Value Line, Inc., (NASDAQ: VALU) reported results for the fiscal
year ended April 30, 2022.
Shareholders’ equity reached $79,645,000 at
April 30, 2022, an increase of 18.9% over shareholders’ equity of
$67,013,000 at April 30, 2021. Retained earnings at April 30, 2022,
were $87,645,000, representing an increase of 20.9% over the
year-earlier figure.
The Company’s liquid assets at April 30, 2022,
were $57,825,000, a 27.5% increase over liquid assets at April 30,
2021. The Company’s current assets at April 30, 2022, were
$61,338,000, a 19.7% increase over current assets at April 30,
2021.
Total dividends declared during fiscal year 2022
were 91 cents per share.
During the twelve months ended April 30, 2022,
the Company’s income from operations of $10,800,000 was 43.3% above
income from operations of $7,535,000 during the twelve months ended
April 30, 2021. For the twelve months ended April 30, 2022,
operating expenses decreased 9.5% below those during the twelve
months ended April 30, 2021.
During the three months ended April 30, 2022,
the Company’s income from operations of $2,923,000 was 248.8% above
income from operations of $838,000 during the three months ended
April 30, 2021 due to an increase in copyright fees and well
controlled expenses in the fourth fiscal quarter of 2022.
While the Company’s Income from Operations
increased dramatically in fiscal 2022 (the period ended April 30,
2022) compared to fiscal 2021, net income was directly affected by
the bear market that continued as of the end of the 2022 fiscal
year. Pursuant to current GAAP rules, we recorded realized and
unrealized net losses on equity securities that exceeded dividend
and interest income, so that total investment income registered a
loss of ($534,000).
During the twelve months ended April 30, 2022,
the Company’s net income of $23,822,000, or $2.50 per share, was
2.3% above net income of $23,280,000, or $2.43 per share, for the
twelve months ended April 30, 2021. The largest factors in the
increase in net income during the twelve months ended April 30,
2022, compared to the prior fiscal year, were a gain on forgiveness
by the SBA of the Company’s PPP loan, an increase in copyright
fees, an increase from revenues and profits interests in EAM Trust
and well controlled expenses.
During the three months ended April 30, 2022,
the Company’s net income of $3,807,000, or $0.40 per share, was
37.1% below net income of $6,051,000, or $0.64 per share, for the
three months ended April 30, 2021.
During the twelve months ended April 30, 2022,
there were 9,544,421 average common shares outstanding as compared
to 9,596,912 average common shares outstanding during the twelve
months ended April 30, 2021.
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, ETFs and
Options. 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: ETFs, Value Line
Select: Dividend Income & Growth, The New Value Line ETFs
Service, The Value Line M & A Service, The Value Line
Information You Should Know Wealth Newsletter, Value Line Climate
Change Investing Service and certain Value Line
copyrights, distributed under agreements including certain
proprietary ranking system information and other proprietary
information used in third party products. Investment Advisory
services are provided through its substantial 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 by calling
1-800-VALUELINE or 1-800-825-8354, while institutional-level
services for professional investors, advisers, corporate, academic,
and municipal libraries are offered at www.ValueLinePro.com,
www.ValueLineLibrary.com and by calling 1-800-531-1425.
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 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;
- protecting intellectual property rights in Company methods and
trademarks;
- 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, 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 and third party copyright assets under
management due to broadly based changes in the values of equity and
debt securities, redemptions by investors and other factors;
- possible changes in the valuation of EAM’s intangible assets
from time to time;
- generating future revenues or collection of receivables from
significant customers;
- dependence on key executive and specialist personnel;
- risks associated with the outsourcing of certain functions,
technical facilities, and operations, including in some instances
outside the U.S.;
- 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;
- availability of free or low cost investment data through
discount brokers or generally over the Internet;
- military conflicts, civil unrest, and associated travel and
supply disruptions and other effects;
- Russia’s invasion of Ukraine and the impact on inflation;
- terrorist attacks, cyber attacks and natural disasters;
- insufficiency in our business continuity plans or systems in
the event of anticipated or unpredictable disruption;
- the coronavirus pandemic, which has drastically affected
markets, employment, and other economic conditions, and may have
additional unpredictable impacts on employees, suppliers,
customers, and operations;
- other possible epidemics;
- changes in prices of materials and other inputs and services,
such as freight and postage, required by the Company;
- other risks and uncertainties, including but not limited to the
risks described in Item 1A, “Risk Factors” of the Annual Report on
Form 10-K for the year ended April 30, 2022; 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 by applicable law, 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.
www.valueline.com
www.ValueLinePro.com, www.ValueLineLibrary.com
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Contact: Howard A. Brecher
Value Line, Inc.
212-907-1500
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