-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MFVQXqQR4vvePSD/UCzgmtyGHu0q30FZy27BepVg1NaHvmlqchCIN2kLQCe0htUe IUHrakvBF8ZWzQxZv8HhtQ== 0000912057-97-029321.txt : 19970912 0000912057-97-029321.hdr.sgml : 19970911 ACCESSION NUMBER: 0000912057-97-029321 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970430 FILED AS OF DATE: 19970828 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALUE LINE INC CENTRAL INDEX KEY: 0000717720 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 133139843 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 000-11306 FILM NUMBER: 97671508 BUSINESS ADDRESS: STREET 1: 220 E 42ND ST CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129071500 10-K/A 1 10-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 2O549 AMENDMENT NO. 1 TO FORM 10-K Annual Report Pursuant to Section l3 or l5(d) of the Securities Exchange Act of l934 For the fiscal year ended April 3O, l997 Commission File Number 0-ll3O6 VALUE LINE, INC. (Exact name of registrant as specified in its charter) New York l3-3l39843 (State or other jurisdiction of (IRS Employer Identification incorporation or organization) Number) 220 East 42nd Street, New York, N.Y. lOOl7-5891 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 907-1500 -------------------- Securities registered pursuant to Section l2(b) of the Act: None Securities registered pursuant to Section l2(g) of the Act: Common Stock, $.10 par value DOCUMENTS INCORPORATED BY REFERENCE. The following documents are incorporated by reference with this filing: Part III: None PART III Item 10. Directors and Executive Officers of the Registrant (a) Names of Directors, Age as of Director August 7, 1997 and Principal Occupation Since --------------------------------------- ----- Jean Bernhard Buttner* (62). Chairman of the Board, 1982 President, and Chief Executive Officer of the Company and Arnold Bernhard & Co., Inc. Chairman of the Board of each of the Value Line Funds; Trustee, Radcliffe College. Harold Bernard, Jr. (66). Retired Administrative Law Judge, 1982 National Labor Relations Board. Director of Arnold Bernhard & Co., Inc. Judge Bernard is the cousin of Jean Bernhard Buttner. Samuel Eisenstadt* (75). Senior Vice President and Research 1982 Chairman of the Company. William S. Kanaga* (72). Retired Chairman of Arthur Young 1986 (now Ernst & Young, accounting firm). Director of The Center for International Private Enterprise, The Business Council of the United Nations and member of the advisory council of Mercy Ships, Inc. W. Scott Thomas (47). Partner, Brobeck, Phleger & Harrison, 1986 attorneys. Howard A. Brecher* (43). Vice President of the Company since 1992 1996 and Secretary since 1992; Vice President, Secretary and General Counsel of Arnold Bernhard & Co., Inc. since 1991 and Director since 1992. David T. Henigson* (40). Vice President of the Company since 1992 1992 and Treasurer since 1994; Director of Compliance and Internal Audit of the Company since 1988; Vice President of each of the Value Line Funds since 1992 and Secretary and Treasurer since 1994; Vice President of Arnold Bernhard & Co., Inc. since 1991 and Director since 1992. * Member of the Executive Committee (b) The information pertaining to Executive Officers is set forth in Part I under the caption "Executive Officers of the Registrant." ITEM II. EXECUTIVE COMPENSATION SUMMARY COMPENSATION TABLE The following table sets forth information concerning the compensation for services in all capacities to the Company for the fiscal years ended April 30, 1997, 1996 and 1995 of the chief executive officer of the Company and each of the other executive officers of the Company who were serving at April 30, 1997. The Company has only four executive officers.
Long-Term Compensation Awards ------ Annual Compensation -------------------- Restricted Name and Stock Options All Other Principal Fiscal Award(s) Granted Compensation(b) Position Year Salary($) Bonus(a)($) ($) (#) ($) - ---------------------- ------ -------- ----------- ----------- ------- --------------- Jean B. Buttner 1997 772,500 600,000 - - 17,760 Chairman of the Board 1996 766,875 500,000 - - 17,775 and Chief Executive 1995 641,250 450,000 - - 14,220 Officer Samuel Eisenstadt 1997 100,000 100,000 - - 15,000 Senior Vice President 1996 100,000 100,000 - - 15,000 and Research Chairman 1995 100,000 100,000 - - 12,000 David T. Henigson 1997 99,600 180,000 - - 14,940 Vice President 1996 98,400 150,000 - - 14,760 1995 98,400 100,000 - - 11,808 Howard A. Brecher 1997 50,000 140,000 - - 7,500 Vice President 1996 60,000 100,000 - - 9,000 1995 70,000 55,000 - - 8,400
SUMMARY COMPENSATION TABLE CONTINUED: (a) A portion of the bonuses are contingent upon future employment. (b) Employees of the Company are members of the Value Line Profit Sharing and Savings Plan (the "Plan"). The Plan provides for a defined annual contribution which is determined by a formula based upon the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. The Company's contribution expense was $1,550,000 for the year ended April 30, 1997. Each employee's interest in the Plan is invested in such proportions as the employee may elect in shares of one or more of the mutual funds for which the Company acts as investment adviser. Distributions under the Plan vest in accordance with a schedule based upon the employee's length of service and are pay- able upon the employee's retirement, death, total and permanent disability or termination of employment. AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR AND FISCAL YEAR-END OPTION VALUES The following table sets forth the number of shares acquired by any of the named persons upon exercise of stock options in fiscal 1997, the value realized through the exercise of such options and the number of unexercised options held by such person, including both those which are presently exercisable and those which are not presently exercisable.
Number of Value of Unexercised Unexercised Options In-the-Money Options at April 30, 1997 at April 30, 1997 (1) Shares Acquired ----------------------- ------------------------ Upon Option Value Not Not Name Exercise Realized(1) Exercisable Exercisable Exercisable Exercisable - ------------------ --------------- ----------- ----------- ----------- ----------- ------------ David T. Henigson 150 $2,400 - - - - Howard A. Brecher 1,000 $2,040 3,475 - $13,031 -
- ------------------ (1) Market value of underlying securities at exercise date or year-end, as the case may be, minus the exercise price. Item 12. Security Ownership of Certain Beneficial Owners and Management The following table sets forth information as of August 7, 1997 as to shares of the Company's Common Stock held by persons known to the Company to be the beneficial owners of more than 5% of the Company's Common Stock. Name and Address Number of Shares Percentage of Shares of Beneficial Owner Beneficially Owned Beneficially Owned(1) - --------------------- -------------------- ------------------------ Arnold Bernhard 8,009,800 80.27% & Co., Inc.(1) 220 East 42nd Street New York,NY 10017 ___________________ (1) Jean Bernhard Buttner, Chairman of the Board, President and Chief Executive Officer of the Company, owns all of the outstanding voting stock of Arnold Bernhard & Co., Inc. The following table sets forth information as of June 30, 1997, with respect to shares of the Company's Common Stock owned by each director of the Company, by each executive officer listed in the Summary Compensation Table and by all officers and directors as a group. Name of Number of Shares Percentage of Shares Beneficial Owner Beneficially Owned Beneficially Owned - ----------------------------- ------------------ -------------------- Jean Bernhard Buttner 100(1) * Harold Bernard, Jr. 389 * Samuel Eisenstadt 0(1) * William S. Kanaga 2,000 * W. Scott Thomas 1,000 * Howard A. Brecher 3,300(2) * David T. Henigson 150 * All directors and executive officers as a group (7 persons) 6,939(1)(2) * ______________ *Less than one percent (1) Excludes 8,009,800 shares (80.27% of the outstanding shares) owned by Arnold Bernhard & Co., Inc. Jean Bernhard Buttner owns all of the outstanding voting stock of Arnold Bernhard & Co., Inc. All of the non- voting stock of Arnold Bernhard & Co., Inc. is held by members of the Bernhard family and employees or former employees of Arnold Bernhard & Co., Inc. or the Company. (2) Includes 2,975 shares purchasable within 60 days of June 30, 1997 upon the exercise of stock options by Mr. Brecher. Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. Arnold Bernhard & Co., Inc. utilizes the services of officers and employees of the Company to the extent necessary to conduct its business. The Company and Arnold Bernhard & Co., Inc. allocate costs for office space, equipment and supplies and support staff pursuant to a servicing and reimbursement arrangement. During the year ended April 30, 1997, the Company was reimbursed $493,000 for such expenses. In addition, a tax-sharing arrangement allocates the tax liabilities of the two companies between them. The Company pays to Arnold Bernhard & Co., Inc. an amount equal to the Company's liability as if it filed separate tax returns. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this amended report on Form 1O-K for the fiscal year ended April 3O, 1997, to be signed on its behalf by the undersigned, thereunto duly authorized. VALUE LINE, INC. (Registrant) By: s/ Jean Bernhard Buttner ---------------------------------- Jean Bernhard Buttner Chairman & Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: s/ Jean Bernhard Buttner ---------------------------------- Jean Bernhard Buttner Principal Executive Officer By: s/ Stephen R. Anastasio ---------------------------------- Stephen R. Anastasio Principal Financial and Accounting Officer Dated: August 20, 1997 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this amended report on Form 1O-K for the fiscal year ended April 3O, 1997, to be signed on its behalf by the undersigned as Directors of the Registrant. s/ Jean Bernhard Buttner s/ William S. Kanaga - -------------------------- --------------------------- Jean Bernhard Buttner William S. Kanaga s/ Harold Bernard, Jr. s/ Howard A. Brecher - -------------------------- --------------------------- Harold Bernard, Jr. Howard A. Brecher s/ W. Scott Thomas s/ Samuel Eisenstadt - -------------------------- --------------------------- W. Scott Thomas Samuel Eisenstadt s/ David T. Henigson --------------------------- David T. Henigson Dated: August 20, 1997 -----END PRIVACY-ENHANCED MESSAGE-----