both current and deferred income tax
expenses from continuing operations. Income from operations
of $2,572,000 during the twelve months ended April 30, 2018 was
$4,887,000 below income from operations of $7,459,000, which
included a pre-tax gain of $8,123,000 from the sale of the
Company's operating facility during the twelve months ended April
30, 2017 for which it received net proceeds of $11,555,000 on July
29, 2016, and additional depreciation and amortization expense of
$3,498,000 in fiscal 2017.
As of April 30, 2018, retained earnings and
liquid assets were $44,902,000 and $23,785,000, respectively.
During the twelve months ended April 30, 2018 there were 9,703,255
average common shares outstanding as compared to 9,721,958 average
common shares outstanding during the twelve months ended April 30,
2017.
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 Select: Dividend Income &
Growth, Value Line Select: ETFs
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, www.ValueLineLibrary.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;
- 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;
- generating future revenues or collection of receivables from
significant customers;
- 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 attacks and natural disasters;
- 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, 2018; 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.
Contact: Howard A. BrecherValue Line,
Inc.(212)
907-1500www.valueline.comwww.ValueLinePro.com,
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